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Ark Restaurants Announces Financial Results for the First Quarter of 2024
NEW YORK--(BUSINESS WIRE)-- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 30, 2023. Financial
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 30, 2023.\n\n\nFinancial Results\n\n\nTotal revenues for the 13 weeks ended December 30, 2023 were $47,487,000 versus $47,445,000 for the 13 weeks ended December 31, 2022.\n\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 30, 2023 was $2,572,000 versus $3,018,000 for the 13 weeks ended December 31, 2022. Net income for the 13 weeks ended December 30, 2023 was $1,370,000 (which includes PPP Loan Forgiveness of $285,000), or $0.38 per basic and diluted share, compared to net income of $1,725,000 (which includes PPP Loan Forgiveness of $272,000), or $0.48 and $0.47 per basic and diluted share, respectively, for the 13 weeks ended December 31, 2022.\n\n\nOn February 6, 2024, the Board of Directors declared a quarterly cash dividend of $0.1875 per share to be paid on March 13, 2024 to shareholders of record of the Company's common stock at the close of business on February 29, 2024.\n\n\nAs of December 30, 2023, the Company had a cash balance of $12,122,000 and total outstanding debt of $6,742,000.\n\n\nAbout Ark Restaurants Corp.\n\n\nArk 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...