Ark Restaurants Announces Financial Results for the First Quarter of 2026

Core Viewpoint - Ark Restaurants Corp. reported a decline in net income and revenues for the first quarter of 2026, primarily due to challenges at the Bryant Park Grill & Café and the D.C. market, while other locations performed well [1][2]. Financial Performance - EBITDA for the first quarter ended December 27, 2025, was $1,529,000, an increase of approximately $150,000 from $1,378,000 in the same quarter of the previous year [1]. - Net income for the current quarter was $896,000, or $0.25 per share, compared to $3,164,000, or $0.88 per share, in the prior year [1][3]. - Total revenues for the 13 weeks ended December 27, 2025, were $40,749,000, down from $44,988,000 for the same period in 2024 [1][3]. - Same store sales decreased by 7.3% for the 13 weeks ended December 27, 2025, compared to the previous year, largely due to declines in catering and a la carte revenue at the Bryant Park Grill [1]. Operational Insights - The Bryant Park Grill & Café and The Porch at Bryant Park leases expired in 2025, and the company is involved in legal proceedings regarding the lease award process, which has created uncertainty affecting revenues [1][2]. - The Bryant Park Grill & Café accounted for approximately 19.5% of total revenue for the current quarter, down from 22.3% in the prior year [1]. - Operations at the New York-New York Hotel and Casino in Las Vegas showed increased cash flow despite lower customer traffic on the Strip, while other locations like Rustic Inn in Florida and Robert in NYC performed better than last year [1]. Investment and Future Prospects - Ark Restaurants has invested in New Meadowlands Racetrack LLC, which is pursuing a full casino license that could significantly impact future revenues if successful [2]. - A proposed constitutional amendment in New Jersey could allow for casino gambling at the Meadowlands Racetrack, with potential for a referendum in November 2026 [2].