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Ark Restaurants fiscal Q3 profit climbs 52.4% YOY

Ark Restaurants Corp. said its normalized net income for the fiscal third quarter ended June 27 amounted to 72 cents per share, an increase of 48.6% from 49 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.5 million, an increase of 52.4% from $1.7 million in the year-earlier period.

The normalized profit margin climbed to 6.3% from 4.3% in the year-earlier period.

Total revenue climbed on an annual basis to $40.4 million from $39.1 million, and total operating expenses totaled $35.7 million, compared with $35.7 million in the year-earlier period.

Reported net income rose 45.2% on an annual basis to $3.2 million, or 92 cents per share, from $2.2 million, or 65 cents per share.