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<SEC-DOCUMENT>0001157523-06-012315.txt : 20061220
<SEC-HEADER>0001157523-06-012315.hdr.sgml : 20061220
<ACCEPTANCE-DATETIME>20061220153633
ACCESSION NUMBER:		0001157523-06-012315
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061220
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061220
DATE AS OF CHANGE:		20061220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARK RESTAURANTS CORP
		CENTRAL INDEX KEY:			0000779544
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				133156768
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09453
		FILM NUMBER:		061289851

	BUSINESS ADDRESS:	
		STREET 1:		85 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003-3019
		BUSINESS PHONE:		2122068800

	MAIL ADDRESS:	
		STREET 1:		85 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003-3019
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5298646.txt
<DESCRIPTION>ARK RESTAURANTS CORP. 8-K
<TEXT>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549


                                    Form 8-K


                                 Current Report

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


       Date of Report (Date of earliest event reported): December 20, 2006


                              ARK RESTAURANTS CORP.
                              ---------------------
             (Exact name of registrant as specified in its charter)

                         Commission file number 0-14030



           New York                                               13-3156768
- -------------------------------                              -------------------
(State or other jurisdiction of                                (I.R.S. Employer
 incorporation or organization)                              Identification No.)


                                 85 Fifth Avenue
                               New York, NY 10003
             (Address of principal executive offices, with zip code)


                                 (212) 206-8800
              (Registrant's telephone number, including area code)


                                       N/A
          (Former name or former address, if changed since last report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)

[ ] Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))

<PAGE>

     The  information in this Current Report is being furnished and shall not be
deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934
(the "Exchange  Act"), or otherwise  subject to the liabilities of that Section.
The information in this Current Report shall not be incorporated by reference in
any filing under the Securities Act of 1933 or the Exchange Act, except as shall
be expressly set forth by specific reference in such a filing.

Item 2.02. Results of Operations and Financial Condition

     On  December  20,  2006,  Ark  Restaurants  Corp.  issued  a press  release
announcing  its financial  results for its fourth  quarter and fiscal year ended
September 30, 2006, the text of which is furnished herewith as Exhibit 99.1.

Item 8.01 - Other Events.

     On  December  20,  2006,  Ark  Restaurants  Corp.  issued  a press  release
declaring  special  dividend  of $3.00  per  share in  addition  to its  regular
quarterly  dividend  of 35 cents per share on its  common  stock,  to be paid on
February 1, 2007 to  shareholders  of record at the close of business on January
24, 2007, a copy of which is furnished  herewith as Exhibit 99.1 to this Current
Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits

          (c)           Exhibits

          99.1  Copy of Press Release issued December 20, 2006.






<PAGE>

                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                                    ARK RESTAURANT CORP.


                                                    By: /s/ Michael Weinstein
                                                        ------------------------
                                                        Chief Executive Officer




Date: December 20, 2006







<PAGE>

INDEX TO EXHIBITS

Exhibit         Description
- -------         -----------
99.1            Press Release dated December 20, 2006 entitled "Ark Restaurants
                Announces Financial Results for the Fourth Quarter and Full Year
                2006 and Declares Special and Regular Dividend."
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5298646ex99_1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1


       Ark Restaurants Announces Financial Results for the Fourth Quarter
          and Full Year 2006 and Declares Special and Regular Dividend


     NEW YORK--(BUSINESS WIRE)--Dec. 20, 2006--Ark Restaurants Corp.
(NASDAQ:ARKR) today reported financial results for the fourth quarter and full
year ended September 30, 2006 and declared a $3.00 special and its regular
dividend.

     On December 1, 2006, the Company sold its Lutece and Tsunami facilities at
the Venetian Casino Resort for an aggregate of $14 Million. As of December 19,
2006, the Company had approximately $24 Million in cash and no long-term debt.

     The Company's Board of Directors, therefore, declared a special dividend of
$3.00 per share in addition to its regular quarterly dividend of 35 cents per
share on the Company's common stock to be paid on February 1, 2007 to
shareholders of record at the close of business on January 24, 2007.

     Michael Weinstein, Chairman, President and CEO of Ark Restaurants Corp.,
stated "Due to the financial benefit received by the Company from the sale of
our Lutece and Tsunami facilities at the Venetian Casino Resort, the Company
decided to return a portion of the proceeds from the sale to its shareholders."

     EBITDA from continuing operations before stock option expense for the
three-month period ended September 30, 2006 was $3,737,000 versus $4,022,000
during the same three-month period last year. The Company's income from
continuing operations for the three-month period ended September 30, 2006 was
$1,826,000, or $0.52 per share ($0.51 per diluted share), as compared to
$2,244,000, or $0.65 per share ($0.63 per diluted share), for the same
three-month period last year. Income from continuing operations for the three
months ended September 30, 2006 was negatively impacted by a $128,000 after-tax
option expense, or $0.04 per share, with regard to the Company's share-based
compensation plan. Without this expense, income from continuing operations for
the three-month period ended September 30, 2006 would have been $1,954,000, or
$0.56 per share ($0.55 per diluted share).

     Total revenues from continuing operations for the three-month period ended
September 30, 2006 were $30,648,000 versus $30,520,000 in the three months ended
October 1, 2005. The increase in revenues as compared to the same period last
year was primarily due to the opening of the Company's Gallagher's Steakhouse
and Luna Lounge in Atlantic City, New Jersey. Compared to the same three month
period last year, same store sales in the Company's New York City operations
increased by 0.3%, same store sales in the Company's Las Vegas operations
decreased by 1.4% and same store sales in the Company's Washington D.C.
operations decreased by 15.5%. Compared to the same three month period last
year, Company-wide same store sales decreased by 2.8%. Although the Company does
not consolidate the sales or the financial results of the Company's managed
Florida casino operations (the Company derives income from a management fee
arrangement in part based on sales), same store sales at the Company's Florida
operations increased by 14.5% compared to the same three month period last year.
Sales at the Company's Florida operations totaled $2,644,000 during the three
month period ended September 30, 2006. Sales from the Company's Las Vegas
operations represented 46.9% of the Company's total sales during the three-month
period ended September 30, 2006.

     For the year ended September 30, 2006, EBITDA from continuing operations
before stock option expense was $12,498,000 versus $12,886,000 in fiscal 2005.
The Company's income from continuing operations for the year ended September 30,
2006 was $5,687,000, or $1.64 per share ($1.60 per diluted share), as compared
to $6,810,000, or $1.98 per share ($1.92 per diluted share), last year. Income
from continuing operations for the year ended September 30, 2006 was negatively
impacted by a $500,000 after-tax option expense, or $0.14 per share, with regard
to the Company's share-based compensation plan. Without this expense, income
from continuing operations for the year ended September 30, 2006 would have been
$6,187,000, or $1.78 per share ($1.74 per diluted share).

     Total revenues from continuing operations for fiscal 2006 were $115,969,000
versus $113,237,000 in fiscal 2005. The increase in revenues as compared to last
year was due to the opening of the Company's Gallagher's Steakhouse and Luna
Lounge in Atlantic City, New Jersey. Compared to last year, same store sales in
the Company's New York City operations increased by 5.8%, same store sales in
the Company's Las Vegas operations decreased by 0.1% and same store sales in the
Company's Washington D.C. operations decreased by 7.6%. Compared to last year,
Company-wide same store sales increased by 0.2%. Same store sales at the
Company's Florida operations increased by 18.4% compared to last year. Sales at
the Company's Florida operations totaled $10,469,000 during the year ended
September 30, 2006. Sales from the Company's Las Vegas operations represented
50.9% of the Company's total sales during the year September 30, 2006.

     In September 2006, the Company entered into an agreement to lease
restaurant space at the new Planet Hollywood Resort and Casino in Las Vegas,
Nevada, and entered into an agreement to purchase the restaurant known as the
Durgin Park Restaurant and the Black Horse Tavern in Boston, Massachusetts.

     Ark Restaurants owns and operates 24 restaurants and bars, 25 fast food
concepts, catering operations and wholesale and retail bakeries. Eight
restaurants are located in New York City, four are located in Washington, D.C.,
eight are located in Las Vegas, Nevada, two are located in Atlantic City, New
Jersey and three are located at the Foxwoods Resort Casino in Ledyard,
Connecticut. The Las Vegas operations include three restaurants within the New
York-New York Hotel & Casino Resort and operation of the hotel's room service,
banquet facilities, employee dining room and nine food court concepts; three
restaurants and bars within the Venetian Casino Resort as well as three food
court concepts. In Las Vegas, the Company also owns and operates one restaurant
within the Forum Shops at Caesar's Shopping Center. The Florida operations under
management include five fast food facilities in Tampa, Florida and eight fast
food facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino
operated by the Seminole Indian Tribe at these locations. In Atlantic City, New
Jersey, the Company operates a restaurant and a bar in the Resorts Atlantic City
Hotel and Casino.

     The Company will hold a conference call for investors and analysts to
discuss financial results for the fourth quarter and year ended September 30,
2006 on Friday, December 22, 2006 at 11:00 a.m. Eastern Time.


         The dial-in numbers to participate in the conference call are:

                           Toll-Free - 1-888-344-1107

                       Toll/International - 1-973-582-2859


     The Company will also broadcast its conference call over the Internet. To
access the broadcast, please visit http://www.viavid.net. A replay of the
broadcast will be available within one hour of the call, and will be available
for 72 hours. The dial-in telephone numbers for the replay are:



                           Toll-Free - 1-877-519-4471

                       Toll/International - 1-973-341-3080

                           Replay Pin Number - 8254118


     Except for historical information, this news release contains
forward-looking statements, which involve unknown risks, and uncertainties that
may cause the Company's actual results or outcomes to be materially different
from those anticipated and discussed herein. Important factors that might cause
such differences are discussed in the Company's fillings with the Securities and
Exchange Commission. The Company disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.



ARK RESTAURANTS CORP.
Condensed Consolidated Income Statement
For the 13 and 52 week periods ended September 30, 2006
and October 1, 2005
(In Thousands, Except per share amounts)
- ----------------------------------------------------------------------


                                13 weeks  13 weeks 52 weeks  52 weeks
                                 ended     ended    ended     ended

                                Sept. 30, Oct. 1,  Sept. 30, Oct. 1,
                                   2006     2005      2006      2005
                                --------- -------- --------- ---------

TOTAL REVENUES                   $30,648  $30,520  $115,969  $113,237

COST AND EXPENSES:

Food and beverage cost of sales    7,899    7,548    29,376    28,591
Payroll expenses                   9,657    9,247    37,418    35,550
Occupancy expenses                 4,060    4,331    16,683    16,095
Other operating costs and
 expenses                          3,831    3,749    14,224    13,469
General and administrative
 expenses                          1,796    1,863     7,231     7,318
Depreciation and amortization
 expenses                            900      895     3,321     3,104
                                --------- -------- --------- ---------

  Total costs and expenses        28,143   27,633   108,253   104,127
                                --------- -------- --------- ---------

OPERATING INCOME                   2,505    2,887     7,716     9,110
                                --------- -------- --------- ---------

OTHER INCOME:

Interest income                       11       17        82        76
Other income                         145      240       713       672
                                --------- -------- --------- ---------
  Total other income                 156      257       795       748
                                --------- -------- --------- ---------

Income from continuing
 operations before income taxes    2,661    3,144     8,511     9,858

Provision for income taxes           835      900     2,824     3,048
                                --------- -------- --------- ---------

Income from continuing
 operations                        1,826    2,244     5,687     6,810
                                --------- -------- --------- ---------

DISCONTINUED OPERATIONS:
Loss from operations of
 discontinued restaurants            222     (326)     (699)     (333)

Benefit for income taxes              81     (101)     (232)     (103)
                                --------- -------- --------- ---------

Loss from discontinued
 operations                          141     (225)     (467)     (230)
                                --------- -------- --------- ---------

NET INCOME                       $ 1,967  $ 2,019  $  5,220  $  6,580
                                ========= ======== ========= =========

PER SHARE INFORMATION - BASIC
 AND DILUTED:

Continuing operations basic      $   .52  $   .65  $   1.64  $   1.98
Discontinued operations basic    $   .04  $  (.07) $   (.14) $   (.06)
                                --------- -------- --------- ---------
Net basic                        $   .56  $   .58  $   1.50  $   1.92
                                ========= ======== ========= =========

Continuing operations diluted    $   .51  $   .63  $   1.60  $   1.92
Discontinued operations diluted  $   .04  $  (.06) $   (.13) $   (.07)
                                --------- -------- --------- ---------
Net diluted                      $   .55  $   .57  $   1.47  $   1.85
                                ========= ======== ========= =========


WEIGHTED AVERAGE NUMBER OF
 SHARES-BASIC                      3,499    3,459     3,472     3,436
                                ========= ======== ========= =========

WEIGHTED AVERAGE NUMBER OF
 SHARES-DILUTED                    3,552    3,553     3,548     3,555
                                ========= ======== ========= =========

Continuing Operations EBITDA
 Reconciliation
Pre tax earnings                 $ 2,661  $ 3,144  $  8,511  $  9,858
Depreciation and amortization        900      895     3,321     3,104
Interest                             (11)     (17)      (82)      (76)
                                --------- -------- --------- ---------
EBITDA (a)                       $ 3,550  $ 4,022  $ 11,750  $ 12,886
                                ========= ======== ========= =========

Continuing Operations EBITDA
 adjusted for
non-cash stock option expense
EBITDA (as defined) (a)          $ 3,550  $ 4,022  $ 11,750  $ 12,886
Non-cash stock option expense        187        -       748         -
                                --------- -------- --------- ---------
EBITDA adjusted for non-cash
 stock option expense            $ 3,737  $ 4,022  $ 12,498  $ 12,886
                                ========= ======== ========= =========

(a) EBITDA is defined as earnings before interest, taxes, depreciation
 and amortization and cumulative effect of changes in accounting
 principle. 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 the non-GAAP
 financial measure EBITDA 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. However, investors
 should not consider this measure in isolation or as a substitute for
 net income, operating income, cash flows from operating activities or
 any other measure for determining the Company's operating performance
 or liquidity that is calculated in accordance with GAAP, it may not
 necessarily be comparable to similarly titled Measures employed by
 other companies. A reconciliation of EBITDA to the most comparable
 GAAP financial measure, net income, is included above.



     CONTACT: Ark Restaurants Corp.
              Robert Towers, 212-206-8800
              bob@arkrestaurants.com
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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