Ark Restaurants reported an increase in first-quarter net income despite a drop in both revenues and same-store sales.

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. 

The company’s attributable net income for the quarter ended December 28 was $3.164 million, compared to $1.37 million in the year-ago period.

Meanwhile, its revenues were down 5 per cent to $44.9 million and same-restaurant sales fell 2.3 per cent.

The decline in revenue was due to the closure of its El Rio Grande location. The company also terminated its lease for the food court at The Hard Rock Hotel and Casino in Tampa, Florida and vacated the premises on December 15.

As of December 28, the company had cash and cash equivalents of $13.1 million and outstanding debt of $4.7 million.