Ark Restaurants reports Q4 net loss of $10.4M, records $10M goodwill impairment

ARK RESTAURANTS CORP

Net loss Q4 $(10.4)M ($(2.88)/share) vs net income $0.8M ($0.21) last year; FY net loss $(5.9)M ($(1.65)/share).
Total revenues Q4 fell 5.3% to $44.4M; same-store sales decreased 4.7%.
Recorded $10M non-cash goodwill impairment due to stock price volatility and lease expirations at Bryant Park Grill & Cafe (Apr 2025).
Adjusted EBITDA Q4 dropped to $585K from $2.35M YoY; FY adjusted EBITDA $9.3M vs $14.0M.
Cash and equivalents $13.4M, total debt $7.2M as of Sep 30, 2023.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ARK RESTAURANTS CORP reported financial results for the fourth quarter and fiscal year ended September 30, 2023.

Period: the fourth quarter and fiscal year ended September 30, 2023
Result: reported results

Exact text from the filing

On December 18, 2023 Ark Restaurants Corp. (the “Company”) issued a press release announcing financial results for the fourth quarter and fiscal year ended 2023.

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Source: SEC EDGAR

accession 0000779544-23-000040

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