Ark Restaurants Corp. reported total revenues of $43,406,000 for the 13 weeks ended September 28, 2024, a decrease from $44,400,000 in the prior year's fourth quarter. For the full fiscal year ended September 28, 2024, total revenues were $183,545,000, slightly down from $184,793,000 in fiscal year 2023. Company-wide same-store sales decreased by 3.6% for the fourth quarter and 1.1% for the full fiscal year.
The company reported a net loss attributable to Ark Restaurants Corp. of $(4,457,000), or $(1.24) per basic and diluted share, for the fourth quarter of 2024, an improvement from a net loss of $(10,364,000), or $(2.88) per share, in the same period last year. For the full fiscal year, the net loss was $(3,896,000), or $(1.08) per share, compared to $(5,928,000), or $(1.65) per share, in fiscal year 2023. Adjusted EBITDA for the fourth quarter was $503,000, down from $585,000 in the prior year, while full-year adjusted EBITDA was $6,128,000, a decrease from $9,266,000.
Significant non-cash charges impacted the fiscal year 2024 results, including a $876,000 loss on the closure of El Rio Grande and impairment losses totaling $2,500,000 for right-of-use and long-lived assets at the Sequoia property in Washington, D.C. Additionally, a goodwill impairment charge of $4,000,000 was recognized in the fourth quarter, attributed to a decline in the company's stock price and uncertainty surrounding the Bryant Park leases.
The company provided an update on the Bryant Park Grill & Cafe and The Porch at Bryant Park leases, which are set to expire on April 30, 2025. Ark Restaurants responded to requests for proposals on October 26, 2023, but the landlord has made public statements indicating an intention to select an operator other than the company. Management has engaged outside advisors to ensure a fair and transparent bid process.
In a strategic move to enhance liquidity, Ark Restaurants agreed on November 26, 2024, to terminate its lease for the food court at The Hard Rock Hotel and Casino in Tampa, FL. This agreement, subject to regulatory approval, is expected to result in a termination payment of $5,500,000 and a recorded gain, with the premises to be vacated in late December 2024. As of September 28, 2024, the company held $10,273,000 in cash and cash equivalents and had total outstanding debt of $5,235,000.
The company's cash and cash equivalents stood at $10,273,000 as of September 28, 2024, with total outstanding debt reported at $5,235,000. These figures reflect the company's financial position at the close of its fiscal year, prior to the full realization of the Tampa Food Court lease termination payment.
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