Ark Restaurants Corp. reports news about its restaurant, bar, fast food and catering operations across New York City, Washington, D.C., Las Vegas, Atlantic City, Florida and Alabama. Company updates commonly cover quarterly and annual results, same-store sales, EBITDA, cash and debt levels, and performance at properties such as New York-New York Hotel & Casino, Planet Hollywood Resort and Casino, Tropicana Atlantic City, Rustic Inn, Shuckers, JB’s on the Beach, Blue Moon Fish Company and Original Oyster House.
Recurring developments also include venue lease matters, portfolio changes, impairment charges, catering demand and operating trends in casino, resort and coastal restaurant markets. Bryant Park Grill & Café and related New York operations appear in updates tied to lease uncertainty, litigation expense and event-business performance.
Ark Restaurants Corp. (NASDAQ:ARKR) reported Q1 financial results for the period ending January 2, 2021, showing total revenues of $20.3 million, down from $43.5 million in Q1 2019. The net loss amounted to ($763,000) or ($0.22) per share, contrasting with a net income of $1.5 million or $0.43 per share in the same period of 2019. The pandemic has severely impacted operations, especially in New York City and Washington, D.C., leading to temporary closures and reduced capacity. A working capital deficiency of ($1.56 million) was reported.
Management anticipates existing cash and federal relief programs will suffice for the next 12 months.
Summary not available.
Ark Restaurants Corp. (NASDAQ:ARKR) reported a net loss of ($4.7 million) or ($1.34) per share for the fiscal year ended October 3, 2020, compared to a net income of $2.7 million or $0.77 per share in the previous year. Total revenues fell to $106.5 million from $162.4 million, impacted significantly by COVID-19. EBITDA for the year was ($3.2 million), down from $12.3 million. The company has taken measures including salary reductions and furloughs, and expects continued financial strain due to pandemic-related operational disruptions.
Summary not available.