Ark Restaurants Announces Financial Results for the First Quarter of 2023 and Declaration of Quarterly Cash Dividend

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 December 31, 2022.\n\nFinancial Results\n\nTotal revenues for the 13 weeks ended December 31, 2022 were $47,445,000 versus $43,986,000 for the 13 weeks ended January 1, 2022.\n\nThe increase in revenues for the 13 weeks ended December 31, 2022 compared to the same period of last year was driven by increased customer traffic and targeted menu price increases in Las Vegas, New York and Washington, D.C. In addition, New York and Washington, D.C. benefited from strong revenues from our event business in the current period as compared to the prior year. These gains were partially offset by decreased revenues in Florida of 9.2%.\n\nThe Company's EBITDA, excluding gains on the forgiveness of Paycheck Protection Program Loans (the \"PPP Loan Forgiveness\") and adjusted for other items all as set out in the table below, for the 13 weeks ended December 31, 2022 was $3,018,000 versus $3,946,000 for the 13 weeks ended January 1, 2022. Net income for the 13 weeks ended December 31, 2022 was $1,725,000 (which includes PPP Loan Forgiveness of $272,000), or $0.48 and $0.47 per basic and diluted share, respectively, compared to net income of $2,209,000 or $0.62 and $0.61 per basic and diluted share, respectively, for the 13 weeks ended January 1, 2022.\n\nOn February 8, 2023, the Board of Directors declared a quarterly cash dividend of $0.125 per share to be paid on March 14, 2023 to shareholders of record at the close of business on February 28, 2023.\n\nAs of December 31, 2022, the Company had a cash balance of $19,427,000, a certificate of deposit in the amount of $5,044,000 (including accrued interest) and total outstanding debt of $21,675,000.\n\nCOVID-19 and Inflation\n\nRecent global events, including the COVID-19 pandemic (\"COVID-19\"), have adversely affected global economies, disrupted global supply chains and labor force participation and created significant volatility and disruption of financial markets. As a result, we experienced significant and variable disruptions to our business as federal, state and local restrictions were mandated, among other remedial measures, to mitigate the spread of the COVID-19 virus. While restrictions on the type of permitted operating model and occupancy capacity may continue...

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