Business
Ark Restaurants Announces Financial Results for the Second Quarter of 2023
NEW YORK--(BUSINESS WIRE)-- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter ended April 1, 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 second quarter ended April 1, 2023.\n\n\nFinancial Results\n\n\nTotal revenues for the 13 weeks ended April 1, 2023 were $41,897,000 versus $39,586,000 for the 13 weeks ended April 2, 2022 and total revenues for the 26 weeks ended April 1, 2023 were $89,342,000 versus $83,571,000 for the 26 weeks ended April 2, 2022. As required by our lease, Gallagher's Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV was substantially closed for renovation for the period from February 5, 2023 through April 27, 2023. Revenues for the period from closure through April 1, 2023 were $714,000 as compared to $2,326,000 for the comparable prior period.\n\n\nExcluding Gallagher's Steakhouse, which was closed for much of the quarter, Company-wide same store sales increased 8.3% for the 13 weeks ended April 1, 2023 as compared to the same period of the prior year. The increase was driven primarily by substantial gains in our event business in New York City, NY and Washington, D.C.\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 April 1, 2023 was $1,001,000 versus $1,481,000 for the 13 weeks ended April 2, 2022. Net loss for the 13 weeks ended April 1, 2023 was $(484,000), or $(0.13) per basic and diluted share, compared to net income of $1,055,000 (which includes PPP Loan Forgiveness of $1,122,000), or $0.30 and $0.29 per basic and diluted share, respectively, for the 13 weeks ended April 2, 2022.\n\n\nThe Company's EBITDA, excluding gains on PPP Loan Forgiveness and adjusted for other items all as set out in the table below, for the 26 weeks ended April 1, 2023 was $4,020,000 versus $5,427,000 for the 26 weeks ended April 2, 2022. Net income for the 26 weeks ended April 1, 2023 was $1,241,000 (which includes PPP Loan Forgiveness of $272,000), or $0.34 per basic and diluted share, compared to net income of $3,264,000 (which includes PPP Loan Forgiveness of $1,122,000), or $0.92 and $0.91 per basic and diluted share, respectively, for the 26 weeks ended April 2, 2022.\n\n\nOn May 9, 2023, the Board of Directors declared a quarterly cash dividend of $0.1875 per sh...