Ark Restaurants Announces Financial Results for the Third Quarter of 2020

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 third quarter ended June 27, 2020.\n\n\nThird Quarter 2020 Financial Results\n\n\nTotal revenues for the 13 weeks ended June 27, 2020 were $7,199,000 versus $44,807,000 for the 13 weeks ended June 29, 2019.\n\n\nTotal revenues for the 39 weeks ended June 27, 2020 were $84,716,000 versus $120,667,000 for the 39 weeks ended June 29, 2019. The 39 weeks ended June 29, 2019 includes revenues of $1,040,000 related to Durgin-Park which was closed January 12, 2019.\n\n\nCompany-wide same store sales are not meaningful as a result of the temporary closure of all of our restaurants in March 2020.\n\n\nThe Company’s EBITDA for the 13 weeks ended June 27, 2020, adjusted for non-controlling interests and non-cash stock option expense was ($4,351,000) versus EBITDA adjusted for non-controlling interests, non-cash stock option expense and losses incurred on the closure of Durgin-Park (discussed below) of $5,838,000 during the same 13-week period of last year. Net loss for the 13 weeks ended June 27, 2020 was ($2,526,000) or ($0.72) per basic and diluted share, compared to a net income of $3,962,000 or $1.14 per basic and $1.12 per diluted share for the same 13-week period in the prior year.\n\n\nThe Company’s EBITDA for the 39 weeks ended June 27, 2020, adjusted for non-controlling interests, non-cash stock option expense and loss on lease termination was ($1,397,000) versus EBITDA adjusted for non-controlling interests, non-cash stock option expense and losses incurred on the closure of Durgin-Park (discussed below) of $9,705,000 during the same 39-week period of last year. Net loss for the 39 weeks ended June 27, 2020 was ($2,791,000) or ($0.80) per basic and diluted share, compared to net income of $3,231,000 or $0.93 per basic and $0.92 per diluted share, for the same 39-week period in the prior year.\n\n\nCOVID-19 Update\n\n\nThe Company’s 2020 fiscal year started strong with revenues and same store sales up 7.3% and 3.5%, respectively for the first quarter compared to the prior year and continuing through February. However, as the novel Coronavirus (“COVID-19”) rapidly spread throughout the world and to the United States we began to experience the impact of COVID-19 during March 2020, resulting in a decline in traffic in early March...

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