Core Viewpoint - Ark Restaurants Corp. has faced significant challenges in its financial performance, with a notable decline in stock value and revenues, while management is exploring new growth opportunities and operational efficiencies [1][2][3]. Financial Performance - For Q4 fiscal 2024, total revenues were $43.4 million, down 2.2% from $44.4 million year-over-year, with a net loss of $4.5 million or $1.24 per share compared to a net loss of $10.4 million or $2.88 per share in the prior year [2]. - For the full fiscal year, revenues decreased by 0.7% to $183.5 million from $184.8 million, while the net loss narrowed to $3.9 million or $1.08 per share from a loss of $5.9 million or $1.65 per share in fiscal 2023 [3]. - Adjusted EBITDA for Q4 was $0.5 million, a 14% decrease from $0.6 million in the previous year, and for the full year, it was $6.1 million, down 33.9% from $9.3 million [2][3]. Operational Metrics - Same-store sales fell by 3.6% during the quarter and 1.1% for the fiscal year, indicating a challenging operating environment, with Florida and Washington, DC markets underperforming [5]. - Operational costs remain a concern, with slight decreases in food and beverage costs and payroll expenses offset by higher occupancy and administrative expenses [6]. Management Insights - Management noted that elevated labor and insurance costs have stabilized, but reluctance to raise menu prices due to soft demand is constraining margins [7]. - CEO Michael Weinstein mentioned ongoing efforts to refine operations and explore new growth opportunities, including the potential expansion of the new Asian dining concept "Lucky Pig" [8]. Future Focus - The company did not provide formal guidance for fiscal 2025 but emphasized a focus on improving operational efficiency and testing scalable dining concepts [9]. - Ark Restaurants is actively lobbying for potential casino-related opportunities in the Meadowlands, which could provide long-term growth [9]. Recent Developments - The company reached an agreement to terminate its lease for the Tampa food court at the Hard Rock Hotel and Casino, receiving a $5.5 million termination payment [10]. - Ark Restaurants is negotiating extensions for its Bryant Park locations in New York City, with management engaging external advisors to ensure a fair process amid landlord interest in selecting another operator [11].

Financial Data and Key Metrics Changes - The company ended the year with $10.3 million in cash and $5.2 million in debt, with one more principal payment due on February 1 and a remaining debt balance of $4.4 million maturing on June 1 [6][7] - The company reported a loss of $876,000 related to the closure of El Rio Grande, which included write-offs of a security deposit, six months of rent, and severance [9] - An additional goodwill impairment of $4 million was recorded, following a previous $10 million impairment last year [10][11] Business Line Data and Key Metrics Changes - The company experienced reduced sales and a challenging revenue environment, particularly in Florida and Washington DC, while Alabama performed consistently well [14][15] - Labor costs have stabilized, but expenses related to insurance premiums and payroll increases continue to impact margins [14][15] Market Data and Key Metrics Changes - The revenue environment remains challenging in several markets, with Las Vegas showing okay revenues but impacted by increased expenses [15] - New York's business is described as decent, but there are no significant new business developments [15][16] Company Strategy and Development Direction - The company is exploring new business opportunities, including the Lucky Pig concept, which is operational and expected to expand [80][84] - The company is also focused on improving existing businesses, enhancing efficiency, and increasing marketing efforts to drive customer traffic [87] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing challenges in the revenue environment and the impact of rising costs on margins [14][15] - The company is optimistic about the potential for a casino license in the Meadowlands, which could significantly enhance revenue opportunities [30][39] Other Important Information - The company is in discussions to extend its credit agreement and term out the remaining debt over several years [7] - The landlord of the food court in Tampa has agreed to pay $5.5 million for the company to vacate the space, which will add to the cash on the balance sheet [12][50] Q&A Session Summary Question: Developments regarding the casino licenses in New York City - Management discussed the competition for downtown licenses and the potential impact on New Jersey's gaming revenue if a casino opens in Manhattan [22][30] Question: Non-cash write-downs and their implications - Management confirmed that the total non-cash write-downs over the last two years amount to approximately $16.5 million, primarily due to stock price performance [39][43] Question: Future growth drivers for the stock - Management highlighted ongoing efforts to explore new concepts and improve existing operations as key drivers for future stock performance [80][87]

Revenue Performance - Total revenues for Q4 2024 were $43,406,000, a decrease of 2.2% from $44,400,000 in Q4 2023[3] - Total revenues for the fiscal year 2024 were $183,545,000, down from $184,793,000 in fiscal year 2023[4] - Total revenues for the 13 weeks ended September 28, 2024, were $43,406,000, a decrease of 2.2% compared to $44,400,000 for the same period in 2023[20] Same Store Sales - Company-wide same store sales decreased by 3.6% for Q4 2024 and 1.1% for the fiscal year 2024 compared to the previous year[5] Net Loss - Net loss for Q4 2024 was $(4,457,000) or $(1.24) per share, an improvement from a net loss of $(10,364,000) or $(2.88) per share in Q4 2023[6] - Net loss for the fiscal year 2024 was $(3,896,000) or $(1.08) per share, compared to a net loss of $(5,928,000) or $(1.65) per share in fiscal year 2023[7] - Consolidated net loss attributable to Ark Restaurants Corp. for the 13 weeks ended September 28, 2024, was $4,457,000, compared to a net loss of $10,364,000 for the same period in 2023, representing a 57.0% improvement[20] - Basic net loss per share for the 13 weeks ended September 28, 2024, was $(1.24), an improvement from $(2.88) for the same period in 2023[20] EBITDA and Adjusted EBITDA - Adjusted EBITDA for Q4 2024 was $503,000, down from $585,000 in Q4 2023[6] - Adjusted EBITDA for the fiscal year 2024 was $6,128,000, compared to $9,266,000 in fiscal year 2023[7] - EBITDA for the 13 weeks ended September 28, 2024, was $(4,610,000), an improvement from $(9,597,000) for the same period in 2023[20] Costs and Expenses - Total costs and expenses for the 13 weeks ended September 28, 2024, were $48,925,000, a decrease of 11.3% compared to $55,103,000 for the same period in 2023[20] - Payroll expenses for the 13 weeks ended September 28, 2024, were $15,875,000, down from $17,295,000 for the same period in 2023, reflecting a 8.2% reduction[20] - Occupancy expenses increased to $6,254,000 for the 13 weeks ended September 28, 2024, compared to $5,884,000 for the same period in 2023, representing a 6.3% increase[20] Goodwill Impairment - The company recorded a goodwill impairment charge of $4,000,000 for Q4 2024, compared to $10,000,000 for Q4 2023[12] - Goodwill impairment for the 52 weeks ended September 28, 2024, was $4,000,000, down from $10,000,000 for the same period in 2023[20] Lease Termination - The company plans to terminate the lease for El Rio Grande, resulting in a loss of $876,000 recorded in fiscal year 2024[9] Cash and Debt - As of September 28, 2024, the company had cash and cash equivalents of $10,273,000 and total outstanding debt of $5,235,000[8] Operating Loss - Operating loss for the 52 weeks ended September 28, 2024, was $4,294,000, a slight improvement from a loss of $4,840,000 for the same period in 2023[20] Shares Outstanding - The weighted average number of common shares outstanding for the 13 weeks ended September 28, 2024, was 3,604,000, consistent with 3,602,000 for the same period in 2023[20]

Ark Restaurants Corp. (ARKR) reported earnings per share of 18 cents in the third quarter of fiscal 2024, which decreased 79.5% from the year-ago quarter’s figure of 88 cents.Revenues in DetailArk Restaurants registered revenues of $50.4 million in the fiscal third quarter, down 1.3% year over year.This primarily resulted from a decrease in same-store sales, partially offset by an increase in sales at Gallagher's Steakhouse at the New York-New York Hotel and Casino in Las Vegas, NV, which was substantially ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ 85 Fifth Avenue, New York, NY 10003 (Address of Principal Executive Offices) (Zip Code) Non-accelerated filer ☒ Smaller Reporting Company ☒ Emerging Growth Company ☐ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 29, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT O ...

Ark Restaurants Corp. (NASDAQ:ARKR) Q3 2024 Earnings Conference Call August 13, 2024 11:00 AM ET Company Participants Christopher Love - Secretary Anthony Sirica - Chief Financial Officer Michael Weinstein - Chairman & Chief Executive Officer Conference Call Participants Bruce Geller - Geller Ventures Operator Greetings, and welcome to the Ark Restaurants Third Quarter 2024 Results Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentati ...

Exhibit 99.1 Ark Restaurants Announces Financial Results for the Third Quarter of 2024 CONTACT: Anthony J. Sirica (212) 206-8800 ajsirica@arkrestaurants.com NEW YORK, New York - August 12, 2024 -- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter ended June 29, 2024. Financial Results Total revenues for the 13 weeks ended June 29, 2024 were $50,396,000 versus $51,051,000 for the 13 weeks ended July 1, 2023 and total revenues for the 39 weeks ended June 29, 2024 were ...

Zacks Investment Research has recently initiated coverage of Ark Restaurants Corp. (ARKR) , assigning an "Underperform" recommendation to the company's shares. This bearish stance reflects significant concerns over the company’s recent financial performance and operational challenges.Ark Restaurants, based in New York, operates as an owner and operator of 17 restaurants and bars, 16 fast food concepts, and catering operations across the United States. Its establishments, situated in key locations such as Ne ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ 85 Fifth Avenue, New York, NY 10003 (Address of Principal Executive Offices) (Zip Code) Non-accelerated filer ☒ Smaller Reporting Company ☒ Emerging Growth Company ☐ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT ...

Ark Restaurants Corp. (NASDAQ:ARKR) Q2 2024 Results Conference Call May 14, 2024 11:00 AM ET Company Participants Christopher Love - Secretary Michael Weinstein - Chairman and CEO Anthony Sirica - CFO Sam Weinstein - Co-COO Conference Call Participants Roger Lipton - Lipton Financial Operator Greetings, and welcome to Ark Restaurants Second Quarter 2024 Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation [Operat ...