Ark Restaurants Corp. ( (ARKR) ) has released its Q4 earnings. Here is a breakdown of the information Ark Restaurants Corp. presented to its investors.
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Ark Restaurants Corp. operates a diverse portfolio of 17 restaurants and bars, alongside fast food concepts and catering services, primarily across New York City, Florida, Washington, DC, Las Vegas, and Alabama, with a unique presence in hotel and casino dining services.
Ark Restaurants Corp. has reported its financial results for the fourth quarter and fiscal year ending September 28, 2024, showcasing a slight decline in total revenues alongside efforts to manage closures and renovations within its establishment portfolio.
For the fourth quarter, Ark Restaurants saw total revenues of $43.41 million, a slight decrease from $44.40 million a year prior. The annual revenue also reflected a minor drop to $183.55 million from $184.79 million. Key financial metrics revealed a net loss of $4.46 million for the quarter, improved from a loss of $10.36 million in the previous year, indicating strategic adjustments in operations and cost management. The company also reported an adjusted EBITDA of $503,000 for the quarter, reflecting ongoing goodwill impairment and closure-related expenses.
Strategic decisions included the permanent closure of El Rio Grande, incurring a recorded loss of $876,000, and impairment charges at the Sequoia property due to underperformance. The company also navigated goodwill impairments linked to their Bryant Park contracts. Further strategic adjustments were made with the termination of a lease at the Hard Rock Hotel and Casino in Tampa, expected to result in a gain from a $5.5 million termination payment.
Looking ahead, Ark Restaurants Corp. remains focused on managing its diverse restaurant portfolio efficiently while navigating lease negotiations and property performance challenges. The management is committed to strategic decisions intending to bolster financial health and operational stability amid changing market dynamics.
