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) announced its financial results for the fourth quarter and fiscal year ending October 2, 2021. Total revenues for the quarter surged to $42.8 million, up from $21.8 million in the prior year. For the fiscal year, revenues reached $131.9 million, compared to $106.5 million a year earlier. Adjusted EBITDA for the quarter was $5.2 million versus a loss of $1.8 million in 2020. Net income for Q4 was $6.8 million, or $1.93 per share, reclaiming from a net loss of $1.9 million in 2020. The company continues to navigate challenges posed by COVID-19.
Ark Restaurants Corp. (NASDAQ:ARKR) reported Q3 2021 revenues of $42.97 million, a significant increase from $7.20 million in Q3 2020, boosted by the acquisition of Blue Moon Fish Company. Year-to-date revenue reached $89.03 million, up from $84.72 million during the same period last year. Same-store sales rose 455% compared to Q3 2020 but fell 7.1% versus Q3 2019. The company reported EBITDA of $9.39 million, including $3.19 million from PPP loan forgiveness. Net income was $2.67 million ($0.76 per share) compared to a net loss of $2.53 million in the prior year.
Ark Restaurants Corp. (NASDAQ:ARKR) reported a decline in revenues for Q2 2021, totaling $25.77 million compared to $34 million in Q2 2020. The company experienced a net income of $4.16 million or $1.19 per share, benefiting from a $4.12 million PPP loan forgiveness. For the 26-week period, revenue was $46.07 million versus $77.52 million in the prior year. Challenges persist due to COVID-19 restrictions, though all properties have reopened at various capacities. The company acquired Blue Moon Fish Company in December 2020, expanding its portfolio.
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.
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.
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