Salem Media Group Adds Conservative Digital Strategist Harrison Weinhold to Accelerate Podcast Growth
Salem Media Group Adds Conservative Digital Strategist Harrison Weinhold to Accelerate Podcast Growth
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Weinhold brings a proven track record in conservative digital media. Most recently, he served as Head of Growth at The Blaze, where he led digital strategy and audience development. Prior to that, he was Director of Digital Marketing at The Daily Caller, overseeing campaigns that significantly increased reach and engagement.
'As Salem continues to strengthen its position in the digital marketplace, adding top-tier talent like Harrison reflects our commitment to building a team that can compete and win in the fast-moving world of digital media,' said David Santrella, Chief Executive Officer of Salem Media Group. 'Harrison's experience and results-driven approach will be a key asset as we advance our growth initiatives.'
Weinhold will work closely with Salem's podcast team to refine strategy, optimize performance, and develop new audience acquisition channels across the network's growing roster of shows.
About Salem Media Group
Salem Media Group is America's premier multimedia company specializing in Christian and conservative content. Through its national radio network, digital platforms, and publishing brands, Salem reaches millions daily with powerful content that drives the national conversation. Learn more at salemmedia.com.
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ZipRecruiter Announces Second Quarter 2025 Results
Quarterly revenue of $112.2 million Quarterly net loss of ($9.5) million, or net loss margin of (8)% Quarterly Adjusted EBITDA of $9.3 million, or Adjusted EBITDA margin of 8% Company announces $100 million increase to share repurchase program authorization SANTA MONICA, Calif., August 11, 2025--(BUSINESS WIRE)--ZipRecruiter® (NYSE: ZIP), a leading online employment marketplace, today announced financial results for the quarter ended June 30, 2025. ZipRecruiter's complete second quarter results, financial guidance, and management commentary can be found by accessing ZipRecruiter's shareholder letter on the quarterly results page of the Investor Relations website at "While the broader labor market remains soft, ZipRecruiter's financial performance shows early signs of momentum. Quarterly Paid Employers have grown sequentially since Q4'24, and the midpoint of our guidance would mark the first time since 2021 that revenue grows sequentially from Q2 to Q3. These trends reinforce our belief that a return to modest year-over-year revenue growth in the fourth quarter is an increasingly likely scenario," said Ian Sigel, CEO of ZipRecruiter. "Through the past three years of this historically challenged labor market, ZipRecruiter has continuously improved our product for both sides of the marketplace, leveraging our brand and financial strength to operate with a long-term focus. We believe we are well-positioned to emerge from this period as a stronger company, poised to capture outsized market share with both employers and job seekers in the years ahead." Additionally, the company announced that its Board of Directors has authorized a $100 million increase to its share repurchase program under which ZipRecruiter may repurchase shares of its outstanding common stock. ZipRecruiter believes investing in undervalued equity is an attractive option in its balanced capital allocation approach. 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All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding our financial performance showing early signs of momentum, our expected growth and market share, and other statements that reflect ZipRecruiter's current expectations and projections with respect to, among other things, its financial condition, results of operations, plans, objectives, future performance, and business. These statements may be preceded by, followed by or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "intend," "likely," "outlook," "plan," "potential," "project," "projection," "seek," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. Such forward-looking statements are subject to various risks and uncertainties. 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Business Wire
22 minutes ago
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Ategrity Specialty Insurance Company Holdings Reports Second Quarter 2025 Results
NEW YORK--(BUSINESS WIRE)--Ategrity Specialty Insurance Company Holdings (NYSE: ASIC) today announced financial results for the quarter ended June 30, 2025. The Company reported net income attributable to stockholders of $17.6 million, or $0.39 per diluted share, compared to $4.9 million, or $0.14 per diluted share, in the prior-year period. Adjusted net income attributable to stockholders (1) was $17.9 million, or $0.41 per diluted share (1). 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Our productionized underwriting model, which combines technical underwriting with technology-enabled processes, is gaining traction in the marketplace, delivering value to our partners, and driving profitability for our shareholders. Looking ahead, we believe our investments in automation and analytics will accelerate our opportunity to redefine how E&S insurance for small and medium-sized businesses is underwritten and delivered.' Underwriting Results For the quarter ended June 30, 2025, gross written premiums increased 32.3% compared to the prior-year period, driven by expansion of our distribution network and increased wallet share with existing partners. Gross written premiums for casualty lines increased 56.7% year-over-year, reflecting the Company's strategic focus on expanding casualty-related products and verticals. Gross written premiums in property lines increased 3.7% year-over-year, reflecting the impact of pricing actions and targeted reductions in catastrophe exposure initiated in 2024. Underwriting income (1) was $9.6 million for the quarter, up 119.1% from $4.4 million in the prior year period. The combined ratio for the quarter was 88.9%, a decrease from 94.0% in the prior-year period, driven by improvements in both the loss and expense ratios. The loss ratio decreased by 2.8 percentage points to 58.0%, supported by strong underwriting results in property, including lower attritional losses and favorable catastrophe experience. The overall expense ratio was 31.0% for the quarter, compared to 33.2% in the prior-year period. The largest driver of this improvement was policy acquisition costs as a percentage of net earned premiums, which decreased by 2.6 percentage points to 18.5%, reflecting higher ceded earned commissions and a more favorable business mix. Operating expenses, net of fee income, were 12.4% of net earned premiums for the quarter, reflecting increased fee income and emerging operating scale. Operating expenses were higher year-over-year due to investments made in 2024 in personnel, systems, and infrastructure in anticipation of growth opportunities and the Company's transition to becoming a public company. 'This quarter's underwriting results reflect the deliberate actions we have taken to grow and shape our business,' said Chris Schenk, President and Chief Underwriting Officer. 'We saw a meaningful increase in submissions, but we deployed capital with discipline. We achieved above-technical rates in casualty, held firm on property rates even as parts of the market began to soften, and concentrated on targeted micro-segments where we have deep expertise. By leveraging our productionized underwriting model—combining segmentation, analytics-driven pricing, and automation—we were able to deliver strong, profitable growth.' Summary of Operating Results The following table summarizes the Company's results of operations for the three and six months ended June 30, 2025 and 2024: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2025 2024 2025 2024 Gross written premiums $ 167,502 $ 126,614 $ 283,645 $ 208,219 Ceded written premiums (50,231 ) (41,838 ) (76,503 ) (61,187 ) Net written premiums 117,271 84,776 207,142 147,032 Net premiums earned 86,928 72,638 165,229 140,917 Fee income 1,524 191 2,084 316 Losses and loss adjustment expenses 50,412 44,128 97,274 85,174 Underwriting, acquisition and insurance expenses 28,430 24,315 53,315 47,705 Underwriting income (1) 9,610 4,386 16,724 8,354 Net investment income 11,891 5,728 19,786 10,981 Net realized and unrealized gains (losses) on investments 1,409 (4,215 ) (3,190 ) (1,828 ) Interest expense (447 ) (544 ) (894 ) (1,094 ) Other income 28 24 993 48 Other expenses (161 ) (56 ) (399 ) (110 ) Income before income taxes 22,330 5,323 33,020 16,351 Income tax expense 4,713 1,207 6,953 3,277 Net income $ 17,617 $ 4,116 $ 26,067 $ 13,074 Less: Net (loss) income attributable to non-controlling interest - General Partner (5 ) (828 ) (16 ) 374 Net income attributable to stockholders $ 17,622 $ 4,944 $ 26,083 $ 12,700 Key Metrics Adjusted net income attributable to stockholders (1) $ 17,857 $ 4,944 $ 26,400 $ 12,700 Loss ratio 58.0 % 60.8 % 58.9 % 60.4 % Expense ratio 31.0 % 33.2 % 31.0 % 33.6 % Combined ratio (3) 88.9 % 94.0 % 89.9 % 94.1 % Return on stockholders' equity (2) 14.3 % 5.9 % 10.9 % 7.7 % Adjusted return on stockholders' equity (1)(2) 14.5 % 5.9 % 11.0 % 7.7 % Diluted earnings per share $ 0.39 $ 0.14 $ 0.60 $ 0.35 Adjusted diluted earnings per share (1) $ 0.41 $ 0.14 $ 0.62 $ 0.35 Expand (1) Each of these metrics is a non-GAAP financial measure. See '—Reconciliation of non-GAAP financial measures' for a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP measure. (2) For the three and six months ended June 30, 2025 and 2024, net income attributable to stockholders and adjusted net income attributable to stockholders are annualized to arrive at return on stockholders' equity and adjusted return on stockholders' equity. (3) Ratios are calculated using unrounded figures. The sum of components may differ slightly from totals shown due to rounding. Expand Gross Written Premiums The following table presents gross written premiums by product for the three and six months ended June 30, 2025 and 2024: Expense Ratio The following tables summarize the components of our expense ratio for the three and six months ended June 30, 2025 and 2024: (1) Net of fee income of $1.5 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively. (2) Ratios are calculated using unrounded figures. The sum of components may differ slightly from totals shown due to rounding. Expand Investment results The following tables summarize net investment income and net realized and unrealized gains on investments for the three and six months ended June 30, 2025 and 2024: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2025 2024 2025 2024 Investment income Fixed-maturity securities $ 6,460 $ 2,634 $ 12,725 $ 3,521 Short-term investments 1,154 767 1,724 2,281 Cash equivalents 475 1,612 911 3,604 Equity securities — 22 — 44 Loans to affiliates 1,543 250 1,793 501 Securities sold not yet purchased — (103 ) — (235 ) Total fixed income 9,632 5,182 17,153 9,716 Utility & Infrastructure Investments 2,422 658 2,931 1,384 Other expenses (163 ) (112 ) (298 ) (119 ) Net investment income $ 11,891 $ 5,728 $ 19,786 $ 10,981 Net realized and unrealized gains (losses) on investments $ 1,409 $ (4,215 ) $ (3,190 ) $ (1,828 ) Expand Non-GAAP Financial Measures We report our financial results in accordance with GAAP. However, we believe that certain non-GAAP financial measures provide investors in our common stock with additional useful information in evaluating our performance. Management believes that excluding certain items that are not indicative of core performance assists in evaluating our ability to generate earnings and to more readily compare these metrics between past and future periods. These non-GAAP financial measures may be different than similarly titled measures used by other companies. These non-GAAP financial measures should not be considered in isolation from, or as substitutes for, financial information prepared in accordance with GAAP. There are limitations related to the use of these non-GAAP financial measures as compared to the most directly comparable GAAP financial measures. Underwriting Income We define underwriting income as income before income taxes excluding the impact of net investment income, net realized and unrealized gains (losses) on investments, other income, interest expense, and other expenses (which include expenses related to corporate activities and expenses recorded by us in connection with the Company's initial public offering). Underwriting income is a measure of the pre-tax profitability of our underwriting operations and allows us to evaluate our underwriting performance without regard to net investment income among other things. We use this metric as we believe it gives our management and other users of our financial information useful insight into our underlying business performance. Underwriting income should not be viewed as a substitute for income before income taxes calculated in accordance with GAAP and other companies may define underwriting income differently. Underwriting income for the three and six months ended June 30, 2025 and 2024 reconciles to income before income taxes as follows: Adjusted net income attributable to stockholders (previously referred to as adjusted net income attributable to members) We define adjusted net income attributable to stockholders as net income attributable to stockholders excluding certain other non-operating expenses, which include expenses recorded by us in connection with the Company's initial public offering. We use adjusted net income attributable to stockholders as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net income attributable to stockholders should not be viewed as a substitute for net income attributable to stockholders calculated in accordance with GAAP, and other companies may define adjusted net income differently. Adjusted net income attributable to stockholders for the three and six months ended June 30, 2025 and 2024 reconciles to net income attributable to stockholders as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2025 2024 2025 2024 Net income attributable to stockholders $ 17,622 $ 4,944 $ 26,083 $ 12,700 Adjustments: Other non-operating expenses (1) 298 — 401 — Tax impact (63 ) — (84 ) — Adjusted net income attributable to stockholders $ 17,857 $ 4,944 $ 26,400 $ 12,700 Expand (1) In the three and six months ended June 30, 2025, other non-operating expenses includes share-based compensation expenses recorded by us related to our initial public offering. Expand Adjusted return on stockholders' equity (previously referred to as adjusted return on members' equity) We define adjusted return on stockholders' equity as adjusted net income attributable to stockholders, expressed as a percentage of average beginning and ending stockholders' equity during the period. Adjusted net income attributable to stockholders excludes the impact of certain items that may not be indicative of underlying business trends, operating results, or future outlook, net of tax impact. We use adjusted return on stockholders' equity as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted return on stockholders' equity should not be viewed as a substitute for return on stockholders' equity calculated in accordance with GAAP, and other companies may define adjusted return on stockholders' equity and adjusted net income attributable to stockholders differently. Adjusted return on stockholders' equity for the three and six months ended June 30, 2025 and 2024 reconciles to return on stockholders' equity as follows: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands, except percentages) 2025 2024 2025 2024 Numerator: Adjusted net income attributable to stockholders, annualized (1) $ 71,428 $ 19,776 $ 52,800 $ 25,400 Denominator: Average stockholders' equity 493,253 334,977 478,998 329,803 Adjusted return on stockholders' equity 14.5 % 5.9 % 11.0 % 7.7 % Expand (1) For the three and six months ended June 30, 2025 and 2024, net income and adjusted net income are annualized to arrive at return on stockholders' equity and adjusted return on stockholders' equity. Expand Adjusted diluted earnings per share We define adjusted diluted earnings per share as adjusted net income available to stockholders, divided by weighted average common shares outstanding - diluted for the period. We use adjusted diluted earnings per share as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted diluted earnings per share should not be viewed as a substitute for diluted earnings per share calculated in accordance with GAAP, and other companies may define adjusted diluted earnings per share differently. Adjusted diluted earnings per share for the three and six months ended June 30, 2025 and 2024 reconciles to diluted earnings per share as follows: Conference Call Ategrity will hold a conference call to discuss this press release today, August 11, at 5:00 p.m. Eastern Time. Interested parties may access the conference call via a live webcast, which can be accessed at or by visiting the Company's Investor Relations website. Please join the webcast at least 10 minutes before the scheduled start time. A replay of the event webcast will be available on the Company's Investor Relations website approximately two hours following the call, for a period of at least 30 days. About Ategrity Specialty Insurance Company Holdings Ategrity Specialty Insurance Company Holdings is a profitable and growing specialty insurance company dedicated to providing excess and surplus ('E&S') products to small to medium-sized businesses across the United States. We have built a proprietary underwriting platform that combines sophisticated data analytics with automated and streamlined processes to efficiently serve our clients and deliver long-term value to our stockholders. The small to medium-sized business market is characterized by large volumes of small-sized policies, and we believe our competitive edge lies in our ability to offer consistent, high-speed, and low-touch interactions that our distribution partners value. This advantage stems from our technology-driven method of standardizing, simplifying, and automating our transaction process, which we call productionized underwriting. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. You can identify forward-looking statements in this press release by the use of words such as 'anticipates,' 'estimates,' 'expects,' 'intends,' 'plans,' and 'believes,' and similar expressions or future or conditional verbs such as 'will,' 'should,' 'would,' 'may,' and 'could.' These forward-looking statements include, among others, statements relating to our investments in automation and analytics and their expected impact and expected profitable growth. These forward-looking statements are based on management's current expectations and assumptions about future events, which are inherently subject to uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those expressed in, or implied by, the forward-looking statements included in this press release as a result of various factors, including, among others: the risks and uncertainties discussed under the caption 'Risk Factors' in our Prospectus filed pursuant to Rule 424(b)(4) filed with the Securities and Exchange Commission, (the 'SEC') on June 11, 2025 and our other filings with the SEC. Accordingly, you should read this press release completely and with the understanding that our actual future results may be materially different from what we expect. Forward-looking statements speak only as of the date of this press release. Except as expressly required under federal securities laws and the rules and regulations of the SEC, we do not have any obligation, and do not undertake, to update any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events, or otherwise. You should not place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by us, or on our behalf. All forward-looking statements attributable to us are expressly qualified by these cautionary statements. (Unaudited) December 31, 2024 (in thousands, except shares and par value data) Assets: Fixed maturity securities available-for-sale, at fair value (amortized cost: $415,406 in 2025 and $434,965 in 2024) $ 419,247 $ 438,752 Utility & Infrastructure Investments, at fair value (cost of $172,753 in 2025 and $216,075 in 2024) 176,332 270,242 Short-term investments 251,906 52,612 Loans to affiliates 107,501 13,501 Other invested assets 280 280 Total invested assets 955,266 775,387 Cash and cash equivalents 23,529 26,573 Due from broker 2,035 — Investment income due and accrued 6,539 5,642 Premiums receivable, net of allowance for credit losses of $6,091 in 2025 and $5,907 in 2024 89,156 53,500 Deferred policy acquisition costs, net of ceding commissions 27,583 21,552 Prepaid reinsurance premiums 6,679 3,905 Deferred income tax asset, net 10,322 9,670 Reinsurance recoverable, net of allowance for credit losses of $0 in 2025 and $0 in 2024 155,432 133,616 Receivable from affiliates, net 744 16,857 Ceded unearned premiums 73,163 68,205 Other assets 12,704 8,531 Total assets $ 1,363,152 $ 1,123,438 Liabilities, stockholders' equity and non-controlling interest: Liabilities: Reserves for unpaid losses and loss adjustment expenses 451,466 403,576 Unearned premiums 259,700 212,828 Securities sold, not yet purchased, at fair value (cost of $0 in 2025 and $932 in 2024) — 930 Payable to reinsurers 38,124 27,160 Due to broker — 9,189 Accounts payable and accrued expenses 31,067 38,061 Funds held under reinsurance treaties 1,982 2,092 Income tax payable 17,249 26,488 Other liabilities 3,391 4,307 Total liabilities 802,979 724,631 Stockholders' equity: Preferred stock, $0.001 par value, 100,000,000 shares authorized and none issued or outstanding. — — Common stock, $0.001 par value, 500,000,000 shares authorized, 48,066,674 and 38,386,433 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively. 48 38 Additional paid-in capital 495,954 360,703 Retained earnings 60,652 34,569 Accumulated other comprehensive income 3,035 2,997 Total stockholders' equity 559,689 398,307 Non-controlling interest - General Partner 484 500 Total stockholders' equity and non-controlling interest 560,173 398,807 Total liabilities, stockholders' equity and non-controlling interest $ 1,363,152 $ 1,123,438 Expand Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (in thousands, except per share amounts) Revenues Gross written premiums $ 167,502 $ 126,614 $ 283,645 $ 208,219 Ceded written premiums (50,231 ) (41,838 ) (76,503 ) (61,187 ) Net written premiums 117,271 84,776 207,142 147,032 Change in unearned premiums (30,343 ) (12,138 ) (41,913 ) (6,115 ) Net premiums earned 86,928 72,638 165,229 140,917 Fee income 1,524 191 2,084 316 Net investment income 11,891 5,728 19,786 10,981 Net realized and unrealized gains (losses) on investments 1,409 (4,215 ) (3,190 ) (1,828 ) Other income 28 24 993 48 Total revenues 101,780 74,366 184,902 150,434 Expenses Losses and loss adjustment expenses 50,412 44,128 97,274 85,174 Underwriting, acquisition and insurance expenses 28,430 24,315 53,315 47,705 Interest expense 447 544 894 1,094 Other expenses 161 56 399 110 Total expenses 79,450 69,043 151,882 134,083 Income before income taxes 22,330 5,323 33,020 16,351 Income tax expense 4,713 1,207 6,953 3,277 Net income 17,617 4,116 26,067 13,074 (5 ) (828 ) (16 ) 374 Net income attributable to stockholders 17,622 4,944 26,083 12,700 Other comprehensive income: Unrealized gains (losses), net of taxes 152 840 38 3,349 Total comprehensive income attributable to stockholders $ 17,774 $ 5,784 $ 26,121 $ 16,049 Earnings per share: Basic $ 0.40 $ 0.14 $ 0.61 $ 0.35 Diluted $ 0.39 $ 0.14 $ 0.60 $ 0.35 Weighted-average shares outstanding: Basic 42,084,982 36,242,682 41,191,609 36,235,158 Diluted 43,584,999 36,243,959 42,246,997 36,235,950 Expand
Business Wire
22 minutes ago
- Business Wire
Ark Restaurants Announces Financial Results for the Third Quarter of 2025
NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter ended June 28, 2025. "The current quarter showed positive EBITDA of $1,791,000, down from the prior year comparable quarter, due in large part to the expense of our ongoing litigation involving our Bryant Park operations which exceeded $800,000 in the quarter," said Michael Weinstein, Chairman and Chief Executive Officer. "Also, because the outcome and timing of the litigation remains unclear, our event business at the Bryant Park Grill has suffered which has had a decided impact on its revenue and cash flow. Net income (loss) was impacted by a non-cash impairment of assets at our Sequoia restaurant in Washington D.C., where the calculation of future cash flow no longer supports the value carried on our books. The D.C. market has been a difficult environment for us and most restaurants, but we remain committed to this location. There are several other adjustments which are delineated in our 10-Q and the table accompanying this release which affected our net income (loss). The rest of our portfolio performed well. Significantly, our operations at the New York-New York Hotel and Casino in Las Vegas increased cash flow despite softness on the Las Vegas Strip. Our Rustic Inn property in Florida and Robert in NYC continue to perform better than last year and the rest of our portfolio restaurants continue to meet expectations. Further, our Balance Sheet remains strong, supporting future growth." Financial Results As of June 28, 2025, the Company had cash and cash equivalents of $12,325,000 and total outstanding debt of $3,859,000. Total revenues for the 13 weeks ended June 28, 2025 were $43,715,000 versus $50,396,000 for the 13 weeks ended June 29, 2024. No revenues for El Rio Grande and the Tampa Food Court (see below) are included in the 13 weeks ended June 28, 2025. The 13 weeks ended June 29, 2024 includes revenues of $1,026,000 and $1,265,000 related to El Rio Grande and the Tampa Food Court, respectively. Excluding revenues related to El Rio Grande and the Tampa Food Court, revenues for the 13 weeks ended June 29, 2024 were $48,105,000. Total revenues for the 39 weeks ended June 28, 2025 were $128,428,000 versus $140,139,000 for the 39 weeks ended June 29, 2024. No revenues for El Rio Grande are included in the 39 weeks ended June 28, 2025 and the 39 weeks ended June 28, 2025 includes revenues of $974,000 related to the Tampa Food Court. The 39 weeks ended June 29, 2024 includes revenues of $2,373,000 and $4,003,000 related to El Rio Grande and the Tampa Food Court, respectively. Excluding revenues related to El Rio Grande and the Tampa Food Court, revenues for the 39 weeks ended June 28, 2025 and June 29, 2024 were $127,454,000 and $133,763,000, respectively. Excluding revenues related to El Rio Grande and the Tampa Food Court, Company-wide same store sales decreased 7.4% and 3.3% for the 13 and 39 weeks ended June 28, 2025, respectively, as compared to the same periods of the prior year. These decreases were attributable primarily to decreases in both catering and a la carte revenue at the Bryant Park Grill as a result of the negative publicity related to our dispute with the landlord. The Company's Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), as adjusted, for the 13 weeks ended June 28, 2025 was $1,791,000 versus $3,375,000 for the 13 weeks ended June 29, 2024. Net income (loss) attributable to Ark Restaurants Corp. for the 13 weeks ended June 28, 2025, was $(3,454,000) or $(0.96) per basic and diluted share compared to net income of $640,000 or $0.18 per basic and diluted share for the 13 weeks ended June 29, 2024. The Company's EBITDA, as adjusted, for the 39 weeks ended June 28, 2025 was $2,479,000 versus $5,625,000 for the 39 weeks ended June 29, 2024. Net income (loss) attributable to Ark Restaurants Corp. for the 39 weeks ended June 28, 2025, which includes a full valuation allowance related to our deferred tax assets in the amount of $4,799,000, was $(9,548,000) or $(2.65) per basic and diluted share compared to net income of $561,000 or $0.16 per basic and $0.15 per diluted, respectively, for the 39 weeks ended June 29, 2024. EBITDA is a Non-GAAP Financial Measure, accordingly, please see the table attached to this news release for the details of the adjustments made in arriving at EBITDA, as adjusted, for each period presented and "Non-GAAP Financial Information" at the end of this news release. Other Matters Bryant Park Grill & Cafe and The Porch at Bryant Park Leases The Company's agreements with the Bryant Park Corporation (the 'Landlord') (a private non-profit corporation that operates and maintains Bryant Park under agreements with the City of New York Department of Parks & Recreation), for the Bryant Park Grill & Cafe expired on April 30, 2025 and for The Porch at Bryant Park expired on March 31, 2025. In July of 2023 (for the Bryant Park Grill & Cafe) and September of 2023 (for The Porch at Bryant Park), the Company received requests for proposals (the "RFPs") from the Landlord to which we responded on October 26, 2023. The agreements offered under the RFPs for both locations were for new 10-year agreements, with one five-year renewal option. In the second quarter of 2025, the Landlord stated publicly that it had selected a new operator for the Bryant Park Grill & Café and The Porch at Bryant Park. However, to the best of our knowledge, no agreements between the Landlord and the selected operator have received the approvals of either the City of New York Department of Parks & Recreation or the New York Public Library, both of which approvals are required before any new lease can become effective. Management has been working with outside advisors in assisting with our efforts to obtain the extensions by ensuring the RFP awards process was both fair and transparent. On March 28, 2025, we filed a complaint in New York State Supreme Court (the "New York Action"), alleging among other things, that the bid process conducted by the Landlord was defective, failed to comply with the provisions of the agreements underlying the Landlord's right to operate Bryant Park and violated applicable law; that a lease was being awarded to a lower bidder with a limited, unsuccessful track record in the hospitality business; and that the award of the Cafe lease violated our right of first lease under our lease agreements. As part of the relief sought in the New York Action, we are requesting that the Court declare that, under the circumstances presented, the Landlord was required to accept—and should have accepted —our submitted bids. In addition, on March 28, 2025, we also filed a motion for a preliminary injunction in Court to enjoin the Landlord from commencing legal proceedings to evict the Company from the Bryant Park Grill & Café and The Porch at Bryant Park premises. On April 24, 2025, the Court denied the motion. We have filed a notice of appeal of the ruling. On April 29, 2025, we also filed a motion for a preliminary injunction in the New York State Supreme Court, Appellate Division, First Department. That motion is now pending. The Company has received from the Landlord a 'notice to quit' the premises. the Company to terminate its tenancy. On June 16, 2025, the Company filed an amended complaint in the New York Action, adding a cause of action for age discrimination by the Landlord in its selection of a new operator for the Bryant Park Grill & Café and T he Porch at Bryant Park. On June 26, 2025, the Landlord filed counterclaims against the Company in the New York Action seeking, among other things, to eject the Company from the Bryant Park Grill & Café and The Porch at Bryant Park premises. The Company has continued to make all required use and occupancy payments for the Bryant Park Grill & Café and The Porch at Bryant Park, and will continue to make such payments. As of the date of this filing, we continue to operate the above properties as a holdover tenant and intend to do so until we are either awarded the lease extensions or ordered to vacate the premises. The underlying lawsuit filed by the Company to protect its rights continues, and we will pursue all available options to protect the Company's interests. Management, after consultation with legal counsel, is unable to predict the outcome of this matter at this time. While the outcome of these proceedings cannot be predicted with certainty, the Bryant Park Grill & Cafe and The Porch at Bryant Park, collectively, accounted for $19.7 million and $23.3 million of our total revenues for the 39 weeks ended June 28, 2025 and June 29, 2024, respectively, which represented approximately 15.4% and 16.7% of our total revenue for such periods, respectively. If the Company is unable to prevail in the above actions and/or is unable to extend or renew these leases on favorable terms, if at all, it could have a material adverse effect on our business, financial condition, and results of operations. Credit Facility On March 30, 2023, the Company entered into a Second Amended and Restated Credit Agreement (the 'Credit Agreement'), with its lender, Bank Hapoalim B.M. ('BHBM') which originally matured in on June 1, 2025. On May 29, 2025, the Company entered into an Omnibus Amendment to the Credit Agreement which: (i) extended the maturity date of the Credit Agreement to June 1, 2028, (ii) extended the due dates of the balloon payments of its outstanding promissory notes, (iii) reduced the maximum permitted obligations outstanding under the Credit Agreement from $30,000,000 to $20,000,000 (including the outstanding promissory notes), (iv) increased the minimum tangible net worth covenant from $22,000,000 to $28,000,000, and (v) removed the annual net income covenant. Impairment losses on Right-of-Use and Long-lived Assets During the 13 weeks ended June 29, 2024, impairment indicators were identified at our Sequoia property located in Washington, D.C. due to lower-than-expected operating results. Accordingly, the Company tested the recoverability of Sequoia's ROU and long-lived assets and concluded they were not recoverable. Based on a discounted cash flow analysis, the Company recognized impairment charges of $1,561,000 and $939,000 related to Sequoia's ROU and long-lived assets, respectively. The Company continued to monitor the performance of Sequoia throughout fiscal 2025 and as a result of lower-than-expected operating results we tested the recoverability of its ROU and long-lived assets as of June 28, 2025. Based on a discounted cash flow analysis, we recognized additional impairment charges of $2,940,000 and $1,760,000 during the 13 weeks ended June 28, 2025 related to Sequoia's ROU and long-lived assets, respectively. Given the inherent uncertainty in projecting results of restaurants, the Company will continue to monitor the recoverability of the carrying value of the assets of Sequoia and several other restaurants on an ongoing basis. If expected performance is not realized, further impairment charges may be recognized in future periods, and such charges could be material. Gain on the Termination of the Tampa Food Court Lease On November 26, 2024, the Company agreed to terminate its lease for the food court at The Hard Rock Hotel and Casino in Tampa, FL and, accordingly, vacated the premises on December 15, 2024. In connection with this, Ark Hollywood/Tampa Investment LLC, a subsidiary of the Company, (in which we own a 65% interest) received a termination payment in the amount of $5,500,000, all obligations under the lease ceased and we recorded a gain, net of expenses in the amount of $5,235,000 during the 13 weeks ended December 28, 2024. During the 13 weeks ended March 29, 2025, Ark Hollywood/Tampa Investment LLC distributed approximately $1,710,000 of the net proceeds, after expenses, to the other equity holders of Ark Hollywood/Tampa Investment LLC. Goodwill Impairment Goodwill is the excess of cost over fair market value of tangible and intangible net assets acquired. Goodwill is not presently amortized but tested for impairment annually or when the facts or circumstances indicate a possible impairment of goodwill as a result of a continual decline in performance or as a result of fundamental changes in a market. During the three months ended March 29, 2025, the Company identified a triggering event in accordance with the Financial Accounting Standards Board ('FASB'), Accounting Standards Update ("ASU") 350-20, ' Intangibles—Goodwill and Other,' primarily related to a decline in the Company's stock price in the second quarter of fiscal 2025 and the continued uncertainty related to the expiration of the Bryant Park Grill & Cafe and The Porch at Bryant Park leases. As a result, the Company performed an interim quantitative impairment test and based on the results of the assessment, the fair value of our equity was determined to be less than its carrying amount. Accordingly, the Company recognized a non-cash impairment charge of the remaining balance of its goodwill in the amount of $3,440,000 in our consolidated condensed statements of operations 39 weeks ended June 28, 2025. The Company did not record any impairment to its goodwill during the 13 and 39 weeks ended June 29, 2024. Gain on the Closure of El Rio Grande In October 2024, the Company advised the landlord of El Rio Grande we would be terminating the lease and closing the property permanently. In connection with this notification, the Company recorded a loss of $876,000 during the year ended September 28, 2024. The property closed permanently on January 3, 2025 and was vacated and delivered to the landlord on April 30, 2025. Gains recognized are the result of refinements of estimates. Conference Call and Webcast Information Ark Restaurants will host a conference call on August 12, 2025 at 11:00 a.m. Eastern Time to review these results and discuss other topics. The call can be accessed by dialing toll-free 1-877-407-4018 (Toll/International: 1-201-689-8471). A live webcast of the call will be available by copying and pasting the following URL into your browser: A replay will be available approximately three hours following the call by dialing toll-free 1-844-512-2921 (Toll/International: 1-412-317-6671) using Access ID 13755360. The replay will be available until Tuesday, August 19, 2025, 11:59 p.m. Eastern Time. About Ark Restaurants Corp. Ark Restaurants owns and operates 16 restaurants and bars, 12 fast food concepts and catering operations primarily in New York City, Florida, Washington, DC, Las Vegas, Nevada and the gulf coast of Alabama. Three restaurants are located in New York City, one is located in Washington, DC, five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB's on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of six fast food facilities in Hollywood at the Hard Rock Hotel and Casino operated by the Seminole Indian Tribe. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort. Cautionary Note Regarding Forward-Looking Statements Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future. Non-GAAP Financial Information This news release includes non-generally accepted accounting principles ("GAAP") performance measures. Although EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company's past financial performance as well as providing useful information to the investor because of its historical use by the Company as both a performance measure and measure of liquidity, and the use of EBITDA by virtually all companies in the restaurant sector as a measure of both performance and liquidity. However, investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure for determining the Company's operating performance or liquidity that is calculated in accordance with GAAP as it may not necessarily be comparable to similarly titled measure employed by other companies. 13 Weeks Ended June 28, 2025 13 Weeks Ended June 29, 2024 39 Weeks Ended June 28, 2025 39 Weeks Ended June 29, 2024 TOTAL REVENUES $ 43,715 $ 50,396 $ 128,428 $ 140,139 COSTS AND EXPENSES: Food and beverage cost of sales 12,060 13,304 35,650 37,512 Payroll expenses 15,280 17,479 46,103 49,969 Occupancy expenses 5,444 6,261 17,128 18,368 Other operating costs and expenses 6,038 6,305 17,422 18,233 General and administrative expenses 2,822 2,690 9,292 9,151 Depreciation and amortization 964 1,033 2,443 3,181 Gain on closure of El Rio Grande (178 ) — (173 ) — Gain on termination of Tampa Food Court lease — — (5,235 ) — Impairment losses on right-of-use and long-lived assets 4,700 2,500 4,700 2,500 Goodwill impairment — — 3,440 — Total costs and expenses 47,130 49,572 130,770 138,914 OPERATING INCOME (LOSS) (3,415 ) 824 (2,342 ) 1,225 OTHER (INCOME) EXPENSE: Interest expense, net 90 138 294 448 Other income — — — (26 ) Gain on sale of condominiums (391 ) — (391 ) — Gain on forgiveness of PPP Loans — — — (285 ) Total other (income) expense, net (301 ) 138 (97 ) 137 INCOME (LOSS) BEFORE PROVISION (BENEFIT) FOR INCOME TAXES (3,114 ) 686 (2,245 ) 1,088 Provision (benefit) for income taxes 81 (213 ) 5,019 (202 ) CONSOLIDATED NET INCOME (LOSS) (3,195 ) 899 (7,264 ) 1,290 Net income attributable to non-controlling interests (259 ) (259 ) (2,284 ) (729 ) NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. $ (3,454 ) $ 640 $ (9,548 ) $ 561 NET INCOME (LOSS) ATTRIBUTABLE TO ARK RESTAURANTS CORP. PER COMMON SHARE: Diluted $ (0.96 ) $ 0.18 $ (2.65 ) $ 0.15 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 3,605 3,604 3,605 3,604 Diluted 3,605 3,627 3,605 3,628 EBITDA Reconciliation: Income (loss) before provision (benefit) for income taxes $ (3,114 ) $ 686 $ (2,245 ) $ 1,088 Depreciation and amortization 964 1,033 2,443 3,181 Interest expense, net 90 138 294 448 EBITDA $ (2,060 ) $ 1,857 $ 492 $ 4,717 EBITDA, adjusted: EBITDA (as defined) $ (2,060 ) $ 1,857 $ 492 $ 4,717 Non-cash stock-based compensation activity (21 ) (723 ) 60 (578 ) Gain on closure of El Rio Grande (178 ) — (173 ) — Gain on termination of Tampa Food Court lease, net of non- controlling interests — — (3,365 ) — Impairment losses on right-of-use and long-lived assets 4,700 2,500 4,700 2,500 Goodwill impairment — — 3,440 — Gain on sale of condominiums (391 ) — (391 ) — Gain on forgiveness of PPP Loans — — — (285 ) Net income attributable to non-controlling interests (259 ) (259 ) (2,284 ) (729 ) EBITDA, as adjusted $ 1,791 $ 3,375 $ 2,479 $ 5,625 Expand
