Ark Restaurants president, COO resigns
Ark Restaurants Corp. said Friday that longtime executive Robert Towers has resigned as president and chief operating officer.
The New York-based foodservice company said the 28-year veteran left Ark to pursue other business opportunities.
“Bob has played a key role in our development, and we thank him for his services and valuable contribution to our success,” said Ark chairman and chief executive Michael Weinstein. “We wish him well in his future endeavors.”
In other news, the company is planning to open a sports-focused restaurant in New York called Clyde's with Knicks basketball legend Walt Frazier.
Ark owns and operates 20 restaurants and bars, 28 quick-service concepts and catering operations chiefly in New York, Washington, D.C., and Las Vegas.
The publicly traded Ark reported a decline in earnings for the fourth quarter ended Oct. 1, 2011. However, revenue was up in the same quarter.
For the fourth quarter, net income fell to $874,000, or 25 cents per share, from $1.1 million, or 31 cents per share, in the same period last year. Net income for fiscal 2011 was $1.4 million, or 40 cents per share, down from $2.6 million, or 74 cents per share, a year ago.
Total revenue for the quarter rose 17.6 percent to $37.5 million versus $31.9 million in the prior-year period. Total revenue for fiscal 2011 increased 18.3 percent, to $139.4 million, compared with $117.8 million in fiscal 2010.
Companywide same-store sales rose 4.2 percent for the quarter compared with the same period last year. For fiscal 2011 companywide same-store sales rose 4.9 percent compared with the prior year.
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