(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 2.02 Results of Operations and Financial Condition. |
Item 9.01 Financial Statements and Exhibits. |
ARK RESTAURANTS CORP. | ||||||||
By: | /s/ Michael Weinstein | |||||||
Name: Michael Weinstein | ||||||||
Title: Chief Executive Officer | ||||||||
ARK RESTAURANTS CORP. | ||
Consolidated Condensed Statements of Income | ||
For the 13- and 39-week periods ended June 29, 2024 and July 1, 2023 | ||
(In Thousands, Except per share amounts) |
13 Weeks Ended June 29, 2024 | 13 Weeks Ended July 1, 2023 | 39 Weeks Ended June 29, 2024 | 39 Weeks Ended July 1, 2023 | |||||||||||||||||||||||
TOTAL REVENUES | $ | 50,396 | $ | 51,051 | $ | 140,139 | $ | 140,393 | ||||||||||||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||||||||
Food and beverage cost of sales | 13,304 | 13,241 | 37,512 | 37,472 | ||||||||||||||||||||||
Payroll expenses | 17,479 | 17,194 | 49,969 | 49,027 | ||||||||||||||||||||||
Occupancy expenses | 6,261 | 6,151 | 18,368 | 17,589 | ||||||||||||||||||||||
Other operating costs and expenses | 6,305 | 6,274 | 18,233 | 17,557 | ||||||||||||||||||||||
General and administrative expenses | 2,690 | 3,495 | 9,151 | 9,655 | ||||||||||||||||||||||
Depreciation and amortization | 1,033 | 1,059 | 3,181 | 3,230 | ||||||||||||||||||||||
Impairment losses on right-of-use and long-lived assets | 2,500 | — | 2,500 | — | ||||||||||||||||||||||
Total costs and expenses | 49,572 | 47,414 | 138,914 | 134,530 | ||||||||||||||||||||||
OPERATING INCOME (LOSS) | 824 | 3,637 | 1,225 | 5,863 | ||||||||||||||||||||||
OTHER (INCOME) EXPENSE: | ||||||||||||||||||||||||||
Interest expense, net | 138 | 158 | 448 | 745 | ||||||||||||||||||||||
Other income | — | (26) | (26) | (26) | ||||||||||||||||||||||
Gain on forgiveness of PPP Loans | — | — | (285) | (272) | ||||||||||||||||||||||
Total other (income) expense, net | 138 | 132 | 137 | 447 | ||||||||||||||||||||||
INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES | 686 | 3,505 | 1,088 | 5,416 | ||||||||||||||||||||||
Provision for income taxes | (213) | 173 | (202) | 306 | ||||||||||||||||||||||
CONSOLIDATED NET INCOME (LOSS) | 899 | 3,332 | 1,290 | 5,110 | ||||||||||||||||||||||
Net income attributable to non-controlling interests | (259) | (137) | (729) | (674) | ||||||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. | $ | 640 | $ | 3,195 | $ | 561 | $ | 4,436 | ||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. PER COMMON SHARE: | ||||||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.89 | $ | 0.16 | $ | 1.23 | ||||||||||||||||||
Diluted | $ | 0.18 | $ | 0.88 | $ | 0.15 | $ | 1.22 | ||||||||||||||||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||||||||||||||||||||||||
Basic | 3,604 | 3,601 | 3,604 | 3,600 | ||||||||||||||||||||||
Diluted | 3,627 | 3,641 | 3,628 | 3,644 | ||||||||||||||||||||||
EBITDA Reconciliation: | ||||||||||||||||||||||||||
Income (loss) before provision (benefit) for income taxes | $ | 686 | $ | 3,505 | $ | 1,088 | $ | 5,416 | ||||||||||||||||||
Depreciation and amortization | 1,033 | 1,059 | 3,181 | 3,230 | ||||||||||||||||||||||
Interest expense, net | 138 | 158 | 448 | 745 | ||||||||||||||||||||||
EBITDA (a) | $ | 1,857 | $ | 4,722 | $ | 4,717 | $ | 9,391 | ||||||||||||||||||
EBITDA, adjusted: | ||||||||||||||||||||||||||
EBITDA (as defined) (a) | $ | 1,857 | $ | 4,722 | $ | 4,717 | $ | 9,391 | ||||||||||||||||||
Non-cash stock option activity | (723) | 78 | (578) | 237 | ||||||||||||||||||||||
Impairment losses on right-of-use and long-lived assets | 2,500 | — | 2,500 | — | ||||||||||||||||||||||
Gain of forgiveness of PPP Loans | — | — | (285) | (272) | ||||||||||||||||||||||
Net income attributable to non-controlling interests | (259) | (137) | (729) | (674) | ||||||||||||||||||||||
EBITDA, as adjusted | $ | 3,375 | $ | 4,663 | $ | 5,625 | $ | 8,682 |
Cover |
Aug. 14, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 12, 2024 |
Entity Registrant Name | ARK RESTAURANTS CORP. |
Entity Incorporation, State or Country Code | NY |
Entity File Number | 1-09453 |
Entity Tax Identification Number | 13-3156768 |
Entity Address, Address Line One | 85 Fifth Avenue |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10003 |
City Area Code | 212 |
Local Phone Number | 206-8800 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $.01 per share |
Trading Symbol | ARKR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000779544 |
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