Ark Restaurants Corp.

Greetings. Welcome to Arc Restaurant's third quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. A 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 Christopher Love, Secretary. Thank you. You may begin.

Thank you, Operator. Good morning and thank you for joining us on our conference call for the third quarter ended June 27, 2026. My name is Christopher Love and I am the Secretary of Arc Restaurants. 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 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.arcrestaurants.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. We refer everyone to our filings with the Securities and Exchange Commission for more detailed discussion are the risks that may have a direct bearing on our operating results, performance, and financial condition. I'll now turn the call over to Anthony. Morning, everyone.

A couple of things I want to go over before we turn it over to Michael. Our cash is $9.4 million. Our debt is $7.1 million, which is up $4.5 million from the prior quarter. We drew down $5 million in April, I believe it was, to finance the Construction of America in Las Vegas. Our EBITDA for 13 weeks ended June compared to the prior year was down $1.4 million. That's the result primarily of a decrease in sales and gross margin of about 6.5% without a corresponding decrease in payrolls for the quarter, which have been stubborn. A decrease in sales is generally related to two Markets, Las Vegas was off about 11%. That is due to lower traffic, as we all read in the news, as well as the partial closure of America, which should be fully reopening by September sometime. Florida was off 10% as well in the quarter. It continues to be a challenging local economic climate, which is resulting in lower headcounts, excluding updates to Brian Park, and the Meadowlands situation, which Michael will speak to. The only other item of note in the quarter is that we finalized a two-year lease restructure at Sequoia in early July, and we expect that to provide savings of somewhere to $200,000 to $300,000 a year. I'll turn it over to Michael.