Ark Restaurants Q3 net income falls to $0.18/share; $2.5M impairment at Sequoia

ARK RESTAURANTS CORP

2024-Q3 EPS reported $0.15 revenue$140,139,000

Total revenues $50.4M, flat YoY; adjusted EBITDA $3.38M vs $4.66M prior year.
Net income $640K ($0.18/diluted) vs $3.2M ($0.89) YoY; includes $2.5M impairment.
Same-store sales excluding Gallagher's down 2.3% for Q3 2024.
Impairment of $2.5M at Sequoia (D.C.) due to weak results; further charges possible.
Cash $11.5M, debt $5.7M; balance sheet remains modest.

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