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Ark Restaurants Corp. has a market cap of $48.4 million; its shares were traded at around $13.88 with a P/E ratio of 32.3 and P/S ratio of 0.4. The dividend yield of Ark Restaurants Corp. stocks is 7.2%.ARKR is in the portfolios of Joel Greenblatt of Gotham Capital, Chuck Royce of Royce& Associates.
Highlight of Business Operations: The Company had a loss from operations of ($1,372,000) in the second fiscal quarter of 2010 compared to an operating loss of ($1,461,000) in the second fiscal quarter of 2009. This improvement resulted primarily from an increase in management fees of $567,000 combined with improved performance at our non-gaming properties, partially offset by a decrease in performance at our gaming properties.
On a Company-wide basis, same store sales decreased 2.4% during the second fiscal quarter of 2010 as compared to the same period last year. Same store sales in Las Vegas, which decreased $708,000 or 5.4% in the second fiscal quarter of 2010 as compared to the second fiscal quarter of 2009, were negatively affected by the continued unwillingness of the public to engage in gaming activities and a decrease in tourism and convention business. Same store sales in New York, which increased $508,000 or 12.9% during the second fiscal quarter as compared to the second fiscal quarter of 2009, were positively impacted by the unusually mild March which allowed for the early opening of the Company’s outdoor seating facilities. Same store sales in Washington D.C. decreased $359,000 or 11.7% during the second quarter of fiscal 2010 as compared to the same period last year. During the second fiscal quarter of 2009 significant revenue was generated as a result of the inauguration of the President which negatively impacts the quarter to quarter comparison. In addition, Washington D.C. had significant snow storms during the second fiscal quarter of fiscal 2010. Same store sales in Atlantic City decreased $33,000 or 5.6% while same store sales in Connecticut decreased $13,000 or 3.5%. Both locations were negatively affected by the continued unwillingness of the public to engage in gaming activities. Boston same store sales increased $86,000 or 13.4% during the second fiscal quarter of 2010.
$983,000 decrease in revenues at our Washington D.C. properties due to a decrease in catered events and poor weather, and (ii) an $852,000 decrease in revenues at our Las Vegas properties due to the continued unwillingness of the public to engage in gaming activities and a decrease in tourism and conventions, offset by revenues of $1,300,000 from our new restaurant, Robert, in New York City which opened in December 2009 and an increase in management fees of $555,000.
General and administrative expenses as a percentage of total revenues were 10.5% for the second quarter of 2010 as compared to 10.5% in the second quarter of 2009 as additional costs of $78,000 associated with share-based compensation charges were offset by an increase in total revenues. General and administrative expenses as a percentage of total revenues were 10.0% for the 26-week period ended April 3, 2010 as compared to 9.2% for the 26-week period ended March 28, 2009. This increase in general and administrative expenses as a percentage of revenue was primarily due to increased professional fees of $100,000 and additional share-based compensation of $156,000.
Net cash used in financing activities for the 26-week periods ended April 3, 2010 and March 28, 2009 of $5,291,000 and $2,104,000, respectively, was principally used for the payment of dividends and purchases of treasury stock. The Company had a working capital surplus of $3,268,000 at April 3, 2010 as compared to a working capital surplus of $5,883,000 at October 3, 2009.
A quarterly cash dividend in the amount of $0.44 per share was declared on October 12, 2007 and January 11, April 11, July 11 and October 10, 2008. On September 16, 2009, our Board of Directors declared a special cash dividend in the amount of $1.00 per share. On December 1, 2009 and March 1, 2010, our Board of Directors declared a quarterly cash dividend in the amount of $0.25 per share. We intend to continue to pay such quarterly cash dividend for the foreseeable future, however, the payment of future dividends is at the discretion of our Board of Directors and is based on future earnings, cash flow, financial condition, capital requirements, changes in U.S. taxation and other relevant factors.
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