Greetings, and welcome to the Ark Restaurants Second Quarter 2015 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Bob Stewart, President and Chief Financial Officer for Ark Restaurants. Thank you, sir. You may begin.

Thank you, operator. Good morning, and thank you for joining us for our conference call for the second fiscal quarter ended March 28, 2015. With me on the call today is Michael Weinstein, our Chairman and Chief Executive Officer. For those of you who have not yet obtained a copy of our press release, it was issued over the newswire, Friday, and is available on our website. To review the full text of that press release along the associated financial tables, please go to our homepage at www.arkrestaurants.com. Before we begin, however, I'd like to read the safe harbor statement. I need to remind everyone that part of our discussion this afternoon 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 will now turn the call over to Michael.

Hi, everybody, There's a lot going on in this quarter, so I think it's best that I explain it venue by venue. Las Vegas. We were down 6.7% in same-store sales. Two things are going on in Vegas. At New York, New York, there is tremendous amount of construction as they get ready for the new arena, which has 20,000 seats, which is going to be adjacent to New York, New York. But there's also been a lot of competition added in anticipation of demand from the arena. So we have several new restaurants on premise or adjacent to us between the construction and the additional competition and the fact that the arena is not ready yet and that demand won't flow into us until the beginning of 2016, our sales are suffering. So we're down 6.7% there. New York, Washington D.C., Atlantic City, Boston and Connecticut. We had a very harsh winter here. New York sales, our restaurants are doing very well. The fact that we're even in such a difficult weather environment, I think, speaks well to what we're doing in those restaurants. It's interesting. For the 26 weeks, we're up 9.9% in New York. So those are strong restaurants performing very well. We had a lot of bad weather days. Washington D.C. Two things are going on. One is weather. We're down 7.2% on the quarter on same-store sales. But more importantly, Union Station, where we have 2 of our 3 Washington D.C. operations is under construction. That construction is quite severe for us. Our entrances are blocked most of the day, and there's a lot of hammering and construction going on, and it's not a pleasant place to sit. We're still profitable in Union Station, but our sales were hurt dramatically. Interesting, for the 26 weeks,…

[Operator Instructions] Our first question today is coming from Bruce Geller from DGHM. Bruce Howard Geller - Dalton, Greiner, Hartman, Maher & Co., LLC: When do you annualize through the difficult comparisons in Florida? It seems like it started at least a year ago.

We just finished. Bruce Howard Geller - Dalton, Greiner, Hartman, Maher & Co., LLC: You just finished?

Yes. This is the last... Bruce Howard Geller - Dalton, Greiner, Hartman, Maher & Co., LLC: So in the current quarter, we shouldn't see comps down anywhere near...

We'll have a little bit left -- Bruce, we'll have a little bit left over in the current quarter. Bob can give you exact date.

Yes. The policy, the no-comp policy started on May 5 of last year. So we've seen that -- the last few days, sales are actually up at both properties, both Hollywood and Tampa. So we would expect going forward that we'll have probably a positive sales increase. But it's -- we don't know how much at this point. But it looks good for us right now going forward from this point. Bruce Howard Geller - Dalton, Greiner, Hartman, Maher & Co., LLC: Okay. And you touched upon the severe winter. Can you comment at all on the past 6 weeks since the quarter ended, with some turn in weather, how things are trending without the weather as an issue?

We think we're doing fine. We're not up a lot, but we're up. I don't have anything to say. Bruce Howard Geller - Dalton, Greiner, Hartman, Maher & Co., LLC: Okay. Well, up is better than down 6. So that's good. And then you also noted you're looking to acquire another Florida restaurant. I'm assuming you can't give many details on that at the moment. But I'm just curious, as we look through the rest of the year, what else do you have on your plate in terms of new development or potential acquisitions? Would it be just that one item for the rest of the year? Or do you have other things in the works?

So let's -- let me just backtrack a little bit on that 2 Florida things for you, the 2 Hard Rocks, and then I'll answer that question. In the 2 Hard Rocks, we sort of have this interesting relationship with Hard Rock. They're our partners at the Meadowlands, along with Jeff Gural. And on the other hand, they've made a marketing decision which negatively impact us. The thing that we have going at the 2 Hard Rocks that I don't want anybody to lose sight of is we are the exclusive provider of quick-serve fast food within the casinos. These casinos are both in expansion mode. And so I think our sales will benefit even if they put in additional full-service restaurants. I think as they make the footprint bigger and more interesting for customers, we should see some benefit at the fast food court. So I would take a guess that our sales will be not as strong as they were when we're doing comps, but they should do better. Philosophically, we're in a difficult capital allocation predicament right now. Obviously, we have a very under-leveraged balance sheet. We have the -- with the exception of a Hard Rock Cafe, if there is a casino license issue to the Racetrack at the Meadowlands, we have an exclusive on all food and beverage. So we have 2 investments to make. Number one, if the casino license, I keep saying this, is issued to the Meadowlands Racetrack and it's not in our RFP, and we get -- and I think that's a likely course because the state of New Jersey needs money, and we have a building that was built not only as a grandstand for a racetrack but that can service about 1,000 slot machines right now and some table…

Same deal as the Rustic Inn, Fort Lauderdale, pretty much.

Our next question today is coming from Chris from [indiscernible] Capital Partners.

Can you walk through the new Rustic Inn restaurant and the seasonality with that and your expectations once you've had a -- once it's been up and running for a year, do you expect the seasonality be much more so than what it appears at the Rustic Inn in Fort Lauderdale has?

So you do know that we're not brand people, obviously. And so we own this thing in Fort Lauderdale, and it just is surprisingly how good it's doing, far more than our expectations. And Landry's owned a restaurant in Jupiter on the water, which was a Bubba Gump's. Before that, it was a Joe's Crab, it had been doing badly. I think they were running -- the run rate, Bob, was something like $3 million, $3.5 million.

$3.5 million, yes.

Then -- and they decided to dispose of it. The broker in Florida who is -- does a great job for us, made us aware of it. And we signed an agreement to purchase it for $250,000, subject to us redoing the lease with GE Capital. This was before GE Capital made the announcement that they were looking to get rid of all their real estate. But this was not a sale, this was just restructuring a lease. We were able to do that. The significance of the $250,000 price is even if GE were to provide us with a shell similar to what Bubba Gump's had, and it was redone from Joe's Crab, an upscale dramatically to Bubba Gump's in terms of finishes, I don't think I could build that restaurant for $4 million or $5 million. So we got an asset very, very much on the cheap. The lease is a spectacular lease because I think what GE Capital was saying was look at their sales of Rustic in Fort Lauderdale and they're on a percentage, and these guys are going to do $15 million in Fort Lauderdale. If we get an 8% percentage, we're going to do much better than the $600,000 we were getting from Bubba Gump's. And even though these guys have a minimum rent which is something like $300,000 plus some real estate taxes, we're going to wind up doing better. So out of the box, I would tell you right now, I think our breakeven is $6 million. We're probably -- if we figure $160,000 weeks, a certain number of weeks a year and $80,000 to $100,000 the rest of the year, we're at $7 million. So I think we're profitable on an annual basis. I think there'll be big swings. I think the June quarter and the September quarters will be very, very tough quarters there. And the game is how little you can lose, but you're going to lose for a few years until there's more recognition of the product and how good it is and the location. But we're definitely going to be profitable. I'm not concerned about that. And we have a total capital cost there, including the acquisition and the redo of the kitchen and other things we've done there, of about $1.3 million at this point. So it was a very cheap deal for us to see if we can extend the brand. Does that help you, Chris?

Yes, it does. That is helpful. So in terms of the -- so you expect that this is going to be a very seasonal restaurant going forward. Even as the brand gets to be better known, maybe not quite this seasonal where it's at 50% cut, but you're expecting this to be very seasonal?

Very much so. Every once in a while, and it's happened to us in the past, but it doesn't happen frequently, I wish it did, you get a restaurant that defies logical sales projections. Rustic in Fort Lauderdale was that restaurant. I mean, we had a $300,000 week last week in the middle of the offseason. So we can't expect the same thing to happen in Jupiter. Jupiter is more seasonal, and I think you're down 40% from winter sales when you get into the summer. At least, 40%.

[Operator Instructions] We've reached the end of our question-and-answer session. I'd like to turn the floor back over to management for any further closing comments.

Thank you, all, very much. See you next week -- next quarter, I mean. Thank you.