# EDGAR Filing Document

**Accession Number:** 0000779544
**File Stem:** 0000779544-23-000009
**Filing Date:** 2023-2
**Character Count:** 16730
**Document Hash:** 559b864316c057ccab7e0355e8ee53a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000779544-23-000009.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0000779544-23-000009

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230208

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARK RESTAURANTS CORP
- **CENTRAL INDEX KEY:** 0000779544
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **IRS NUMBER:** 133156768
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0928

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09453
- **FILM NUMBER:** 23628954

**BUSINESS ADDRESS:**
- **STREET 1:** 85 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003-3019
- **BUSINESS PHONE:** 2122068800

**MAIL ADDRESS:**
- **STREET 1:** 85 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10003-3019

?xml version="1.0" ? arkr-20230208

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

______________________

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): February 14, 2023 **(February 8, 2023)**

**ARK RESTAURANTS CORP.**

(Exact name of registrant as specified in its charter)

New York 1-09453 13-3156768 <br> (State or other jurisdictionof incorporation) (CommissionFile Number) (IRS EmployerIdentification No.)

**85 Fifth Avenue**

**New York, New York 10003**

(Address of principal executive offices, with zip code)

Registrant's telephone number, including area code: **(212) 206-8800**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c)) |

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Securities registered pursuant to section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $.01 per share | ARKR | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp; Emerging growth company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02 Results of Operations and Financial Condition**.<br>

On February 13, 2023 Ark Restaurants Corp. (the "Company") issued a press release announcing financial results for the first quarter of 2023. A copy of the press release titled "Ark Restaurants Announces Financial Results for the First Quarter of 2023 and Declaration of Quarterly Cash Dividend" (the "Press Release") is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The Press Release contains certain non-GAAP disclosures related to earnings before interest, taxes, depreciation and amortization ("EBITDA") and EBITDA adjusted for non-cash stock option expense, non-controlling interests and gains from forgiveness of Paycheck Protection Program Loans ("PPP Loans"). Although EBITDA is not a measure of performance or liquidity calculated in accordance with generally accepted accounting principles ("GAAP"), the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company's past financial performance, as well as providing useful information to investors because of its historical use by the Company as both a performance measure and measure of liquidity. In addition, EBITDA is used by virtually all companies in the restaurant sector as a measure of both performance and liquidity.

This information is intended to be furnished under this Item 2.02 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 8.01 Other Events.**

On February 8, 2023, the Board of Directors (the "Board") of the Company declared a quarterly cash dividend of $0.125 per share which will be paid on March 14, 2023 to the stockholders of record of each share of the Company's common stock at the close of business on February 28, 2023. Future decisions to pay dividends, and the amount of any dividend, are at the discretion of the Board and will depend upon the Company's operating performance and other factors.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

99.1 <u>[Press Release, dated February 13, 2023](q120238-kwithdividendex.htm)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| **ARK RESTAURANTS CORP.** | **ARK RESTAURANTS CORP.** |
| By: | */s/ Michael Weinstein* |
|  | Name: Michael Weinstein |
|  | Title: Chief Executive Officer |

---

Date: February 14, 2023

## Exhibit 99.1

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Ark Restaurants Announces Financial Results for the First Quarter of 2023**

**and Declaration of Quarterly Cash Dividend**

CONTACT:

Anthony J. Sirica

(212) 206-8800

**<u>ajsirica@arkrestaurants.com</u>**

**NEW YORK, New York - February 13, 2023 --** Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the first quarter ended December 31, 2022.

**Financial Results**

Total revenues for the 13 weeks ended December 31, 2022 were $47,445,000 versus $43,986,000 for the 13 weeks ended January 1, 2022.

The increase in revenues for the 13 weeks ended December 31, 2022 compared to the same period of last year was driven by increased customer traffic and targeted menu price increases in Las Vegas, New York and Washington, D.C. In addition, New York and Washington, D.C. benefited from strong revenues from our event business in the current period as compared to the prior year. These gains were partially offset by decreased revenues in Florida of 9.2%.

The Company's EBITDA, excluding gains on the forgiveness of Paycheck Protection Program Loans (the "PPP Loan Forgiveness") and adjusted for other items all as set out in the table below, for the 13 weeks ended December 31, 2022 was $3,018,000 versus $3,946,000 for the 13 weeks ended January 1, 2022. Net income for the 13 weeks ended December 31, 2022 was $1,725,000 (which includes PPP Loan Forgiveness of $272,000), or $0.48 and $0.47 per basic and diluted share, respectively, compared to net income of $2,209,000 or $0.62 and $0.61 per basic and diluted share, respectively, for the 13 weeks ended January 1, 2022.

On February 8, 2023, the Board of Directors declared a quarterly cash dividend of $0.125 per share to be paid on March 14, 2023 to shareholders of record at the close of business on February 28, 2023.

As of December 31, 2022, the Company had a cash balance of $19,427,000, a certificate of deposit in the amount of $5,044,000 (including accrued interest) and total outstanding debt of $21,675,000.

**COVID-19 and Inflation**

Recent global events, including the COVID-19 pandemic ("COVID-19"), have adversely affected global economies, disrupted global supply chains and labor force participation and created significant volatility and disruption of financial markets. As a result, we experienced significant and variable disruptions to our business as federal, state and local restrictions were mandated, among other remedial measures, to mitigate the spread of the COVID-19 virus. While restrictions on the type of permitted operating model and occupancy capacity may continue to change, during fiscal 2022 all of our restaurants operated with no restrictions, other than in New York City where customers were required to show proof of vaccination through November 1, 2022.

In addition to the associated impacts of COVID-19, our operating results have been impacted by geopolitical and other macroeconomic factors, leading to increased commodity and wage inflation and other increased costs. The ongoing effects of COVID-19 and its variants, along with other geopolitical and macroeconomic events, could lead to further government mandates, including but not limited to capacity restrictions, shifts in consumer behavior, wage inflation, staffing challenges, product and services cost inflation and disruptions in our supply chain. If these factors significantly impact our cash flow in the future, we may again implement mitigation actions such as suspending dividends, increasing borrowings or modifying our operating strategies. Some of these measures may have an adverse impact on our business, including possible impairments of assets.

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**About Ark Restaurants Corp.**

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. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB's on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of four fast food facilities in Tampa and six fast food facilities in Hollywood, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort.

**Cautionary Note Regarding Forward-Looking Statements**

Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.

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| |
|:---|
| **ARK RESTAURANTS CORP.** |
| **Consolidated Condensed Statements of Operations** |
| **For the 13-week periods ended December 31, 2022 and January 1, 2022** |
| **<u>(In Thousands, Except per share amounts)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>** |

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| | | |
|:---|:---|:---|
| | 13 Weeks Ended<br>December 31,<br>2022 | 13 Weeks Ended<br>January 1,<br>2022 |
| TOTAL REVENUES | $47445 | $43986 |
| COSTS AND EXPENSES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage cost of sales | 12435 | 12542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payroll expenses | 16522 | 14241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Occupancy expenses | 6183 | 5232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating costs and expenses | 5932 | 5138 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 3137 | 2963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1033 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 45242 | 41195 |
| OPERATING INCOME | 2203 | 2791 |
| OTHER (INCOME) EXPENSE: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 339 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income |  | (222) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on forgiveness of PPP Loans | (272) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (income) expense, net | 67 | 53 |
| INCOME BEFORE PROVISION FOR INCOME TAXES | 2136 | 2738 |
| Provision for income taxes | 114 | 309 |
| CONSOLIDATED NET INCOME | 2022 | 2429 |
| Net income attributable to non-controlling interests | (297) | (220) |
| NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. | $1725 | $2209 |
| NET INCOME ATTRIBUTABLE TO ARK RESTAURANTS CORP. PER COMMON SHARE: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.48 | $0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.47 | $0.61 |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 3600 | 3551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 3648 | 3597 |
| EBITDA Reconciliation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | $2136 | $2738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 1033 | 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest (income) expense, net | 339 | 275 |
| EBITDA (a) | $3508 | $4092 |
| EBITDA, adjusted: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA (as defined) (a) | 3508 | 4092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash stock option expense | 79 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain of forgiveness of PPP Loans | (272) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income attributable to non-controlling interests | (297) | (220) |
| EBITDA, as adjusted | $3018 | $3946 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Although EBITDA is not a measure of performance or liquidity calculated in accordance with generally accepted accounting principles ("GAAP"), the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company's past financial performance as well as providing useful information to the investor because of its historical use by the Company as both a performance measure and measure of liquidity, and the use of EBITDA by virtually all companies in the restaurant sector as a measure of both performance and liquidity. However, investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure for determining the Company's operating performance or liquidity that is calculated in accordance with GAAP, it may not necessarily be comparable to similarly titled measures employed by other companies. A reconciliation of EBITDA to the most comparable GAAP financial measure, pre-tax income, is included above.