Business
Ark Restaurants Announces Financial Results for the Fourth Quarter and Fiscal Year Ended 2020
NEW YORK--(BUSINESS WIRE)-- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and fiscal year ended October 3,
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 fourth quarter and fiscal year ended October 3, 2020.\n\nThe Company’s fiscal year ends on the Saturday nearest September 30. Accordingly, the fiscal years ended October 3, 2020 and September 28, 2019 included 53 and 52 weeks, respectively and the quarters ended October 3, 2020 and September 28, 2019 contained 14 and 13 weeks, respectively. Having one more week in the fourth quarter and full year ended October 3, 2020 distorts the comparison of results with the prior year periods.\n\nFinancial Results\n\nTotal revenues for the 14-weeks ended October 3, 2020 were $21,774,000 versus $41,688,000 for the 13-weeks ended September 28, 2019.\n\nTotal revenues for the year ended October 3, 2020 were $106,490,000 versus $162,354,000 for the year ended September 28, 2019. The year ended September 28, 2019 includes revenues of $1,040,000 related to Durgin-Park which was closed January 12, 2019.\n\nAs a result of state and local governments issuing “stay at home” orders and mandatory shut-down requirements all of our restaurants were temporarily closed in March 2020. Such orders were lifted from May through August 2020 by the various states in which we operate allowing the Company to reopen all of its properties, with the exception of Thunder Grill in Washington, D.C., at varying levels of limited capacity as allowed by federal, state and local governments. 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 14-weeks ended October 3, 2020 was ($1,785,000) versus $2,636,000 during the 13 week period ended September 28, 2019. Net loss for the 14-weeks ended October 3, 2020 was ($1,897,000) or ($0.54) per basic and diluted share, compared to a net loss of ($554,000) or ($0.16) per basic and diluted share, for the 13 week period ended September 28, 2019.\n\nThe Company’s EBITDA, adjusted for non-controlling interests, non-cash stock option expense, losses on property closures and an impairment loss, for the year ended October 3, 2020 was ($3,182,000) versus $12,340,000 last year. Net loss for the year ended October 3, 2020 was ($4,688,000) or ($1.34) per basic and diluted ...