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Ark Restaurants fiscal Q1 profit falls YOY

Ark Restaurants Corp. said its normalized net income for the fiscal first quarter ended Jan. 2 amounted to 9 cents per share, a decline of 50.4% from 17 cents per share in the first quarter ended Dec. 27, 2014.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $304,380, a decrease of 49.8% from $606,880 in the first quarter ended Dec. 27, 2014.

The normalized profit margin declined to 0.6% from 1.8% in the year-earlier period.

Total revenue grew 8.2% year over year to $36.1 million from $33.4 million, and total operating expenses grew 10.0% year over year to $35.4 million from $32.1 million.

Reported net income decreased 56.7% from the prior-year period to $316,530, or 9 cents per share, from $731,010, or 21 cents per share.