Ark Restaurants Announces Financial Results for the First Quarter of 2021

About this update from Ark Restaurants Corp.

[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nArk Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended January 2, 2021.\n\nFinancial Results\n\nTotal revenues for the 13-weeks ended January 2, 2021 were $20,299,000 versus $43,514,000 for the 13 weeks ended December 28, 2019. The 13 weeks ended January 2, 2021 includes revenues of $478,000, which represents four weeks of sales related to Blue Moon Fish Company, which was acquired on December 1, 2020 (see below).\n\nAs a result of state and local governments lifting mandatory shut-down requirements from May through August 2020, the Company had reopened all of its properties, with the exception of Thunder Grill in Washington, D.C. (see below), at varying levels of limited capacity as allowed by federal, state and local governments. However, indoor dining in New York City was again shut down on December 14, 2020 through February 12, 2021 at which point it was allowed at 25% maximum capacity. In Washington, DC indoor dining capacity was reduced from 50% to 25% on December 14, 2020 and then was suspended entirely on December 23, 2020 until January 22, 2021 at which point it was allowed at 25% maximum capacity. In Las Vegas indoor dining capacity was reduced from 50% to 25% of capacity in mid-December as well. In addition to government mandated shut-downs and capacity restrictions, the Company temporarily closed several restaurants, typically for three to ten days due to a high rate of positive COVID-19 tests of our employees. These closures and capacity rollbacks have had and will continue to have a material adverse impact on our operations. Accordingly, we have not presented Company-wide same store sales as they are not meaningful based on these events.\n\nThe Company’s EBITDA, adjusted for non-controlling interests and non-cash stock option expense, for the 13 weeks ended January 2, 2021 was $(2,370,000) versus $3,485,000 during the 13-week period ended December 28, 2019. Net loss for the 13-weeks ended January 2, 2021 was ($763,000) or ($0.22) per basic and diluted share, compared to net income of $1,513,000 or $0.43 per basic and diluted share, for the 13-week period ended December 28, 2019.\n\nCOVID-19 Update\n\nThe pandemic has caused and continues to cause unprecedented business disruptions, especially in the hospitality industry. Although we have experi...

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