ARK RESTAURANTS CORP. (NASDAQ:ARKR) Files An 8-K Results of Operations and Financial ConditionItem 2.02
On August 11, 2017, ARK Restaurants Corp. (the “Company”) issued a press release announcing financial results for the third fiscal quarter ended July 1, 2017. A copy of the press release titled “Ark Restaurants Announces Financial Results for the Third Quarter of 2017” is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The press release contains certain non-GAAP Disclosures-Continuing Operations EBITDA-Earnings before interest, taxes, depreciation and amortization adjusted for non-cash stock option expense and non-controlling interests. Although EBITDA is not a measure of performance or liquidity calculated in accordance with generally accepted accounting principles (GAAP), the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company’s past financial performance, as well as providing useful information to the investor because of its historical use by the Company as both a performance measure and measure of liquidity, and the use of EBITDA by virtually all companies in the restaurant sector as a measure of both performance and liquidity.
This information is intended to be furnished under this Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
|Item 7.01||Regulation FD Disclosure|
During the question and answer period of the Company’s earnings call on August 11, 2017, the Company projected approximately an additional $4.0 to $4.3 million of additional EBITDA in fiscal 2018 over the approximately $10.2 million of EBITDA in 2016. In addition, there could possibly be another $3.0 to $4.0 million of additional revenues in 2018 from the recently re-opened Sequoia DC.
|Item 9.01.||Financial Statements and Exhibits.|
|99.1||Press Release, dated August 11, 2017|
ARK RESTAURANTS CORP ExhibitEX-99.1 2 c89154_ex99-1.htm Exhibit 99.1 Ark Restaurants Announces Financial Results for the Third Quarter of 2017 CONTACT: Robert Stewart (212) 206-8800 [email protected] NEW YORK,…To view the full exhibit click
About ARK RESTAURANTS CORP. (NASDAQ:ARKR)
Ark Restaurants Corp. owns and operates approximately 20 restaurants and bars, over 20 fast food concepts and catering operations. The Company operates approximately six small food court restaurants and over one service restaurant in the Village Eateries food court at the New York-New York Hotel & Casino. It also operates the hotel’s room service, banquet facilities and employee cafeteria. It operates approximately six restaurants in New York City; approximately three in Washington, District of Columbia; over six in Las Vegas, Nevada; approximately three in Atlantic City, New Jersey; over one at the Foxwoods Resort Casino in Ledyard, Connecticut; approximately one in Boston, Massachusetts, and over two in Florida. Its restaurants include Center Cafe, Sequoia, Canyon Road, Bryant Park Grill & Cafe, Gallagher’s Steakhouse, Gonzalez y Gonzalez, Village Eateries, Robert, Thunder Grill, Gallagher’s Burger Bar, Broadway Burger Bar and Grill, The Rustic Inn and Southwest Porch.