Ark Restaurants Corp (ARKR) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Ark Restaurants second-quarter 2026 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Ark Restaurants 2026 年第二季業績電話會議。（接線員指示）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce Anthony Sirica, Chief Financial Officer. Please go ahead.

現在我很榮幸介紹財務長 Anthony Sirica。請開始。

Good morning, everyone. Chris has to read the safe harbor. Sorry.

各位早安。Chris 必須宣讀安全港聲明。抱歉。

Hello, everyone. My name is Christopher Love. I'm the Secretary. With me on the call today is Michael Weinstein, our Chairman and CEO; and Anthony Sirica, our President and CFO. For those of you who have not yet obtained a copy of our press release, it was issued over the Newswires yesterday and is available on our website.

各位好，我叫 Christopher Love，我是公司秘書。今天與我一同參與電話會議的有：我們的董事長兼執行長 Michael Weinstein，以及我們的總裁兼財務長 Anthony Sirica。尚未取得新聞稿的各位，該新聞稿已於昨日透過新聞專線發布，並可在我們的網站上取得。

To review the full text of that press release along with the associated financial tables, please go to our home page at 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 this morning will include forward-looking statements and that these statements are not guarantees of future performance, and therefore, undue reliance should not be placed on them.

如欲查閱該新聞稿全文及相關財務表格，請至我們首頁 www.arkrestaurants.com。在開始之前，我想先宣讀安全港聲明。我需要提醒各位，今天上午的部分討論將包含前瞻性陳述，而這些陳述並非對未來績效的保證，因此不應過度依賴。

We refer everyone to our filings with the Securities and Exchange Commission for a more detailed discussion of the risks that may have a direct bearing on our operating results, performance and financial condition.

我們請各位參閱我們向美國證券交易委員會提交的文件，以取得更詳細的風險討論；這些風險可能對我們的營運結果、績效與財務狀況產生直接影響。

I'll now turn the call over to Anthony.

接下來我把電話交給 Anthony。

Good morning, everybody. As always, Michael will discuss the business in Bryant Park and the Meadowlands situation. As far as the balance sheet goes, we did draw down $5 million before the end of the quarter to finance our leasehold improvements in Las Vegas. Our cash at the end of the quarter was $11.5 million, and our debt was $7.6 million. Other than that, the balance sheet remains very stable and in good shape. That's really, it's pretty uneventful as far as the balance sheet goes.

各位早安。照例，Michael 會談到 Bryant Park 的業務以及 Meadowlands 的情況。就資產負債表而言，我們在本季結束前提取了 500 萬美元，用於為拉斯維加斯的租賃裝修提供資金。本季末我們的現金為 1,150 萬美元，負債為 760 萬美元。除此之外，資產負債表仍然非常穩健、狀況良好。就資產負債表而言，真的沒什麼特別的。

This is Michael. Just a brief review of what's going on. It's sort of a repeat of the last quarter and the quarter before that. We haven't increased prices by any measurable amount. There are certain increases on certain items.

我是 Michael。簡要回顧一下目前的情況。這有點像上季以及再上一季的重複。我們沒有以任何可衡量的幅度調漲價格。某些品項有一些調漲。

But menu pricing remains pretty much stable. We're challenged with sales everywhere. Essentially, the check averages remain pretty much the same, but we're losing what we consider the bottom end of our business with people who are being challenged by their own home expenses and prices of grocery stores and gas prices, et cetera. It's pretty much across the board. The Vegas sales are down about 11%, which is sort of in line with what you're saying in terms of little ships.

但菜單定價大致維持穩定。我們各地都面臨銷售壓力。基本上，客單價平均值大致相同，但我們正在流失我們所認為的業務底端客群，因為他們受到自家生活支出、雜貨店價格與油價等因素的壓力。這幾乎是全面性的。拉斯維加斯的銷售約下滑 11%，這與你所說的「小船」情況大致一致。

However, our cash flow there has actually improved as we have gotten better at managing payroll expenses and certain other expenses. We're really very well managed there. In Florida, everything is down 10%. We check with other operators and vendors and pretty much in line with all restaurants. Washington, DC, same situation down 5% in sales.

不過，我們那邊的現金流其實有所改善，因為我們在管理薪資支出及其他一些費用方面做得更好。我們那邊的管理確實非常到位。佛羅里達方面，整體下滑 10%。我們也與其他業者與供應商確認過，基本上與整體餐飲業一致。華盛頓特區也是同樣情況，銷售下滑 5%。

But again, we have new management there. We're operating more efficiently with less payroll. So we're actually running a little bit ahead of last year in terms of not having the losses we had last year. New York, Robert is doing very well. We're challenged with events at Bryant Park because of the litigation that we're going through.

但同樣地，我們那邊有新的管理團隊。我們以較少的人事成本更有效率地營運。因此，就不再出現去年那樣的虧損而言，我們實際上比去年略有改善。紐約方面，Robert 做得很好。由於我們正在進行的訴訟，Bryant Park 的活動方面受到挑戰。

We're still very profitable, but our litigation expenses offset a good portion of that profitability. So all in all, not much different from the last quarter. It's just a sales problem. I would say that overall, we're very pleased with the product we're putting out, services, food. We are hopeful that we'll be opening our new America in Las Vegas in early July.

我們仍然非常獲利，但訴訟費用抵消了相當一部分的獲利。總體而言，與上季差不多。主要就是銷售問題。我會說整體上，我們對我們提供的產品、服務與餐點品質非常滿意。我們希望能在 7 月初於拉斯維加斯開幕我們新的 America。

We think that's going to help us dramatically. We think we're turning what is basically a restaurant that services customers of the hotel into what should be a sought-after destination. In terms of Bryant Park litigation, it's ongoing. We suggest to everybody who's interested that they go to the website, the court website to see all the filings. So far, there's nothing to indicate that this litigation is going to end soon.

我們認為那將對我們有非常顯著的幫助。我們認為我們正在把一間基本上服務飯店住客的餐廳，轉型為一個應該會成為熱門目的地的餐廳。至於 Bryant Park 的訴訟，仍在進行中。我們建議有興趣的各位到法院網站查看所有提交文件。到目前為止，沒有任何跡象顯示這起訴訟會很快結束。

The trial will probably take place somewhere in very late this year, calendar year or early next year. I'm sure whoever wins that trial will be faced with an appeal from the opposite side, which will take another one year, 1.5 years.

審判可能會在今年曆年非常晚的時候或明年初進行。我相信無論誰在審判中勝出，都將面臨對方提出上訴，而這又會再花上一年到一年半。

Meadowlands, we are at the point where we are hopeful that a referendum will be suggested by the legislature to be put up for vote in November. There is strong opposition always from the Atlantic City legislators and there is strong push forward to get this done by the Northern legislatures. We'll know more in the next month or so whether or not that referendum will be put on the ballot.

Meadowlands 方面，我們目前的進度是：我們希望立法機關會提出一項公投提案，並在 11 月交付表決。大西洋城的立法者一向有強烈反對，而北部地區的立法者則強力推動完成此事。接下來一個月左右，我們會更清楚是否會把該公投提案列入選票。

The polling from the public is fairly positive. I mean there are three polls that have been done, all of them in favor, one was very close 51%, 49% in favor but the two others show anywhere from 62% to 66% in favor. So I think the polling should be persuasive. But again, this is Jersey politics and we're just hopeful we get on the ballot this year.

民意調查相當正面。已經做了三份民調，全部都支持；其中一份非常接近，支持為 51%、反對為 49%，但另外兩份顯示支持率約在 62% 到 66% 之間。所以我認為民調應該具有說服力。但再說一次，這是新澤西的政治，我們只是希望今年能列入選票。

With that, any questions?

那麼，有任何問題嗎？

(Operator Instructions)

（接線員指示）

Thank you. There are no questions at this time. I'd like to hand the floor back over to Michael Weinstein for any closing remarks.

謝謝。目前沒有問題。我想把時間交還給 Michael Weinstein，請他做任何結語。

See you next quarter. Thank you very much.

下季見。非常感謝。

Thank you.

謝謝。

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

今天的會議到此結束。您現在可以掛斷電話線。再次感謝各位的參與。