Last10K.com

Ark Restaurants Corp (ARKR) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 27, 2020

Ark Restaurants Corp

CIK: 779544 Ticker: ARKR


Exhibit 99.1                                                
Ark Restaurants Announces Financial Results for the
Second Quarter of 2020 and Suspension of Quarterly Dividend
 
CONTACT:
Anthony J. Sirica
(212) 206-8800
ajsirica@arkrestaurants.com

NEW YORK, New York - June 22, 2020 --
Ark Restaurants Corp. (Nasdaq:ARKR) today reported financial results for the second quarter ended March 28, 2020 and announced that the Company's Board of Directors has suspended the declaration and payment of the quarterly dividend until such time as it deems appropriate to reinstate.
COVID-19 Update
The Company’s 2020 fiscal year started strong with revenues and same store sales up 7.3% and 3.5%, respectively for the first quarter compared to the prior year and continuing through February. However, as the novel Coronavirus (“COVID-19”) rapidly spread throughout the world and to the United States we began to experience the impacts of COVID-19 during March 2020, resulting in a decline in traffic in early March and the government mandated temporary closures of all of our restaurants during the last two weeks of March 2020, with all locations closed as of March 28, 2020. In addition to the decrease in restaurant revenue from the closures, the Company estimates that it incurred approximately $700,000 of costs directly related to COVID-19 in the 13 weeks ended March 28, 2020 consisting primarily of payments to employees for paid-time off during restaurant closures, inventory waste, and rent and rent related costs for closed restaurants from the day that they closed.
In response to these business disruptions and liquidity concerns caused by the COVID-19 pandemic, the Company took the following actions:
Furloughed all hourly employees and approximately 95% of restaurant management personnel, while enacting temporary salary reductions for all remaining restaurant management personnel. In addition, the Company temporarily reduced the pay of all corporate and administrative staff by 50% to 75%, temporarily reduced senior management salaries by 75% to 95%, and temporarily suspended all board fees.
Subsequent to the second quarter of 2020, the Company entered into a Payment Suspension Agreement with its bank which deferred all monthly interest payments through June 1, 2020 and deferred aggregate principal payments of $675,000 due on June 1, 2020 to the respective loan maturity dates. In addition, our bank agreed to relaxed financial covenants through fiscal Q3 2021.
Indefinitely deferred the payment of the $0.25 dividend declared on March 2, 2020.
Suspended future dividend payments until such time as the Board deems appropriate to reinstate.
Canceled or delayed all non-essential capital expenditures.
Suspended the vast majority of lease payments for the months of April, May and June 2020 and is currently in negotiations for rent concessions, abatements and deferrals with its landlords to reduce these lease payments. While some landlords have agreed to certain concessions subsequent to quarter end, there can be no assurance that the Company will be successful in obtaining all, or any, of the relief it is continuing to seek.
Certain Company subsidiaries applied for and received an aggregate of approximately $14.9 million of loans under the Paycheck Protection Program of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which was enacted March 27, 2020 (see below).
Utilized additional provisions of the CARES Act to obtain tax savings as well as the deferral of our portion of social security taxes to future years.
The full impact of the COVID-19 outbreak continues to evolve as of the date of this report. Management is continually evaluating the impact of the global crisis on its financial condition, liquidity, operations, suppliers, industry, and



The following information was filed by Ark Restaurants Corp (ARKR) on Tuesday, June 23, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Ark Restaurants Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Ark Restaurants Corp.

Continue

Assess how Ark Restaurants Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Ark Restaurants Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Rating

Learn More
Bullish Bearish Neutral
Filter Sentiment:
All
Positive
Negative
Filter Category:
All
Financial
Revenue
M & A
Other
Filter Subcategory:
All
Expense
Product
Cash Flow
Dividend
Income
Geography
Other
Inside Ark Restaurants Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Condensed Balance Sheets
Consolidated Condensed Balance Sheets (Parentheticals)
Consolidated Condensed Statements Of Cash Flows (Unaudited)
Consolidated Condensed Statements Of Changes In Equity (Unaudited)
Consolidated Condensed Statements Of Changes In Equity (Unaudited) (Parentheticals)
Consolidated Condensed Statements Of Operations (Unaudited)
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)
Basis Of Presentation And Critical Accounting Policies
Basis Of Presentation And Critical Accounting Policies (Details)
Basis Of Presentation And Critical Accounting Policies (Policies)
Commitments And Contingencies
Commitments And Contingencies (Details)
Dividends
Dividends (Details)
Income Per Share Of Common Stock
Income Per Share Of Common Stock (Details)
Income Per Share Of Common Stock (Tables)
Income Per Share Of Common Stock - Narrative (Details)
Income Taxes
Income Taxes (Details)
Investment In And Receivable From New Meadowlands Racetrack
Investment In And Receivable From New Meadowlands Racetrack (Details)
Leases
Leases (Tables)
Leases - Annual Maturities Of Lease Liabilities (Details)
Leases - Components Of Lease Expense (Details)
Leases - Narrative (Details)
Leases - Supplemental Cash Flow (Details)
Leases - Weighted Average Lease Terms (Details)
Notes Payable - Bank
Notes Payable - Bank (Tables)
Notes Payable - Bank - Narrative (Details)
Notes Payable - Bank - Schedule Of Long-Term Debt (Details)
Recent Restaurant Dispositions
Recent Restaurant Dispositions (Details)
Recent Restaurant Expansion And Other Developments
Recent Restaurant Expansion And Other Developments (Tables)
Recent Restaurant Expansion And Other Developments - Narrative (Details)
Recent Restaurant Expansion And Other Developments - Pro Forma Financial Information (Details)
Recent Restaurant Expansion And Other Developments - Schedule Of Assets Acquired (Details)
Stock Options
Stock Options (Details)
Stock Options (Details) - Schedule Of Stock Options, Activity
Stock Options (Tables)
Subsequent Events
Variable Interest Entities
Variable Interest Entities (Tables)
Variable Interest Entities - Narrative (Details)
Variable Interest Entities - Schedule Of Variable Interest Entities (Details)

Material Contracts, Statements, Certifications & more

Ark Restaurants Corp provided additional information to their SEC Filing as exhibits

Ticker: ARKR
CIK: 779544
Form Type: 10-Q Quarterly Report
Accession Number: 0000779544-20-000039
Submitted to the SEC: Tue Aug 11 2020 4:09:21 PM EST
Accepted by the SEC: Tue Aug 11 2020
Period: Saturday, June 27, 2020
Industry: Retail Eating Places

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/arkr/0000779544-20-000039.htm