Core Viewpoint - Ark Restaurants Corp. (ARKR) has experienced a decline in stock performance following its earnings report, underperforming compared to the S&P 500 Index, with a notable drop in revenues and increased net losses for both the quarter and the full fiscal year [1][2][3]. Financial Performance - For Q4 fiscal 2025, total revenues were $37.3 million, a decrease of 14% year-over-year from $43.4 million, with comparable revenues also showing weakness [2] - The company reported a net loss of $1.9 million, or $0.53 per share, an improvement from a net loss of $4.5 million, or $1.24 per share in the prior year [2] - For the full fiscal year, revenues declined 9.7% to $165.8 million from $183.5 million, with the net loss widening to $11.5 million, or $3.18 per share, from $3.9 million, or $1.08 per share in fiscal 2024 [3] - Adjusted EBITDA for the full year fell 77% to $1.4 million from $6.1 million in fiscal 2024, reflecting the impact of litigation costs and lower demand [5] Same-Store Sales and Operational Challenges - Same-store sales trends were weak, with a decline of 10.1% for the 13-week period and 4.2% for the full fiscal year, attributed to lower catering and à la carte revenues at key locations [4] - Management highlighted operational divergence across the portfolio, with litigation expenses related to the Bryant Park Grill significantly impacting performance [6][7] Balance Sheet and Liquidity - At the end of the quarter, Ark Restaurants had cash and cash equivalents of $11.3 million and total debt of $3.6 million, with management describing liquidity as stable compared to the prior year [5] Management Commentary and Future Outlook - Management expressed cautious optimism about near-term operating trends, noting that December-quarter performance was tracking ahead of the prior year, although challenges remain in certain markets [10] - The company did not provide formal financial guidance but indicated that efficiency initiatives were beginning to yield results in some areas [10] Notable Actions and Developments - During fiscal 2025, Ark Restaurants permanently closed El Rio Grande, recognizing a modest gain, and terminated the Tampa Food Court lease, receiving a $5.5 million termination payment [11] - The company continues to highlight its minority investment in New Meadowlands Racetrack LLC, with potential upside contingent on a New Jersey casino referendum [12]