Ark Restaurants Corp. (ARKR, Financial) filed Quarterly Report for the period ended 2010-07-03.
Ark Restaurants Corp. has a market cap of $48.2 million; its shares were traded at around $13.8101 with a P/E ratio of 17.1 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.
On a Company-wide basis, same store sales increased 9% during the third fiscal quarter of 2010 as compared to the same period last year. Same store sales in Las Vegas, which decreased $353,000 or 2.7% in the third fiscal quarter of 2010 as compared to the third 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 $1,552,000 or 29.9% during the third fiscal quarter as compared to the third fiscal quarter of 2009, were positively impacted by the improved weather conditions which allowed for significantly greater utilization of the Companys outdoor seating facilities. Same store sales in Washington D.C. increased $521,000 or 9.2% during the third quarter of fiscal 2010 as compared to the same period last year. The increase in same store sales was primarily the result of improved weather conditions and greater utilization of the Companys outdoor seating in Washington D.C. Same store sales in Atlantic City decreased $28,000 or 5.8% while same store sales in Connecticut decreased $36,000 or 9.1%. Both locations were negatively affected by the continued unwillingness of the public to engage in gaming activities, as well as, increased competition from recently opened gaming facilities. Boston same store sales increased $106,000 or 9.3% during the third fiscal quarter of 2010. During the Companys 39-week period ended July 3, 2010, total revenues of $85,852,000 increased 5.1% compared to total revenues of $81,672,000 in the 39-week period ended June 27, 2009, primarily as a result of the improved weather conditions experienced during the third fiscal quarter of 2010 as noted above, sales from our new restaurant, Robert, in New York City and higher management fees.
General and administrative expenses as a percentage of total revenues were 6.3% for the third quarter of 2010 as compared to 7.1% in the third 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 8.5% for the 39-week period ended July 3, 2010 as compared to 8.4% for the 39-week period ended June 27, 2009. This slight 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 partially offset by an increase in total revenues.
Net cash provided by operating activities for the 39-week period ended July 3, 2010 was $3,196,000, compared to $2,298,000 for the comparable prior year period. This net change of $890,000 was primarily attributable to favorable working capital changes.
Net cash used in financing activities for the 39-week periods ended July 3, 2010 and June 27, 2009 of $6,338,000 and $2,233,000, respectively, was principally used for the payment of dividends and purchases of treasury stock.
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, March 1, 2010 and May 26, 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. In February 2010, the Company entered into an amendment to its lease for the food court space at the New York-New York Hotel and Casino in Las Vegas, Nevada. Pursuant to this amendment, the Company agreed to, among other things; commit no less than $3,000,000 to remodel the food court by March 2012. In exchange for this commitment the landlord agreed to extend the food court lease for an additional four years.
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Ark Restaurants Corp. has a market cap of $48.2 million; its shares were traded at around $13.8101 with a P/E ratio of 17.1 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.
Highlight of Business Operations:
During the Companys third fiscal quarter of 2010, total revenues of $35,162,000 increased 13.0% compared to total revenues of $31,123,000 in the third fiscal quarter of 2009. The increase in revenues was primarily attributable to improved weather conditions, sales from our new restaurant, Robert, in New York City and higher management fees.On a Company-wide basis, same store sales increased 9% during the third fiscal quarter of 2010 as compared to the same period last year. Same store sales in Las Vegas, which decreased $353,000 or 2.7% in the third fiscal quarter of 2010 as compared to the third 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 $1,552,000 or 29.9% during the third fiscal quarter as compared to the third fiscal quarter of 2009, were positively impacted by the improved weather conditions which allowed for significantly greater utilization of the Companys outdoor seating facilities. Same store sales in Washington D.C. increased $521,000 or 9.2% during the third quarter of fiscal 2010 as compared to the same period last year. The increase in same store sales was primarily the result of improved weather conditions and greater utilization of the Companys outdoor seating in Washington D.C. Same store sales in Atlantic City decreased $28,000 or 5.8% while same store sales in Connecticut decreased $36,000 or 9.1%. Both locations were negatively affected by the continued unwillingness of the public to engage in gaming activities, as well as, increased competition from recently opened gaming facilities. Boston same store sales increased $106,000 or 9.3% during the third fiscal quarter of 2010. During the Companys 39-week period ended July 3, 2010, total revenues of $85,852,000 increased 5.1% compared to total revenues of $81,672,000 in the 39-week period ended June 27, 2009, primarily as a result of the improved weather conditions experienced during the third fiscal quarter of 2010 as noted above, sales from our new restaurant, Robert, in New York City and higher management fees.
General and administrative expenses as a percentage of total revenues were 6.3% for the third quarter of 2010 as compared to 7.1% in the third 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 8.5% for the 39-week period ended July 3, 2010 as compared to 8.4% for the 39-week period ended June 27, 2009. This slight 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 partially offset by an increase in total revenues.
Net cash provided by operating activities for the 39-week period ended July 3, 2010 was $3,196,000, compared to $2,298,000 for the comparable prior year period. This net change of $890,000 was primarily attributable to favorable working capital changes.
Net cash used in financing activities for the 39-week periods ended July 3, 2010 and June 27, 2009 of $6,338,000 and $2,233,000, respectively, was principally used for the payment of dividends and purchases of treasury stock.
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, March 1, 2010 and May 26, 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. In February 2010, the Company entered into an amendment to its lease for the food court space at the New York-New York Hotel and Casino in Las Vegas, Nevada. Pursuant to this amendment, the Company agreed to, among other things; commit no less than $3,000,000 to remodel the food court by March 2012. In exchange for this commitment the landlord agreed to extend the food court lease for an additional four years.
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