Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Ark Restaurants Announces Financial Results for the Second Quarter of 2024 By: Ark Restaurants Corp. via Business Wire May 13, 2024 at 16:20 PM EDT Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter ended March 30, 2024. Financial Results Total revenues for the 13 weeks ended March 30, 2024 were $42,257,000 versus $41,897,000 for the 13 weeks ended April 1, 2023 and total revenues for the 26 weeks ended March 30, 2024 were $89,743,000 versus $89,342,000 for the 26 weeks ended April 1, 2023. As required by our lease, Gallagher's Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV was substantially closed for renovation in the prior period from February 5, 2023 through April 27, 2023. Revenues for the period from closure through April 1, 2023 were $714,000 as compared to $2,114,000 for the comparable period in the current fiscal quarter. The Company's EBITDA, adjusted for items as set out in the table below, for the 13 weeks ended March 30, 2024 was $(321,000) versus $1,001,000 for the 13 weeks ended April 1, 2023. Net loss for the 13 weeks ended March 30, 2024 was $(1,449,000), or $(0.40) per basic and diluted share, compared to a net loss of $(484,000), or $(0.13) per basic and diluted share for the 13 weeks ended April 1, 2023. The Company's EBITDA, excluding gains on the forgiveness of Paycheck Protection Program Loans (the "PPP Loan Forgiveness") and adjusted for the other items as set out in the table below, for the 26 weeks ended March 30, 2024 was $2,251,000 versus $4,020,000 for the 26 weeks ended April 1, 2023. Net loss for the 26 weeks ended March 30, 2024 was $(79,000) (which includes PPP Loan Forgiveness of $285,000) or $(0.02) per basic and diluted share, compared to net income of $1,241,000 (which includes PPP Loan Forgiveness of $272,000) or $0.34 per basic and diluted share for the 26 weeks ended April 1, 2023. On May 7, 2024, the Board of Directors declared a quarterly cash dividend of $0.1875 per share to be paid on June 12, 2024 to shareholders of record of the Company's common stock at the close of business on May 31, 2024. As of March 30, 2024, the Company had a cash balance of $10,412,000 and total outstanding debt of $6,241,000. About Ark Restaurants Corp. Ark Restaurants owns and operates 17 restaurants and bars, 16 fast food concepts and catering operations primarily in New York City, Florida, Washington, DC, Las Vegas, Nevada and the gulf coast of Alabama. Four restaurants are located in New York City, one is located in Washington, DC, five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB’s on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of four fast food facilities in Tampa and six fast food facilities in Hollywood, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort. Cautionary Note Regarding Forward-Looking Statements Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements 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 filings 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. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future. Non-GAAP Financial Information This news release includes non-generally accepted accounting principles ("GAAP") performance measures. Although Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes the use of this non-GAAP financial measure 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 (loss), operating income (loss), 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 as it may not necessarily be comparable to similarly titled measure employed by other companies. ARK RESTAURANTS CORP. Consolidated Condensed Statements of Operations For the 13- and 26- week periods ended March 30, 2024 and April 1, 2023 (In Thousands, Except per share amounts) 13 Weeks Ended March 30, 2024 13 Weeks Ended April 1, 2023 26 Weeks Ended March 30, 2024 26 Weeks Ended April 1, 2023 TOTAL REVENUES $ 42,257 $ 41,897 $ 89,743 $ 89,342 COSTS AND EXPENSES: Food and beverage cost of sales 12,138 11,795 24,209 24,231 Payroll expenses 15,512 15,311 32,488 31,833 Occupancy expenses 5,775 5,255 12,107 11,438 Other operating costs and expenses 5,836 5,352 11,928 11,283 General and administrative expenses 3,141 3,023 6,461 6,159 Depreciation and amortization 1,057 1,138 2,149 2,171 Total costs and expenses 43,459 41,874 89,342 87,115 OPERATING INCOME (LOSS) (1,202 ) 23 401 2,227 OTHER (INCOME) EXPENSE: Interest expense, net 150 248 310 588 Other income — — (26 ) — Gain on forgiveness of PPP Loans — — (285 ) (272 ) Total other (income) expense, net 150 248 (1 ) 316 INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES (1,352 ) (225 ) 402 1,911 Provision (benefit) for income taxes (147 ) 19 11 133 CONSOLIDATED NET INCOME (LOSS) (1,205 ) (244 ) 391 1,778 Net income attributable to non-controlling interests (244 ) (240 ) (470 ) (537 ) NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. $ (1,449 ) $ (484 ) $ (79 ) $ 1,241 NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. PER COMMON SHARE: Basic $ (0.40 ) $ (0.13 ) $ (0.02 ) $ 0.34 Diluted $ (0.40 ) $ (0.13 ) $ (0.02 ) $ 0.34 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 3,604 3,600 3,604 3,600 Diluted 3,604 3,600 3,604 3,646 EBITDA Reconciliation: Income (loss) before provision (benefit) for income taxes $ (1,352 ) $ (225 ) $ 402 $ 1,911 Depreciation and amortization 1,057 1,138 2,149 2,171 Interest expense, net 150 248 310 588 EBITDA (a) $ (145 ) $ 1,161 $ 2,861 $ 4,670 EBITDA, adjusted: EBITDA (as defined) (a) $ (145 ) $ 1,161 $ 2,861 $ 4,670 Non-cash stock option expense 68 80 145 159 Gain of forgiveness of PPP Loans — — (285 ) (272 ) Net income attributable to non-controlling interests (244 ) (240 ) (470 ) (537 ) EBITDA, as adjusted $ (321 ) $ 1,001 $ 2,251 $ 4,020 (a) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. A reconciliation of EBITDA to the most comparable GAAP financial measure, pre-tax income, is included above. View source version on businesswire.com: https://www.businesswire.com/news/home/20240513556882/en/Contacts Anthony J. Sirica (212) 206-8800 ajsirica@arkrestaurants.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Ark Restaurants Announces Financial Results for the Second Quarter of 2024 By: Ark Restaurants Corp. via Business Wire May 13, 2024 at 16:20 PM EDT Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter ended March 30, 2024. Financial Results Total revenues for the 13 weeks ended March 30, 2024 were $42,257,000 versus $41,897,000 for the 13 weeks ended April 1, 2023 and total revenues for the 26 weeks ended March 30, 2024 were $89,743,000 versus $89,342,000 for the 26 weeks ended April 1, 2023. As required by our lease, Gallagher's Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV was substantially closed for renovation in the prior period from February 5, 2023 through April 27, 2023. Revenues for the period from closure through April 1, 2023 were $714,000 as compared to $2,114,000 for the comparable period in the current fiscal quarter. The Company's EBITDA, adjusted for items as set out in the table below, for the 13 weeks ended March 30, 2024 was $(321,000) versus $1,001,000 for the 13 weeks ended April 1, 2023. Net loss for the 13 weeks ended March 30, 2024 was $(1,449,000), or $(0.40) per basic and diluted share, compared to a net loss of $(484,000), or $(0.13) per basic and diluted share for the 13 weeks ended April 1, 2023. The Company's EBITDA, excluding gains on the forgiveness of Paycheck Protection Program Loans (the "PPP Loan Forgiveness") and adjusted for the other items as set out in the table below, for the 26 weeks ended March 30, 2024 was $2,251,000 versus $4,020,000 for the 26 weeks ended April 1, 2023. Net loss for the 26 weeks ended March 30, 2024 was $(79,000) (which includes PPP Loan Forgiveness of $285,000) or $(0.02) per basic and diluted share, compared to net income of $1,241,000 (which includes PPP Loan Forgiveness of $272,000) or $0.34 per basic and diluted share for the 26 weeks ended April 1, 2023. On May 7, 2024, the Board of Directors declared a quarterly cash dividend of $0.1875 per share to be paid on June 12, 2024 to shareholders of record of the Company's common stock at the close of business on May 31, 2024. As of March 30, 2024, the Company had a cash balance of $10,412,000 and total outstanding debt of $6,241,000. About Ark Restaurants Corp. Ark Restaurants owns and operates 17 restaurants and bars, 16 fast food concepts and catering operations primarily in New York City, Florida, Washington, DC, Las Vegas, Nevada and the gulf coast of Alabama. Four restaurants are located in New York City, one is located in Washington, DC, five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB’s on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of four fast food facilities in Tampa and six fast food facilities in Hollywood, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort. Cautionary Note Regarding Forward-Looking Statements Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements 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 filings 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. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future. Non-GAAP Financial Information This news release includes non-generally accepted accounting principles ("GAAP") performance measures. Although Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes the use of this non-GAAP financial measure 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 (loss), operating income (loss), 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 as it may not necessarily be comparable to similarly titled measure employed by other companies. ARK RESTAURANTS CORP. Consolidated Condensed Statements of Operations For the 13- and 26- week periods ended March 30, 2024 and April 1, 2023 (In Thousands, Except per share amounts) 13 Weeks Ended March 30, 2024 13 Weeks Ended April 1, 2023 26 Weeks Ended March 30, 2024 26 Weeks Ended April 1, 2023 TOTAL REVENUES $ 42,257 $ 41,897 $ 89,743 $ 89,342 COSTS AND EXPENSES: Food and beverage cost of sales 12,138 11,795 24,209 24,231 Payroll expenses 15,512 15,311 32,488 31,833 Occupancy expenses 5,775 5,255 12,107 11,438 Other operating costs and expenses 5,836 5,352 11,928 11,283 General and administrative expenses 3,141 3,023 6,461 6,159 Depreciation and amortization 1,057 1,138 2,149 2,171 Total costs and expenses 43,459 41,874 89,342 87,115 OPERATING INCOME (LOSS) (1,202 ) 23 401 2,227 OTHER (INCOME) EXPENSE: Interest expense, net 150 248 310 588 Other income — — (26 ) — Gain on forgiveness of PPP Loans — — (285 ) (272 ) Total other (income) expense, net 150 248 (1 ) 316 INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES (1,352 ) (225 ) 402 1,911 Provision (benefit) for income taxes (147 ) 19 11 133 CONSOLIDATED NET INCOME (LOSS) (1,205 ) (244 ) 391 1,778 Net income attributable to non-controlling interests (244 ) (240 ) (470 ) (537 ) NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. $ (1,449 ) $ (484 ) $ (79 ) $ 1,241 NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. PER COMMON SHARE: Basic $ (0.40 ) $ (0.13 ) $ (0.02 ) $ 0.34 Diluted $ (0.40 ) $ (0.13 ) $ (0.02 ) $ 0.34 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 3,604 3,600 3,604 3,600 Diluted 3,604 3,600 3,604 3,646 EBITDA Reconciliation: Income (loss) before provision (benefit) for income taxes $ (1,352 ) $ (225 ) $ 402 $ 1,911 Depreciation and amortization 1,057 1,138 2,149 2,171 Interest expense, net 150 248 310 588 EBITDA (a) $ (145 ) $ 1,161 $ 2,861 $ 4,670 EBITDA, adjusted: EBITDA (as defined) (a) $ (145 ) $ 1,161 $ 2,861 $ 4,670 Non-cash stock option expense 68 80 145 159 Gain of forgiveness of PPP Loans — — (285 ) (272 ) Net income attributable to non-controlling interests (244 ) (240 ) (470 ) (537 ) EBITDA, as adjusted $ (321 ) $ 1,001 $ 2,251 $ 4,020 (a) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. A reconciliation of EBITDA to the most comparable GAAP financial measure, pre-tax income, is included above. View source version on businesswire.com: https://www.businesswire.com/news/home/20240513556882/en/Contacts Anthony J. Sirica (212) 206-8800 ajsirica@arkrestaurants.com
Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter ended March 30, 2024. Financial Results Total revenues for the 13 weeks ended March 30, 2024 were $42,257,000 versus $41,897,000 for the 13 weeks ended April 1, 2023 and total revenues for the 26 weeks ended March 30, 2024 were $89,743,000 versus $89,342,000 for the 26 weeks ended April 1, 2023. As required by our lease, Gallagher's Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV was substantially closed for renovation in the prior period from February 5, 2023 through April 27, 2023. Revenues for the period from closure through April 1, 2023 were $714,000 as compared to $2,114,000 for the comparable period in the current fiscal quarter. The Company's EBITDA, adjusted for items as set out in the table below, for the 13 weeks ended March 30, 2024 was $(321,000) versus $1,001,000 for the 13 weeks ended April 1, 2023. Net loss for the 13 weeks ended March 30, 2024 was $(1,449,000), or $(0.40) per basic and diluted share, compared to a net loss of $(484,000), or $(0.13) per basic and diluted share for the 13 weeks ended April 1, 2023. The Company's EBITDA, excluding gains on the forgiveness of Paycheck Protection Program Loans (the "PPP Loan Forgiveness") and adjusted for the other items as set out in the table below, for the 26 weeks ended March 30, 2024 was $2,251,000 versus $4,020,000 for the 26 weeks ended April 1, 2023. Net loss for the 26 weeks ended March 30, 2024 was $(79,000) (which includes PPP Loan Forgiveness of $285,000) or $(0.02) per basic and diluted share, compared to net income of $1,241,000 (which includes PPP Loan Forgiveness of $272,000) or $0.34 per basic and diluted share for the 26 weeks ended April 1, 2023. On May 7, 2024, the Board of Directors declared a quarterly cash dividend of $0.1875 per share to be paid on June 12, 2024 to shareholders of record of the Company's common stock at the close of business on May 31, 2024. As of March 30, 2024, the Company had a cash balance of $10,412,000 and total outstanding debt of $6,241,000. About Ark Restaurants Corp. Ark Restaurants owns and operates 17 restaurants and bars, 16 fast food concepts and catering operations primarily in New York City, Florida, Washington, DC, Las Vegas, Nevada and the gulf coast of Alabama. Four restaurants are located in New York City, one is located in Washington, DC, five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB’s on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of four fast food facilities in Tampa and six fast food facilities in Hollywood, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort. Cautionary Note Regarding Forward-Looking Statements Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements 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 filings 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. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future. Non-GAAP Financial Information This news release includes non-generally accepted accounting principles ("GAAP") performance measures. Although Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes the use of this non-GAAP financial measure 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 (loss), operating income (loss), 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 as it may not necessarily be comparable to similarly titled measure employed by other companies. ARK RESTAURANTS CORP. Consolidated Condensed Statements of Operations For the 13- and 26- week periods ended March 30, 2024 and April 1, 2023 (In Thousands, Except per share amounts) 13 Weeks Ended March 30, 2024 13 Weeks Ended April 1, 2023 26 Weeks Ended March 30, 2024 26 Weeks Ended April 1, 2023 TOTAL REVENUES $ 42,257 $ 41,897 $ 89,743 $ 89,342 COSTS AND EXPENSES: Food and beverage cost of sales 12,138 11,795 24,209 24,231 Payroll expenses 15,512 15,311 32,488 31,833 Occupancy expenses 5,775 5,255 12,107 11,438 Other operating costs and expenses 5,836 5,352 11,928 11,283 General and administrative expenses 3,141 3,023 6,461 6,159 Depreciation and amortization 1,057 1,138 2,149 2,171 Total costs and expenses 43,459 41,874 89,342 87,115 OPERATING INCOME (LOSS) (1,202 ) 23 401 2,227 OTHER (INCOME) EXPENSE: Interest expense, net 150 248 310 588 Other income — — (26 ) — Gain on forgiveness of PPP Loans — — (285 ) (272 ) Total other (income) expense, net 150 248 (1 ) 316 INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES (1,352 ) (225 ) 402 1,911 Provision (benefit) for income taxes (147 ) 19 11 133 CONSOLIDATED NET INCOME (LOSS) (1,205 ) (244 ) 391 1,778 Net income attributable to non-controlling interests (244 ) (240 ) (470 ) (537 ) NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. $ (1,449 ) $ (484 ) $ (79 ) $ 1,241 NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. PER COMMON SHARE: Basic $ (0.40 ) $ (0.13 ) $ (0.02 ) $ 0.34 Diluted $ (0.40 ) $ (0.13 ) $ (0.02 ) $ 0.34 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 3,604 3,600 3,604 3,600 Diluted 3,604 3,600 3,604 3,646 EBITDA Reconciliation: Income (loss) before provision (benefit) for income taxes $ (1,352 ) $ (225 ) $ 402 $ 1,911 Depreciation and amortization 1,057 1,138 2,149 2,171 Interest expense, net 150 248 310 588 EBITDA (a) $ (145 ) $ 1,161 $ 2,861 $ 4,670 EBITDA, adjusted: EBITDA (as defined) (a) $ (145 ) $ 1,161 $ 2,861 $ 4,670 Non-cash stock option expense 68 80 145 159 Gain of forgiveness of PPP Loans — — (285 ) (272 ) Net income attributable to non-controlling interests (244 ) (240 ) (470 ) (537 ) EBITDA, as adjusted $ (321 ) $ 1,001 $ 2,251 $ 4,020 (a) EBITDA is defined as earnings before interest, taxes, depreciation and amortization. A reconciliation of EBITDA to the most comparable GAAP financial measure, pre-tax income, is included above. View source version on businesswire.com: https://www.businesswire.com/news/home/20240513556882/en/