Ark Restaurants(ARKR) - 2024 Q4 - Annual Results

Revenue Performance - Total revenues for Q4 2024 were $43,406,000, a decrease of 2.2$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$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$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]