New York City / NY. (arc) Ark Restaurants Corporation reported financial results for the second quarter ended March 30, 2024. Summary:
Total revenues for the 13 weeks ended March 30, 2024 were USD 42,257,000 versus USD 41,897,000 for the 13 weeks ended April 01, 2023 and total revenues for the 26 weeks ended March 30, 2024 were USD 89,743,000 versus USD 89,342,000 for the 26 weeks ended April 01, 2023. As required by our lease, Gallagher’s Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV was substantially closed for renovation in the prior period from February 5, 2023 through April 27, 2023. Revenues for the period from closure through April 01, 2023 were USD 714,000 as compared to USD 2,114,000 for the comparable period in the current fiscal quarter.
The Company’s Ebitda, adjusted for items as set out in the table below, for the 13 weeks ended March 30, 2024 was USD (321,000) versus USD 1,001,000 for the 13 weeks ended April 01, 2023. Net loss for the 13 weeks ended March 30, 2024 was USD (1,449,000), or USD (0.40) per basic and diluted share, compared to a net loss of USD (484,000), or USD (0.13) per basic and diluted share for the 13 weeks ended April 01, 2023.
The Company’s Ebitda, excluding gains on the forgiveness of Paycheck Protection Program Loans (PPP Loan Forgiveness) and adjusted for the other items as set out in the table below, for the 26 weeks ended March 30, 2024 was USD 2,251,000 versus USD 4,020,000 for the 26 weeks ended April 01, 2023. Net loss for the 26 weeks ended March 30, 2024 was USD (79,000) (which includes PPP Loan Forgiveness of USD 285,000) or USD (0.02) per basic and diluted share, compared to net income of USD 1,241,000 (which includes PPP Loan Forgiveness of USD 272,000) or USD 0.34 per basic and diluted share for the 26 weeks ended April 01, 2023.
On May 7, 2024, the Board of Directors declared a quarterly cash dividend of USD 0.1875 per share to be paid on June 12, 2024 to shareholders of record of the Company’s common stock at the close of business on May 31, 2024. As of March 30, 2024, the Company had a cash balance of USD 10,412,000 and total outstanding debt of USD 6,241,000.
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