Intrinsic value of ARK Restaurants - ARKR

Previous Close

$23.17

  Intrinsic Value

$20.53

stock screener

  Rating & Target

hold

-11%

Previous close

$23.17

 
Intrinsic value

$20.53

 
Up/down potential

-11%

 
Rating

hold

We calculate the intrinsic value of ARKR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  157
  161
  165
  169
  174
  180
  186
  193
  200
  208
  216
  225
  234
  244
  254
  266
  277
  290
  303
  317
  332
  347
  363
  381
  399
  418
  438
  459
  481
  505
Variable operating expenses, $m
  149
  152
  156
  160
  165
  170
  176
  182
  189
  196
  203
  211
  220
  229
  239
  249
  261
  272
  285
  298
  311
  326
  341
  358
  375
  392
  411
  431
  452
  474
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  149
  152
  156
  160
  165
  170
  176
  182
  189
  196
  203
  211
  220
  229
  239
  249
  261
  272
  285
  298
  311
  326
  341
  358
  375
  392
  411
  431
  452
  474
Operating income, $m
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  13
  14
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
EBITDA, $m
  13
  14
  14
  14
  15
  15
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  26
  27
  28
  29
  31
  32
  34
  35
  37
  39
  41
  43
Interest expense (income), $m
  0
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
Earnings before tax, $m
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
Tax expense, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
Net income, $m
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  82
  83
  86
  88
  91
  94
  97
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  158
  165
  172
  181
  189
  198
  207
  217
  228
  239
  250
  262
Adjusted assets (=assets-cash), $m
  82
  83
  86
  88
  91
  94
  97
  100
  104
  108
  112
  117
  122
  127
  132
  138
  144
  151
  158
  165
  172
  181
  189
  198
  207
  217
  228
  239
  250
  262
Revenue / Adjusted assets
  1.915
  1.940
  1.919
  1.920
  1.912
  1.915
  1.918
  1.930
  1.923
  1.926
  1.929
  1.923
  1.918
  1.921
  1.924
  1.928
  1.924
  1.921
  1.918
  1.921
  1.930
  1.917
  1.921
  1.924
  1.928
  1.926
  1.921
  1.921
  1.924
  1.927
Average production assets, $m
  44
  45
  46
  48
  49
  51
  52
  54
  56
  58
  61
  63
  66
  69
  71
  75
  78
  81
  85
  89
  93
  98
  102
  107
  112
  117
  123
  129
  135
  142
Working capital, $m
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
Total debt, $m
  19
  20
  21
  22
  23
  25
  27
  28
  30
  32
  34
  36
  39
  41
  44
  47
  50
  53
  57
  60
  64
  68
  72
  77
  81
  86
  91
  97
  102
  109
Total liabilities, $m
  40
  41
  42
  44
  45
  46
  48
  50
  51
  53
  56
  58
  60
  63
  65
  68
  71
  75
  78
  82
  85
  89
  94
  98
  103
  108
  113
  118
  124
  130
Total equity, $m
  41
  42
  43
  44
  46
  47
  49
  51
  53
  55
  57
  59
  61
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  105
  110
  115
  121
  126
  133
Total liabilities and equity, $m
  81
  83
  85
  88
  91
  93
  97
  101
  104
  108
  113
  117
  121
  127
  132
  138
  144
  151
  158
  165
  172
  180
  189
  198
  208
  218
  228
  239
  250
  263
Debt-to-equity ratio
  0.460
  0.470
  0.480
  0.500
  0.510
  0.530
  0.540
  0.560
  0.570
  0.590
  0.600
  0.620
  0.630
  0.650
  0.660
  0.670
  0.690
  0.700
  0.710
  0.720
  0.730
  0.750
  0.760
  0.770
  0.780
  0.780
  0.790
  0.800
  0.810
  0.820
Adjusted equity ratio
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  5
  5
  6
  6
  6
  6
  6
  7
  7
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  17
  17
  18
Depreciation, amort., depletion, $m
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
Funds from operations, $m
  10
  10
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
Change in working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from operations, $m
  10
  11
  11
  11
  12
  12
  12
  13
  13
  14
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
Maintenance CAPEX, $m
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
New CAPEX, $m
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
Cash from investing activities, $m
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -9
  -9
  -9
  -9
  -11
  -11
  -11
  -11
  -12
  -13
  -14
  -14
  -14
  -16
  -16
  -17
  -18
Free cash flow, $m
  6
  6
  6
  6
  6
  6
  6
  6
  7
  7
  6
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
Issuance/(repayment) of debt, $m
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
Total cash flow (excl. dividends), $m
  7
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
Retained Cash Flow (-), $m
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  6
  6
  6
  6
  6
  6
  6
  6
  7
  7
  6
  7
  7
  7
  7
  8
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  6
  5
  5
  5
  5
  4
  4
  4
  4
  3
  3
  3
  3
  2
  2
  2
  2
  1
  1
  1
  1
  1
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Ark Restaurants Corp. owns and operates restaurants, bars, fast food concepts and catering operations. As of October 1, 2016, the Company owned and/or operated 21 restaurants and bars, 19 fast food concepts and catering operations through its subsidiaries. As of October 1, 2016, six of its restaurant and bar facilities were located in New York City; two were located in Washington, D.C.; five were located in Las Vegas, Nevada; three were located in Atlantic City, New Jersey; one was located at the Foxwoods Resort Casino in Ledyard, Connecticut; one was located in the Faneuil Hall Marketplace in Boston, Massachusetts, and three were located on the east coast of Florida. The restaurant properties it leases, owns and operates include Sequoia, Canyon Road, Bryant Park Grill & Cafe, Gallagher's Steakhouse, Gonzalez y Gonzalez, Village Eateries, Thunder Grill, Gallagher's Steakhouse, Gallagher's Burger Bar, The Grill at Two Trees, Yolos, Broadway Burger Bar and Grill, and The Rustic Inn.

FINANCIAL RATIOS  of  ARK Restaurants (ARKR)

Valuation Ratios
P/E Ratio 19.8
Price to Sales 0.5
Price to Book 2
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 13.2
Growth Rates
Sales Growth Rate 2.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -33.3%
Cap. Spend. - 3 Yr. Gr. Rate -7.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 12.5%
Total Debt to Equity 20%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.9%
Ret/ On Assets - 3 Yr. Avg. 6.8%
Return On Total Capital 8.6%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 10.1%
Return On Equity - 3 Yr. Avg. 11.6%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 72.7%
Gross Margin - 3 Yr. Avg. 73.1%
EBITDA Margin 7.1%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 4.5%
Oper. Margin - 3 Yr. Avg. 5.1%
Pre-Tax Margin 3.9%
Pre-Tax Margin - 3 Yr. Avg. 5.1%
Net Profit Margin 2.6%
Net Profit Margin - 3 Yr. Avg. 2.9%
Effective Tax Rate 16.7%
Eff/ Tax Rate - 3 Yr. Avg. 29.2%
Payout Ratio 75%

ARKR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ARKR stock intrinsic value calculation we used $153.877 million for the last fiscal year's total revenue generated by ARK Restaurants. The default revenue input number comes from 0001 income statement of ARK Restaurants. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ARKR stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ARKR is calculated based on our internal credit rating of ARK Restaurants, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ARK Restaurants.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ARKR stock the variable cost ratio is equal to 94.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ARKR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.8% for ARK Restaurants.

Corporate tax rate of 27% is the nominal tax rate for ARK Restaurants. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ARKR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ARKR are equal to 28.1%.

Life of production assets of 11.9 years is the average useful life of capital assets used in ARK Restaurants operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ARKR is equal to -4.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $40.444 million for ARK Restaurants - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 3.448 million for ARK Restaurants is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ARK Restaurants at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ Is Ark Restaurants Corp (NASDAQ:ARKR) A Great Dividend Stock?   [Oct-26-18 01:02PM  Simply Wall St.]
▶ Ark Restaurants Announces Declaration of Dividend   [Sep-17-18 04:05PM  Business Wire]
▶ Ark Restaurants: Fiscal 3Q Earnings Snapshot   [Aug-13-18 04:18PM  Associated Press]
▶ Ark Restaurants Announces Conference Call   [04:10PM  Business Wire]
▶ Ark Restaurants Announces Declaration of Dividend   [Jun-12-18 04:05PM  Business Wire]
▶ Free Research Report as Brinkers Earnings Soared 18.6%   [May-30-18 07:30AM  ACCESSWIRE]
▶ Ark Restaurants: Fiscal 2Q Earnings Snapshot   [May-14-18 04:37PM  Associated Press]
▶ Ark Restaurants Announces Conference Call   [12:07PM  Business Wire]
▶ Ark Restaurants Announces Declaration of Dividend   [Mar-06-18 04:05PM  Business Wire]
▶ Ark Restaurants posts 1Q profit   [Feb-12-18 04:35PM  Associated Press]
▶ Ark Restaurants Announces Conference Call   [12:00PM  Business Wire]
▶ Ark Restaurants posts 4Q profit   [Dec-27-17 04:17PM  Associated Press]
▶ Ark Restaurants Announces Conference Call   [12:12PM  Business Wire]
▶ Ark Restaurants Announces Declaration of Dividend   [Dec-05-17 04:05PM  Business Wire]
▶ Think of Your Circle of Competence as a Web of Familiarity   [Sep-24-17 05:31PM  GuruFocus.com]
▶ Ark Restaurants Announces Declaration of Dividend   [Sep-06-17 04:05PM  Business Wire]
▶ Ark Restaurants posts 3Q profit   [Aug-10-17 11:51PM  Associated Press]
▶ Ark Restaurants Announces Conference Call   [11:47AM  Business Wire]
▶ Ark Restaurants Announces Declaration of Dividend   [Jun-05-17 04:05PM  Business Wire]
▶ Owner of Sequoia reveals when the Georgetown restaurant and bar will reopen   [May-15-17 07:20AM  American City Business Journals]
▶ Ark Restaurants reports 2Q loss   [May-12-17 05:32PM  Associated Press]
▶ Ark Restaurants Announces Conference Call   [04:05PM  Business Wire]
▶ Ark Restaurants Announces Declaration of Dividend   [Mar-01-17 11:00AM  Business Wire]
▶ Ark Restaurants posts 1Q profit   [04:18PM  Associated Press]
▶ Ark Restaurants Announces Conference Call   [11:40AM  Business Wire]
▶ Ark Restaurants Announces Conference Call   [12:45PM  Business Wire]
▶ Ark Restaurants Announces Declaration of Dividend   [Dec-07-16 04:20PM  Business Wire]
▶ Ark Restaurants Announces Declaration of Dividend   [Sep-07-16 04:00PM  Business Wire]
▶ Ark Restaurants Announces Conference Call   [12:15PM  Business Wire]
▶ Ark Restaurants Announces Stock Repurchase Program   [Jul-05-16 04:00PM  Business Wire]
▶ Ark Restaurants Announces Declaration of Dividend   [Jun-02-16 04:05PM  Business Wire]
▶ Ark Restaurants Announces Conference Call   [04:00PM  Business Wire]
▶ Ark Restaurants Announces Declaration of Dividend   [Mar-01-16 04:05PM  Business Wire]

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