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Ark Restaurants Corp (ARKR) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, October 2, 2021

Ark Restaurants Corp

CIK: 779544 Ticker: ARKR

                                            Exhibit 99.1                                                
Ark Restaurants Announces Financial Results for the
Fourth Quarter and Fiscal Year Ended 2021
 
CONTACT:
Anthony J. Sirica
(212) 206-8800
ajsirica@arkrestaurants.com

NEW YORK, New York - December 20, 2021 --
Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and fiscal year ended October 2, 2021.
The Company’s fiscal year ends on the Saturday nearest September 30. Accordingly, the fiscal years ended October 2, 2021 and October 3, 2020 included 52 and 53 weeks, respectively, and the quarters ended October 2, 2021 and October 3, 2020 included 13 and 14 weeks, respectively.
Financial Results
Total revenues for the 13-weeks ended October 2, 2021 were $42,839,000 versus $21,774,000 for the 14-weeks ended October 3, 2020. The 13 weeks ended October 2, 2021 includes revenues of $1,348,000 related to Blue Moon Fish Company in Lauderdale-by-the Sea, FL, which was acquired on December 1, 2020 (see below) and $145,000 related to Clyde Frazier's Wine and Dine in New York, NY, which was closed on September 1, 2021 (see below). The 13 weeks ended October 3, 2020 includes revenues of $312,000 related to Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar in Atlantic City, NJ, which was closed on January 2, 2021 (see below).
Total revenues for the year ended October 2, 2021 were $131,870,000 versus $106,490,000 for the year ended October 3, 2020. The year ended October 2, 2021 includes revenues of $5,929,000 related to Blue Moon Fish Company, which was acquired on December 1, 2020 and $1,296,000 related to Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar which were closed during fiscal 2021. The year ended October 3, 2020 includes revenues of $5,278,000 related to Thunder Grill in Washington, D.C., which was closed March 20, 2020 (see below), Clyde Frazier's Wine and Dine and Gallagher's Steakhouse and Gallagher's Burger Bar.
The Company's EBITDA, as adjusted, excluding a gain on the forgiveness of Paycheck Protection Program Loans ("PPP Loans"), as set out below, for the 13 weeks ended October 2, 2021 was $5,210,000 versus $(1,785,000) for the 14-week period ended October 2, 2020. The Company's EBITDA, including the gain on forgiveness of PPP Loans, for the 13 weeks ended October 2, 2021 was $9,565,000 versus $(1,717,000) for the 14-week period ended October 2, 2020. Net income attributable to Ark Restaurant Corp. for the 13-weeks ended October 2, 2021 was $6,828,000 or $1.93 per basic share ($1.89 per diluted share), compared to a net loss of $(1,897,000) or $(0.54) per basic and diluted share, for the 14-week period ended October 2, 2020.
The Company's EBITDA, as adjusted, excluding a gain on the forgiveness of PPP Loans, as set out below, for the year ended October 2, 2021 was $7,955,000 versus $(3,182,000) for the year ended October 2, 2020. The Company's EBITDA, including the gain on forgiveness of PPP Loans, for the year ended October 2, 2021 was $20,237,000 versus $(3,652,000) for the year ended October 2, 2020. Net income attributable to Ark Restaurants Corp. for the year ended October 2, 2021 was $12,895,000 or $3.67 per basic share ($3.58 per diluted share), compared to a net loss of $(4,688,000) or $(1.34) per basic and diluted share, for the year ended October 2, 2020.







The following information was filed by Ark Restaurants Corp (ARKR) on Tuesday, December 21, 2021 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
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 - Notes Payable Maturities Schedule (Details)
Notes Payable - 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)
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)
Ticker: ARKR
CIK: 779544
Form Type: 10-K Annual Report
Accession Number: 0000779544-21-000032
Submitted to the SEC: Tue Dec 21 2021 4:09:36 PM EST
Accepted by the SEC: Tue Dec 21 2021
Period: Saturday, October 2, 2021
Industry: Retail Eating Places

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