Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended January 1, 2011.
Effective October 3, 2010, the Company adopted amendments to ASC 810 (formerly FASB Statement of Accounting Standards (“SFAS”) No. 167—Amendments to FASB Interpretation No. 46(R) (“SFAS No 167”)). The new standard pertains to the consolidation of variable interest entities (“VIEs”) if the Company is determined to be the primary beneficiary of the VIE. As a result we were required to consolidate certain limited partnerships effective as of the adoption date. The Company did not retroactively apply this guidance.
As of January 1, 2011 the Company had no long-term debt and cash, cash equivalents and short term investments totaling $7,337,000 (including $648,000 of cash related to VIEs).
Total revenues for the three-month period ended January 1, 2011 were $32,541,000 (total revenues include $4,767,000 of consolidated VIE revenues) versus $25,576,000 in the three months ended January 2, 2010.
EBITDA adjusted for non-cash stock option expense and non-controlling interests for the three-month period ended January 1, 2011 was $1,047,000 versus $59,000 during the same three-month period last year. The Company’s net loss for the three-month period ended January 1, 2011 was $213,000, or $0.06 per basic and diluted share, as compared to $723,000, or $0.21 per basic and diluted share, for the same three-month period last year.
Compared to the same three month period last year, Company-wide same store sales increased 0.5%.
Ark Restaurants owns and operates 22 restaurants and bars, 28 fast food concepts and catering operations. Seven restaurants are located in New York City, four are located in Washington, D.C., seven are located in Las Vegas, Nevada, two are located in Atlantic City, New Jersey, one is located at the Foxwoods Resort Casino in Ledyard, Connecticut and one is located in Boston, Massachusetts. The Las Vegas operations include five restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel’s room service, banquet facilities, employee dining room and six food court concepts; one bar within the Venetian Casino Resort as well as three food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant and a bar in the Resorts Atlantic City Hotel and Casino. The operations at the Foxwoods Resort Casino include one fast food concept and six fast food concepts at the MGM Grand Casino. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace. The Florida operations under management include five fast food facilities in Tampa, Florida and seven fast food facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations.