The following is a summary of the Ark Restaurants Corp. (ARKR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ark Restaurants reported no change in revenue for Q1 2024.

• There was a decrease in EBITDA, reaching $2,572,000 compared to $3,018,000 from the previous year.

• Cash reserves amounted to $12,122,000 while total debt as of the end of December was $6,742,000.

• There was a significant discrepancy in revenue across various locations, with strong performance in Las Vegas overshadowing problematic revenue trends in Florida where volumes have decreased by approximately 10%.

Business Progress:

• The company is grappling with potential labor inflation due to potential minimum wage increases especially in certain locations like Las Vegas, Florida, and New York.

• Rather than raising menu prices to balance increased labor costs, the company is focusing on growth initiatives to boost demand.

• Ark Restaurants continues to pursue potential acquisition deals that would expand their operating income and take advantage of strategic closed locations.

• They currently hold a minority interest in Meadowlands Racetrack, looking forward to a potential casino license.

• The lease for Ark's popular Bryant Park location is due for renewal in May 2025, with a proposal already submitted and a decision expected in the coming months.

More details: Ark Restaurants IR

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