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<SEC-DOCUMENT>0001157523-07-005173.txt : 20070515
<SEC-HEADER>0001157523-07-005173.hdr.sgml : 20070515
<ACCEPTANCE-DATETIME>20070515095242
ACCESSION NUMBER:		0001157523-07-005173
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070514
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20070515
DATE AS OF CHANGE:		20070515

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:		07849778

	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>a5402935.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): May 14, 2007

                              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>


Item 2.02. Results of Operations and Financial Condition

         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.

         On May 14, 2007, Ark Restaurants Corp. issued a press release
announcing its financial results for its second quarter ended March 31, 2007,
the text of which is furnished herewith as Exhibit 99.1.




<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: May 14, 2007


<PAGE>


INDEX TO EXHIBITS

Exhibit    Description
- -------    -----------
  99.1     Press Release dated May 14, 2007 titled "Ark Restaurants Announces
           Financial Results for the Second Quarter and Six Months ended March
           31, 2007."
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5402935ex99_1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1


         Ark Restaurants Announces Financial Results for the
          Second Quarter and Six Months Ended March 31, 2007


   NEW YORK--(BUSINESS WIRE)--May 14, 2007--Ark Restaurants Corp.
(NASDAQ:ARKR) today reported financial results for the second quarter
and six month periods ended March 31, 2007.

   For the three months ended March 31, 2007, the Company's net
income from continuing operations was $447,000, or $0.13 per share
($0.12 per diluted share), compared to $124,000, or $0.04 per share
($0.04 per diluted share), for the same period last year.

   Total revenues from continuing operations for the three month
period ended March 31, 2007 were $25.9 million versus $24.1 million in
the same period last year. Revenues from the Company's Las Vegas
operations represented 44.3% of the Company's total revenues from
continuing operations during the three-month period ended March 31,
2007. Compared to the same period last year, same store sales in the
Company's New York City operations increased by 7.0%, same store sales
in the Company's Washington D.C. operations increased by 6.3%, same
store sales in the Company's Las Vegas operations increased by 2.0%
and same store sales in Atlantic City increased 68.3%. The increase in
Atlantic City this year was primarily due to last year's low level of
sales following the start-up of these operations. The Company does not
anticipate similar same store percentage increases in Atlantic City
after this fiscal year.

   Although the Company does not report the sales or the financial
results of the Company's Florida 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 13.1%
compared to the same three month period last year. Sales at the
Company's Florida operations totaled $3,268,000 during the three month
period ended March 31, 2007.

   For the six months ended March 31, 2007, the Company's net income
from continuing operations was $2,268,000, or $0.63 per share ($0.63
per diluted share), compared to $1,432,000, or $0.41 per share ($0.40
per diluted share), for the same period last year.

   Total revenues from continuing operations for the six month period
ended March 31, 2007 were $54.1 million versus $50.1 million in the
same period last year. Revenues from the Company's Las Vegas
operations represented 47.8% of the Company's total revenues from
continuing operations during the six month period ended March 31,
2007. Compared to the same period last year, same store sales in the
Company's New York City operations increased by 11.3%, same store
sales in the Company's Washington D.C. operations increased by 2.2%
and same store sales in the Company's Las Vegas operations increased
by 2.4%. The Company's Atlantic City facilities were not open during
the first quarter of last year and, as a result, the Company cannot
make six month comparisons.

   Same store sales at the Company's Florida operations increased by
14.4% compared to the same six month period last year. Sales at the
Company's Florida operations totaled $5,920,000 during the six month
period ended March 31, 2007.

   EBITDA from continuing operations for the three month period ended
March 31, 2007 was $1,394,000 versus $792,000 during the same three
month period last year. EBITDA from continuing operations for the six
month period ended March 31, 2007 was $4,695,000 versus $3,314,000
during the same six-month period last year.

   The Company had net income of $378,000 in the three month period
ended March 31, 2007 compared to a net loss of $151,000 in the same
three month period last year. Net income for the six-month period
ended March 31, 2007 was $6,968,000 compared to $765,000 during the
same six-month period last year. Net income was positively affected
during the 26-week period ended March 31, 2007 as a result of the sale
during the quarter of the Company's Lutece and Tsunami locations to
Venetian Casino Resort, LLC and the lack of pre-opening and early
operating losses experienced at the Company's Atlantic City
operations. Excluding the sale of the Company's facilities to the
Venetian Casino Resort, net income for the six-month period ended
March 31, 2007 would have been $1,850,000 compared to $765,000 during
the same six-month period last year.

   As of March 31, 2007, the Company had no long-term bank debt and
cash, cash equivalents and short term investments totaling $7,084,000.

   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, three are located at the
Foxwoods Resort Casino in Ledyard, Connecticut and one is located in
Boston, Massachusetts. 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; two 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. In Boston,
Massachusetts, the Company operates a restaurant in the Faneuil Hall
Marketplace.

   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 26 week periods ended March 31, 2007 and April 1, 2006
(In Thousands, Except per share amounts)
- ----------------------------------------------------------------------


                       13 weeks ended 13 weeks 26 weeks ended 26 weeks
                                        ended                   ended

                       March 31,      April 1,   March 31,    April 1,
                           2007         2006        2007        2006
                      --------------- -------- -------------- --------

TOTAL REVENUES        $       25,867  $24,120  $      54,069  $50,083

COST AND EXPENSES:

Food and beverage cost
 of sales                      6,831    6,321         13,862   12,669
Payroll expenses               8,930    8,482         17,828   16,820
Occupancy expenses             3,571    3,908          7,563    7,990
Other operating costs
 and expenses                  3,305    2,959          6,545    6,119
General and
 administrative
 expenses                      2,072    1,839          4,055    3,561
Depreciation and
 amortization expenses           675      626          1,313    1,192
                      --------------- -------- -------------- --------

  Total costs and
   expenses                   25,384   24,135         51,166   48,351
                      --------------- -------- -------------- --------

OPERATING INCOME                 483      (15)         2,903    1,732
                      --------------- -------- -------------- --------

OTHER INCOME:

Interest income - Net             38       22            148       47
Other income                     236      181            479      390
                      --------------- -------- -------------- --------
  Total other income             274      203            627      437
                      --------------- -------- -------------- --------

Income from continuing
 operations
  before income taxes            757      188          3,530    2,169

Provision for income
 taxes                           289       64          1,218      737

Limited partner
 interest in income of
 variable interest
 entity                          (21)       -            (44)       -
                      --------------- -------- -------------- --------

Income from continuing
 operations                      447      124          2,268    1,432
                      --------------- -------- -------------- --------

DISCONTINUED
 OPERATIONS:
Income (loss) from
 operations of
 discontinued
 restaurants                       4     (417)         7,160   (1,010)

Provision (benefit)
 for income taxes                 73     (142)         2,470     (343)
                      --------------- -------- -------------- --------

Income (loss) from
 discontinued
 operations                      (69)    (275)         4,690     (667)
                      --------------- -------- -------------- --------

Income before
 cumulative effect of
 change in
  accounting principle           378     (151)         6,958      765

Cumulative effect of
 change in accounting
 principle                         -        -             10        -
                      --------------- -------- -------------- --------

NET INCOME            $          378  $  (151) $       6,968  $   765
                      =============== ======== ============== ========


PER SHARE INFORMATION
 - BASIC AND DILUTED:

Continuing operations
 basic                $          .13  $   .04  $         .63  $   .41
Discontinued
 operations basic     $         (.02) $  (.08) $        1.31  $  (.19)
Cumulative effect of
 change in accounting
 principle            $          .00  $   .00  $         .00  $   .00
                      --------------- -------- -------------- --------
Net basic             $          .11  $  (.04) $        1.94  $   .22
                      =============== ======== ============== ========

Continuing operations
 diluted              $          .12  $   .04  $         .63  $   .40
Discontinued
 operations diluted   $         (.02) $  (.08) $        1.31  $  (.19)
Cumulative effect of
 change in accounting
 principle            $          .00  $   .00  $         .00  $   .00
                      --------------- -------- -------------- --------
Net diluted           $          .10  $  (.04) $        1.94  $   .21
                      =============== ======== ============== ========


WEIGHTED AVERAGE
 NUMBER OF SHARES-
 BASIC                         3,590    3,462          3,580    3,462
                      =============== ======== ============== ========

WEIGHTED AVERAGE
 NUMBER OF SHARES-
 DILUTED                       3,604    3,546          3,590    3,546
                      =============== ======== ============== ========

Continuing Operations
 EBITDA Reconciliation
Pre tax earnings      $          757  $   188  $       3,530  $ 2,169
Depreciation and
 amortization                    675      626          1,313    1,192
Interest                         (38)     (22)          (148)     (47)
                      --------------- -------- -------------- --------
EBITDA (a)            $        1,394  $   792  $       4,695  $ 3,314
                      =============== ======== ============== ========

Continuing Operations
 EBITDA adjusted for
non-cash stock option
 expense
EBITDA (as defined)
 (a)                  $        1,394  $   792  $       4,695  $ 3,314
Non-cash stock option
 expense                          78      187            252      374
                      --------------- -------- -------------- --------
EBITDA adjusted for
 non-cash stock option
 expense              $        1,472  $   979  $       4,947  $ 3,688
                      =============== ======== ============== ========

(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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