Ark Restaurants Corp. (NASDAQ:ARKR) Q1 2023 Earnings Call Transcript

So if you included that, I guess that number goes to $2 million with the payroll. We don’t have any obligation for the rest of this year other than to give them a plan for the Village Streets and I don’t think the Village Streets will be very expensive, maybe $2 million. There are, I think, eight outlets in the Village streets and we’re considering building one more. So maybe a couple of million dollars, would that be closed, Sam?

Unidentified Company Representative: Yes.

Michael Weinstein: Sam is shaking his head, yes. And he’s smarter about this than I am. So figure $2 million. And then America comes up in 2025. And America is doing great. I mean we’ve had 11% compounded growth there last year from the previous year and we’re running ahead this year. And I don’t know that we’ll ever have to do America. It’s basically New York and MGM’s call. But they’ve taken a wait and see attitude because the restaurant is doing really, really well. So it’s – certainly, the CapEx in Vegas is not a factor when you – I think you’re trying to look toward the dividend and see if that would be impactful on the dividend. We’re not concerned about that when we make a decision in that the dividend.

Roger Lipton: Mike, just real quick that sounds like $4 million combined maybe including the payroll, is that lower than the numbers you had thrown out previously, if I recall?

Michael Weinstein: Yes well, the total obligation was $7.5 million, but the majority of that was going to be spent in America.

Roger Lipton: Okay. Okay well, that’s good news. Okay, thanks very much.

Michael Weinstein: You’re welcome.

Operator: Thank you. There are no further questions at this time. I would now like to hand the call back over to Michael Weinstein for any closing comments.

Michael Weinstein: Right, I hope I was clear. It’s Valentine’s Day. Happy Valentine’s everybody, and we’ll see you at the next quarter’s call. Take care.

Operator: Thank you. This does conclude today’s teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.