Ark Restaurants Announces Financial Results for the First Quarter of 2024
Financial Results
Total revenues for the 13 weeks ended December 30, 2023 were
The Company's EBITDA, excluding gains on the forgiveness of Paycheck Protection Program Loans (the "PPP Loan Forgiveness") and adjusted for other items all as set out in the table below, for the 13 weeks ended December 30, 2023 was
On February 6, 2024, the Board of Directors declared a quarterly cash dividend of
As of December 30, 2023, the Company had a cash balance of
About Ark Restaurants Corp.
Ark Restaurants owns and operates 17 restaurants and bars, 16 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 30, 2023 and December 31, 2022 |
(In Thousands, Except per share amounts) |
|
|
13 Weeks Ended December 30, 2023 |
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13 Weeks Ended December 31, 2022 |
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|
|
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TOTAL REVENUES |
|
$ |
47,487 |
|
|
$ |
47,445 |
|
COSTS AND EXPENSES: |
|
|
|
|
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Food and beverage cost of sales |
|
|
12,071 |
|
|
|
12,435 |
|
Payroll expenses |
|
|
16,977 |
|
|
|
16,522 |
|
Occupancy expenses |
|
|
6,332 |
|
|
|
6,183 |
|
Other operating costs and expenses |
|
|
6,092 |
|
|
|
5,932 |
|
General and administrative expenses |
|
|
3,320 |
|
|
|
3,137 |
|
Depreciation and amortization |
|
|
1,092 |
|
|
|
1,033 |
|
Total costs and expenses |
|
|
45,884 |
|
|
|
45,242 |
|
OPERATING INCOME |
|
|
1,603 |
|
|
|
2,203 |
|
OTHER (INCOME) EXPENSE: |
|
|
|
|
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Interest expense, net |
|
|
160 |
|
|
|
339 |
|
Other income |
|
|
(26 |
) |
|
|
— |
|
Gain on forgiveness of PPP Loans |
|
|
(285 |
) |
|
|
(272 |
) |
Total other (income) expense, net |
|
|
(151 |
) |
|
|
67 |
|
INCOME BEFORE PROVISION FOR INCOME TAXES |
|
|
1,754 |
|
|
|
2,136 |
|
Provision for income taxes |
|
|
158 |
|
|
|
114 |
|
CONSOLIDATED NET INCOME |
|
|
1,596 |
|
|
|
2,022 |
|
Net income attributable to non-controlling interests |
|
|
(226 |
) |
|
|
(297 |
) |
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. |
|
$ |
1,370 |
|
|
$ |
1,725 |
|
|
|
|
|
|
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NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. PER COMMON SHARE: |
|
|
|
|
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Basic |
|
$ |
0.38 |
|
|
$ |
0.48 |
|
Diluted |
|
$ |
0.38 |
|
|
$ |
0.47 |
|
|
|
|
|
|
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WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: |
|
|
|
|
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Basic |
|
|
3,604 |
|
|
|
3,600 |
|
Diluted |
|
|
3,631 |
|
|
|
3,648 |
|
|
|
|
|
|
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EBITDA Reconciliation: |
|
|
|
|
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Income before provision for income taxes |
|
$ |
1,754 |
|
|
$ |
2,136 |
|
Depreciation and amortization |
|
|
1,092 |
|
|
|
1,033 |
|
Interest expense, net |
|
|
160 |
|
|
|
339 |
|
EBITDA (a) |
|
$ |
3,006 |
|
|
$ |
3,508 |
|
EBITDA, adjusted: |
|
|
|
|
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EBITDA (as defined) (a) |
|
|
3,006 |
|
|
|
3,508 |
|
Non-cash stock option expense |
|
|
77 |
|
|
|
79 |
|
Gain of forgiveness of PPP Loans |
|
|
(285 |
) |
|
|
(272 |
) |
Net income attributable to non-controlling interests |
|
|
(226 |
) |
|
|
(297 |
) |
EBITDA, as adjusted |
|
$ |
2,572 |
|
|
$ |
3,018 |
|
(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/20240212824920/en/
Anthony J. Sirica
(212) 206-8800
ajsirica@arkrestaurants.com
Source: Ark Restaurants Corp.