Ark Restaurants reports $162.35m total revenue for 2019

17th December 2019 (Last Updated December 19th, 2019 04:18)

US-based dining establishments operator Ark Restaurants has reported total revenues of $162.35m for the fiscal year ending 28 September 2019 (FY2019), compared to $159.99m for the same period in 2018.

US-based dining establishments operator Ark Restaurants has reported total revenues of $162.35m for the fiscal year ending 28 September 2019 (FY2019), compared to $159.99m for the same period in 2018.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) of the restaurant chain increased to $12.34m for the full year, compared to $9.73m during the same period last year. Total revenues include revenues related to JB’s on the Beach and Durgin-Park.

On 12 January this year, the company closed Durgin-Park at the Faneuil Hall Marketplace in Boston. The decision was based on decreased traffic and rising labour costs.

In May, the company purchased the assets of restaurant and bar, JB’s on the Beach, via a newly formed, wholly-owned subsidiary.

The restaurant company also reported a net income of $2.67m, or $0.77 per basic, $0.76 per diluted share.

In addition, total revenues of the company for the fourth quarter (Q4) were $41.68m, compared to $40.56m for the same period of 2018.

Company-wide same-store sales of the restaurant decreased by 0.7% for Q4 and increased by 0.3% for the full year.

Ark Restaurants currently owns and operates 20 restaurants and bars, 17 fast-food concepts and catering operations in New York City, Washington, Las Vegas and the Gulf Coast of Alabama.

The restaurant chain also operates hotel room service, banquet facilities, employee dining rooms, food court concepts and restaurants inside hotels.