Business
Ark Restaurants Announces Financial Results for the Fourth Quarter and Fiscal Year Ended 2022
NEW YORK--(BUSINESS WIRE)-- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and fiscal year ended October 1,
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 1, 2022.\n\nThe Company’s fiscal year ends on the Saturday nearest September 30. The fiscal years ended October 1, 2022 and October 2, 2021 both included 52 weeks and the quarters ended October 1, 2022 and October 2, 2021 both included 13 weeks.\n\nFinancial Results\n\nTotal revenues for the 13 weeks ended October 1, 2022 were $46,884,000 versus $42,839,000 for the 13 weeks ended October 2, 2021. The 13 weeks ended October 2, 2021 includes revenues of $145,000 related to Clyde Frazier's Wine and Dine in New York, NY, which was closed on September 1, 2021.\n\nTotal revenues for the year ended October 1, 2022 were $183,674,000 versus $131,870,000 for the year ended October 2, 2021. The year ended October 2, 2021 includes revenues of $1,296,000 related to Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar in Atlantic City, NJ, which were closed during fiscal 2021.\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 October 1, 2022 was $2,352,000 versus $5,210,000 for the 13 weeks ended October 2, 2021. Net income attributable to Ark Restaurant Corp. for the 13 weeks ended October 1, 2022 was $762,000 or $0.21 per basic and diluted share, compared to net income of $6,828,000 (which includes PPP Loan Forgiveness of $3,082,000) or $1.93 and $1.89 per basic and diluted share, respectively, for the 13 weeks ended October 2, 2021.\n\nThe Company's EBITDA, excluding the PPP Loan Forgiveness and adjusted for other items all as set out in the table below, for the year ended October 1, 2022 was $13,987,000 versus $7,955,000 for the year ended October 2, 2021. Net income attributable to Ark Restaurant Corp. for the year ended October 1, 2022 was $9,281,000 (which includes PPP Loan Forgiveness of $2,420,000) or $2.61 and $2.58 per basic and diluted share, respectively, compared to net income of $12,895,000 (which includes PPP Loan Forgiveness of $10,400,000) or $3.67 and $3.58 per basic and diluted share, respectively, for the year ended October 2, 2021.\n\nAs of October 1, 2022, the Company had cash a...