ARKR

Shares of Ark Restaurants Corp. ARKR have lost 0.2% since the company reported its earnings for the quarter ended June 27, 2026, compared with a 0.3% decline in the S&P 500 Index over the same period. Over the past month, ARKR shares have lost 2.4%, while the S&P 500 has gained 2.1%. Ark Restaurants reported third-quarter fiscal 2026 revenues of $40.9 million, down 6.5% from $43.7 million a year earlier, as company-wide same-store sales declined 6.6%. Food and beverage sales fell 6.1% to $40.3 million, while other revenues declined 26.5% to $572,000. The company reported a net loss attributable to Ark Restaurants of $347,000, or 10 cents per share, substantially narrower than the year-ago loss of $3.5 million, or 96 cents per share. Geographically, same-store sales fell 11.4% in Las Vegas, 10.2% in Florida and 2.5% in New York. Conversely, Washington, D.C., Atlantic City and Alabama recorded increases of 4.6%, 1.8% and 1.5%, respectively. Adjusted EBITDA declined to $358,000 from $1.8 million in the prior-year quarter. Ark Restaurants ended the quarter with $9.5 million in cash and cash equivalents and $7.1 million in total debt. The company had about $12.6 million of additional borrowing capacity under its credit agreement. ARKR expects roughly $1 million of additional capital expenditures in fiscal 2026, mainly for required leasehold improvements, maintenance spending and completion of Las Vegas renovations. Ark Restaurants Corp. price-consensus-eps-surprise-chart | Ark Restaurants Corp. Quote CEO Michael Weinstein said that operations at the New York-New York Hotel and Casino continued to generate increased cash flow despite lower Las Vegas Strip traffic, while Alabama operations posted growth in revenues and cash flow. Robert in New York continued to improve year over year, but Bryant Park Grill and Bryant Park Café revenues remained pressured by uncertainty surrounding their leases. Management also characterized Washington, D.C., as a difficult market and said Florida continued to face a challenging local economic environment. On the earnings call, management said that Las Vegas sales weakness reflected lower traffic and the partial closure of America for renovations, while Florida's decline reflected lower headcounts. Management expects America to fully reopen around September. They also said that the New York-New York operations have become more efficient despite weaker sales. The revenue decline was accompanied by limited payroll flexibility. Payroll expenses increased 0.2% to $15.3 million even as revenues declined, raising payroll costs to 37.5% of revenues from 35%. Food and beverage costs declined 6.7% to $11.3 million, with their share of revenues declining slightly to 27.5% from 27.6%, reflecting targeted menu engineering. Other operating costs fell 1.6%, but rose as a percentage of revenues to 14.5% from 13.8% amid inflationary pressures, partly offset by a credit-card surcharge. The sharp improvement in the reported operating loss also reflected the absence of $4.7 million of impairment charges recorded in the prior-year quarter for Sequoia's right-of-use and long-lived assets. The operating loss narrowed to $141,000 from $3.4 million. Ark Restaurants did not provide formal revenue or earnings guidance. It expects about $1 million of additional fiscal 2026 capital expenditures and plans to fund its near-term obligations through operating cash flow, existing cash and available credit. Ark Restaurants finalized a two-year restructuring of its Sequoia lease after quarter-end, which management expects to generate annual savings of roughly $200,000-$300,000. The company also continued renovating America in Las Vegas, with approximately $5 million spent and most of the location reopened. Separately, ARKR remains in litigation over its Bryant Park locations. The court ruled that the company is entitled to damages on its breach-of-contract claim, although an order of ejectment was also issued and is currently stayed. Management also said a proposed New Jersey constitutional amendment needed for a Meadowlands casino referendum will not appear on the 2026 ballot, delaying a potential vote until at least 2027. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ark Restaurants Corp. (ARKR): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: Overall sales decreased 6% in the quarter. EBITDA: Down $1.4 million for the 13 weeks ended June compared to the prior year. Gross Margin: Decreased approximately 6.5% without a corresponding decrease in payrolls. Cash Position: Cash at $9.4 million. Debt: $7.1 million, up $4.5 million from the prior quarter due to a $5 million drawdown in April to finance construction of America in Las Vegas. Las Vegas Sales: Off 11% due to lower traffic and partial closure of America. Florida Sales: Off 10% due to a challenging local economic climate. Lease Restructure Savings: Finalized a two-year lease restructure at Sequoia, expected to provide savings of $200,000 to $300,000 per year. Warning! GuruFocus has detected 3 Warning Signs with ARKR. Is ARKR fairly valued? Test your thesis with our free DCF calculator. Release Date: August 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Cash flow improved year-over-year in New York despite a sales decline, driven by greater operational efficiency. A two-year lease restructure at Sequoia is expected to generate annual savings of $200,000 to $300,000. The company secured a deal with MGM Management to build a new bar in Las Vegas, with construction starting in 2-3 months. Two potential new venues in Las Vegas are under negotiation and are likely to materialize. The judge in the Bryant Park litigation awarded Ark Restaurants Corp (NASDAQ:ARKR) the right to monetary damages for breach of lease, which could be significant and aid in future lease negotiations. Overall sales decreased 6% in the quarter, with Las Vegas down 11% and Florida down 10% due to lower traffic and a challenging local economic climate. EBITDA declined by $1.4 million in the 13-week period, primarily due to a 6.5% drop in sales and gross margin without a corresponding reduction in payroll costs. Debt increased by $4.5 million to $7.1 million, driven by a $5 million drawdown to finance construction at America in Las Vegas. The partial closure of America in Las Vegas contributed to the sales decline, and the venue is not expected to fully reopen until September. The Meadowlands casino referendum was not placed on the ballot this year, delaying potential licensing opportunities despite the governor's promise of support next year. Q: What were the primary drivers behind the decline in EBITDA and sales for the third quarter of 2026?A: Anthony Sirica, President and CFO, stated that EBITDA for the 13 weeks ended June was down $1.4 million compared to the prior year. This was primarily due to a decrease in sales and gross margin of about 6.5% without a corresponding decrease in payrolls, which have remained stubborn. The sales decline was mainly concentrated in two markets: Las Vegas, which was off 11% due to lower traffic and the partial closure of America, and Florida, which was off 10% due to a challenging local economic climate resulting in lower headcounts. Q: Can you provide an update on the litigation and lease situation regarding Bryant Park?A: Michael Weinstein, Chairman and CEO, reported that the litigation is going well for the company. The judge has awarded Ark Restaurants the right to monetary damages for a breach of lease by the Bryant Park Corporation. A hearing to set a trial date is scheduled for September, with a potential trial early next year. While monetary damages could be significant, this does not guarantee a new lease, but it may provide leverage for future negotiations with the parks department and Bryant Park Corporation. Q: What is the status of the Meadowlands casino project?A: Michael Weinstein explained that the New Jersey legislators did not place the referendum needed for a casino license on the ballot this year. Although the governor promised to support it next year, her current agenda prevented her from backing it this year. The company remains hopeful, as there are legislators in favor, but not enough to secure the vote at this time. Q: How is the company addressing the financial impact of the America construction in Las Vegas?A: Anthony Sirica noted that the company drew down $5 million in April to finance the construction of America in Las Vegas, increasing total debt to $7.1 million from $4.5 million in the prior quarter. The partial closure of America contributed to the 11% sales decline in Las Vegas, but the venue is expected to fully reopen by September. Q: What steps are being taken to improve cash flow despite the sales decline?A: Michael Weinstein highlighted that despite sales being off 10% to 11% in New York, cash flow has improved year-over-year due to more efficient management. The company is focusing on efficiency, ensuring payroll, cost of goods, and occupancy percentages are in line, and maintaining excellent product and service quality to yield better cash flow when sales return. Q: Are there any new development opportunities in Las Vegas?A: Michael Weinstein mentioned that Ark Restaurants has reached a deal with MGM Management to build a new bar in Las Vegas, with construction beginning in two to three months and an expected opening early next year. Additionally, there are two potential new venues being negotiated, which are likely to happen, with updates expected next quarter. Q: What is the expected financial benefit from the Sequoia lease restructure?A: Anthony Sirica confirmed that the company finalized a two-year lease restructure at Sequoia in early July, which is expected to provide annual savings of approximately $200,000 to $300,000. Q: How is the company managing its overall business performance in the current environment?A: Michael Weinstein stated that overall sales were down 6% for the quarter, with cash flows mirroring that decline. The company believes it is efficient at most locations, with payroll, cost of goods, and occupancy percentages in line. The focus remains on being as efficient as possible and ensuring the product and service quality are excellent to weather the challenging environment. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

NEW YORK, August 10, 2026--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter ended June 27, 2026. "We have two markets where we continue to perform well. Our operations at the New York-New York Hotel and Casino in Las Vegas continue to show increased cash flow despite lower customer traffic on the Las Vegas Strip. Our Alabama locations have shown strong growth in both revenue and cash flow. In NYC, Robert continues to improve on a year-over-year basis; however, as stated in prior quarters, our revenues for both catered events and a la carte at the Bryant Park Grill and the Bryant Park Café continue to suffer due in large part to the uncertainty of our lease situation. The D.C. market has been a difficult environment and our Florida revenues continue to be challenged by the local economic climate. Our balance sheet remains strong, supporting future growth," said Michael Weinstein, CEO. Financial Results As of June 27, 2026, the Company had cash and cash equivalents of $9,492,000 and total outstanding debt of $7,117,000. Total revenues for the 13 weeks ended June 27, 2026 were $40,881,000 versus $43,715,000 for the 13 weeks ended June 28, 2025 as same-store sales declined 6.6%. Total revenues for the 39 weeks ended June 27, 2026 were $118,214,000 versus $128,428,000 for the 39 weeks ended June 28, 2025. Company-wide same store sales declined 7.2% for the 39 weeks ended June 27, 2026, as compared to the same period of the prior year. The Company's earnings before interest, taxes, depreciation and amortization ("EBITDA"), as adjusted, for the 13 weeks ended June 27, 2026 was $358,000 versus $1,791,000 for the 13 weeks ended June 28, 2025 and excludes the items as set out in the table at the end of this news release. Net loss attributable to Ark Restaurants Corp. for the 13 weeks ended June 27, 2026, was $(347,000) or $(0.10) per basic and diluted share compared to a net loss of $(3,454,000) or $(0.96) per basic and diluted share for the 13 weeks ended June 28, 2025. The Company's EBITDA, as adjusted, for the 39 weeks ended June 27, 2026 was $1,297,000 versus $2,479,000 for the 39 weeks ended June 28, 2025 and excludes the items set out in the table at the end of this news release. Net loss attributable to Ark Restaurants Corp. for the 39 weeks ended June 27, 2026, was $(1,259,000) or $(0.35) per basic and diluted share as compared to a net loss, which includes a full valuation allowance related to our deferred tax assets in the amount of $4,799,000, of $(9,548,000) or $(2.65) per basic and diluted share for the 39 weeks ended June 28, 2025. EBITDA is a Non-GAAP Financial Measure; accordingly, please see the table attached to this news release for the details of the adjustments made in arriving at EBITDA, as adjusted, for each period presented and "Non-GAAP Financial Information" at the end of this news release. Other Matters Bryant Park Grill, Bryant Park Café and The Porch at Bryant Park Leases The Company’s lease agreements for the Bryant Park Grill and the Bryant Park Café expired on April 30, 2025 and for The Porch at Bryant Park expired on March 31, 2025. In response to requests for proposals issued by the landlord in 2023, the Company submitted bids for new long-term agreements. In the second quarter of 2025, the landlord publicly announced the selection of a new operator for these locations; however, to the best of our knowledge, the required approvals from the City of New York Department of Parks & Recreation and the New York Public Library have not been obtained, and no new lease has become effective. On March 28, 2025, the Company filed a complaint in New York State Supreme Court challenging the lease award process and asserting its contractual rights, including its right of first lease in connection with the Bryant Park Café. On January 9, 2026, the landlord moved for summary judgment and the Company cross-moved for summary judgment on its causes of action for enforcement of its right of first lease and for age discrimination. By decision and order dated June 18, 2026, and entered on June 22, 2026, the Court granted the landlord's motion for summary judgment, in part, and granted and denied the Company's cross-motion for summary judgment, in part. The Court granted the Company's motion for summary judgment on its breach of contract claim, ruling that the Company is entitled to damages to the extent it was harmed by the landlord's breach of the Company's right of first lease. A trial will be held to determine the Company's damages, with a pre-trial conference scheduled for September 22, 2026. The Court granted judgment in favor of the landlord on its counterclaims for ejectment and use and occupancy and ruled that the Company be ejected from the Bryant Park Grill, the Bryant Park Café and The Porch at Bryant Park premises. On June 26, 2026, the Court issued a judgment of ejectment with respect to those premises. Also on June 26, 2026, the Company filed a notice of appeal to the Appellate Division of the Supreme Court of the State of New York, First Judicial Department, from the Court's June 22, 2026 decision and order. On June 30, 2026, the Company moved, by order to show cause, to fix an undertaking pursuant to CPLR 5519(a)(6) arguing that it has an automatic right to stay enforcement of the order of ejectment pending appeal of the Court's decision on the motions for summary judgment. In connection with that motion, the Court entered a temporary restraining order enjoining the landlord and its agents from ejecting or evicting the Company, or otherwise disturbing the Company's possession of the premises, pending argument of the motion. On July 1, 2026, the landlord moved for leave to reargue that portion of the Court's decision granting the Company summary judgment on its breach of contract claim based on the right of first lease. Following oral arguments held on July 16, 2026, the Court issued a decision and order dated July 16, 2026, and entered on July 17, 2026, granting the Company's motion in part and staying enforcement of the order of ejectment for three months (i.e., through on or about October 16, 2026), conditioned upon the Company: (i) filing an undertaking in the amount of $125,000 on or before July 23, 2026 and (ii) continuing to make the monthly use and occupancy payments previously ordered by the Court until the termination of the stay. Under the terms of the order, failure to timely file the undertaking would result in the stay being vacated, and if the Company fails to make the required use and occupancy payments, the Landlord may move on three days’ notice to vacate the stay. On July 21, 2026, the Company filed the required undertaking and a notice of compliance with the Court. The Company has continued to make the required use and occupancy payments. The Company intends to move in the Appellate Division of the Supreme Court of the State of New York, First Judicial Department, to extend the current stay of enforcement of the order of ejectment beyond the three months through the pendency of the Company's appeal of the Court's June 22, 2026 summary judgment decision. On August 3, 2026, the Court denied the Landlord's motion to reargue that portion of the Court’s decision granting the Company summary judgment on its breach of contract claim based on the right of first lease. As of the date of this filing, we continue to operate the Bryant Park Grill, the Bryant Park Café and The Porch at Bryant Park pursuant to the stay described above and intend to do so while we pursue our appeal and all other available options to protect the Company’s interests. However, unless the Court’s decisions are reversed on appeal or the stay is extended or further relief is obtained, the Company will be required to vacate these premises and cease operations at these locations upon the expiration of the stay, currently expected to occur on or about October 16, 2026. Management, after consultation with legal counsel, is unable to predict the outcome of the appeal or related proceedings at this time. The Bryant Park Grill, the Bryant Park Café and The Porch at Bryant Park represented a significant portion of the Company’s revenues, collectively accounting for $17.1 million and $19.7 million, or approximately 14.5% and 15.4%, of total revenues for the 39 weeks ended June 27, 2026 and June 28, 2025, respectively. The uncertainty related to this dispute has had, and is expected to continue to have, a material adverse impact on our business, financial condition, and results of operations, and the loss of these operations upon expiration of the stay, or the Company’s inability to otherwise retain these locations on favorable terms, or at all, would have a material adverse impact on our business, financial condition, and results of operations. Investment in and Receivable From New Meadowlands Racetrack LLC ("NMR") NMR has been actively pursuing a full casino license (including slots and table games like blackjack and roulette) to supplement its existing horse racing and sports betting operations. Any gaming license in the state of New Jersey outside of Atlantic City, including at the Meadowlands Racetrack, requires ratification of an amendment to the State of New Jersey constitution, followed by issuance of a license by the New Jersey Casino Control Commission. In January 2026, the New Jersey Senate Government, Wagering, Tourism & Historic Preservation Committee proposed a constitutional amendment to allow the legislature to authorize casino gambling at both the Monmouth Park and Meadowlands Racetracks. Such amendment will require a three-fifths vote in both legislative chambers followed by a voter referendum in a general election before becoming law. No vote on this amendment had been taken by the state legislature as of the date of this filing, which is beyond the August 3, 2026 deadline for submission of proposed amendments to the State of New Jersey Constitution to be voted upon at the November 2026 general election. As a result, the proposed amendment will not appear on the ballot, and no voter referendum on casino gaming at the Meadowlands will occur in 2026. The proposed amendment, or a similar amendment, may be placed on the ballot at a future general election, which could occur as early as November 2027 or in a subsequent general election; however, no assurance can be given as to whether or when the state legislature will approve such an amendment or a voter referendum will be held. If a referendum were ultimately held and the voting results were favorable, NMR could possibly open a temporary gaming facility within approximately one year following voter approval and a permanent facility within approximately two years thereafter, subject to the issuance of a license by the New Jersey Casino Control Commission and completion of any required development. The Company believes that the voter referendum on the proposed constitutional amendment, if and when one is held, will be the most significant event in determining the ultimate realizability of the Company’s investment in NMR. If a referendum is held and the amendment is approved by voters, the Company believes the value of its investment would be supported by the potential expansion of gaming operations at the Meadowlands, subject to NMR obtaining a casino license and completing the required development. Conversely, if a referendum is held and the amendment is rejected by voters, or if the Company otherwise concludes that the approval of casino gaming at the Meadowlands is no longer reasonably possible, the value of the investment would be based solely on NMR’s existing operations, which may not support the current carrying value of the investment, and the Company would expect to record an impairment charge at that time, which could be material. The Company will continue to monitor legislative and other developments concerning gaming at the Meadowlands and will continue to evaluate the investment for impairment each reporting period. The Company evaluated its investment in NMR for impairment, including consideration that no voter referendum on casino gaming at the Meadowlands will occur in 2026, and concluded that its fair value exceeds the carrying value. Accordingly, the Company did not record any impairments during the 13 and 39 weeks ended June 27, 2026 and June 28, 2025. Any future changes in the carrying value of our investment in NMR will be reflected in earnings. Conference Call and Webcast Information Ark Restaurants will host a conference call on August 11, 2026 at 11:00 a.m. Eastern Time to review these results and discuss other topics. The dial-in numbers to participate in the conference call are the following: Toll-Free: 1-877-407-4018 Toll/International: 1-201-689-8471 A participant webcast of the call will be available by copying and pasting the following Call meTM URL into your browser:https://callme.viavid.com/viavid/?callme=true&passcode=13760585&h=true&info=company&r=true&B=6 Participants can use the Guest dial-in numbers noted above and be answered by an operator OR click the Call meTM link for instant telephone access to the event. Please note the Call meTM link will be made active 15 minutes prior to scheduled start time. A live listen-only webcast of the call will be available by copying and pasting the following URL into your browser:https://viavid.webcasts.com/starthere.jsp?ei=1772097&tp_key=118698f9c2 A replay will be available approximately three hours following the call by dialing toll-free 1-844-512-2921 (Toll/International: 1-412-317-6671) using Access ID 13762173. The replay will be available until Tuesday, August 18, 2026, 11:59 p.m. Eastern Time. About Ark Restaurants Corp. 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. Three restaurants are located in New York City, one is located in Washington, DC, five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB’s on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of six fast food facilities in Hollywood at the Hard Rock Hotel and Casino operated by the Seminole Indian Tribe. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort. Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance and may be identified by words such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," or similar words. Such statements include, but are not limited to, statements about the Company’s future financial or operating performance, statements about Bryant Park Grill and the Bryant Café and The Porch at Bryant Park, including the Company’s plan to operate the restaurants until the Company is either awarded the lease extensions or ordered to vacate the premises and the Company’s expectation of pursuing all available options to protect the Company’s interests, statements about the Company’s ability to realize the benefits expected from its investment in New Meadowlands Racetrack LLC, and any indication that the Company may be able to sustain or increase its sales, earnings or earnings per share, or its sales, earnings or earnings per share growth rates. Such forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the adverse impact of the current political climate and current and future economic conditions, including inflation, on our: (a) operating results, cash flows and financial condition; (b) ability to comply with the terms and covenants of our debt agreements; (c) ability to pay or refinance our existing debt or to obtain additional financing; and (d) projected cash flows used in assessing assets for impairment, (ii) our ability to open new restaurants in new and existing markets, including difficulty in finding sites and in negotiating acceptable leases, (iii) vulnerability to changes in consumer preferences and economic conditions, (iv) our ability to extend existing leases on favorable terms, if at all, (v) the outcome of our appeal of the trial court’s grant of summary judgment in favor of the landlord and the related order of ejectment with respect to the Bryant Park Grill, the Bryant Park Café and The Porch at Bryant Park, and the requirement that we vacate those premises and cease operations at those locations upon the expiration of the court-ordered stay of enforcement, currently expected to occur on or about October 16, 2026, unless the court’s decisions are reversed on appeal or the stay is extended or further relief is obtained, (vi) our ability to realize the expected benefits associated with our investment in the New Meadowlands Racetrack LLC, if at all, including the timing and outcome of any future legislative action and voter referendum concerning casino gaming at the Meadowlands (no referendum on which will occur in 2026), the potential dilution of our interest in connection with any future capital raising by NMR, and the potential for a material impairment of the investment, and (vii) other risks and uncertainties set forth in the sections entitled "Special Note Regarding Forward-Looking Statements" in the Company's filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which any such statement is based. Forward-looking statements are also subject to the risks and other issues described below under "Non-GAAP Financial Information," which could cause actual results to differ materially from current expectations included in the Company’s forward-looking statements included in this press release. Non-GAAP Financial Information This news release includes non-generally accepted accounting principles ("GAAP") performance measures. Although EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company's past financial performance, as well as providing useful information to the investor because of its historical use by the Company as a performance measure, and the use of EBITDA by virtually all companies in the restaurant sector as a measure of performance. However, investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure for determining the Company's operating performance or liquidity that is calculated in accordance with GAAP, as it may not necessarily be comparable to similarly titled measures employed by other companies. View source version on businesswire.com: https://www.businesswire.com/news/home/20260810578661/en/ Contacts Anthony J. Sirica(212) [email protected]

This article first appeared on GuruFocus. Release Date: May 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Ark Restaurants Corp (NASDAQ:ARKR) maintains a stable and healthy balance sheet with cash at $11.5 million and debt at $7.6 million. The company has improved cash flow in Las Vegas by better managing payroll and other expenses. New management in Washington, DC has led to more efficient operations, reducing losses compared to the previous year. The New York location, Robert, is performing well despite challenges. The upcoming opening of a new restaurant in Las Vegas is expected to significantly boost business by transforming it into a sought-after destination. Sales are down across various locations, with Las Vegas experiencing an 11% decline and Florida a 10% drop. The company is facing challenges with the bottom end of its business due to customers' increased home expenses and rising grocery and gas prices. Litigation related to Bryant Park is ongoing, incurring expenses that offset profitability. The Meadowlands project faces political hurdles, with strong opposition from Atlantic City legislators. Overall sales challenges persist, with no significant price increases to offset the decline. Warning! GuruFocus has detected 3 Warning Signs with ARKR. Is ARKR fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an update on the financial status of Ark Restaurants Corp, particularly regarding cash and debt levels? A: Anthony Sirica, President and CFO, reported that the company drew down $5 million before the end of the quarter to finance leasehold improvements in Las Vegas. The cash at the end of the quarter was $11.5 million, and the debt was $7.6 million. The balance sheet remains stable and in good shape. Q: How are sales performing across different locations, and what challenges are you facing? A: Michael Weinstein, Chairman and CEO, noted that sales are challenged across all locations. Vegas sales are down about 11%, Florida is down 10%, and Washington, DC, is down 5%. Despite these declines, the company has improved cash flow by managing payroll and other expenses efficiently. Q: What is the status of the Bryant Park litigation, and how is it affecting the business? A: Michael Weinstein explained that the litigation is ongoing, and it is affecting profitability due to litigation expenses. The trial is expected to take place late this year or early next year, with potential appeals extending the process. Q: What are the prospects for the Meadowlands project, and how is public opinion shaping up? A: Michael Weinstein mentioned that there is hope for a referendum to be put up for vote in November. Public polling is positive, with support ranging from 51% to 66%. However, there is strong opposition from Atlantic City legislators. Q: Are there any new developments or openings planned that could impact future performance? A: Michael Weinstein stated that the company is hopeful to open a new restaurant, America, in Las Vegas by early July. This is expected to transform the venue into a sought-after destination, potentially boosting performance. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Shares of Ark Restaurants Corp. ARKR have lost 10.9% since the company reported results for the quarter ended March 28, 2026, underperforming the S&P 500 Index’s 0.01% gain during the same period. Over the past month, the stock lost 3.8% against the S&P 500’s 4.9% increase. Ark Restaurants reported a narrower second-quarter fiscal 2026 loss as revenue declined amid weaker customer traffic and continued uncertainty surrounding its Bryant Park leases. Net loss attributable to ARKR improved to $1.8 million, or 50 cents per share, from $9.3 million, or $2.57 per share, in the year-ago quarter. Total revenues fell 7.9% year over year to $36.6 million from $39.7 million, while same-store sales declined 7.6%. Food and beverage sales dropped 7.6% to $36.1 million from $39.1 million. By region, same-store sales in New York decreased 12.3%, Washington, D.C. fell 18.7%, Las Vegas declined 6.6%, Florida dropped 8.3% and Atlantic City slid 10.8%, while Alabama posted a 2.1% increase. Management said consumer spending softness continued to weigh on traffic trends across most operating regions. Chairman and CEO Michael Weinstein noted on the earnings call that menu pricing remained largely stable, but Ark Restaurants continued losing lower-income customers pressured by higher living costs, grocery prices and fuel expenses. ARKR attributed Las Vegas weakness largely to lower revenues at its America restaurant due to partial closures tied to renovations, while New York results were hurt by declining catered events and a la carte sales at Bryant Park Grill and Bryant Park Café amid ongoing lease litigation and unfavorable winter weather. Washington, D.C. sales suffered from lower traffic at the surrounding complex, while Florida operations faced intensified competition and softer demand. Despite the sales decline, operating loss improved significantly to $1.7 million from $4.6 million a year earlier, helped by the absence of prior-year goodwill impairment charges. Excluding non-recurring items, adjusted operating loss narrowed year over year to $1.1 million from $1.3 million. General and administrative expenses fell 28.7% to $2.4 million from $3.3 million, while payroll expenses declined 5.3% to $13.6 million from $14.4 million. However, occupancy expenses rose 11.5% to $6.2 million from $5.5 million, partly due to a $566,000 prepaid rent write-off tied to Bryant Park properties. Total costs and expenses dropped 13.8% from the prior-year quarter. Adjusted EBITDA loss improved modestly to $592,000 from $691,000 in the prior-year quarter. For the first six months of fiscal 2026, adjusted EBITDA increased 36.5% to $0.9 million from $0.7 million in the comparable period in fiscal 2025. Ark Restaurants Corp. price-consensus-eps-surprise-chart | Ark Restaurants Corp. Quote Ark Restaurants ended the quarter with cash and cash equivalents of $11.5 million and total outstanding debt of $7.6 million. During the quarter, the company drew down $5 million under its credit facility to finance leasehold improvements in Las Vegas. Management described the balance sheet as stable and in good condition. Operating cash usage for the first six months of fiscal 2026 totaled $1.5 million compared with cash usage of $0.7 million in the prior-year period. Capital expenditures were $2.4 million during the six-month period, largely tied to renovation projects. Management said its renovated America restaurant in Las Vegas is expected to reopen in early July. Weinstein said ARKR believes the redesigned venue can evolve from a hotel-serving restaurant into a destination dining concept. Ark Restaurants also continues to monitor developments related to New Meadowlands Racetrack LLC, where lawmakers in New Jersey are considering a constitutional amendment that could allow casino gaming at Meadowlands and Monmouth Park racetracks. Management said a favorable referendum could allow a temporary casino facility to open in early 2027, followed by a permanent venue by 2028. Ark Restaurants did not provide formal financial guidance for the upcoming quarters. Ark Restaurants’ litigation involving Bryant Park Grill, Bryant Park Café and The Porch at Bryant Park remains ongoing. Oral arguments on summary judgment motions are scheduled for June 16, 2026, with a pre-trial conference set for Sept. 22, 2026. Collectively, the Bryant Park properties accounted for 13.3% of total revenues during the first half of fiscal 2026, down from 15% a year earlier. During the first six months of fiscal 2026, Ark Restaurants sold one condominium unit adjacent to its Shuckers restaurant in Jensen Beach, FL, generating proceeds of $381,000 and recording a gain of $135,000. ARKR said it intends to sell the remaining units subject to market conditions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Ark Restaurants Corp. (ARKR): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Tuesday, May 12, 2026 at 11 a.m. ET Chief Financial Officer — Anthony J. Sirica Chairman and Chief Executive Officer — Michael Weinstein Anthony J. Sirica: Good morning, everybody. As always, Michael will discuss the business and 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 $11.05, and our debt was 7.6. Other than that, the balance sheet remains very stable. And in good shape. that is really, it is pretty uneventful as far as the balance sheet goes. Michael Weinstein: This is Michael. I will just do a brief review of what is going on. it is sort of a repeat of the last quarter and the quarter before that. We have not increased prices. By any measurable amount. There are certain increases on certain items, but the menu pricing remains pretty much stable. We are challenged with sales everywhere. Essentially, the check averages remain pretty much the same. But we are losing what we consider the bottom end of our business with people who are being challenged by their own home expenses. and prices at grocery stores and gas prices, etcetera. it is pretty much across the board. The Vegas sales are down about 11%. Which is sort of in line with City of sin in terms of citizenships. However, our cash flow there has actually improved as we have gotten better at managing payroll expenses and certain other expenses. We are really very well managed there. In Florida, everything's down 10%. We check with other operators and vendors and they are pretty much in line with all restaurants. Washington DC, same situation down 5% in sales. But, again, we are we have new management there. We are operating more efficiently with less payroll. So we are actually running a little bit ahead of last year in terms of not having the losses we had last year. New York, Roger is doing very well. We challenged with events at Bryant Park because of litigation that we are going through. We are still very profitable. But our litigation expenses offset a good portion of the debt profitability. So all in all, not much different from the last quarter. it is just a sales problem. I would say to you that overall, we are very pleased with the product we are putting out. Services, food, We are hopeful that we will be opening our new America in Las Vegas in early July. We think that is gonna help us dramatically. We think we are turning what is, you know, basically a restaurant that services customers of the hotel into what should be a sought after destination. In terms of Bryant Park litigation, it is ongoing. Suggestion to everybody who is interested that they go to the website the court website to see all of the filings. So far, there is nothing to indicate that this litigation is going to end soon. The trial will probably take place somewhere in very late this year, calendar year, early next year. I am sure whoever wins that child will be faced with an appeal from the office's side, which will take another 1 to 1.5 years. Meadowlands. We are at the point where we are hopeful that a referendum will be suggested by the legislature to be put up for a 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 legislators who will know more in the next month or so whether or not that referendum will be put on the ballot. The polling from the public is fairly positive. I mean, there are 3 polls that have been done. All of them in favor 1 of them very close, 51%-49% in favor. But the 2 others show anywhere from 62% to 66% in favor. So I think the polling is it should be persuasive, but again, this is Jersey politics. And we are just hopeful we get on the balance sheet. With that, any questions? Operator: We will now be conducting a question and answer session. Moment please while we poll for questions. Thank you. There are no questions at this time. I would like to hand the floor back over to Michael Weinstein for any closing remarks. See you next quarter. Michael Weinstein: Thank you very much. Operator: Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation. Before you buy stock in Ark Restaurants, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Ark Restaurants wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Ark Restaurants ARKR Q2 2026 Earnings Transcript was originally published by The Motley Fool

NEW YORK, May 11, 2026--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter ended March 28, 2026. "The current quarter net loss attributable to Ark Restaurants Corp. was $(1,808,000) or $(0.50) per basic and diluted share compared to a net loss of $(9,258,000) or $(2.57) per basic and diluted share in the prior year comparable quarter. Additionally, earnings before interest, taxes, depreciation and amortization ("EBITDA"), as adjusted, of $(592,000) for the current quarter increased approximately $100,000 as compared to EBITDA, as adjusted, of $(691,000) in the prior year comparable quarter," said Michael Weinstein, Chairman and Chief Executive Officer. "As stated in prior quarters, our business, both catered events and a la carte, at the Bryant Park Grill and the Bryant Park Café continued to suffer due in large part to the uncertainty of our lease situation which has created confusion in the marketplace as many visitors and residents were led to believe that the restaurant was closed. Robert in NYC continues to perform better than last year. The D.C. market continues to be a difficult environment for us and most restaurants, but we remain committed to this location. Our operations at the New York-New York Hotel and Casino in Las Vegas continue to show increased cash flow despite lower customer traffic on the Las Vegas Strip and our Florida revenues continue to be challenged by the economic climate. Further, our balance sheet remains strong, supporting future growth." Financial Results As of March 28, 2026, the Company had cash and cash equivalents of $11,487,000 and total outstanding debt of $7,553,000. Total revenues for the 13 weeks ended March 28, 2026 were $36,584,000 versus $39,725,000 for the 13 weeks ended March 29, 2025 as same-store sales declined 7.6%. Total revenues for the 26 weeks ended March 28, 2026 were $77,333,000 versus $84,714,000 for the 26 weeks ended March 29, 2025. The 26 weeks ended March 29, 2025 includes revenues of $974,000 related to the Tampa Food Court which was closed on December 19, 2024. Excluding revenues related to the Tampa Food Court, revenues for the 26 weeks ended March 29, 2025 were $83,740,000. Excluding revenues related to the Tampa Food Court, Company-wide same store sales declined 7.5% for the 26 weeks ended March 28, 2026, as compared to the same period of the prior year. The Company's EBITDA, as adjusted, for the 13 weeks ended March 28, 2026 was $(592,000) versus $(691,000) for the 13 weeks ended March 29, 2025 and excludes a goodwill impairment charge in the amount of $3,440,000 for the 13 weeks ended March 29, 2025, and the other items as set out in the table at the end of this news release. Net loss attributable to Ark Restaurants Corp. for the 13 weeks ended March 28, 2026, was $(1,808,000) or $(0.50) per basic and diluted share compared to a net loss, which includes a full valuation allowance related to our deferred tax assets in the amount of $4,799,000, of $(9,258,000) or $(2.57) per basic and diluted share for the 13 weeks ended March 29, 2025. The Company's EBITDA, as adjusted, for the 26 weeks ended March 28, 2026 was $939,000 versus $688,000 for the 26 weeks ended March 29, 2025 and excludes: (i) a gain on the closure of the Tampa Food Court, net of non-controlling interests, in the amount of $3,365,000 for the 26 weeks ended March 29, 2025, (ii) a goodwill impairment charge in the amount of $3,440,000 for the 26 weeks ended March 29, 2025, and (iii) the other items as set out in the table below. Net loss attributable to Ark Restaurants Corp. for the 26 weeks ended March 28, 2026, was $(912,000) or $(0.25) per basic and diluted share compared to a net loss, which includes a full valuation allowance related to our deferred tax assets in the amount of $4,799,000, of $(6,094,000) or $(1.69) per basic and diluted share for the 26 weeks ended March 29, 2025. EBITDA is a Non-GAAP Financial Measure; accordingly, please see the table attached to this news release for the details of the adjustments made in arriving at EBITDA, as adjusted, for each period presented and "Non-GAAP Financial Information" at the end of this news release. Other Matters Bryant Park Grill, Bryant Park Café and The Porch at Bryant Park Leases The Company’s lease agreements for the Bryant Park Grill, the Bryant Park Café and The Porch at Bryant Park expired in April 2025 and March 2025, respectively. In response to requests for proposals issued by the landlord in 2023, the Company submitted bids for new long-term agreements. In the second quarter of 2025, the landlord publicly announced the selection of a new operator for both locations; however, as of the date of this press release, the required approvals from the City of New York Department of Parks & Recreation and the New York Public Library have not been obtained, and no new lease has become effective. The Company has initiated legal proceedings in the New York State Supreme Court (the "Court") challenging the lease award process and asserting its contractual rights, including its right of first lease for the Bryant Park Café. The litigation remains ongoing, with discovery continuing and motions pending, including a motion for summary judgment filed by the landlord. The motion and cross-motion for summary judgment have been scheduled for oral argument before the Court on June 16, 2026 . In addition, the Court has scheduled a pre-trial conference for September 22, 2026. As of the date of this filing, we continue to make court ordered use and occupancy payments while we operate the above properties and intend to do so until we are either awarded the lease extensions or ordered to vacate the premises. Management is unable to predict the outcome of the litigation at this time. The Bryant Park Grill, the Bryant Park Café and The Porch at Bryant Park represented a significant portion of the Company’s revenues, accounting for approximately 13.3% and 15.0% of total revenue for the 26 weeks ended March 28, 2026 and March 29, 2025, respectively. The ongoing uncertainty related to this dispute has had, and is expected to continue to have, a material adverse effect on the Company’s business, financial condition, and results of operations while the matter remains unresolved and if the Company is ultimately unable to retain these locations on favorable terms, or at all. Historically, the Company has made rent payments related to the Bryant Park Grill and the Bryant Park Café based on prior year sales as required in the relevant agreements. As a result of the decline in sales due to the above litigation, such payments were in excess of the contractual minimums and were recorded as prepaid rent as they were expected to be applied against future lease obligations or otherwise recovered. However, based on the status of ongoing legal proceedings, and in consultation with external legal counsel, management determined during the current period that the prepaid rent balance is not probable of recovery. As a result, during the 13 weeks ended March 28, 2026, the Company recorded a charge of $566,000 to write off the amount of prepaid rent, which is included in occupancy expenses in the accompanying consolidated condensed statements of operations. Were the Company to prevail in its litigation, it is possible these amounts could be recovered. Investment in and Receivable From New Meadowlands Racetrack LLC ("NMR") NMR has been actively pursuing a full casino license (including slots and table games like blackjack and roulette) to supplement its existing horse racing and sports betting operations. Any gaming license in the State of New Jersey outside of Atlantic City, including at the Meadowlands Racetrack, requires ratification of an amendment to the State of New Jersey constitution, followed by issuance of a license by the New Jersey Casino Control Commission. In January 2026, the New Jersey Senate Government, Wagering, Tourism & Historic Preservation Committee proposed a constitutional amendment to allow the legislature to authorize casino gambling at both the Monmouth Park and Meadowlands Racetracks. Such amendment will require a three-fifths vote in both legislative chambers followed by a voter referendum in a general election before becoming law. To date, no vote on this amendment has been scheduled by the state legislature; however, the deadline for submission of proposed amendments to the State of New Jersey Constitution to be voted upon at the November 2026 general election is August 3, 2026. If this were to happen and the voting results were favorable, NMR could possibly open a temporary facility in early 2027 and a permanent one by 2028. The Company evaluated its investment in NMR for impairment and concluded that its fair value exceeds the carrying value. Accordingly, the Company did not record any impairments during the 13 and 26 weeks ended March 28, 2026 and March 29, 2025. Any future changes in the carrying value of our investment in NMR will be reflected in earnings. The Company’s investment in NMR is subject to a high degree of uncertainty. Any potential future expansion of gaming operations at the Meadowlands, including the approval of casino gaming, would require legislative action, voter approval and regulatory approvals, none of which are within the Company’s control and none of which can be assured. The realization of any potential benefit from this investment is dependent on factors that are inherently uncertain and may not occur within a predictable timeframe, if at all. In addition, NMR may require significant additional capital in connection with any future development efforts, including funding for potential referendum-related activities. To the extent the Company does not participate in such funding, or if NMR raises capital from third parties, the Company’s ownership interest may be diluted. If the contemplated expansion of gaming operations is not approved or is delayed, the value of the investment will continue to be based solely on NMR’s existing operations, which may not support the current carrying value of the investment. In such circumstances, the Company may be required to evaluate the investment for impairment, and any resulting charge could be material. The Company does not rely on NMR to fund its operations, meet its liquidity needs or drive its near-term financial performance. Conference Call and Webcast Information Ark Restaurants will host a conference call on May 12, 2026 at 11:00 a.m. Eastern Time to review these results and discuss other topics. The dial-in numbers to participate in the conference call are the following: Toll-Free: 1-877-407-4018 Toll/International: 1-201-689-8471 A participant webcast of the call will be available by copying and pasting the following Call me™ URL into your browser: https://callme.viavid.com/viavid/?callme=true&passcode=13760585&h=true&info=company&r=true&B=6 Participants can use the Guest dial-in numbers noted above and be answered by an operator OR click the Call me™ link for instant telephone access to the event. Please note the Call me™ link will be made active 15 minutes prior to scheduled start time. A live listen-only webcast of the call will be available by copying and pasting the following URL into your browser: https://viavid.webcasts.com/starthere.jsp?ei=1762849&tp_key=d42b70a555 A replay will be available approximately three hours following the call by dialing toll-free 1-844-512-2921 (Toll/International: 1-412-317-6671) using Access ID 13760585. The replay will be available until Tuesday, May 19, 2026, 11:59 p.m. Eastern Time. About Ark Restaurants Corp. 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. Three restaurants are located in New York City, one is located in Washington, DC, five are located in Las Vegas, Nevada, one is located in Atlantic City, New Jersey, four are located on the east coast of Florida and two are located on the Gulf Coast of Alabama. The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant in the Tropicana Hotel and Casino. The Florida operations include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach, JB’s on the Beach in Deerfield Beach, Blue Moon Fish Company in Lauderdale-by-the-Sea and the operation of six fast food facilities in Hollywood at the Hard Rock Hotel and Casino operated by the Seminole Indian Tribe. In Alabama, the Company operates two Original Oyster Houses, one in Gulf Shores and one in Spanish Fort. Cautionary Note Regarding Forward-Looking Statements Certain statements in this press release may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance and may be identified by words such as "may," "should," "expect," "intend," "will," "estimate," "anticipate," "believe," "predict," or similar words. Such statements include, but are not limited to, statements about the Company’s future financial or operating performance, statements about Bryant Park Grill and the Bryant Café and The Porch at Bryant Park, including the Company’s plan to operate the restaurants until the Company is either awarded the lease extensions or ordered to vacate the premises and the Company’s expectation of pursuing all available options to protect the Company’s interests, statements about the Company’s ability to realize the benefits expected from its investment in New Meadowlands Racetrack LLC, and any indication that the Company may be able to sustain or increase its sales, earnings or earnings per share, or its sales, earnings or earnings per share growth rates. Such forward-looking statements are based upon assumptions made by the Company as of the date hereof and are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (i) the adverse impact of the current political climate and current and future economic conditions, including inflation, on our: (a) operating results, cash flows and financial condition; (b) ability to comply with the terms and covenants of our debt agreements; (c) ability to pay or refinance our existing debt or to obtain additional financing; and (d) projected cash flows used in assessing assets for impairment, (ii) our ability to open new restaurants in new and existing markets, including difficulty in finding sites and in negotiating acceptable leases, (iii) vulnerability to changes in consumer preferences and economic conditions, (iv) our ability to extend existing leases on favorable terms, if at all, (v) our ability to renew expired leases on favorable terms, if at all, including for Bryant Park Grill and the Bryant Park Café which expired on April 30, 2025 and for The Porch at Bryant Park which expired on March 31, 2025, (vi) our ability to realize the expected benefits associated with our investment in the New Meadowlands Racetrack LLC, if at all, and (vii) other risks and uncertainties set forth in the sections entitled "Special Note Regarding Forward-Looking Statements" in the Company's filings with the Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which any such statement is based. Forward-looking statements are also subject to the risks and other issues described below under "Non-GAAP Financial Information," which could cause actual results to differ materially from current expectations included in the Company’s forward-looking statements included in this press release. Non-GAAP Financial Information This news release includes non-generally accepted accounting principles ("GAAP") performance measures. Although EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP, the Company believes the use of this non-GAAP financial measure enhances an overall understanding of the Company's past financial performance, as well as providing useful information to the investor because of its historical use by the Company as both a performance measure and measure of liquidity, and the use of EBITDA by virtually all companies in the restaurant sector as a measure of both performance and liquidity. However, investors should not consider this measure in isolation or as a substitute for net income (loss), operating income (loss), cash flows from operating activities or any other measure for determining the Company's operating performance or liquidity that is calculated in accordance with GAAP, as it may not necessarily be comparable to similarly titled measures employed by other companies. View source version on businesswire.com: https://www.businesswire.com/news/home/20260511222704/en/ Contacts Anthony J. Sirica (212) 206-8800 [email protected]