Ark Restaurants Q3 revenue falls 4% to $51M; net income drops to $0.89 EPS from $1.48

ARK RESTAURANTS CORP

2023-Q3 EPS reported $1.22 revenue$140,393,000

Q3 revenues $51.1M vs $53.2M YoY; net income $3.2M ($0.89 diluted) vs $5.3M ($1.46) prior year.
Adjusted EBITDA $4.7M vs $6.2M in Q3 2022, down 25% due to inflation and Gallagher's renovation.
Gallagher's Las Vegas closure from Feb-April 2023 reduced revenues by ~$2M vs prior year period.
Same-store sales ex-Gallagher's down 2.6% for the quarter; board declared $0.1875 dividend payable Sept 12.
Cash $14M, debt $7.7M; PPP loan forgiveness of $272K in 39-week period was non-recurring.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.4

ARK RESTAURANTS CORP reported financial results for third quarter of 2023.

Period: third quarter of 2023
Result: reported results

Exact text from the filing

On August 14, 2023 Ark Restaurants Corp. (the “Company”) issued a press release announcing financial results for the third quarter of 2023.

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Source: SEC EDGAR

accession 0000779544-23-000032

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