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Shares of Ark Restaurants Corp. (ARKR) opened lower Monday after the New York-based operator of chic restaurants and bars in Las Vegas, New York and Washington DC reported on New Year's Eve that its fourth-quarter earnings fell short of the consensus expectations of analysts polled by Thomson Reuters.
For the quarter that ended October 3, 2009, Ark posted total revenue of $33.3 million. That was down from $34.6 million in the comparable period of last year, but topped the $32.8 million consensus estimate. For the full year, revenue came to $115.0 million, compared to $125.4 million a year ago.
Same-store sales decreased by 3.3% in the fourth quarter, and fell by 10.4% for the full year.
Earnings for the quarter fell 32.1% from a year ago to $0.38 per share, which missed the consensus estimate of $0.42 per share. For the full year, Ark posted earnings of $0.88 per share, down from $1.94 per share a year ago.
Also, at the beginning of December Ark's board approved a regular quarterly dividend of $0.25 per share, payable Monday.
Shares opened Monday at $13.82, down from last week's close at $14.45. Shares are 16.9% lower than three months ago, but 22.3% higher than a year ago.
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