Business
CORRECTING and REPLACING Ark Restaurants Announces Financial Results for the Fourth Quarter and Fiscal Year Ended 2019
NEW YORK--(BUSINESS WIRE)-- Please replace the release dated Dec. 16, 2019 with the following corrected version. The corrected release reads: ARK RESTAURANTS
About this update from Ark Restaurants Corp.
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nPlease replace the release dated Dec. 16, 2019 with the following corrected version.\n\n\nThe corrected release reads:\n\n\nARK RESTAURANTS ANNOUNCES FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FISCAL YEAR ENDED 2019\n\n\nArk Restaurants Corp. (Nasdaq:ARKR) today announced a correction to its press release issued on December 16, 2019 and discussed during an earnings conference call held on December 17, 2019 which reported financial results for the fourth quarter and fiscal year ended September 28, 2019. The Company notes that EBITDA from restaurant operations, as adjusted, for the 13- and 52-weeks ended September 28, 2019, were incorrectly reported as $3,065,000 and $12,770,000, respectively. The correct EBITDA from restaurant operations, as adjusted, for the 13- and 52-weeks ended September 28, 2019 are $2,636,000 and $12,341,000, respectively. The correction is necessitated by an error made in the adjustment for non-controlling interests related to an impairment loss from the write-down of long-lived assets. This error did not affect the Company’s 10-K for the fiscal year ended September 28, 2019, which was filed on December 17, 2019. The corrected release follows:\n\n\nTotal revenues for the 13-weeks ended September 28, 2019 were $41,688,000 versus $40,562,000 for the 13-weeks ended September 29, 2018. The 13-weeks ended September 28, 2019 includes revenues of $2,141,000 related to JB’s on the Beach in Deerfield Beach, FL which was acquired on May 15, 2019. The 13-weeks ended September 29, 2018 includes revenues of $906,000 related to Durgin-Park which was closed January 12, 2019.\n\n\nTotal revenues for the year ended September 28, 2019 were $162,354,000 versus $159,990,000 for the year ended September 29, 2018. The year ended September 28, 2019 includes revenues of $3,380,000 related to JB’s on the Beach in Deerfield Beach, FL which was acquired on May 15, 2019. The years ended September 28, 2019 and September 29, 2018 include revenues of $1,040,000 and $2,838,000, respectively, related to Durgin-Park which was closed January 12, 2019.\n\n\nCompany-wide same store sales decreased 0.7% for the 13-weeks ended September 28, 2019 and increased 0.3% for the year ended September 28, 2019 as compared to the same periods of last year.\n\n\nThe Company’s EBITDA from restaurant operations, adjusted for ...