Ark Restaurants Announces Financial Results for the First Quarter of 2025
Ark Restaurants (NASDAQ:ARKR) reported financial results for Q1 2025 ended December 28, 2024. Total revenues decreased to $44.99M from $47.49M in Q1 2024. Company-wide same-store sales declined by 2.3%, excluding El Rio Grande and Tampa Food Court operations.
Net income rose to $3.16M ($0.88 per share) compared to $1.37M ($0.38 per share) in the prior year. EBITDA, as adjusted, decreased to $1.38M from $2.57M. The company recorded a gain of $5.24M from the Tampa Food Court closure and a $146,000 loss from El Rio Grande's closure.
As of December 28, 2024, ARKR had $13.1M in cash and cash equivalents with total debt of $4.7M. The company's Bryant Park Grill & Cafe and The Porch at Bryant Park leases expire on April 30, 2025, with the landlord selecting a new operator for both locations.
Ark Restaurants (NASDAQ:ARKR) ha riportato i risultati finanziari per il primo trimestre del 2025, conclusosi il 28 dicembre 2024. I ricavi totali sono diminuiti a $44.99M rispetto ai $47.49M del primo trimestre del 2024. Le vendite nelle stesse attività a livello aziendale sono scese del 2,3%, escludendo le operazioni di El Rio Grande e del Tampa Food Court.
Il reddito netto è aumentato a $3.16M ($0.88 per azione) rispetto a $1.37M ($0.38 per azione) dell'anno precedente. L'EBITDA, adeguato, è diminuito a $1.38M rispetto ai $2.57M. L'azienda ha registrato un guadagno di $5.24M dalla chiusura del Tampa Food Court e una perdita di $146,000 dalla chiusura di El Rio Grande.
Al 28 dicembre 2024, ARKR disponeva di $13.1M in contante e equivalenti con un debito totale di $4.7M. I contratti di locazione del Bryant Park Grill & Cafe e The Porch at Bryant Park scadranno il 30 aprile 2025, con il proprietario che selezionerà un nuovo operatore per entrambe le sedi.
Ark Restaurants (NASDAQ:ARKR) presentó los resultados financieros del primer trimestre de 2025, que finalizó el 28 de diciembre de 2024. Los ingresos totales disminuyeron a $44.99M desde $47.49M en el primer trimestre de 2024. Las ventas en locales comparables a nivel de la empresa disminuyeron un 2.3%, excluyendo las operaciones de El Rio Grande y el Tampa Food Court.
El ingreso neto aumentó a $3.16M ($0.88 por acción) en comparación con $1.37M ($0.38 por acción) en el año anterior. El EBITDA, ajustado, disminuyó a $1.38M desde $2.57M. La empresa registró una ganancia de $5.24M por el cierre del Tampa Food Court y una pérdida de $146,000 por el cierre de El Rio Grande.
Al 28 de diciembre de 2024, ARKR tenía $13.1M en efectivo y equivalentes, con una deuda total de $4.7M. Los contratos de arrendamiento de Bryant Park Grill & Cafe y The Porch at Bryant Park expiran el 30 de abril de 2025, y el propietario elegirá un nuevo operador para ambas ubicaciones.
Ark Restaurants (NASDAQ:ARKR)는 2024년 12월 28일 종료된 2025년 1분기 재무 결과를 발표했습니다. 총 수익은 2024년 1분기의 $47.49M에서 $44.99M으로 감소했습니다. 회사 전체의 동일 매장 매출은 El Rio Grande와 Tampa Food Court 운영을 제외하고 2.3% 감소했습니다.
순이익은 전년 대비 $1.37M($0.38 per share)에서 $3.16M ($0.88 per share)로 증가했습니다. 조정된 EBITDA는 $2.57M에서 $1.38M으로 감소했습니다. 회사는 Tampa Food Court 폐쇄로 $5.24M의 이익을 기록했으며, El Rio Grande 폐쇄로 인해 $146,000의 손실을 입었습니다.
2024년 12월 28일 기준으로 ARKR은 $13.1M의 현금 및 현금 동등물을 보유하고 있으며 총 부채는 $4.7M입니다. Bryant Park Grill & Cafe와 The Porch at Bryant Park의 임대 계약은 2025년 4월 30일 만료되며, 임대인은 두 위치에 대한 새로운 운영자를 선택할 것입니다.
Ark Restaurants (NASDAQ:ARKR) a annoncé les résultats financiers pour le premier trimestre 2025, qui s'est terminé le 28 décembre 2024. Les revenus totaux ont diminué à $44.99M contre $47.49M au premier trimestre 2024. Les ventes dans les mêmes magasins à l'échelle de l'entreprise ont baissé de 2,3%, excluant les opérations d'El Rio Grande et du Tampa Food Court.
Le revenu net a augmenté à $3.16M ($0.88 par action) par rapport à $1.37M ($0.38 par action) l'année précédente. L'EBITDA, ajusté, a diminué à $1.38M contre $2.57M. L'entreprise a enregistré un gain de $5.24M dû à la fermeture du Tampa Food Court et une perte de $146,000 en raison de la fermeture d'El Rio Grande.
Au 28 décembre 2024, ARKR avait $13.1M en espèces et équivalents avec une dette totale de $4.7M. Les baux du Bryant Park Grill & Cafe et de The Porch at Bryant Park expirent le 30 avril 2025, le propriétaire choisissant un nouvel opérateur pour les deux sites.
Ark Restaurants (NASDAQ:ARKR) berichtete über die finanziellen Ergebnisse für das erste Quartal 2025, das am 28. Dezember 2024 endete. Der Gesamtumsatz sank auf $44.99M von $47.49M im ersten Quartal 2024. Die gleichen Geschäftsumsätze des Unternehmens gingen um 2,3% zurück, ausgenommen die Betriebe von El Rio Grande und dem Tampa Food Court.
Der Nettogewinn stieg auf $3.16M ($0.88 pro Aktie) im Vergleich zu $1.37M ($0.38 pro Aktie) im Vorjahr. Das angepasste EBITDA sank auf $1.38M von $2.57M. Das Unternehmen verzeichnete einen Gewinn von $5.24M aus der Schließung des Tampa Food Court und einen Verlust von $146,000 aus der Schließung von El Rio Grande.
Zum 28. Dezember 2024 hatte ARKR $13.1M in bar und liquiden Mitteln bei einer Gesamtschuld von $4.7M. Die Mietverträge für Bryant Park Grill & Cafe und The Porch at Bryant Park laufen am 30. April 2025 aus, wobei der Vermieter einen neuen Betreiber für beide Standorte auswählt.
- Net income increased 131% to $3.16M ($0.88 per share) from $1.37M
- Recorded $5.24M gain from Tampa Food Court closure
- Strong cash position of $13.1M with relatively low debt of $4.7M
- Revenue declined 5.3% to $44.99M from $47.49M
- Same-store sales decreased 2.3%
- EBITDA dropped 46.4% to $1.38M from $2.57M
- Loss of Bryant Park locations to new operator affecting future operations
Insights
Ark Restaurants' Q1 2025 results reveal concerning operational trends masked by one-time gains. The 5.3% decline in total revenues to
The 46.4% drop in adjusted EBITDA to
The most significant risk factor is the likely loss of both Bryant Park locations, which could materially impact future revenues and earnings. These prime New York City locations are important assets and their potential loss after April 2025 creates substantial uncertainty about the company's future performance. While the balance sheet remains solid with
Financial Results
Total revenues for the 13 weeks ended December 28, 2024 were
Excluding revenues related to El Rio Grande and the Tampa Food Court (see below), Company-wide same store sales decreased
Net income attributable to Ark Restaurants Corp. for the 13 weeks ended December 28, 2024, was
As of December 28, 2024, the Company had cash and cash equivalents of
Other Matters
Loss on the Closure of El Rio Grande
In October 2024, the Company advised the landlord of El Rio Grande we would be terminating the lease and closing the property permanently. In connection with this notification, the Company recorded a loss of
Gain on the Closure of the Tampa Food Court
On November 26, 2024, the Company agreed to terminate its lease for the food court at The Hard Rock Hotel and Casino in
Bryant Park Grill & Cafe and The Porch at Bryant Park Leases
The Company's agreements with the Bryant Park Corporation (the “Landlord”), (a private non-profit entity that manages Bryant Park under agreements with the New York City Department of Parks & Recreation) for the Bryant Park Grill & Cafe and The Porch at Bryant Park expire on April 30, 2025. During July 2023 (for the Bryant Park Grill & Cafe) and September 2023 (for The Porch at Bryant Park), the Company received requests for proposals (the "RFPs") from the Landlord to which we responded on October 26, 2023. The agreements offered under the RFPs for both locations are for new 10-year agreements, with one five-year renewal option. On January 27, 2025, at a public local community board meeting, the Landlord stated that it had selected a new operator for both locations, although no agreements have been signed. Any such agreements must be approved by both the New York City Department of Parks & Recreation and the New York Public Library. Management continues to work with its outside advisors who have been assisting with our efforts to obtain the extensions by ensuring the RFP awards process was both fair and transparent. We intend to pursue all available options to protect the Company's interests.
Conference Call and Webcast Information
Ark Restaurants will host a conference call on February 11, 2025 at 11:00 a.m. Eastern Time to review these results and discuss other topics.
The call can be accessed by dialing toll-free 1-877-407-4018 (Toll/International: 1-201-689-8471).
A live webcast of the call will be available by copying and pasting the following URL into your browser: https://callme.viavid.com/viavid/?callme=true&passcode=13716421&h=true&info=company&r=true&B=6. A replay will be available approximately three hours following the call by dialing toll-free 1-844-512-2921 (Toll/International: 1-412-317-6671) using Access ID 13751705. The replay will be available until Tuesday, February 18, 2025, 11:59 p.m. Eastern Time.
About Ark Restaurants Corp.
Ark Restaurants owns and operates 16 restaurants and bars, 12 fast food concepts and catering operations primarily in
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.
Non-GAAP Financial Information
This news release includes non-generally accepted accounting principles ("GAAP") performance measures. Although Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company's past financial performance as well as providing useful information to the investor because of its historical use by the Company as both a performance measure and measure of liquidity, and the use of EBITDA by virtually all companies in the restaurant sector as a measure of both performance and liquidity. However, investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure for determining the Company's operating performance or liquidity that is calculated in accordance with GAAP as it may not necessarily be comparable to similarly titled measure employed by other companies.
ARK RESTAURANTS CORP. |
Consolidated Condensed Statements of Income |
For the 13-week periods ended December 28, 2024 and December 30, 2023 |
(In Thousands, Except per share amounts) |
|
|
13 Weeks Ended December 28, 2024 |
|
13 Weeks Ended December 30, 2023 |
||||
|
|
|
|
|
||||
TOTAL REVENUES |
|
$ |
44,988 |
|
|
$ |
47,487 |
|
COSTS AND EXPENSES: |
|
|
|
|
||||
Food and beverage cost of sales |
|
|
12,107 |
|
|
|
12,071 |
|
Payroll expenses |
|
|
16,408 |
|
|
|
16,977 |
|
Occupancy expenses |
|
|
6,148 |
|
|
|
6,332 |
|
Other operating costs and expenses |
|
|
5,800 |
|
|
|
6,092 |
|
General and administrative expenses |
|
|
3,148 |
|
|
|
3,320 |
|
Depreciation and amortization |
|
|
777 |
|
|
|
1,092 |
|
Loss on closure of El Rio Grande |
|
|
146 |
|
|
|
— |
|
Gain on closure of Tampa Food Court |
|
|
(5,235 |
) |
|
|
— |
|
Total costs and expenses |
|
|
39,299 |
|
|
|
45,884 |
|
OPERATING INCOME |
|
|
5,689 |
|
|
|
1,603 |
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
||||
Interest expense, net |
|
|
111 |
|
|
|
160 |
|
Other income |
|
|
— |
|
|
|
(26 |
) |
Gain on forgiveness of PPP Loans |
|
|
— |
|
|
|
(285 |
) |
Total other (income) expense, net |
|
|
111 |
|
|
|
(151 |
) |
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
5,578 |
|
|
|
1,754 |
|
Provision for income taxes |
|
|
503 |
|
|
|
158 |
|
CONSOLIDATED NET INCOME |
|
|
5,075 |
|
|
|
1,596 |
|
Net income attributable to non-controlling interests |
|
|
(1,911 |
) |
|
|
(226 |
) |
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. |
|
$ |
3,164 |
|
|
$ |
1,370 |
|
|
|
|
|
|
||||
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. PER COMMON SHARE: |
|
|
|
|
||||
Basic |
|
$ |
0.88 |
|
|
$ |
0.38 |
|
Diluted |
|
$ |
0.88 |
|
|
$ |
0.38 |
|
|
|
|
|
|
||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: |
|
|
|
|
||||
Basic |
|
|
3,604 |
|
|
|
3,604 |
|
Diluted |
|
|
3,611 |
|
|
|
3,631 |
|
|
|
|
|
|
||||
EBITDA Reconciliation: |
|
|
|
|
||||
Income before provision for income taxes |
|
$ |
5,578 |
|
|
$ |
1,754 |
|
Depreciation and amortization |
|
|
777 |
|
|
|
1,092 |
|
Interest expense, net |
|
|
111 |
|
|
|
160 |
|
EBITDA (a) |
|
$ |
6,466 |
|
|
$ |
3,006 |
|
EBITDA, adjusted: |
|
|
|
|
||||
EBITDA (as defined) (a) |
|
|
6,466 |
|
|
|
3,006 |
|
Non-cash stock option activity |
|
|
42 |
|
|
|
77 |
|
Loss on closure of El Rio Grande |
|
|
146 |
|
|
|
— |
|
Gain on closure of Tampa Food Court, net of non-controlling interests |
|
|
(3,365 |
) |
|
|
— |
|
Gain on forgiveness of PPP Loans |
|
|
— |
|
|
|
(285 |
) |
Net income attributable to non-controlling interests |
|
|
(1,911 |
) |
|
|
(226 |
) |
EBITDA, as adjusted |
|
$ |
1,378 |
|
|
$ |
2,572 |
|
| (a) | EBITDA is defined as earnings before interest, taxes, depreciation and amortization. A reconciliations of EBITDA to the most comparable GAAP financial measure, pre-tax income, is included above. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250210892805/en/
Anthony J. Sirica
(212) 206-8800
ajsirica@arkrestaurants.com
Source: Ark Restaurants Corp.
FAQ
What were ARKR's Q1 2025 earnings per share?
How much did ARKR's same-store sales decline in Q1 2025?
What was the financial impact of ARKR's Tampa Food Court closure?
What is happening with ARKR's Bryant Park locations?
What is ARKR's current cash position and debt level?
