Ark Restaurants: Announces Q1-2022 Financial Results

New York City / NY. (arc) Ark Restaurants Corporation reported financial results for the first quarter ended January 01, 2022.

Financial Results

Total revenues for the 13 weeks ended January 1, 2022 were USD 43,986,000 versus USD 20,299,000 for the 13 weeks ended January 02, 2021. The 13 weeks ended January 1, 2022 includes revenues of USD 1,982,000 related to Blue Moon Fish Company, in Lauderdale-by-the Sea, FL, which was acquired on December 1, 2020.

The Company’s Ebitda, adjusted for non-controlling interests and non-cash stock option expense, for the 13 weeks ended January 1, 2022 was USD 3,946,000 versus USD (2,370,000) during the 13-week period ended January 2, 2021. Net income for the 13 weeks ended January 1, 2022 was USD 2,209,000 or USD 0.62 and USD 0.61 per basic and diluted share, respectively, compared to a net loss of USD (763,000) or USD (0.22) per basic and diluted share, for the 13-week period ended January 2, 2021.

Covid-19 Update

We are subject to continued risks and uncertainties as a result of the outbreak of, and local, state and federal governmental responses to, the Covid-19 pandemic. In the past, we experienced significant disruptions to our business as suggested and mandated social distancing and shelter-in-place orders led to the temporary closure of all of our restaurants. While restrictions on the type of permitted operating model and occupancy capacity may continue to change, all of our restaurants are operating with no indoor dining restrictions other than in New York City where customers are required to show proof of vaccination. We cannot predict how long the Covid-19 pandemic will have an impact our operating results and financial position.

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