ARK RESTAURANTS CORP. (NASDAQ:ARKR) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.
On June 22, 2020 Ark Restaurants Corp. (the “Company”) issued a press release announcing financial results for the second fiscal quarter of 2020. A copy of the press release titled “Ark Restaurants Announces Financial Results for the Second Quarter of 2020 and Suspension of Quarterly 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 losses related to the closure of certain properties. 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.
On June 22, 2020, the Company announced in the Press Release that the Board of Directors has suspended the declaration and payment of the quarterly dividend.
99.1 Press Release, dated June 22, 2020
ARK RESTAURANTS CORP Exhibit
EX-99.1 2 a3-28x208xkexhibit.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 Ark Restaurants Announces Financial Results for theSecond Quarter of 2020 and Suspension of Quarterly Dividend CONTACT:Anthony J. Sirica(212) [email protected]
To view the full exhibit click
About ARK RESTAURANTS CORP. (NASDAQ:ARKR)
Ark Restaurants Corp. owns and operates approximately 20 restaurants and bars, over 20 fast food concepts and catering operations. The Company operates approximately six small food court restaurants and over one service restaurant in the Village Eateries food court at the New York-New York Hotel & Casino. It also operates the hotel’s room service, banquet facilities and employee cafeteria. It operates approximately six restaurants in New York City; approximately three in Washington, District of Columbia; over six in Las Vegas, Nevada; approximately three in Atlantic City, New Jersey; over one at the Foxwoods Resort Casino in Ledyard, Connecticut; approximately one in Boston, Massachusetts, and over two in Florida. Its restaurants include Center Cafe, Sequoia, Canyon Road, Bryant Park Grill & Cafe, Gallagher’s Steakhouse, Gonzalez y Gonzalez, Village Eateries, Robert, Thunder Grill, Gallagher’s Burger Bar, Broadway Burger Bar and Grill, The Rustic Inn and Southwest Porch.
An ad to help with our costs