Business
Ark Restaurants Announces Financial Results for the Third Quarter of 2023
NEW YORK--(BUSINESS WIRE)-- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter ended July 1, 2023. 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 1, 2023.\n\n\nFinancial Results\n\n\nTotal revenues for the 13 weeks ended July 1, 2023 were $51,051,000 versus $53,218,000 for the 13 weeks ended July 2, 2022 and total revenues for the 39 weeks ended July 1, 2023 were $140,393,000 versus $136,789,000 for the 39 weeks ended July 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 of closure were $1,068,000 as compared to $3,056,000 for the comparable prior period, of which $354,000 as compared to $730,000 related to the 13-week periods ended July 1, 2023 and July 2, 2022, respectively.\n\n\nExcluding Gallagher's Steakhouse, which was closed for part of the quarter, Company-wide same store sales decreased 2.6% for the 13 weeks ended July 1, 2023 as compared to the same period of the prior year.\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 July 1, 2023 was $4,663,000 versus $6,207,000 for the 13 weeks ended July 2, 2022. Net income for the 13 weeks ended July 1, 2023 was $3,195,000, or $0.89 and $0.88 per basic and diluted share, respectively, compared to net income of $5,255,000 (which includes PPP Loan Forgiveness of $1,298,000), or $1.48 and $1.46 per basic and diluted share, respectively, for the 13 weeks ended July 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 39 weeks ended July 1, 2023 was $8,682,000 versus $11,634,000 for the 39 weeks ended July 2, 2022. Net income for the 39 weeks ended July 1, 2023 was $4,436,000 (which includes PPP Loan Forgiveness of $272,000), or $1.23 and $1.22 per basic and diluted share, respectively, compared to net income of $8,519,000 (which includes PPP Loan Forgiveness of $2,420,000), or $2.40 and $2.37 per basic and diluted share, respectively, for the 39 weeks ended July 2, 2022.\n\n\nOn August 8, 2023, the Board of Directors declared a quarterly cash divi...