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<SEC-DOCUMENT>0001157523-07-008290.txt : 20070813
<SEC-HEADER>0001157523-07-008290.hdr.sgml : 20070813
<ACCEPTANCE-DATETIME>20070813143549
ACCESSION NUMBER:		0001157523-07-008290
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070813
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20070813
DATE AS OF CHANGE:		20070813

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:		071048438

	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>a5470559.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): August 13, 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 August 13, 2007, Ark Restaurants Corp. issued a press release
announcing its financial results for its third quarter ended June 30, 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:  August 13, 2007

<PAGE>


INDEX TO EXHIBITS

Exhibit    Description
- -------    -----------
  99.1     Press Release dated August 13, 2007 entitled "Ark Restaurants
           Announces Financial Results for the Third Quarter and Nine Months
           ended June 30, 2007."

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5470559ex99_1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1

Ark Restaurants Announces Financial Results for the Third Quarter and Nine
                      Months Ended June 30, 2007

    NEW YORK--(BUSINESS WIRE)--Aug. 13, 2007--Ark Restaurants Corp.
(NASDAQ:ARKR) today reported financial results for the third quarter
and nine month periods ended June 30, 2007.

    For the three months ended June 30, 2007, the Company's net income
from continuing operations was $3,520,000, or $0.98 per share ($0.97
per diluted share), compared to $2,625,000, or $0.76 per share ($0.74
per diluted share), for the same period last year.

    The third fiscal quarter of 2007 was negatively effected by pre
tax legal and due diligence expenses of $250,000 in connection with an
attempted acquisition which was abandoned.

    Total revenues from continuing operations for the three month
period ended June 30, 2007 were $36.1 million versus $31.1 million in
the same period last year. Revenues from the Company's Las Vegas
operations represented 40.4% of the Company's total revenues from
continuing operations during the three-month period ended June 30,
2007. Compared to the same period last year, same store sales in the
Company's New York City operations increased by 13.5%, same store
sales in the Company's Washington D.C. operations increased by 11.0%,
same store sales in the Company's Las Vegas operations increased by
8.2% and same store sales in Atlantic City increased 44.6%. The
increase in Atlantic City this year was primarily due to last year's
low level of sales following the start-up of those 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 based on sales and cash
flow), same store sales at the Company's Florida operations increased
by 16.2% compared to the same three month period last year. Sales at
the Company's Florida operations totaled $3,080,000 during the three
month period ended June 30, 2007.

    For the nine months ended June 30, 2007, the Company's net income
from continuing operations was $5,788,000, or $1.62 per share ($1.61
per diluted share), compared to $4,056,000, or $1.17 per share ($1.14
per diluted share), for the same period last year.

    Total revenues from continuing operations for the nine month
period ended June 30, 2007 were $90.1 million versus $81.2 million in
the same period last year. Revenues from the Company's Las Vegas
operations represented 48% of the Company's total revenues from
continuing operations during the nine month period ended June 30,
2007. Compared to the same nine month period last year, same store
sales in the Company's New York City operations increased by 12.3%,
same store sales in the Company's Washington D.C. operations increased
by 6.1% and same store sales in the Company's Las Vegas operations
increased by 7.4%. The Company's Atlantic City facilities were not
open during the first quarter of last year and, as a result, the
Company cannot make nine month comparisons.

    Same store sales at the Company's Florida operations increased by
15% compared to the same nine month period last year. Sales at the
Company's Florida operations totaled $9,000,000 during the nine month
period ended June 30, 2007.

    EBITDA from continuing operations for the three month period ended
June 30, 2007 was $5,754,000 versus $4,592,000 during the same three
month period last year. EBITDA from continuing operations for the nine
month period ended June 30, 2007 was $10,449,000 versus $7,907,000
during the same nine-month period last year.

    The Company had net income of $3,471,000 in the three month period
ended June 30, 2007 compared to net income of $2,488,000 in the same
three month period last year. Net income for the nine-month period
ended June 30, 2007 was $10,439,000 compared to $3,252,000 during the
same nine-month period last year. Net income was positively affected
during the 39-week period ended June 30, 2007 as a result of the sale
during the second 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 nine-month period ended
June 30, 2007 would have been $5,313,000 compared to $3,252,000 during
the same nine-month period last year.

    As of June 30, 2007, the Company had cash, cash equivalents and
short term investments totaling $11,056,000. As of the same date, the
Company had no long-term debt other than a one million dollar five
year purchase money obligation undertaken in connection with the
Company's acquisition of the Durgin Park Restaurant and the Black
Horse Tavern in Boston, Massachusetts.

    In June 2007, we entered into an agreement to design and lease the
sole food court at the to-be-constructed MGM Grand Casino at the
Foxwoods Resort Casino. The Company anticipates this food court will
open during the third quarter of the Company's 2008 fiscal year.

    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; one bar 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 39 week periods ended June 30, 2007 and July 1, 2006
(In Thousands, Except per share amounts)
- ---------------------------------------------------------------------

                                  13 weeks 13 weeks 39 weeks 39 weeks
                                   ended    ended    ended    ended

                                  June 30, July 1,  June 30, July 1,
                                    2007     2006     2007     2006
                                  -------- -------- -------- --------

TOTAL REVENUES                     $36,064  $31,085  $90,133 $ 81,168

COST AND EXPENSES:

Food and beverage cost of sales      9,077    7,726   22,939   20,395
Payroll expenses                    10,217    9,268   28,045   26,088
Occupancy expenses                   4,413    4,219   11,976   12,208
Other operating costs and expenses   4,518    3,584   11,063    9,704
General and administrative
 expenses                            2,270    1,874    6,325    5,435
Depreciation and amortization
 expenses                              702      638    2,015    1,831
                                  -------- -------- -------- --------

  Total costs and expenses          31,197   27,309   82,363   75,661
                                  -------- -------- -------- --------

OPERATING INCOME                     4,867    3,776    7,770    5,507
                                  -------- -------- -------- --------

OTHER INCOME:

Interest income - Net                   66       23      214       70
Other income                           185      178      664      569
                                  -------- -------- -------- --------
  Total other income                   251      201      878      639
                                  -------- -------- -------- --------


Income from continuing operations
 before income taxes                 5,118    3,977    8,648    6,146

Provision for income taxes           1,496    1,352    2,714    2,090

Limited partner interest in income
 of variable interest entity         (102)        -    (146)        -
                                  -------- -------- -------- --------

Income from continuing operations    3,520    2,625    5,788    4,056
                                  -------- -------- -------- --------

DISCONTINUED OPERATIONS:
Income (loss) from operations of
 discontinued restaurants             (85)    (208)    7,075  (1,218)

Provision (benefit) for income
 taxes                                (36)     (71)    2,434    (414)
                                  -------- -------- -------- --------

Income (loss) from discontinued
 operations                           (49)    (137)    4,641    (804)
                                  -------- -------- -------- --------


Income before cumulative effect
of change in accounting principle    3,471    2,488   10,429    3,252

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

NET INCOME                         $ 3,471  $ 2,488  $10,439 $  3,252
                                  ======== ======== ======== ========


PER SHARE INFORMATION -
BASIC AND DILUTED:

Continuing operations basic        $   .98  $   .76  $  1.62 $   1.17
Discontinued operations basic      $ (.01)  $ (.04)  $  1.30 $  (.23)
Cumulative effect of change in
 accounting principle              $   .00  $   .00  $   .00 $    .00
                                  -------- -------- -------- --------
Net basic                          $   .97  $   .72  $  2.92 $    .94
                                  ======== ======== ======== ========

Continuing operations diluted      $   .97  $   .74  $  1.61 $   1.14
Discontinued operations diluted    $ (.01)  $ (.04)  $  1.29 $  (.22)
Cumulative effect of change in
 accounting principle              $   .00  $   .00  $   .00 $    .00
                                  -------- -------- -------- --------
Net diluted                        $   .96  $   .70  $  2.90 $    .92
                                  ======== ======== ======== ========


WEIGHTED AVERAGE NUMBER OF SHARES-
 BASIC                               3,590    3,462    3,578    3,462
                                  ======== ======== ======== ========

WEIGHTED AVERAGE NUMBER OF SHARES-
 DILUTED                             3,624    3,546    3,596    3,546
                                  ======== ======== ======== ========

Continuing Operations
EBITDA Reconciliation
Pre tax earnings                   $ 5,118  $ 3,977  $ 8,648 $  6,146
Depreciation and amortization          702      638    2,015    1,831
Interest                              (66)     (23)    (214)     (70)
                                  -------- -------- -------- --------
EBITDA (a)                         $ 5,754  $ 4,592  $10,449 $  7,907
                                  ======== ======== ======== ========

Continuing Operations EBITDA
 adjusted for non-cash stock
 option expense
EBITDA (as defined) (a)            $ 5,754  $ 4,592  $10,449 $  7,907
Non-cash stock option expense           78      187      330      561
                                  -------- -------- -------- --------
EBITDA adjusted for non-cash stock
 option expense                    $ 5,832  $ 4,779  $10,779 $  8,468
                                  ======== ======== ======== ========

(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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