Business
Ark Restaurants Announces Financial Results for the Fourth Quarter and Fiscal Year Ended 2021
NEW YORK--(BUSINESS WIRE)-- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and fiscal year ended October 2,
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 2, 2021.\n\nThe Company’s fiscal year ends on the Saturday nearest September 30. Accordingly, the fiscal years ended October 2, 2021 and October 3, 2020 included 52 and 53 weeks, respectively, and the quarters ended October 2, 2021 and October 3, 2020 included 13 and 14 weeks, respectively.\n\nFinancial Results\n\nTotal revenues for the 13-weeks ended October 2, 2021 were $42,839,000 versus $21,774,000 for the 14-weeks ended October 3, 2020. The 13 weeks ended October 2, 2021 includes revenues of $1,348,000 related to Blue Moon Fish Company in Lauderdale-by-the Sea, FL, which was acquired on December 1, 2020 (see below) and $145,000 related to Clyde Frazier's Wine and Dine in New York, NY, which was closed on September 1, 2021 (see below). The 13 weeks ended October 3, 2020 includes revenues of $312,000 related to Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar in Atlantic City, NJ, which was closed on January 2, 2021 (see below).\n\nTotal revenues for the year ended October 2, 2021 were $131,870,000 versus $106,490,000 for the year ended October 3, 2020. The year ended October 2, 2021 includes revenues of $5,929,000 related to Blue Moon Fish Company, which was acquired on December 1, 2020 and $1,296,000 related to Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar which were closed during fiscal 2021. The year ended October 3, 2020 includes revenues of $5,278,000 related to Thunder Grill in Washington, D.C., which was closed March 20, 2020 (see below), Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar.\n\nThe Company's EBITDA, as adjusted, excluding a gain on the forgiveness of Paycheck Protection Program Loans (\"PPP Loans\"), as set out below, for the 13 weeks ended October 2, 2021 was $5,210,000 versus $(1,785,000) for the 14-week period ended October 2, 2020. The Company's EBITDA, including the gain on forgiveness of PPP Loans, for the 13 weeks ended October 2, 2021 was $9,565,000 versus $(1,717,000) for the 14-week period ended October 2, 2020. Net income attributable to Ark Restaurant Corp. for the 13-weeks ended October 2, 2021 was $6,828,000 or $1.93 per basic share ($1...