Business
Ark Restaurants Announces Financial Results for the Third Quarter of 2021
NEW YORK--(BUSINESS WIRE)-- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter ended July 3, 2021. Financial Results
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 July 3, 2021.\n\nFinancial Results\n\nTotal revenues for the 13 weeks ended July 3, 2021 were $42,965,000 versus $7,199,000 for the 13 weeks ended June 27, 2020. The 13 weeks ended July 3, 2021 includes revenues of $2,141,000 related to Blue Moon Fish Company, which was acquired on December 1, 2020.\n\nTotal revenues for the 39 weeks ended July 3, 2021 were $89,031,000 versus $84,716,000 for the 39 weeks ended June 27, 2020. The 39 weeks ended July 3, 2021 includes revenues of $4,582,000 related to Blue Moon Fish Company, which was acquired on December 1, 2020. The 39 weeks ended June 27, 2020 includes revenues of $2,935,000 related to Thunder Grill in Washington, D.C., which was closed March 20, 2020 and Gallagher's Steakhouse and Gallagher's Burger Bar in Atlantic City, NJ, which was closed on January 2, 2021.\n\nCompany-wide same store sales increased 455.0% for the 13 weeks ended July 3, 2021 compared to the same period of the prior year. The increase in same-store sales for the 13-week period ended July 3, 2021 as compared to the same period of the prior year, are the result of all of our properties operating with no capacity restrictions in the current period combined with the fact that all of our properties were closed for the majority of the prior period and operated at limited capacity when they reopened as a result of government mandates in connection with the COVID-19 pandemic.\n\nCompany-wide same store sales decreased 7.1% for the 13 weeks ended July 3, 2021 as compared to the 13 weeks ended June 29, 2019 (the comparable pre-pandemic quarter). Note that total revenues for the 13 weeks ended June 29, 2019 were $44,807,000, which includes revenues of $1,239,000 related to JB’s on the Beach in Deerfield Beach, FL, which was acquired on May 15, 2019.\n\nThe Company’s EBITDA, which includes a gain on the forgiveness of Paycheck Protection Program Loans and related accrued interest in the aggregate amount of $3,195,000 (\"PPP Loan Forgiveness\"), for the 13 weeks ended July 3, 2021 was $9,390,000 versus $(4,642,000) for the 13-week period ended June 27, 2020. The Company’s EBITDA, excluding PPP Loan Forgiveness and adjusted for other items as set out below, for the 13 weeks ended July 3, 2021 was ...