Greetings, and welcome to the Ark Restaurants' Third Quarter Fiscal 2018 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sonal Shah, General Counsel. Please go ahead.

Thank you, operator. Good morning and thank you for joining us on our conference call for the third fiscal quarter ended June 30, 2018. My name is Sonal Shah, and I'm General Counsel of Ark Restaurants. With me on the call today is Michael Weinstein, our Chairman and CEO; and Vinny Pascal, our Chief Operating Officer. For those of you who have not yet obtained a copy of our press release, it was issued over the Newswire yesterday and is available on our website. To review the full text of that press release, along with the associated financial tables, please go to our homepage at www.arkrestaurants.com. Before we begin, however, I would like to read the Safe Harbor statement. I need to remind everyone that part of our discussion this morning will include forward-looking statements and that these statements are not guarantees of future performance, and therefore, undue reliance should not be placed on them. We refer everyone to our filings with the Securities and Exchange Commission for a more detailed discussion of the risks that may have a direct bearing on our operating results, performance and financial condition. I'll now turn the call over to Michael.

Hi, everybody. I would hope that you will allow me a moment so that I can say a few words about Bob Stewart, who passed away some three weeks ago. Bob was the company's President and CFO, but so much more. For 17 years, he and his family have been our family. He was modest and reserve, just as comfortable in the back seat as driving in the front. He could be funny but preferred to laugh at other people's jokes. He was intelligent with strong opinions but would take action only after he was a thoughtful listener. On weekends with his family, he would take time to tinker with his 1955 Triumph sports car. He was an [ph] average baseball fan. He collected watches and stereo equipment. On rainy days, he would provide the office with umbrellas from his inventory, which he would resupply with an order to Amazon. Bob was a seemingly ordinary guy who did an extraordinary job with great integrity and discipline. We are a better company because of his efforts. He has left behind a strong financial and accounting team and many memories of his genuine friendship. While this was the enormous shock to the company, suddenness of his passing, despite trying to get over the sadness of this, we had not been idle in trying to find a new CFO. I think we will have the ability to make an announcement within the next month on how we are dealing with the situation. In the meantime, Nancy Alvarez who is our Chief Auditor has done extraordinary job with her team. It is also a complement to Bob that in the 17 years I don't think anybody has left his accounting department that's extended on to him, but nobody has ever left. With that, I…

Thank you. We will now be conducting a question-and-answer session. [Operator Instructions] Our first question comes from Jeffrey Kay [ph] with Family Office Consultants. Please go ahead.

Hi. Good morning, everyone. Just a question regarding Durgin-Park. You had mentioned that it has been disappointed, and I was wondering what's your strategy, what the plan is going forward, seems like you've put some energy and effort and focus trying to turn it around. If I recall a couple of years ago, you had a New York City property, the new site that you disposed of. So, I'm just curious as to what your plans have been?

We're not going to sit unless we can turn it quickly, number one. We do have a deal with host that has Durgin-Park quick-serve restaurant at Logan Airport that has another five years to run that income out of that. We don't have very much in the way of book value at Durgin-Park, $250,000. We are showing it to some operators who might want to take it over. We're also making an effort on our own park and market it. But basically, we're feeling with the restaurant that's been in place some 150 years, it sort of is stuck in terms of if we change the menu, people are going to complaint because they go there for that menu and they go there for the history of Durgin-Park. But the world has become - has changed in the way it likes to eat and that menu is no longer an effective menu we think. We're executing just fine, it's just that we have fewer customers. So, I'd say we have to fill the post in terms of their license at the airport, which they want to keep in place and we have to deal with what to do with the restaurant. So, we're trying to figure it out, but we're not going to sit on a dirt wall, we'll have a solution hopefully in the next quarter.

Thank you.

[Operator Instructions] Since there are no further questions, I would like to turn - we have one more from Bruce Martin with Still Lake Capital. Please go ahead.

Thanks. Hi, Michael. Sorry about the loss of your friend and hard loss in the business. A - Michael Weinstein Thank you.

Can you just provide a little balance sheet information in terms of cash at the end of the quarter, debt balances?

The cash at the end of the quarter, hold on one second, let me flip to that page, was roughly around $5 million. It is still since then, it's $6 million. The indebtedness, I can give you in a second is about $20 million.

Thank you.

All right.

There are no further questions. I would like to turn the floor over to Michael Weinstein for closing comments.

Yeah. Bruce, I should have also mentioned, we've refinanced the debt that was signed sometime in June, whereby the amortization on the debt has been greatly reduce, thus helping our cash balances. It's a more rational pre-defined than we had before. I also want to make comment that the only capital expenditures that we foresee in the next five months or six months is the expansion of Rustic Inn. We're adding a new bar to it for people who wait. Generally, if you go to Rustic Inn, there is a crowd of people waiting and they have no place to spend their money. So, adding the bar we think is incremental revenue. We're also building two bars in the barge that we had which is on the canal, which was basically for events or overflow seating. Just needed to be replaced and we're adding a rooftop bar to that barge. So, again, we think we're expanding in a rational way. It's probably a couple of million dollars in capital expenditures over the next five months to six months before we build these things. I want to apologize for my subdued tone today. I think you can clearly understand that with sitting here with one person missing is a little bit tough. We look forward to talking to you next quarter. I thank you all for listening and have good rest of the summer. Thank you.

Thank you. This concludes today's teleconference. You may disconnect your lines at this time and thank you for your participation.