Business
Ark Restaurants Announces Financial Results for the Third Quarter of 2024
NEW YORK--(BUSINESS WIRE)-- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter ended June 29, 2024. 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 June 29, 2024.\n\n\nFinancial Results\n\n\nTotal revenues for the 13 weeks ended June 29, 2024 were $50,396,000 versus $51,051,000 for the 13 weeks ended July 1, 2023 and total revenues for the 39 weeks ended June 29, 2024 were $140,139,000 versus $140,393,000 for the 39 weeks ended July 1, 2023. 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 in the prior period from February 5, 2023 through April 27, 2023 (the \"Closure Period\"). Revenues for the comparable current period to the Closure Period were $3,056,000 as compared to $1,068,000 for the Closure Period, of which $918,000 as compared to $354,000 related to the 13-week periods ended June 29, 2024 and July 1, 2023, respectively.\n\n\nExcluding Gallagher's Steakhouse, Company-wide same store sales decreased 2.3% for the 13 weeks ended June 29, 2024 as compared to the same period of the prior year.\n\n\nThe Company's EBITDA, as adjusted, for the 13 weeks ended June 29, 2024 was $3,375,000 versus $4,663,000 for the 13 weeks ended July 1, 2023, and excludes non-cash impairment charges in the aggregate amount of $2,500,000 (as explained below) and other items as set out in the table below. Net income attributable to Ark Restaurants Corp. for the 13 weeks ended June 29, 2024, which includes the impairment charges, was $640,000, or $0.18 per basic and diluted share, compared to net income of $3,195,000, or $0.89 and $0.88 per basic and diluted share, respectively, for the 13 weeks ended July 1, 2023. EBITDA is a Non-GAAP Financial Measure. Please see \"Non-GAAP Financial Information\" at the end of this news release.\n\n\nThe Company's EBITDA, as adjusted, for the 39 weeks ended June 29, 2024 was $5,625,000 versus $8,682,000 for the 39 weeks ended July 1, 2023, and excludes non-cash impairment charges in the aggregate amount of $2,500,000, gains on the forgiveness of Paycheck Protection Program Loans (the \"PPP Loan Forgiveness\") and adjusted for the other items as set out in the table below. Net income attributable to Ark Restaurants Corp. for the 39 weeks ended June 29, 2024, which includes the impairment charges and PPP Loan Forgiveness, was $561,000, or...