Welcome to our dedicated page for Ark Restaurants news (Ticker: ARKR), a resource for investors and traders seeking the latest updates and insights on Ark Restaurants stock.
Ark Restaurants Corp (ARKR) is a prominent player in the hospitality industry, known for its ownership and operation of diverse dining establishments across the United States. The company runs 20 restaurants and bars, 21 fast food concepts, and several catering operations, with key locations in New York City, Florida, Washington, D.C., and Las Vegas, NV. The company's portfolio includes five restaurants in New York City, three in Washington, D.C., six in Las Vegas, NV, three in Atlantic City, NJ, one at the Foxwoods Resort Casino in Connecticut, one in Boston, MA, and one in Dania Beach, FL.
In Las Vegas, Ark Restaurants is particularly notable for its operations within the New York-New York Hotel & Casino Resort. This includes four restaurants, the hotel's room service, banquet facilities, an employee dining room, and six food court concepts. Additionally, the company runs a bar within the Venetian Casino Resort and two food court concepts and one restaurant at the Planet Hollywood Resort and Casino.
In Atlantic City, NJ, Ark Restaurants operates a restaurant and a bar in the Resorts Atlantic City Hotel and Casino and another restaurant in the Tropicana Hotel and Casino. In Florida, the company owns The Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB's on the Beach in Deerfield Beach, and The Blue Moon Fish Company in Fort Lauderdale, along with fast food facilities in Tampa and Hollywood.
Expanding beyond these regions, Ark Restaurants also manages the Original Oyster Houses in Gulf Shores and Spanish Fort, Alabama. This diversity in location and concept allows the company to cater to a wide range of customers and preferences, thereby solidifying its presence in the competitive hospitality market.
Financially, Ark Restaurants Corp has shown resilience and adaptability, continuously exploring new opportunities to enhance its portfolio. The company's focus on high-quality service, unique dining experiences, and strategic locations has been key to its sustained growth and success. Recent developments and updates on their financial performance can be followed through their latest news releases.
Ark Restaurants Corp. (NASDAQ:ARKR) reported Q1 financial results for the period ending December 31, 2022. Total revenues increased to $47.4 million from $44.0 million year-over-year, driven by higher customer traffic and menu price adjustments in Las Vegas, New York, and Washington, D.C. EBITDA dropped to $3.0 million from $3.9 million, while net income fell to $1.7 million or $0.48 per share compared to $2.2 million or $0.62 per share in the prior year. Dividends of $0.125 per share were declared for March 2023. As of December 31, 2022, cash and cash equivalents totaled $19.4 million, with debts at $21.7 million.
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