NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the fourth quarter and fiscal year ended September 27, 2025.

纽约 --（商业资讯）--Ark Restaurants Corp.（纳斯达克：ARKR）今天公布了截至2025年9月27日的第四季度和财政年度的财务业绩。

The Company’s fiscal year ends on the Saturday nearest September 30. The fiscal years ended September 27, 2025 and September 28, 2024 both included 52 weeks and the quarters ended September 27, 2025 and September 28, 2024 both included 13 weeks.

公司的财政年度在最接近 9 月 30 日的星期六结束。2025年9月27日和2024年9月28日结束的财政年度均包含 52 周，而截至2025年9月27日和2024年9月28日的季度均包含 13 周。

"The current quarter showed negative Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"), as adjusted, of $1,071,000, down from positive EBITDA, as adjusted, of $503,000 in the prior year comparable quarter, due in large part to the expense of our ongoing litigation involving our Bryant Park operations which exceeded $400,000 in the quarter," said Michael Weinstein, Chairman and Chief Executive Officer. "Net loss attributable to Ark Restaurants Corp. for the current quarter was $(1,919,000) or $(0.53) per basic and diluted share compared to a net loss of $(4,457,000) or $(1.24) per basic and diluted share, in the prior year comparable quarter. Also, because the outcome and timing of the litigation cannot be predicted with certainty, our event business at the Bryant Park Grill has suffered which has impacted our revenue and cash flow. In addition, the D.C. market has been a difficult environment for us and most restaurants, but we remain committed to this location. The rest of our portfolio performed well. Significantly, our operations at the New York-New York Hotel and Casino in Las Vegas continued to show increased cash flow despite lower customer traffic on the Las Vegas Strip. Our Rustic Inn property in Florida and Robert in NYC continue to perform better than last year and the rest of our portfolio restaurants continue to meet expectations. Further, our Balance Sheet remains strong, supporting future growth."

“当前季度的调整后息税折旧摊销前利润（‘EBITDA’）为负$1,071,000，较去年同期的调整后正 EBITDA $503,000 下降，这主要是由于我们在布莱恩特公园运营中持续诉讼的费用超过了$400,000，” 董事长兼首席执行官迈克尔·温斯坦表示。“本季度归属于 Ark Restaurants Corp.的净亏损为$(1,919,000)，即每股基本和稀释后$(0.53)，相比之下，去年同期的净亏损为$(4,457,000)，即每股基本和稀释后$(1.24)。此外，由于诉讼的结果和时间无法确定，我们在布莱恩特公园餐厅的活动业务受到了影响，进而影响了我们的收入和现金流。此外，华盛顿特区市场对我们和大多数餐厅来说都是一个困难的环境，但我们仍然致力于这个地点。我们其余的投资组合表现良好。值得注意的是，我们在拉斯维加斯的纽约 - 纽约酒店和赌场的运营尽管拉斯维加斯大道的顾客流量较低，但现金流仍持续增加。我们在佛罗里达的 Rustic Inn 和纽约的 Robert 的表现也优于去年，其余餐厅继续达到预期。此外，我们的资产负债表依然强劲，支持未来的增长。”

Financial Results

财务业绩

As of September 27, 2025, the Company had cash and cash equivalents of $11,324,000 and total outstanding debt of $3,609,000.

截至2025年9月27日，公司拥有现金及现金等价物$11,324,000，未偿还债务总额为$3,609,000。

Total revenues for the 13 weeks ended September 27, 2025 were $37,323,000 versus $43,406,000 for the 13 weeks ended September 28, 2024. No revenues for El Rio Grande and the Tampa Food Court (see below) are included in the 13 weeks ended September 27, 2025. The 13 weeks ended September 28, 2024 includes revenues of $812,000 and $1,239,000 related to El Rio Grande and the Tampa Food Court, respectively. Excluding revenues related to El Rio Grande and the Tampa Food Court, revenues for the 13 weeks ended September 28, 2024 were $41,355,000.

截至2025年9月27日的 13 周总收入为$37,323,000，而截至2024年9月28日的 13 周总收入为$43,406,000。2025年9月27日的 13 周内未包含_El Rio Grande_和_坦帕美食广场_的收入（见下文）。截至2024年9月28日的 13 周内包含与_El Rio Grande_和_坦帕美食广场_相关的收入分别为$812,000 和$1,239,000。排除与_El Rio Grande_和_坦帕美食广场_相关的收入，2024年9月28日的 13 周收入为$41,355,000。

Total revenues for the year ended September 27, 2025 were $165,751,000 versus $183,545,000 for the year ended September 28, 2024. No revenues for El Rio Grande are included in the year ended September 27, 2025 and the year ended September 27, 2025 includes revenues of $974,000 related to the Tampa Food Court. The year ended September 28, 2024 includes revenues of $3,185,000 and $5,241,000 related to El Rio Grande and the Tampa Food Court, respectively. Excluding revenues related to El Rio Grande and the Tampa Food Court, revenues for the year ended September 28, 2024 were $175,118,000.

截至2025年9月27日的年度总收入为$165,751,000，而截至2024年9月28日的年度总收入为$183,545,000。2025年9月27日的年度内未包含_El Rio Grande_的收入，而2025年9月27日的年度内包含与_坦帕美食广场_相关的收入为$974,000。2024年9月28日的年度内包含与_El Rio Grande_和_坦帕美食广场_相关的收入分别为$3,185,000 和$5,241,000。排除与_El Rio Grande_和_坦帕美食广场_相关的收入，2024年9月28日的年度收入为$175,118,000。

Excluding revenues related to El Rio Grande and the Tampa Food Court, Company-wide same store sales decreased 10.1% and 4.2% for the 13 and 52 weeks ended September 27, 2025 as compared to the same periods of last year. These decreases were attributable primarily to decreases in both catering and a la carte revenue at the Bryant Park Grill as a result of the negative publicity related to our dispute with the landlord as well as lower traffic in Las Vegas.

排除与_El Rio Grande_和_坦帕美食广场_相关的收入，公司整体同店销售在截至2025年9月27日的 13 周和 52 周内分别下降了 10.1% 和 4.2%，与去年同期相比。这些下降主要归因于由于与房东的争议相关的负面宣传以及拉斯维加斯的客流量下降，导致_布莱恩特公园餐厅_的餐饮和单点收入下降。

The Company's EBITDA, as adjusted, for the 13 weeks ended September 27, 2025 was $(1,071,000) versus $503,000 for the 13 weeks ended September 28, 2024. Net loss attributable to Ark Restaurants Corp. for the 13 weeks ended September 27, 2025 was $(1,919,000) or $(0.53) per basic and diluted share compared to a net loss of $(4,457,000) or $(1.24) per basic and diluted share, for the 13 weeks ended September 28, 2024.

截至2025年9月27日的 13 周内，公司调整后的 EBITDA 为$(1,071,000)，而截至2024年9月28日的 13 周内为$503,000。归属于 Ark Restaurants Corp.的净亏损为$(1,919,000)，即每股基本和稀释后$(0.53)，相比之下，2024年9月28日的 13 周内净亏损为$(4,457,000)，即每股基本和稀释后$(1.24)。

The Company's EBITDA, as adjusted, for the 52 weeks ended September 27, 2025 was $1,407,000 versus $6,128,000 for the 52 weeks ended September 28, 2024. Net loss attributable to Ark Restaurants Corp. for the 52 weeks ended September 27, 2025, which includes a full valuation allowance related to our deferred tax assets in the amount of $4,799,000, was $(11,466,000) or $(3.18) per basic and diluted share compared to a net loss of $(3,896,000) or $(1.08) per basic and diluted share, for the 52 weeks ended September 28, 2024.

截至2025年9月27日的 52 周内，公司调整后的 EBITDA 为$1,407,000，而截至2024年9月28日的 52 周内为$6,128,000。归属于 Ark Restaurants Corp.的净亏损为$(11,466,000)，即每股基本和稀释后$(3.18)，其中包括与我们的递延税资产相关的全额估值准备金$4,799,000，而2024年9月28日的 52 周内净亏损为$(3,896,000)，即每股基本和稀释后$(1.08)。

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.

EBITDA 是一项非公认会计原则财务指标，因此，请参见本新闻稿附带的表格，以获取每个报告期调整后 EBITDA 的详细调整信息，以及本新闻稿末尾的 “非公认会计原则财务信息”。

Other Matters

其他事项

Bryant Park Grill & Cafe and The Porch at Bryant Park Leases

布莱恩特公园餐厅与咖啡馆及布莱恩特公园露台租约

The Company's agreements with the Bryant Park Corporation (the “Landlord”) (a private non-profit corporation that operates and maintains Bryant Park under agreements with the City of New York Department of Parks & Recreation), for the Bryant Park Grill & Café expired on April 30, 2025 and for The Porch at Bryant Park expired on March 31, 2025.

公司与布莱恩特公园公司（“房东”）（一家根据与纽约市公园与娱乐部的协议运营和维护布莱恩特公园的私人非营利公司）签订的_布莱恩特公园餐厅与咖啡馆_的协议于2025年4月30日到期，_布莱恩特公园露台_的协议于2025年3月31日到期。

In July of 2023 (for the Bryant Park Grill & Café) and September of 2023 (for The Porch at Bryant Park), the Company received requests for proposals (the "RFPs") from the Landlord to which we responded on October 26, 2023. The agreements offered under the RFPs for both locations were for new 10-year agreements, with one five-year renewal option. In the second quarter of 2025, the Landlord stated publicly that it had selected a new operator for the Bryant Park Grill & Café and The Porch at Bryant Park. However, to the best of our knowledge, no agreements between the Landlord and the selected operator have received the approvals of either the City of New York Department of Parks & Recreation or the New York Public Library, of which both approvals are required before any new lease can become effective.

在 2023 年 7 月（针对_Bryant Park Grill & Café_）和 2023 年 9 月（针对_The Porch at Bryant Park_），公司收到了来自房东的提案请求（"RFPs"），我们于2023年10月26日作出了回应。针对这两个地点的 RFP 所提供的协议为新的 10 年协议，并附带一个五年的续约选项。在 2025 年第二季度，房东公开表示已选择了_Bryant Park Grill & Café_和_The Porch at Bryant Park_的新运营商。然而，据我们所知，房东与所选运营商之间尚未获得纽约市公园与娱乐部或纽约公共图书馆的批准，而这两项批准是任何新租约生效前所必需的。

Management has been working with outside advisors to assist our efforts to ensure that the RFP awards process was both fair and transparent and to enforce the Company's right of first lease under our lease agreements, and otherwise to protect the Company’s rights with respect to these matters.

管理层一直在与外部顾问合作，以确保 RFP 授予过程既公平又透明，并维护公司在租赁协议下的优先租赁权，以及在其他方面保护公司的权利。

As of the date of this filing, we continue to operate the above properties and intend to do so until we are either awarded the lease extensions or ordered to vacate the premises. The underlying lawsuit filed by the Company to protect its rights continues, and we will pursue all available options to protect the Company's interests.

截至本文件提交之日，我们继续运营上述物业，并打算在获得租约延长或被要求腾退场地之前继续运营。公司为保护其权利而提起的基础诉讼仍在进行中，我们将追求所有可用的选项以保护公司的利益。

Management, after consultation with legal counsel, is unable to predict the outcome of this matter at this time. While the outcome of these proceedings cannot be predicted with certainty, the Bryant Park Grill & Cafe and The Porch at Bryant Park, collectively, accounted for $25.5 million and $31.1 million of our total revenues for the years ended September 27, 2025 and September 28, 2024, respectively, which represented approximately 15.4% and 17.4% of our total revenue for such periods, respectively.

管理层在咨询法律顾问后，目前无法预测此事的结果。虽然这些诉讼的结果无法确定，但_Bryant Park Grill & Café_和_The Porch at Bryant Park_合计在截至2025年9月27日和2024年9月28日的年度中分别占我们总收入的 2550 万美元和 3110 万美元，分别约占该期间总收入的 15.4% 和 17.4%。

The uncertainty related to this dispute has had a material adverse impact on our business, financial condition, and results of operations and will continue to do so while the dispute is litigated and if we are unable to prevail in the above actions and/or are unable to extend or renew these leases on favorable terms, if at all.

与此争议相关的不确定性对我们的业务、财务状况和经营成果产生了重大不利影响，并将在争议诉讼期间持续存在，如果我们无法在上述行动中胜诉和/或无法以有利条款延长或续签这些租约。

Investment in and Receivable From New Meadowlands Racetrack LLC

对新梅多兰赛马场有限责任公司的投资及应收款

Since March 12, 2013, the Company has made investments in the New Meadowlands Racetrack LLC (“NMR”) through its purchase of membership interests in Meadowlands Newmark, LLC, an existing member of NMR. As of the date of this report, the Company has made a total investment of $5,256,000.

自2013年3月12日起，公司通过购买梅多兰德纽马克有限责任公司的会员权益对新梅多兰赛马场有限责任公司（“NMR”）进行了投资。截止本报告日期，公司总投资额为 525.6 万美元。

For several years, New York State has been conducting a bidding process to award up to three downstate casino licenses and on December 1, 2025, the New York State Gaming Facility Location Board approved three applications for casino gaming licenses. The New York State Gaming Commission is expected to issue licenses for the three approved applications by December 31, 2025. Concurrent with the New York process, NMR has been actively pursuing a full casino license 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 May 2025, a Senate Concurrent Resolution was introduced proposing a ballot referendum to authorize casinos at both the Monmouth Park and Meadowlands Racetracks. It requires a three-fifths vote in both legislative chambers to reach the ballot in November 2026. If the referendum passes, NMR aims for a temporary facility potentially opening in 2027 and a permanent one by 2028. In conjunction with such referendum, NMR will need to raise substantial capital to fund a marketing campaign to support the passage of the referendum. To the extent the Company does not contribute to this effort, or if NMR raises outside capital, our interests will be diluted.

多年来，纽约州一直在进行竞标程序，以授予最多三个下州赌场许可证，并且在2025年12月1日，纽约州博彩设施选址委员会批准了三份赌场博彩许可证申请。预计纽约州博彩委员会将在2025年12月31日前发放这三份批准申请的许可证。与纽约的进程同时，NMR 一直在积极追求全面的赌场许可证，以补充其现有的赛马和体育博彩业务。在新泽西州大西洋城以外的任何博彩许可证，包括梅多兰赛马场，都需要对新泽西州宪法的修正案进行批准，然后由新泽西州赌场控制委员会发放许可证。在 2025 年 5 月，提出了一项参议院共同决议，建议进行公投以授权在蒙茅斯公园和梅多兰赛马场设立赌场。该提案需要在两个立法机构中获得三分之二的投票才能在 2026 年 11 月的选票上出现。如果公投通过，NMR 计划在 2027 年开设一个临时设施，并在 2028 年开设一个永久设施。与该公投相关，NMR 需要筹集大量资金以支持公投的营销活动。如果公司未能对此作出贡献，或如果 NMR 筹集外部资金，我们的权益将被稀释。

There can be no assurances that above referendum will be included in the November 2026 election ballot or that it will pass if it is included. If either of these do not occur, the Company’s investment in NMR will be evaluated based on the existing horse racing and sports betting operations and may be subject to substantial impairment.

不能保证上述公投将被纳入 2026 年 11 月的选举选票，或如果被纳入将会通过。如果这两者中的任何一项未能发生，公司在 NMR 的投资将根据现有的赛马和体育博彩业务进行评估，并可能面临重大减值。

Loss on the Closure of El Rio Grande

关闭 El Rio Grande 的损失

In October 2024, the Company advised the landlord of El Rio Grande we would be terminating the lease and closing the property permanently. In connection with this notification, the Company recorded a loss of $876,000 during the year ended September 28, 2024. The property closed permanently on January 3, 2025 and was vacated and delivered to the landlord on April 30, 2025. During the year ended September 27, 2025, the Company recognized a gain in the amount of $173,000 as a result of refinements of estimates.

在 2024 年 10 月，公司通知_El Rio Grande_的房东我们将终止租约并永久关闭该物业。与此通知相关，公司在截至2024年9月28日的年度中记录了 87.6 万美元的损失。该物业于2025年1月3日永久关闭，并于2025年4月30日腾退并交还给房东。在截至2025年9月27日的年度中，公司因估算的修正而确认了 17.3 万美元的收益。

Gain on Termination of Tampa Food Court Lease

终止坦帕美食广场租约的收益

On November 26, 2024, the Company agreed to terminate its lease for the food court at The Hard Rock Hotel and Casino in Tampa, FL and, accordingly, vacated the premises on December 15, 2024. In connection with this, Ark Hollywood/Tampa Investment LLC, a subsidiary of the Company, (in which we own a 65% interest) received a termination payment in the amount of $5,500,000, all obligations under the lease ceased and we recorded a gain, net of expenses, in the amount of $5,235,000 during the year ended September 27, 2025.

在2024年11月26日，公司同意终止在佛罗里达州坦帕的硬石酒店和赌场的美食广场租约，并因此于2024年12月15日腾退该场所。与此相关，公司的子公司 Ark Hollywood/Tampa Investment LLC（我们持有 65% 的股份）收到了 550 万美元的终止付款，所有租约下的义务终止，我们在截至2025年9月27日的年度中记录了净收益，扣除费用后为 523.5 万美元。

Impairment Losses on Right-of-Use and Long-lived Assets

使用权和长期资产的减值损失

During the year ended September 28, 2024, impairment indicators were identified at our Sequoia property located in Washington, D.C. due to lower-than-expected operating results. Accordingly, the Company tested the recoverability of Sequoia's ROU and long-lived assets and concluded they were not recoverable. Based on a discounted cash flow analysis, the Company recognized impairment charges of $1,561,000 and $939,000 related to Sequoia's ROU assets and long-lived assets, respectively. The Company continued to monitor the performance of Sequoia throughout fiscal 2025 and, as a result of lower than expected operating results we tested the recoverability of its ROU and long-lived assets again and based on a discounted cash flow analysis, we recognized additional impairment charges of $2,940,000 and $1,760,000 during the year ended September 27, 2025 related to Sequoia's ROU and long-lived assets, respectively.

截至2024年9月28日，我们位于华盛顿特区的_Sequoia_物业出现了减值迹象，原因是运营结果低于预期。因此，公司对_Sequoia_的使用权资产和长期资产进行了可回收性测试，并得出结论认为这些资产不可回收。根据折现现金流分析，公司确认了与_Sequoia_的使用权资产和长期资产相关的减值费用，分别为 1,561,000 美元和 939,000 美元。公司在 2025 财年继续监测_Sequoia_的表现，因运营结果低于预期，我们再次测试了其使用权资产和长期资产的可回收性，并根据折现现金流分析，在截至2025年9月27日的年度内，确认了与_Sequoia_的使用权和长期资产相关的额外减值费用，分别为 2,940,000 美元和 1,760,000 美元。

Goodwill Impairment

商誉减值

Goodwill is the excess of cost over fair market value of tangible and intangible net assets acquired. Goodwill is not presently amortized but tested for impairment annually or when the facts or circumstances indicate a possible impairment of goodwill as a result of a continual decline in performance or as a result of fundamental changes in a market.

商誉是收购的有形和无形净资产的公允市场价值与成本之间的差额。商誉目前不进行摊销，但每年进行减值测试，或在事实或情况表明可能因持续业绩下降或市场的根本变化而导致商誉减值时进行测试。

In accordance with ASU 350-20, Intangibles—Goodwill and Other, the Company identified a triggering event during the three months ended March 29, 2025 primarily related to a decline in the Company's stock price during the second quarter of fiscal 2025 and the continued uncertainty related to the expiration of the Bryant Park Grill & Cafe and The Porch at Bryant Park leases. As a result, the Company performed an interim quantitative impairment test and based on the results of the assessment, the fair value of our equity was determined to be less than its carrying amount. Accordingly, the Company recognized a non-cash impairment charge of the remaining balance of its goodwill in the amount of $3,440,000 in our consolidated statement of operations for the year ended September 27, 2025.

根据 ASU 350-20，无形资产—商誉及其他，公司在截至2025年3月29日的三个月内识别出一个触发事件，主要与公司在 2025 财年第二季度股价的下跌以及与_Bryant Park Grill & Cafe_和_The Porch at Bryant Park_租约到期相关的持续不确定性有关。因此，公司进行了临时定量减值测试，基于评估结果，我们的股权公允价值被确定为低于其账面价值。因此，公司在截至2025年9月27日的合并运营报表中确认了剩余商誉的非现金减值费用，金额为 3,440,000 美元。

As of September 28, 2024, the Company performed a qualitative assessment of it's goodwill whereby the fair value of the equity was determined using the income approach. Given the relatively low volume of shares traded as of September 28, 2024, the Company determined the income approach provided the best approximation of fair value. In the income approach, we utilized a discounted cash flow analysis, which involved estimating the expected future after-tax cash flows generated and then discounting those cash flows to present value, reflecting the relevant risks associated with the achievement of projected cash flows, the possibility that the Bryant Park Grill & Cafe and The Porch at Bryant Park leases may not be renewed beyond their expirations on April 30, 2025, and the time value of money. This approach required the use of significant estimates and assumptions, including forecasted revenue growth rates, forecasted cash flows from operations, and discount rates that reflect the risk inherent in the future cash flows. Based on the impairment analysis, the carrying amount of our equity exceeded its estimated fair value, which indicated an impairment of the carrying value of our goodwill at September 28, 2024. Accordingly, during the fourth quarter of fiscal 2024, the Company recorded a goodwill impairment charge of $4,000,000, of which $4,000,000 was deductible for tax purposes and resulted in a deferred income tax benefit of $1,074,000. Such impairment was attributed to factors such as, but not limited to, a decrease in the market price of the Company's common stock and lower than expected profitability.

截至2024年9月28日，公司对其商誉进行了定性评估，公允价值是通过收益法确定的。鉴于截至2024年9月28日交易的股票数量相对较低，公司认为收益法提供了最佳的公允价值近似。在收益法中，我们利用了折现现金流分析，这涉及估计未来的税后现金流，并将这些现金流折现为现值，反映与实现预测现金流相关的风险、_Bryant Park Grill & Cafe_和_The Porch at Bryant Park_租约可能在2025年4月30日到期后不再续约的可能性，以及货币的时间价值。该方法需要使用重要的估计和假设，包括预测的收入增长率、预测的运营现金流和反映未来现金流固有风险的折现率。根据减值分析，我们的股权账面价值超过其估计公允价值，这表明截至2024年9月28日我们的商誉账面价值存在减值。因此，在 2024 财年第四季度，公司记录了 4,000,000 美元的商誉减值费用，其中 4,000,000 美元可用于税务抵扣，导致 1,074,000 美元的递延所得税收益。此减值归因于多种因素，包括但不限于公司普通股市场价格的下降和低于预期的盈利能力。

Conference Call and Webcast Information

电话会议和网络直播信息

Ark Restaurants will host a conference call on December 16, 2025 at 11:00 a.m. Eastern Time to review these results and discuss other topics.

Ark Restaurants 将于2025年12月16日上午 11:00（东部时间）召开电话会议，以审查这些结果并讨论其他主题。

The call can be accessed by dialing toll-free 1-877-407-4018 (Toll/International: 1-201-689-8471).

拨打免费电话 1-877-407-4018（国际/长途：1-201-689-8471）即可访问会议。

The dial-in numbers to participate in the conference call are the following:

参与电话会议的拨入号码如下：

Toll-Free: 1-877-407-4018

免费电话：1-877-407-4018

Toll/International: 1-201-689-8471

国际/长途：1-201-689-8471

A participant webcast of the call will be available by copying and pasting the following URL into your browser: https://callme.viavid.com/viavid/?callme=true&passcode=13716421&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.

参与者可以通过将以下 URL 复制并粘贴到浏览器中来访问会议的网络直播：https://callme.viavid.com/viavid/?callme=true&passcode=13716421&h=true&info=company&r=true&B=6。参与者可以使用上述的来宾拨入号码与接线员联系，或点击 Call meTM 链接以即时电话访问该活动。请注意，Call meTM 链接将在预定开始时间前 15 分钟激活。

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=1745758&tp_key=64a6eab6d1. 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 13757449. The replay will be available until Tuesday, December 23, 2025, 11:59 p.m. Eastern Time.

通过将以下 URL 复制并粘贴到浏览器中，可以访问会议的实时收听网络直播：https://viavid.webcasts.com/starthere.jsp?ei=1745758&tp_key=64a6eab6d1。会议结束后大约三个小时内将提供重播，拨打免费电话 1-844-512-2921（国际/长途：1-412-317-6671），使用访问 ID 13757449。重播将持续到2025年12月23日星期二晚上 11:59（东部时间）。

About Ark Restaurants Corp.

关于 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. Two 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, The 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.

Ark Restaurants 拥有并经营 16 家餐厅和酒吧，12 个快餐概念以及主要位于纽约市、佛罗里达州、华盛顿特区、内华达州拉斯维加斯和阿拉巴马州海湾沿岸的餐饮业务。两家餐厅位于纽约市，一家位于华盛顿特区，五家位于内华达州拉斯维加斯，一家位于新泽西州大西洋城，四家位于佛罗里达州东海岸，两家位于阿拉巴马州海湾沿岸。拉斯维加斯的业务包括在纽约 - 纽约酒店和赌场度假村内的四家餐厅，以及酒店的客房服务、宴会设施、员工餐厅和六个美食广场概念，以及在好莱坞度假村和赌场内的一家餐厅。在新泽西州大西洋城，公司在特罗皮卡纳酒店和赌场经营一家餐厅。佛罗里达州的业务包括位于丹尼亚海滩的 Rustic Inn、位于詹森海滩的 Shuckers、位于德尔雷海滩的 JB’s on the Beach、位于劳德代尔堡的 The Blue Moon Fish Company 以及在好莱坞的硬石酒店和赌场经营的六个快餐设施。

Cautionary Note Regarding Forward-Looking Statements

关于前瞻性声明的警示说明

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 & 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 & 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 "Risk Factors" and “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.

本新闻稿中的某些声明可能被视为《1933 年证券法》第 27A 条和《1934 年证券交易法》第 21E 条所定义的 “前瞻性声明”。前瞻性声明通常与未来事件或公司的未来财务或运营表现相关，并可能通过 “可能”、“应该”、“期望”、“打算”、“将”、“估计”、“预期”、“相信”、“预测” 或类似词语来识别。这些声明包括但不限于关于公司未来财务或运营表现的声明，关于 Bryant Park Grill & Café 和 The Porch at Bryant Park 的声明，包括公司计划在获得租约延期或被要求搬离之前继续经营这些餐厅，以及公司期望采取所有可用选项以保护公司利益的声明，关于公司实现其对新梅多兰赛马场 LLC 投资预期收益的能力的声明，以及任何表明公司可能能够维持或增加其销售、收益或每股收益，或其销售、收益或每股收益增长率的迹象。这些前瞻性声明基于公司截至本日期所做的假设，并受到风险、不确定性和其他因素的影响，这些因素可能导致实际结果与这些前瞻性声明所表达或暗示的结果存在重大差异。可能导致实际结果与当前预期存在重大差异的因素包括但不限于：(i) 当前政治气候及当前和未来经济条件（包括通货膨胀）对我们的：(a) 运营结果、现金流和财务状况的负面影响；(b) 遵守债务协议条款和契约的能力；(c) 支付或再融资现有债务或获得额外融资的能力；以及 (d) 用于评估资产减值的预测现金流；(ii) 我们在新市场和现有市场开设新餐厅的能力，包括寻找地点和谈判可接受租约的困难；(iii) 对消费者偏好和经济条件变化的脆弱性；(iv) 我们在有利条件下延长现有租约的能力（如果有的话）；(v) 我们在有利条件下续签已到期租约的能力（如果有的话），包括 Bryant Park Grill & Café 的租约于2025年4月30日到期，The Porch at Bryant Park 的租约于2025年3月31日到期；(vi) 我们实现与对新梅多兰赛马场 LLC 投资相关的预期收益的能力（如果有的话）；以及 (vii) 在公司向证券交易委员会（“SEC”）提交的文件中列出的 “风险因素” 和 “关于前瞻性声明的特别说明” 部分中列出的其他风险和不确定性，这些文件可在 SEC 网站 www.sec.gov 上获取。公司明确声明没有任何义务或承诺公开发布任何此类声明的更新或修订，以反映公司预期的任何变化或任何此类声明所基于的事件、条件或情况的变化。前瞻性声明还受到 “非公认会计原则财务信息” 下描述的风险和其他问题的影响，这可能导致实际结果与公司在本新闻稿中包含的前瞻性声明中的当前预期存在重大差异。

Non-GAAP Financial Information

非公认会计原则财务信息

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 measure employed by other companies.

本新闻稿包括非公认会计原则（“GAAP”）的业绩指标。尽管 EBITDA 不是根据 GAAP 计算的业绩或流动性指标，但公司认为使用这一非 GAAP 财务指标有助于全面理解公司的过去财务表现，并为投资者提供有用的信息，因为公司历史上将其作为业绩和流动性指标使用，几乎所有餐饮行业的公司也将 EBITDA 作为业绩和流动性指标。然而，投资者不应孤立地考虑这一指标，也不应将其视为净收入（亏损）、营业收入（亏损）、经营活动现金流或任何其他根据 GAAP 计算的用于确定公司运营表现或流动性的指标的替代品，因为它可能不一定可与其他公司采用的类似标题的指标进行比较。


ARK RESTAURANTS CORP.
Consolidated Statements of Operations
(In Thousands, Except per share amounts)
	13 Weeks Ended September 27, 2025		13 Weeks Ended September 28, 2024	52 Weeks Ended September 27, 2025		52 Weeks Ended September 28, 2024

TOTAL REVENUES	$	37,323		$	43,406		$	165,751		$	183,545
COSTS AND EXPENSES:
Food and beverage cost of sales		10,777			12,007			46,427			49,519
Payroll expenses		14,242			15,875			60,346			65,844
Occupancy expenses		5,399			6,254			22,527			24,622
Other operating costs and expenses		5,222			5,892			22,644			24,125
General and administrative expenses		2,709			3,112			12,001			12,263
Depreciation and amortization		696			909			3,138			4,090
(Gain) loss on closure of El Rio Grande		—			876			(173	)		876
Gain on termination of Tampa Food Court lease		—			—			(5,235	)		—
Impairment losses on right-of-use and long-lived assets		—			—			4,700			2,500
Goodwill impairment		—			4,000			3,440			4,000
Total costs and expenses		39,045			48,925			169,815			187,839
OPERATING LOSS		(1,722	)		(5,519	)		(4,064	)		(4,294	)
OTHER (INCOME) EXPENSE:
Interest expense, net		76			129			369			577
Other income		—			—			—			(26	)
Gain on sale of condominiums		(203	)		—			(594	)		—
Gain on forgiveness of PPP Loans		—			—			—			(285	)
Total other (income) expense, net		(127	)		129			(225	)		266
LOSS BEFORE BENEFIT FOR INCOME TAXES		(1,595	)		(5,648	)		(3,839	)		(4,560	)
Provision (benefit) for income taxes		305			(613	)		5,324			(815	)
CONSOLIDATED NET LOSS		(1,900	)		(5,035	)		(9,163	)		(3,745	)
Net (income) loss attributable to non-controlling interests		(19	)		578			(2,303	)		(151	)
NET LOSS ATTRIBUTABLE TO ARK RESTAURANTS CORP.	$	(1,919	)	$	(4,457	)	$	(11,466	)	$	(3,896	)

NET LOSS PER ARK RESTAURANTS CORP. COMMON SHARE:
Basic	$	(0.53	)	$	(1.24	)	$	(3.18	)	$	(1.08	)
Diluted	$	(0.53	)	$	(1.24	)	$	(3.18	)	$	(1.08	)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING:
Basic		3,605			3,604			3,605			3,604
Diluted		3,605			3,604			3,605			3,604

EBITDA Reconciliation:
Loss before benefit for income taxes	$	(1,595	)	$	(5,648	)	$	(3,839	)	$	(4,560	)
Depreciation and amortization		696			909			3,138			4,090
Interest expense, net		76			129			369			577
EBITDA (a)	$	(823	)	$	(4,610	)	$	(332	)	$	107
EBITDA, adjusted:
EBITDA (as defined) (a)	$	(823	)	$	(4,610	)	$	(332	)	$	107
Non-cash stock option activity		(26	)		(341	)		34			(919	)
(Gain) loss on closure of El Rio Grande		—			876			(173	)		876
Gain on termination of Tampa Food Court lease, net of non-controlling interests		—			—			(3,365	)		—
Impairment losses on right-of-use and long-lived assets		—			—			4,700			2,500
Goodwill impairment		—			4,000			3,440			4,000
Gain on sale of condominiums		(203	)		—			(594	)		—
Gain on forgiveness of PPP Loans		—			—			—			(285	)
Net (income) loss attributable to non-controlling interests		(19	)		578			(2,303	)		(151	)
EBITDA, as adjusted	$	(1,071	)	$	503		$	1,407		$	6,128


ARK RESTAURANTS CORP.
合并经营报表
(以千为单位，除每股金额外)
	截至2025年9月27日的 13 周		截至2024年9月28日的 13 周	截至2025年9月27日的 52 周		截至2024年9月28日的 52 周

总收入	$	37,323		$	43,406		$	165,751		$	183,545
成本和费用：
食品和饮料销售成本		10,777			12,007			46,427			49,519
工资费用		14,242			15,875			60,346			65,844
租赁费用		5,399			6,254			22,527			24,622
其他运营成本和费用		5,222			5,892			22,644			24,125
一般和行政费用		2,709			3,112			12,001			12,263
折旧和摊销		696			909			3,138			4,090
El Rio Grande 关闭损失		—			876			(173	)		876
Tampa Food Court 租约终止收益		—			—			(5,235	)		—
使用权和长期资产减值损失		—			—			4,700			2,500
商誉减值		—			4,000			3,440			4,000
总成本和费用		39,045			48,925			169,815			187,839
运营损失		(1,722	)		(5,519	)		(4,064	)		(4,294	)
其他（收入）费用：
利息费用，净额		76			129			369			577
其他收入		—			—			—			(26	)
公寓销售收益		(203	)		—			(594	)		—
PPP 贷款豁免收益		—			—			—			(285	)
总其他（收入）费用，净额		(127	)		129			(225	)		266
税前损失		(1,595	)		(5,648	)		(3,839	)		(4,560	)
所得税准备（收益）		305			(613	)		5,324			(815	)
合并净损失		(1,900	)		(5,035	)		(9,163	)		(3,745	)
归属于非控股权益的净（收入）损失		(19	)		578			(2,303	)		(151	)
归属于 ARK RESTAURANTS CORP. 的净损失	$	(1,919	)	$	(4,457	)	$	(11,466	)	$	(3,896	)

每股 ARK RESTAURANTS CORP. 普通股净损失：
基本	$	(0.53	)	$	(1.24	)	$	(3.18	)	$	(1.08	)
稀释	$	(0.53	)	$	(1.24	)	$	(3.18	)	$	(1.08	)
普通股加权平均流通股数：
基本		3,605			3,604			3,605			3,604
稀释		3,605			3,604			3,605			3,604

EBITDA 调整：
税前损失	$	(1,595	)	$	(5,648	)	$	(3,839	)	$	(4,560	)
折旧和摊销		696			909			3,138			4,090
利息费用，净额		76			129			369			577
EBITDA (a)	$	(823	)	$	(4,610	)	$	(332	)	$	107
调整后的 EBITDA：
EBITDA（定义如上）(a)	$	(823	)	$	(4,610	)	$	(332	)	$	107
非现金股票期权活动		(26	)		(341	)		34			(919	)
El Rio Grande 关闭损失		—			876			(173	)		876
Tampa Food Court 租约终止收益，扣除非控股权益		—			—			(3,365	)		—
使用权和长期资产减值损失		—			—			4,700			2,500
商誉减值		—			4,000			3,440			4,000
公寓销售收益		(203	)		—			(594	)		—
PPP 贷款豁免收益		—			—			—			(285	)
归属于非控股权益的净（收入）损失		(19	)		578			(2,303	)		(151	)
调整后的 EBITDA	$	(1,071	)	$	503		$	1,407		$	6,128


(a)		EBITDA is defined as earnings before interest, taxes, depreciation and amortization. A reconciliation of EBITDA to the most comparable GAAP financial measure, pre-tax income, is included above.


(a)		EBITDA 定义为利息、税项、折旧和摊销前的收益。上述包含了 EBITDA 与最可比的 GAAP 财务指标——税前收入的调节。

View source version on businesswire.com: https://www.businesswire.com/news/home/20251215676279/en/

在 businesswire.com 上查看源版本：https://www.businesswire.com/news/home/20251215676279/en/

Anthony J. Sirica

(212) 206-8800

ajsirica@arkrestaurants.com

Source: Ark Restaurants Corp.

来源：Ark Restaurants Corp.

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