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Ark Restaurants Corp (ARKR) SEC Filing 10-K Annual report for the fiscal year ending Saturday, October 3, 2020

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 2020
 
CONTACT:
Anthony J. Sirica
(212) 206-8800
ajsirica@arkrestaurants.com

NEW YORK, New York - December 21, 2020 --
 Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and fiscal year ended October 3, 2020.
The Company’s fiscal year ends on the Saturday nearest September 30. Accordingly, the fiscal years ended October 3, 2020 and September 28, 2019 included 53 and 52 weeks, respectively and the quarters ended October 3, 2020 and September 28, 2019 contained 14 and 13 weeks, respectively. Having one more week in the fourth quarter and full year ended October 3, 2020 distorts the comparison of results with the prior year periods.

Financial Results
Total revenues for the 14-weeks ended October 3, 2020 were $21,774,000 versus $41,688,000 for the 13-weeks ended September 28, 2019.
Total revenues for the year ended October 3, 2020 were $106,490,000 versus $162,354,000 for the year ended September 28, 2019. The year ended September 28, 2019 includes revenues of $1,040,000 related to Durgin-Park which was closed January 12, 2019.
As a result of state and local governments issuing “stay at home” orders and mandatory shut-down requirements all of our restaurants were temporarily closed in March 2020. Such orders were lifted from May through August 2020 by the various states in which we operate allowing the Company to reopen all of its properties, with the exception of Thunder Grill in Washington, D.C., at varying levels of limited capacity as allowed by federal, state and local governments. Accordingly, we have not presented Company-wide same store sales as they are not meaningful based on these events.
The Company’s EBITDA, adjusted for non-controlling interests and non-cash stock option expense, for the 14-weeks ended October 3, 2020 was ($1,785,000) versus $2,636,000 during the 13 week period ended September 28, 2019. Net loss for the 14-weeks ended October 3, 2020 was ($1,897,000) or ($0.54) per basic and diluted share, compared to a net loss of ($554,000) or ($0.16) per basic and diluted share, for the 13 week period ended September 28, 2019.
The Company’s EBITDA, adjusted for non-controlling interests, non-cash stock option expense, losses on property closures and an impairment loss, for the year ended October 3, 2020 was ($3,182,000) versus $12,340,000 last year. Net loss for the year ended October 3, 2020 was ($4,688,000) or ($1.34) per basic and diluted share, compared to net income of $2,676,000, or $0.77 per basic share, $0.76 per diluted share, last year.

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 impact 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. As state and local governments lifted “stay at home” orders and mandatory shut-down requirements from May through August 2020, the Company has reopened all of its properties, with the exception of Thunder Grill in Washington, D.C., at varying levels of limited capacity as allowed by federal, state and local governments. Although we have experienced some

The following information was filed by Ark Restaurants Corp (ARKR) on Tuesday, December 22, 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-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

Cover Page
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)
Commitment And Contingencies (Details)
Commitments And Contingencies
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 (Details)
Fixed Assets (Tables)
Fixed Assets - Property, Plant And Equipment (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)
Intangible Assets, Goodwill And Trademarks
Intangible Assets, Goodwill And Trademarks (Tables)
Intangible Assets, Goodwill And Trademarks - Narrative (Details)
Intangible Assets, Goodwill And Trademarks - Schedule Of Changes In The Carrying Amount Of Goodwill And Trademarks (Details)
Intangible Assets, Goodwill And Trademarks - Schedule Of Intangible Assets (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 - Schedule Of Long-Term Debt (Details)
Notes Payable - Schedule Of Notes Payable Maturities (Details)
Recent Restaurant Dispositions
Recent Restaurant Dispositions (Details)
Recent Restaurant Expansion And Other Developments
Recent Restaurant Expansion And Other Developments (Details)
Recent Restaurant Expansion And Other Developments (Tables)
Recent Restaurant Expansion And Other Developments - Allocation Of Fair Value Assets Acquired (Details)
Recent Restaurant Expansion And Other Developments - Schedule Of Unaudited Pro Forma Financial Information (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: 0000779544-20-000047
Submitted to the SEC: Tue Dec 22 2020 4:36:34 PM EST
Accepted by the SEC: Tue Dec 22 2020
Period: Saturday, October 3, 2020
Industry: Retail Eating Places

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