Ark Restaurants' Q1 revenue falls, net income drops
Overview
Restaurant operator's fiscal Q1 revenue declined 9.4% yr/yr
Adjusted EBITDA for fiscal Q1 increased slightly compared to last year
Net income for fiscal Q1 decreased 71.7% yr/yr
Outlook
Company anticipates ongoing adverse effects from Bryant Park lease dispute
Ark Restaurants sees potential dilution of interests in Meadowlands Racetrack
Company did not provide specific financial guidance for future quarters
Result Drivers
LEASE DISPUTE - Negative publicity from a lease dispute at Bryant Park Grill & Café led to decreased catering and a la carte sales
LAS VEGAS PERFORMANCE - Operations at New York-New York Hotel and Casino in Las Vegas showed increased cash flow despite lower customer traffic
PROPERTY PERFORMANCE - Rustic Inn in Florida and Robert in NYC performed better than last year
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Revenue |
| $40.75 mln |
|
Q1 Net Income |
| $1.10 mln |
|
Q1 Adjusted EBITDA |
| $1.53 mln |
|
Q1 EBIT |
| $1.09 mln |
|
Q1 EBITDA |
| $1.83 mln |
|
Press Release: ID:nBw80jWPVa
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
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