New York City / NY. (arc) Ark Restaurants Corporation reported financial results for the first quarter ended December 30, 2023. Total revenues for the 13 weeks ended December 30, 2023 were USD 47,487,000 versus USD 47,445,000 for the 13 weeks ended December 31, 2022.
The Company’s Ebitda, excluding gains on the forgiveness of Paycheck Protection Program Loans and adjusted for other items all as set out in the table below, for the 13 weeks ended December 30, 2023 was USD 2,572,000 versus USD 3,018,000 for the 13 weeks ended December 31, 2022. Net income for the 13 weeks ended December 30, 2023 was USD 1,370,000 (which includes PPP Loan Forgiveness of USD 285,000), or USD 0.38 per basic and diluted share, compared to net income of USD 1,725,000 (which includes PPP Loan Forgiveness of USD 272,000), or USD 0.48 and USD 0.47 per basic and diluted share, respectively, for the 13 weeks ended December 31, 2022.
On February 06, 2024, the Board of Directors declared a quarterly cash dividend of USD 0.1875 per share to be paid on March 13, 2024 to shareholders of record of the Company’s common stock at the close of business on February 29, 2024. As of December 30, 2023, the Company had a cash balance of USD 12,122,000 and total outstanding debt of USD 6,742,000.
Ark Restaurants owns and operates 17 restaurants and bars, 16 fast food concepts and catering operations primarily in New York City, Florida, Washington, DC, Las Vegas, Nevada and the gulf coast of Alabama. Four restaurants are located in New York City, one is located in Washington, DC, five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama.
