ARK Restaurants Corp. Files 2024 10-K

TL;DR

ARK Restaurants Corp. filed its 2024 10-K. Financials for FY24 are in.

AI Summary

ARK Restaurants Corp. filed its 10-K for the fiscal year ending September 28, 2024. The company, primarily involved in the restaurant business, is incorporated in New York and headquartered at 85 Fifth Avenue, New York, NY. The filing covers the period from October 1, 2023, to September 28, 2024, and includes financial data for the fiscal years 2023 and 2024.

Why It Matters

This 10-K filing provides a comprehensive overview of ARK Restaurants Corp.'s financial performance and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: medium — The provided text is a standard 10-K filing header and does not contain specific risk factors or financial performance details that would indicate a high or low risk level.

Key Numbers

• 2024-09-28 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2023-10-01 — Fiscal Year Start (The start date of the reporting period for the 10-K.)
• 2022-10-02 — Previous Fiscal Year Start (The start date of the prior fiscal year, used for comparative financial reporting.)

Key Players & Entities

• ARK RESTAURANTS CORP (company) — Filer
• 0000779544 (company) — Central Index Key
• 5812 (industry_code) — Standard Industrial Classification
• NY (state) — State of Incorporation
• 2122068800 (phone_number) — Business Phone
• 20240928 (date) — Fiscal Year End
• 20241219 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share ARKR The NASDAQ Stock Market
• $1,500,000 — he Company agreed to spend a minimum of $1,500,000 to materially refresh the premises by A
• $1,900,000 — l cost of the refresh was approximately $1,900,000. On June 24, 2022, the Company extende
• $4,000,000 — ompany has agreed to spend a minimum of $4,000,000 to materially refresh the premises by D
• $100,000 — in the agreement. To date approximately $100,000 has been spent on this refresh. On Ju
• $3,500,000 — ompany has agreed to spend a minimum of $3,500,000 to materially refresh all three of thes
• $950,000 — in the agreement. To date approximately $950,000 has been spent on this refresh. Each
• $876,000 — ication, the Company recorded a loss of $876,000 during the year ended September 28, 202
• $398,000 — rovisions of the lease in the amount of $398,000, (ii) accrued severance and other costs
• $94,000 — erance and other costs in the amount of $94,000, (iii) an impairment charge related to
• $269,000 — d to long-lived assets in the amount of $269,000 and (iv) the write-off of our security
• $238,000 — f our security deposit in the amount of $238,000, all partially offset by a gain related
• $123,000 — lease liabilities in the net amount of $123,000. Investment in New Meadowlands Racetra
• $4,200,000 — On March 12, 2013, the Company made a $4,200,000 investment in the New Meadowlands Racet
• $464,000 — 013, the Company invested an additional $464,000 in NMR through a purchase of an additio

Filing Documents

• arkr-20240928.htm (10-K) — 1180KB
• a32024exhibit21.htm (EX-21) — 32KB
• a42024exhibit23.htm (EX-23) — 2KB
• a52024exhibit311.htm (EX-31.1) — 10KB
• a62024exhibit312.htm (EX-31.2) — 11KB
• a72024exhibit32.htm (EX-32) — 7KB
• 0000779544-24-000052.txt ( ) — 7477KB
• arkr-20240928.xsd (EX-101.SCH) — 62KB
• arkr-20240928_cal.xml (EX-101.CAL) — 97KB
• arkr-20240928_def.xml (EX-101.DEF) — 261KB
• arkr-20240928_lab.xml (EX-101.LAB) — 766KB
• arkr-20240928_pre.xml (EX-101.PRE) — 523KB
• arkr-20240928_htm.xml (XML) — 832KB

Business

Item 1. Business Overview We are a New York corporation formed in 1983. As of the fiscal year ended September 28, 2024, we owned and/or operated 17 restaurants and bars, 16 fast food concepts and catering operations through our subsidiaries. Four of our restaurant and bar facilities are located in New York City, one is located in Washington, D.C., 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. Our restaurants are typically larger, destination properties intended to benefit from high patron traffic attributable to the uniqueness of the location and catered events. All of our expansion in recent years has been through acquisitions as follows: The Rustic Inn in Dania Beach, Florida (2014); Shuckers in Jensen Beach, Florida (2016); two Original Oyster Houses , one in Gulf Shores, Alabama and one in Spanish Fort, Alabama (2017), JB's on the Beach in Deerfield Beach, Florida (2019), and Blue Moon Fish Company (2021) in Lauderdale-by-the-Sea, Florida. The names and themes of each of our restaurants are different except for our two Broadway Burger Bar and Grill restaurants and two Original Oyster House restaurants. The menus in our restaurants are extensive, offering a wide variety of high-quality foods at generally moderate prices. The atmosphere at many of the restaurants is lively and extremely casual. Most of the restaurants have separate bar areas, are open seven days a week and most serve lunch as well as dinner. A majority of our net sales are derived from dinner as opposed to lunch service. While decor differs from restaurant to restaurant, interiors are marked by distinctive architectural and design elements which often incorporate dramatic interior open spaces and extensive glass exteriors. The wall treatments, lighting and decorations are typically vivid, unusual and, in some cases, highly theatrical. 5 The following table

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View this 10-K filing on SEC EDGAR