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ARK RESTAURANTS CORP.
2024 ANNUAL REPORT
February 3, 2025
Shareholders, Employees and Friends of our Company,
This year, we continued to struggle in our business. Margins were under pressure from the combination of less demand in some
venues and the post-pandemic increases in the expense side of operations. The decline in Adjusted EBITDA from the $13,987,000
in the 2022 fiscal year and $9,266,000 in fiscal 2023 to this year   s $6,128,000 is indicative of this struggle. We had challenges in
revenue at our Sequoia Washington D.C. property and in all the full-service restaurants we own in Florida. Revenues in New York,
Alabama and Las Vegas were generally flat on a comparative basis with fiscal 2023. The expense side remains difficult and while
it may have leveled off, it is not decreasing. Unquestionably, the labor market is more fluid; we can find good people, but the cost
of labor continues to accelerate with higher legislated minimum wage requirements and increases in employee benefits. Other
expense items, notably insurance premiums, outside repair services and non-food supplies, are all higher than in the previous period.
Prior to this past fiscal year, we did make some price adjustments, although minor, to help our gross profit margin. But this did not
help revenue as head counts were down. We did not adjust pricing this year, as we continue to be concerned with the resiliency of
the consumer and the squeeze on their disposable income. To correct our current margin problem, we need to see more consumer
demand which will boost revenue and allow for an adjustment in menu pricing to improve the current cost structure of running our
businesses.
Our balance sheet remains strong for a business of our size. Our intention is to utilize this advantage to acquire cash flow, primarily
from the purchase of restaurants whose owners want to monetize their assets. Past deals for our Florida properties such as Rustic
Inn, Shuckers, JB   s On the Beach and Blue Moon Fish Company have been strong additions to our portfolio. This year we had
several acquisition opportunities, but we could not come to favorable terms. We will continue the effort to add to the portfolio.
Our focus remains on delivering a quality value proposition to our customers. I continue to believe we excel at this goal. Customer
responses, which we can monitor through social media sites, are overwhelmingly favorable. My visits to our restaurants consistently
confirm the hard work of our management, chefs, and their staff. I assure you that a visit to any of our restaurants will only attest
to this.
Thank you for your support.
Sincerely,
Michael Weinstein
Chairman of the Board and Chief Executive Officer
* This letter includes non-generally accepted accounting principles (   GAAP   ) performance measures. For reconciliations between
our non-GAAP measures and the nearest GAAP measures, please refer to the page preceding the back cover of this Annual Report.
As non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures,
you should carefully read the Form 10-K included in this Annual Report, which includes our consolidated financial statements
prepared in accordance with GAAP. Additionally, this letter includes statements that, to the extent they are not recitations of
historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on the
company   s current expectations and assumptions. For a discussion identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking statements, see the company's filings with the Securities and
Exchange Commission, including    Management's Discussion and Analysis of Financial Condition and Results of Operations    in
the Form 10-K portion of this Annual Report.
ARK RESTAURANTS CORP.
Corporate Office
Michael Weinstein, Chairman and Chief Executive Officer
Anthony J. Sirica, President, Chief Financial Officer and Treasurer
Jennifer Jordan, Co-Chief Operating Officer
Samuel Weinstein, Co-Chief Operating Officer
Walter Rauscher, Vice President     Corporate Sales & Catering
Keith Eure. Vice President     Las Vegas Operations
Nancy Alvarez, Corporate Controller
Teresita Mendoza, Director of Finance and Administration     Las Vegas Operations
Linda Clous, Director of Facilities Management
Esther Kim, Director, Food and Beverage     Las Vegas Operations
Guisela Nunez, Director of Human Resources
Veronica Mijelshon, Director of Architecture and Design
John Oldweiler, Director of Purchasing
Evyette Ortiz, Director of Marketing
Christopher Love, Secretary
Blair Roy, Director of Maintenance     Las Vegas Operations
Executive Chefs
Mark Purdy, Las Vegas, NV
Brandon Greenwood, Assistant Executive Chef, Las Vegas, NV
Restaurant General Manager     New York
Ana Harris, Robert
Donna Simms, Bryant Park Grill
Restaurant General Managers     Washington, D.C.
Isabelle DuBois, Sequoia
Restaurant General Manager     Atlantic City, NJ
Jason Kowerski, Broadway Burger Bar
Restaurant General Manager     Meadowlands, NJ
Gina Palazzolo, Victory Sports Bar & Club
Restaurant General Managers     Las Vegas
Roberto Aguiar, Yolos Mexican Grill
Logo Stevens, Director of Sales and Catering
Edwin Villatoro, Gonzalez y Gonzalez
Bret Frabbiele, Gallagher   s Steakhouse
Kelly Rosas, America
Johnny Flores, Village Streets
Elena Munez, Broadway Burger Bar
Restaurant General Managers     Florida
Michael Diascro, Rustic Inn
Edgar Gonzalez-Pratt, Hollywood Food Court
Robert Rae, Shuckers
CJ Nickoson, JB   s on the Beach and Blue Moon Fish Co.
Restaurant General Managers     Alabama
Jim Harrison, Original Oyster House     Spanish Fort
James Nail, Original Oyster House     Gulf Shores
Restaurant Chefs     New York
Armando Cortes, Robert
Gadi Weinreich, Bryant Park Grill
Restaurant Chefs     Washington, D.C.
Fanor Baldarrama, Sequoia
Restaurant Chefs     Las Vegas
Casey Houghton, Gallagher   s Steakhouse
Brittany Fletcher, Broadway Burger Bar
Marvin Mendoza, America
Roberto Aguilar, Yolos Mexican Grill
Pedro Gonzalez, Gonzalez y Gonzalez
Restaurant Chefs     Florida
Tomas Monroy, Hollywood Food Court
Ralph Formisano, Shuckers
Jason Lemon, Rustic Inn     Dania Beach, FL
Michael Lynch, JB   s on the Beach
Jason Ingrassia, Blue Moon Fish Co.
 • shareholder letter icon 2/3/2025 Letter Continued (Full PDF)
 • stockholder letter icon 2/2/2024 ARKR Stockholder Letter
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ARKR Shareholder/Stockholder Letter Transcript:

ARK RESTAURANTS CORP.
2024 ANNUAL REPORT


February 3, 2025
Shareholders, Employees and Friends of our Company,
This year, we continued to struggle in our business. Margins were under pressure from the combination of less demand in some
venues and the post-pandemic increases in the expense side of operations. The decline in Adjusted EBITDA from the $13,987,000
in the 2022 fiscal year and $9,266,000 in fiscal 2023 to this year   s $6,128,000 is indicative of this struggle. We had challenges in
revenue at our Sequoia Washington D.C. property and in all the full-service restaurants we own in Florida. Revenues in New York,
Alabama and Las Vegas were generally flat on a comparative basis with fiscal 2023. The expense side remains difficult and while
it may have leveled off, it is not decreasing. Unquestionably, the labor market is more fluid; we can find good people, but the cost
of labor continues to accelerate with higher legislated minimum wage requirements and increases in employee benefits. Other
expense items, notably insurance premiums, outside repair services and non-food supplies, are all higher than in the previous period.
Prior to this past fiscal year, we did make some price adjustments, although minor, to help our gross profit margin. But this did not
help revenue as head counts were down. We did not adjust pricing this year, as we continue to be concerned with the resiliency of
the consumer and the squeeze on their disposable income. To correct our current margin problem, we need to see more consumer
demand which will boost revenue and allow for an adjustment in menu pricing to improve the current cost structure of running our
businesses.
Our balance sheet remains strong for a business of our size. Our intention is to utilize this advantage to acquire cash flow, primarily
from the purchase of restaurants whose owners want to monetize their assets. Past deals for our Florida properties such as Rustic
Inn, Shuckers, JB   s On the Beach and Blue Moon Fish Company have been strong additions to our portfolio. This year we had
several acquisition opportunities, but we could not come to favorable terms. We will continue the effort to add to the portfolio.
Our focus remains on delivering a quality value proposition to our customers. I continue to believe we excel at this goal. Customer
responses, which we can monitor through social media sites, are overwhelmingly favorable. My visits to our restaurants consistently
confirm the hard work of our management, chefs, and their staff. I assure you that a visit to any of our restaurants will only attest
to this.
Thank you for your support.
Sincerely,
Michael Weinstein
Chairman of the Board and Chief Executive Officer
* This letter includes non-generally accepted accounting principles (   GAAP   ) performance measures. For reconciliations between
our non-GAAP measures and the nearest GAAP measures, please refer to the page preceding the back cover of this Annual Report.
As non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures,
you should carefully read the Form 10-K included in this Annual Report, which includes our consolidated financial statements
prepared in accordance with GAAP. Additionally, this letter includes statements that, to the extent they are not recitations of
historical fact, constitute forward-looking statements within the meaning of the federal securities laws, and are based on the
company   s current expectations and assumptions. For a discussion identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking statements, see the company's filings with the Securities and
Exchange Commission, including    Management's Discussion and Analysis of Financial Condition and Results of Operations    in
the Form 10-K portion of this Annual Report.

ARK RESTAURANTS CORP.
Corporate Office
Michael Weinstein, Chairman and Chief Executive Officer
Anthony J. Sirica, President, Chief Financial Officer and Treasurer
Jennifer Jordan, Co-Chief Operating Officer
Samuel Weinstein, Co-Chief Operating Officer
Walter Rauscher, Vice President     Corporate Sales & Catering
Keith Eure. Vice President     Las Vegas Operations
Nancy Alvarez, Corporate Controller
Teresita Mendoza, Director of Finance and Administration     Las Vegas Operations
Linda Clous, Director of Facilities Management
Esther Kim, Director, Food and Beverage     Las Vegas Operations
Guisela Nunez, Director of Human Resources
Veronica Mijelshon, Director of Architecture and Design
John Oldweiler, Director of Purchasing
Evyette Ortiz, Director of Marketing
Christopher Love, Secretary
Blair Roy, Director of Maintenance     Las Vegas Operations
Executive Chefs
Mark Purdy, Las Vegas, NV
Brandon Greenwood, Assistant Executive Chef, Las Vegas, NV
Restaurant General Manager     New York
Ana Harris, Robert
Donna Simms, Bryant Park Grill
Restaurant General Managers     Washington, D.C.
Isabelle DuBois, Sequoia
Restaurant General Manager     Atlantic City, NJ
Jason Kowerski, Broadway Burger Bar
Restaurant General Manager     Meadowlands, NJ
Gina Palazzolo, Victory Sports Bar & Club
Restaurant General Managers     Las Vegas
Roberto Aguiar, Yolos Mexican Grill
Logo Stevens, Director of Sales and Catering
Edwin Villatoro, Gonzalez y Gonzalez
Bret Frabbiele, Gallagher   s Steakhouse
Kelly Rosas, America
Johnny Flores, Village Streets
Elena Munez, Broadway Burger Bar

Restaurant General Managers     Florida
Michael Diascro, Rustic Inn
Edgar Gonzalez-Pratt, Hollywood Food Court
Robert Rae, Shuckers
CJ Nickoson, JB   s on the Beach and Blue Moon Fish Co.
Restaurant General Managers     Alabama
Jim Harrison, Original Oyster House     Spanish Fort
James Nail, Original Oyster House     Gulf Shores
Restaurant Chefs     New York
Armando Cortes, Robert
Gadi Weinreich, Bryant Park Grill
Restaurant Chefs     Washington, D.C.
Fanor Baldarrama, Sequoia
Restaurant Chefs     Las Vegas
Casey Houghton, Gallagher   s Steakhouse
Brittany Fletcher, Broadway Burger Bar
Marvin Mendoza, America
Roberto Aguilar, Yolos Mexican Grill
Pedro Gonzalez, Gonzalez y Gonzalez
Restaurant Chefs     Florida
Tomas Monroy, Hollywood Food Court
Ralph Formisano, Shuckers
Jason Lemon, Rustic Inn     Dania Beach, FL
Michael Lynch, JB   s on the Beach
Jason Ingrassia, Blue Moon Fish Co.



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