Ark Restaurants Corp (ARKR) 2025 Q3 法說會逐字稿

Greetings and welcome to the Ark Restaurant's third quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Ark Restaurant 2025 年第三季業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Christopher Love, Secretary. Thank you. You may begin.

現在我很高興向大家介紹你們的主人，克里斯多福·洛夫秘書。謝謝。你可以開始了。

Thank you, operator. Good morning and thank you for joining us on our conference call for the third quarter ended June 28, 2025. My name is Christopher Love, and I am the Secretary of Ark Restaurants.

謝謝您，接線生。早安，感謝您參加我們截至 2025 年 6 月 28 日的第三季電話會議。我叫克里斯多福‧洛夫 (Christopher Love)，是 Ark Restaurants 的秘書。

With me on the call today is Michael Weinstein, our Chairman and CEO; and Anthony Sirica, our President, CFO. For those of you who have not yet obtained a copy of our press release, it was issued over the news wires yesterday and is available on our website. To review the full text of that press release, along with the associated financial tables, please go to our homepage at www.arkrestaurants.com.

今天與我一起參加電話會議的還有我們的董事長兼執行長 Michael Weinstein 和我們的總裁兼財務長安東尼·西里卡 (Anthony Sirica)。對於尚未獲得我們新聞稿副本的人來說，它昨天已透過新聞通訊社發布，並可在我們的網站上查閱。要查看該新聞稿的全文以及相關財務表，請造訪我們的主頁 www.arkrestaurants.com。

Before we begin, however, I'd like to read the safe harbor statement. I need to remind everyone that part of our discussion is (Inaudible - microphone inaccessible) forward-looking statements and that these statements are not guarantees of future performance and therefore undue reliance should not be placed on them. We refer everyone to our filings with the Securities and Exchange Commission for more detailed discussion of the risks that may have a direct bearing on our operating results, performance, and financial condition.

不過，在我們開始之前，我想先讀安全港聲明。我需要提醒大家，我們討論的部分內容是（聽不清楚 - 麥克風無法存取）前瞻性陳述，這些陳述並不是對未來表現的保證，因此不應過分依賴它們。我們請大家參閱我們向美國證券交易委員會提交的文件，以便更詳細地討論可能對我們的經營成果、業績和財務狀況產生直接影響的風險。

I'll now turn the call over to Anthony. Thank you.

我現在將電話轉給安東尼。謝謝。

Good morning, everyone. Before Michael gets into the results of operations, I wanted to highlight a few things on the balance sheet. Our cash is $12 million a quarter end. Our debt was $3.9 million. We did extend our credit agreement during the quarter through 6/1/2028 with $20 million of capacity.

大家早安。在麥可介紹經營成果之前，我想強調一下資產負債表上的幾點。我們每季末的現金為 1200 萬美元。我們的債務是390萬美元。我們確實在本季將信貸協議延長至 2028 年 6 月 1 日，協議額度為 2,000 萬美元。

With that, the balloon notes on the three notes that we had outstanding were extended on the same payment terms that we were paying, so two of those will run off in about four or five more quarterly payments, and the third one, there'll be another balloon payment in June 2028. The other big item of note on the balance sheet, which you saw on the release was we had an additional impairment of Sequoia's leasehold improvements in right of use assets and the amount of $4.7 million as stated in the release, as a result of the cash flow analysis. Other than that, the balance sheet, is remains strong.

這樣，我們未償還的三筆大額票據將按照我們支付的相同付款條件延期，因此其中兩筆將在大約四到五個季度內償還，第三筆將在 2028 年 6 月再次償還。資產負債表上值得注意的另一個主要項目，正如您在新聞稿中看到的，根據現金流分析的結果，我們對紅杉資本的使用權資產的租賃改良進行了額外的減值，金額為 470 萬美元，如新聞稿中所述。除此之外，資產負債表依然強勁。

So I'll hand it over to Michael.

所以我會把它交給麥可。

Hi, everybody. I tried to address where we are in the opening paragraph for earnings release. The individual restaurants are for the most part, doing very well. Las Vegas has been strong in terms of its cash flow, despite a remarkable slowdown in the visitors to New York, Las Vegas Strip.

大家好。我試圖在收益報告的開頭段落中說明我們所處的位置。個別餐廳的經營狀況大多都很好。儘管前往紐約拉斯維加斯大道的遊客數量明顯減少，但拉斯維加斯的現金流依然強勁。

Robert in New York continues to do above our expectations, as does rustic in Fort Lauderdale. The rest of the restaurants are performing as we expected to perform, this despite what we consider in various areas of the country where we operate, mini nation of demand in line with what a lot of restaurants are seeing. It's Florida, we're told by purveyors and other restaurant tours, they were all 15% to 20%, that's maybe a number which is exaggerated, but without a question, headcounts and visitor ships to these restaurants are down.

紐約的羅伯特 (Robert) 的表現繼續超出我們的預期，勞德代爾堡的鄉村音樂 (Rust) 也是如此。其餘餐廳的表現都符合我們的預期，儘管我們認為在我們經營的全國各地，需求量都很小，與許多餐廳的情況一致。這是佛羅裡達州，供應商和其他餐廳旅行團告訴我們，他們的人數都下降了 15% 到 20%，這個數字可能有些誇張，但毫無疑問，這些餐廳的顧客數量和遊客數量都在下降。

So I think under the environment that we're in, I think we're doing quite well with the restaurants. Obviously, we're not doing well with Sequoia, or Bryant Park for two different reasons. Sequoia in Washington DC, we're in Washington Harbor, the complex known as Washington Harbor. All the restaurants in Washington Harbor, and I think most of the restaurants in Washington DC are suffering from an environment that's just people don't want to be out, also the event business in Sequoia, which is a large facility has 1,100 seats, that business is dried up considerably, I think, given the environment in Washington DC.

所以我認為在我們所處的環境下，我們的餐廳經營得相當不錯。顯然，由於兩個不同的原因，我們在紅杉公園或布萊恩特公園的經營並不順利。華盛頓特區的紅杉，我們在華盛頓港，這個綜合體被稱為華盛頓港。華盛頓港的所有餐館，以及我認為華盛頓特區的大多數餐館都受到人們不願出門的環境的影響，此外，紅杉的活動業務也受到了嚴重影響，紅杉是一個擁有 1,100 個座位的大型設施，考慮到華盛頓特區的環境，我認為這項業務已經相當枯竭。

In terms of, Brian Park, we're in a litigation, we're at the very beginning of it. We're just starting discovery, and this is probably a two or three year process to see the litigation through. We're very committed to the belief that we should be the operator there and we're going to stay the course because we think our claims are justified.

就布萊恩·帕克 (Brian Park) 而言，我們正在進行一場訴訟，而且才剛開始。我們才剛開始調查，整個訴訟過程可能要花兩到三年的時間。我們堅信我們應該成為那裡的運營商，我們將堅持下去，因為我們認為我們的主張是合理的。

With that, the only other thing going on, which is the casino license possibilities for Meadowlands, we think we're getting closer for a referendum by New Jersey legislature to permit gaming in the Northern part of the state. We think the trigger for that will be when New York State announces the three licenses that they are going to be obligated to give to downstate casinos in New York Yonkers, Aqueduct will probably be two, and there'll be a third selected, and we believe that that will be the linchpin for New Jersey to move aggressively toward countering that within a casino in the north and we think we're in the best position to get a casino license.

除此之外，唯一正在發生的事情就是梅多蘭茲獲得賭場牌照的可能性，我們認為我們越來越接近新澤西州立法機構舉行全民公投，允許在該州北部進行博彩業。我們認為，紐約州宣布將向紐約州南部的賭場頒發三張許可證（揚克斯和 Aqueduct 可能是兩張），第三張將被選中，我們認為，這將是新澤西州積極應對北部賭場牌照問題的關鍵，我們認為我們處於獲得賭場牌照的最佳位置。

With that questions.

帶著這些問題。

Thank you. We will now be conducting a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

No questions.

沒有問題。

Yeah, there are no questions at this time. I'd like to turn the floor back over to Michael Weinstein for closing comments.

是的，目前沒有問題。我想把發言權交還給麥可溫斯坦，請他發表最後評論。

Thank you all for phoning in and we'll see you next quarter.

感謝大家的來電，我們下個季度再見。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。