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Ark Restaurants Corp (ARKR) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, September 30, 2023

Ark Restaurants Corp

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CIK: 779544 Ticker: ARKR

                                            Exhibit 99.1                                                
Ark Restaurants Announces Financial Results for the
Fourth Quarter and Fiscal Year Ended 2023
 
CONTACT:
Anthony J. Sirica
(212) 206-8800
ajsirica@arkrestaurants.com

NEW YORK, New York - December 18, 2023 --
 Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and fiscal year ended September 30, 2023.
The Company’s fiscal year ends on the Saturday nearest September 30. The fiscal years ended September 30, 2023 and October 1, 2022 both included 52 weeks and the quarters ended September 30, 2023 and October 1, 2022 both included 13 weeks.
Financial Results
Total revenues for the 13 weeks ended September 30, 2023 were $44,400,000 versus $46,884,000 for the 13 weeks ended October 1, 2022.
Total revenues for the year ended September 30, 2023 were $184,793,000 versus $183,674,000 for the year ended October 1, 2022. 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 for the period from February 5, 2023 through April 27, 2023. Revenues for the period of closure were $1,026,000 as compared to $3,251,000 for the comparable prior period.
Company-wide same store sales decreased 4.7% for the 13-weeks ended September 30, 2023 as compared to the same period of last year. For the year ended September 30, 2023, company-wide same store sales, excluding Gallagher's Steakhouse which was closed for part of the year, increased 1.4% as compared to last year.
The Company's EBITDA, excluding a non-cash goodwill impairment charge in the amount of $10,000,000 (as explained below) and adjusted for other items all as set out in the table below, for the 13 weeks ended September 30, 2023 was $585,000 versus $2,352,000 for the 13 weeks ended October 1, 2022. Net loss attributable to Ark Restaurant Corp. for the 13 weeks ended September 30, 2023, which includes the goodwill impairment charge and related tax benefit, was $(10,364,000) or $(2.88) per basic and diluted share compared to net income of $762,000 or $0.21 per basic and diluted share, for the 13 weeks ended October 1, 2022. EBITDA is a Non-GAAP Financial Measure. Please see "Non-GAAP Financial Information" at the end of this news release.
The Company's EBITDA, excluding the non-cash goodwill impairment charge of $10,000,000, gains on the forgiveness of Paycheck Protection Program Loans (the "PPP Loan Forgiveness") and adjusted for other items all as set out in the table below, for the year ended September 30, 2023 was $9,266,000 versus $13,987,000 for the year ended October 1, 2022. Net loss attributable to Ark Restaurant Corp. for the year ended September 30, 2023, which includes the goodwill impairment charge and related tax benefit and PPP Loan Forgiveness of $272,000, was $(5,928,000), or $(1.65) per basic and diluted share, compared to net income of $9,281,000, which includes PPP Loan Forgiveness of $2,420,000, or $2.61 and $2.58 per basic and diluted share, respectively, for the year ended October 1, 2022. EBITDA is a Non-GAAP Financial Measure. Please see "Non-GAAP Financial Information" at the end of this news release.
As of September 30, 2023, the Company had cash and cash equivalents of $13,415,000 and total outstanding debt of $7,222,000.
Other Matters
In performing its goodwill impairment test as of September 30, 2023, the Company determined that a triggering event had occurred. Due to the volatility of the Company's stock price in the fourth quarter of fiscal 2023, the upcoming expiration of the current Bryant Park Grill & Cafe and The Porch at Bryant Park leases on April 30,

The following information was filed by Ark Restaurants Corp (ARKR) on Monday, December 18, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ark Restaurants Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parentheticals)
Consolidated Statements Of Operations
Accrued Expenses And Other Current Liabilities
Accrued Expenses And Other Current Liabilities (Tables)
Accrued Expenses And Other Current Liabilities - Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Business And Summary Of Significant Accounting Policies
Business And Summary Of Significant Accounting Policies (Details)
Business And Summary Of Significant Accounting Policies (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Consolidation Of Variable Interest Entities
Consolidation Of Variable Interest Entities (Tables)
Consolidation Of Variable Interest Entities - Narrative (Details)
Consolidation Of Variable Interest Entities - Schedule Of Variable Interest Entities (Details)
Dividends
Dividends (Details)
Fixed Assets
Fixed Assets (Tables)
Fixed Assets - Narrative (Details)
Fixed Assets - Property, Plant And Equipment (Details)
Goodwill, Trademarks And Intangible Assets
Goodwill, Trademarks And Intangible Assets (Tables)
Goodwill, Trademarks And Intangible Assets - Narrative (Details)
Goodwill, Trademarks And Intangible Assets - Schedule Of Changes In The Carrying Amount Of Goodwill And Trademarks (Details)
Goodwill, Trademarks And Intangible Assets - Schedule Of Intangible Assets (Details)
Income Per Share Of Common Stock
Income Per Share Of Common Stock (Tables)
Income Per Share Of Common Stock - Narrative (Details)
Income Per Share Of Common Stock - Schedule Of Calculation Of Numerator And Denominator In Earnings Per Share (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Provision For Income Taxes (Details)
Income Taxes - Summary Of Income Tax Contingencies (Details)
Investment In And Receivable From New Meadowlands Racetrack
Investment In And Receivable From New Meadowlands Racetrack (Details)
Leases
Leases (Tables)
Leases - Lease Expenses (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Notes Payable
Notes Payable (Tables)
Notes Payable - Narrative (Details)
Notes Payable - Notes Payable Maturities Schedule (Details)
Notes Payable - Schedule Of Long-Term Debt (Details)
Recent Restaurant Dispositions
Recent Restaurant Expansion And Other Developments
Recent Restaurant Expansion And Other Developments - Narrative (Details)
Related Party Transactions
Related Party Transactions - Narrative (Details)
Stock Options
Stock Options (Tables)
Stock Options - Narrative (Details)
Stock Options - Schedule Of Stock Options, Activity (Details)
Stock Options - Schedule Of Stock Options, Outstanding (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: ARKR
CIK: 779544
Form Type: 10-K Annual Report
Accession Number: 0000779544-23-000044
Submitted to the SEC: Thu Dec 21 2023 4:37:12 PM EST
Accepted by the SEC: Thu Dec 21 2023
Period: Saturday, September 30, 2023
Industry: Retail Eating Places

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