Ark Restaurants Corp.

Greetings and welcome to the ARC Restaurant's first quarter 2020 results conference call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Sonal Shah, General Counsel.

Thank you, Operator. Good morning, and thank you for joining us on our conference call for the first fiscal quarter ended December 28, 2019. My name is Sonal Shah, and I'm General Counsel of ARC Restaurants. With me on the call today is Michael Weinstein, our Chairman and CEO, Vinnie Pascal, our Chief Operating Officer, and Anthony Sirica, our Chief Financial Officer. 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 its associated financial tables, please go to our homepage at www.arkrestaurants.com. Before we begin, however, I'd like to read the Fife 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. 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. I now turn the call over to Anthony Sirica, our Chief Financial Officer.

Hi, good morning. Before Michael starts his commentary, I just wanted to make everyone aware that we adopted the new lease accounting standards in the first quarter. As a result, our Q1 balance sheets include operating leased assets of $60.7 million and leased liabilities of $62.5 million. The new standard did not materially impact our consolidated net income and had no impact on our cash flows. I'll turn it over to Michael. Hi, everybody.