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Ark Restaurants Corp. (ARKR-2.73%) has submitted its 10-K filing for the fiscal year ended September 28, 2024.
The filing includes financial statements showing total revenues of $183,545,000, a slight decrease from $184,793,000 in the previous year. This decrease is attributed to a decline in same-store sales.
The company reported an operating loss of $4,294,000, which includes a goodwill impairment charge of $4,000,000, a loss on the closure of El Rio Grande of $876,000, and impairment losses on right-of-use and long-lived assets of $2,500,000 related to Sequoia.
Net loss attributable to Ark Restaurants Corp. was $3,896,000, compared to a net loss of $5,928,000 in the previous year.
Cash provided by operating activities was $4,654,000, while cash used in investing and financing activities was $2,392,000 and $5,404,000, respectively.
The company had a working capital deficit of $10,659,000 as of September 28, 2024, primarily due to all note payments becoming current as they mature through May 31, 2025.
Ark Restaurants Corp. operates 17 restaurants and bars, 16 fast food concepts, and catering operations across the United States, with locations in New York City, Washington, D.C., Las Vegas, Atlantic City, Florida, and Alabama.
The company's agreements for the Bryant Park Grill & Cafe and The Porch at Bryant Park expire on April 30, 2025, and the landlord has indicated an intention to select a different operator.
The company is working with its lender on a new credit agreement expected to be completed in the second fiscal quarter of 2025.
Ark Restaurants Corp. continues to focus on managing its restaurant operations and exploring opportunities for expansion and development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ark Restaurants Corp. annual 10-K report dated December 19, 2024. To report an error, please email earnings@qz.com.