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Ark Restaurants Corp (ARKR) SEC Filing 8-K Material Event for the period ending Monday, May 16, 2022

Ark Restaurants Corp

CIK: 779544 Ticker: ARKR

                                            Exhibit 99.1                                                
Ark Restaurants Announces Financial Results for the
Second Quarter of 2022 and Reinstatement of Quarterly Cash Dividend
 
CONTACT:
Anthony J. Sirica
(212) 206-8800
ajsirica@arkrestaurants.com

NEW YORK, New York - May 16, 2022 --
Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter ended April 2, 2022.

Financial Results
Total revenues for the 13 weeks ended April 2, 2022 were $39,586,000 versus $25,767,000 for the 13 weeks ended April 3, 2021.
Total revenues for the 26 weeks ended April 2, 2022 were $83,571,000 versus $46,066,000 for the 26 weeks ended April 3, 2021.
The increases in revenues above are not a good indicator of business performance as revenues for the 13 weeks ended April 3, 2021 and for the 26 weeks ended April 3, 2021 were negatively impacted by continually changing government mandated closures, capacity restrictions and social distancing requirements in connection with the COVID-19 pandemic.
The Company's EBITDA, excluding 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 13-weeks ended April 2, 2022 was $1,481,000 versus $(495,000) for the 13-weeks ended April 3, 2021. Net income for the 13 weeks ended April 2, 2022 was $1,055,000 (which includes PPP Loan Forgiveness of $1,122,000),or $0.30 and $0.29 per basic and diluted share, respectively, compared to net income of $4,161,000 (which includes PPP Loan Forgiveness of $4,124,000) or $1.19 and $1.15 per basic and diluted share, respectively, for the 13-weeks ended April 3, 2021.
The Company's EBITDA, excluding the PPP Loan Forgiveness and adjusted for other items all as set out in the table below, for the 26-weeks ended April 2, 2022 was $5,427,000 versus $(2,864,000) for the 26-weeks ended April 3, 2021. Net income for the 26-weeks ended April 2, 2022 was $3,264,000 (which includes PPP Loan Forgiveness of $1,122,000) or $0.92 and $0.91 per basic and diluted share, respectively, compared to net income of $3,398,000 (which includes PPP Loan Forgiveness of $4,124,000) or $0.97 and $0.95 per basic and diluted share, respectively, for the 26-weeks ended April 3, 2021.
The Company announced today that its Board of Directors declared a quarterly dividend of $0.125 per share to be paid on June 13, 2022 to shareholders of record at the close of business on May 31, 2022.

COVID-19 Update
We are subject to continued risks and uncertainties as a result of the outbreak of, and local, state and federal governmental responses to, the COVID-19 pandemic. In the past, we experienced significant disruptions to our business as suggested and mandated social distancing and shelter-in-place orders led to the temporary closure of all of our restaurants. While restrictions on the type of permitted operating model and occupancy capacity may continue to change, all of our restaurants are currently operating with no dining restrictions. We cannot predict if the COVID-19 pandemic will continue to have an impact our operating results and financial position.



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About Ark Restaurants Corp.
Ark Restaurants owns and operates 17 restaurants and bars, 17 fast food concepts and catering operations primarily in New York City, Florida, Washington, D.C, Las Vegas, Nevada and the gulf coast of Alabama. Four restaurants are located in New York City, one is located in Washington, D.C., five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The operation at the Foxwoods Resort Casino consists of one fast food concept. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB’s on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of four fast food facilities in Tampa and six fast food facilities in Hollywood, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort.

Cautionary Note Regarding Forward-Looking Statements
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.





















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ARK RESTAURANTS CORP.
Consolidated Condensed Statements of Operations
For the 13- and 26- week periods ended April 2, 2022 and April 3, 2021
(In Thousands, Except per share amounts)                                                             
13 Weeks Ended
April 2,
2022
13 Weeks Ended
April 3,
2021
26 Weeks Ended
April 2,
2022
26 Weeks Ended
April 3,
2021
TOTAL REVENUES$39,586 $25,767 $83,571 $46,066 
COSTS AND EXPENSES:
   Food and beverage cost of sales12,255 7,764 24,796 13,705 
   Payroll expenses13,482 8,391 27,722 17,041 
   Occupancy expenses4,616 3,523 9,848 6,997 
   Other operating costs and expenses4,840 3,529 9,978 6,339 
   General and administrative expenses3,018 3,036 5,982 4,824 
   Depreciation and amortization1,148 1,021 2,227 1,963 
Total costs and expenses39,359 27,264 80,553 50,869 
OPERATING INCOME (LOSS)227 (1,497)3,018 (4,803)
OTHER (INCOME) EXPENSE:
   Interest expense262 308 547 632 
   Interest income(12)(13)(22)(27)
   Other income(125)— (347)— 
   Gain on forgiveness of PPP Loans(1,122)(4,124)(1,122)(4,124)
Total other (income) expense, net(997)(3,829)(944)(3,519)
INCOME (LOSS) BEFORE (PROVISION) BENEFIT FOR INCOME TAXES1,224 2,332 3,962 (1,284)
Provision (benefit) for income taxes76 (1,921)385 (4,839)
CONSOLIDATED NET INCOME1,148 4,253 3,577 3,555 
Net income attributable to non-controlling interests(93)(92)(313)(157)
NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP.$1,055 $4,161 $3,264 $3,398 
NET INCOME PER ARK RESTAURANTS CORP. COMMON SHARE:
   Basic$0.30 $1.19 $0.92 $0.97 
   Diluted$0.29 $1.15 $0.91 $0.95 
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
   Basic3,552 3,511 3,552 3,507 
   Diluted3,604 3,627 3,600 3,579 
EBITDA Reconciliation:
Income (loss) before benefit for income taxes$1,224 $2,332 $3,962 $(1,284)
Depreciation and amortization1,148 1,021 2,227 1,963 
Interest (income) expense, net250 295 525 605 
EBITDA (a)$2,622 $3,648 $6,714 $1,284 
EBITDA, adjusted:
EBITDA (as defined) (a)2,622 3,648 6,714 1,284 
Net income attributable to non-controlling interests(93)(92)(313)(157)
Non-cash stock option expense74 73 148 133 
     Gain on forgiveness of PPP Loans$(1,122)$(4,124)$(1,122)$(4,124)
EBITDA, as adjusted$1,481 $(495)$5,427 $(2,864)


(a)EBITDA is defined as earnings before interest, taxes, depreciation and amortization.  Although EBITDA is not a measure of performance or  liquidity calculated in accordance with generally accepted accounting principles ("GAAP"), the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company's past financial performance as well as providing useful information to the investor because of its historical use by the Company as both a performance measure and measure of liquidity, and the use of EBITDA by
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virtually all companies in the restaurant sector as a measure of both performance and liquidity.  However, investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), cash flows from operating activities  or any other measure for determining the Company's operating performance or liquidity that is calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled measures employed by other companies.  A reconciliation of EBITDA to the most comparable GAAP financial measure, pre-tax income, is included above.
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Ticker: ARKR
CIK: 779544
Form Type: 8-K Corporate News
Accession Number: 0000779544-22-000016
Submitted to the SEC: Tue May 17 2022 4:07:44 PM EST
Accepted by the SEC: Tue May 17 2022
Period: Monday, May 16, 2022
Industry: Retail Eating Places
Events:
  1. Earnings Release
  2. Event for Officers
  3. Financial Exhibit
  4. Other Events

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