secwatch.observer — SEC 8-K summary
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Issuer:     ARK RESTAURANTS CORP (ARKR)
CIK:        0000779544
Form:       8-K
Filed at:   2023-08-15T23:59:59+00:00
Accession:  0000779544-23-000032
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/779544/000077954423000032/0000779544-23-000032-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/779544/000077954423000032/arkr-20230814.htm
  HTML page:      https://secwatch.observer/filing/0000779544-23-000032

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