Ark Restaurants Announces Financial Results for the Third Quarter of 2011 MarketWatch (press release)

15.08.11

Effective October 3, 2010, the Company adopted amendments to ASC 810 (formerly FASB Statement of Accounting Standards ("SFAS") No. 167--Amendments to FASB Interpretation No. 46(R) ("SFAS No 167")). The new standard pertains to the consolidation of variable interest entities ("VIEs") if the Company is determined to be the primary beneficiary of the VIE. As a result we were required to consolidate certain limited partnerships effective as of the adoption date. The Company did not retroactively apply this guidance.

As of July 2, 2011 the Company had no long-term debt and cash, cash equivalents and short term investments totaling $7,496,000 (including $424,000 of cash related to VIEs).

Total revenues for the three-month period ended July 2, 2011 were $39,357,000 versus $35,162,000 in the three months ended July 3, 2010. The three-month period ended July 2, 2011 total revenues include $5,895,000 of consolidated VIE revenues.

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