Ark Restaurants Q4 revenue up 9.4% to $46.9M; net income drops to $0.21/share from $1.93

ARK RESTAURANTS CORP

Q4 revenue $46.9M (+9.4% YoY); full-year revenue $183.7M (+39.3% YoY).
Q4 net income $0.8M ($0.21 diluted) vs $6.8M ($1.93) in Q4 2021 due to absence of PPP forgiveness and inflation.
Adjusted EBITDA for FY2022 rose to $14.0M from $8.0M in FY2021, reflecting operational recovery.
Cash and equivalents $23.4M plus $5.0M CD; total debt $23.7M.
Extended leases for Gallagher's ($1.5M refresh), America ($4.0M refresh), and Village Eateries ($3.5M refresh) in Las Vegas.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ARK RESTAURANTS CORP reported the 13 weeks ended October 1, 2022 results: revenue $46,884,000, net income $762,000, EPS $0.21 per basic and diluted share.

Period: the 13 weeks ended October 1, 2022
Revenue: $46,884,000
Net income: $762,000
EPS: $0.21 per basic and diluted share
Result: reported results

Exact text from the filing

Total revenues for the 13 weeks ended October 1, 2022 were $46,884,000 versus $42,839,000 for the 13 weeks ended October 2, 2021. The 13 weeks ended October 2, 2021 includes revenues of $145,000 related to Clyde Frazier's Wine and Dine in New York, NY, which was closed on September 1, 2021. Total revenues for the year ended October 1, 2022 were $183,674,000 versus $131,870,000 for the year ended October 2, 2021. The year ended October 2, 2021 includes revenues of $1,296,000 related to Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar in Atlantic City, NJ, which were closed during fiscal 2021. 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 October 1, 2022 was $2,352,000 versus $5,210,000 for the 13 weeks ended October 2, 2021. Net income attributable to Ark Restaurant Corp. for the 13 weeks en

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ARK RESTAURANTS CORP reported the fiscal year ended October 1, 2022 results: revenue $183,674,000, net income $9,281,000, EPS $2.61 and $2.58 per basic and diluted share.

Period: the fiscal year ended October 1, 2022
Revenue: $183,674,000
Net income: $9,281,000
EPS: $2.61 and $2.58 per basic and diluted share
Result: reported results

Exact text from the filing

Total revenues for the year ended October 1, 2022 were $183,674,000 versus $131,870,000 for the year ended October 2, 2021. The year ended October 2, 2021 includes revenues of $1,296,000 related to Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar in Atlantic City, NJ, which were closed during fiscal 2021. 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 October 1, 2022 was $2,352,000 versus $5,210,000 for the 13 weeks ended October 2, 2021. Net income attributable to Ark Restaurant Corp. for the 13 weeks ended October 1, 2022 was $762,000 or $0.21 per basic and diluted share, compared to net income of $6,828,000 (which includes PPP Loan Forgiveness of $3,082,000) or $1.93 and $1.89 per basic and diluted share, respectively, for the 13 weeks ended October 2, 2021. The Company's EBITDA, excludin

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Source: SEC EDGAR

accession 0000779544-22-000042

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