Last10K.com

Ark Restaurants Corp (ARKR) SEC Filing 10-Q Quarterly Report for the period ending Saturday, April 2, 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.



1

The following information was filed by Ark Restaurants Corp (ARKR) on Tuesday, May 17, 2022 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 2022 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
Cash Flow
Product
Other
Inside Ark Restaurants Corp's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
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 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)
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 Earnings Per Share, Basic And Diluted (Details)
Income Taxes
Income Taxes - Narrative (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
Notes Payable (Tables)
Notes Payable - Narrative (Details)
Notes Payable - Schedule Of Long-Term Debt (Details)
Recent Restaurant Dispositions
Recent Restaurant Dispositions - Narrative (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) - Schedule Of Stock Options, Activity
Stock Options (Tables)
Stock Options - Narrative (Details)
Subsequent Events
Subsequent Events (Details)
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: 0000779544-22-000018
Submitted to the SEC: Tue May 17 2022 4:13:41 PM EST
Accepted by the SEC: Tue May 17 2022
Period: Saturday, April 2, 2022
Industry: Retail Eating Places

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/arkr/0000779544-22-000018.htm