Benihana Inc. Reports 9.0% Increase in First Quarter Comparable Sales; Total Fiscal 2006 First Quarter Sales Increased 13.5%.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Benihana Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BNHNA and BNHN), operator of the nation's largest chain of Japanese and sushi theme restaurants, today announced a 9.0% increase in company-wide comparable sales for the fiscal first quarter (16 weeks) ended July 17, 2005. Total restaurant sales for the period increased 13.5%, compared with the same period last year, to $73.7 million. At the teppanyaki Benihana restaurants, comparable sales for the period advanced 8.5%, benefiting from a blended 2.5% to 3.0% price increase instituted beginning in the second quarter last fiscal year and increases in guest traffic. Total sales of the teppanyaki restaurants for the period increased 10.2%, compared to the same period last year, to $57.8 million. None of the Company's teppanyaki restaurants were temporarily closed for remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling , however the Company intends to make remodeling closures which average approximately nine weeks each for up to eight units over the remainder of the year. The remodeling will incorporate features of the Company's new prototype design that will create a fresh new style enhancing the customers' experience at the Benihana restaurants. RA Sushi comparable sales increased 25.0%, based on seven units in operation during both comparative periods and total sales increased 43.6% to $7.0 million. Haru's comparable unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. for the period increased 0.5% and total sales for the chain increased 16.0% to $8.2 million. The one Doraku unit increased sales 23.3% to $0.6 million for the quarter. The Company believes that the strong sales performance in the fiscal first quarter, combined with effective cost controls and generally favorable commodity prices, will result in net income per share for the period substantially greater than previously anticipated. The Company had indicated that fiscal first quarter net income could amount to 28 to 30 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . Benihana expects to release results for the first quarter during the week of August 15, 2005. Benihana closed the quarter with a total of 72 restaurants, including four new restaurants added during the past 12 months. These include two Harus, one in the Gramercy Park Gramercy Park (sometimes misspelled as Grammercy) is a small, fenced-in private park in the Gramercy neighborhood of Manhattan, New York City, New York State[1]. area of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and the other in Philadelphia, Pennsylvania, the chain's first restaurant outside of New York City, a Benihana in Carlsbad, California Carlsbad is a coastal resort-town in northern San Diego County, California. According to the state Department of Finance, the city had a total population of 90,271 in 2003. ; and a RA Sushi in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nevada. About Benihana Benihana, now in its 41st year and operator of the nation's largest chain of Japanese and sushi theme restaurants, currently operates 72 restaurants nationwide, including 56 Benihana teppanyaki restaurants, seven Haru sushi restaurants, eight RA Sushi Bar Noun 1. sushi bar - a bar where sushi is served bar - a counter where you can obtain food or drink; "he bought a hot dog and a coke at the bar" Restaurants and one Doraku restaurant. Under development at present are six restaurants - two Benihana teppanyaki restaurants and four RA Sushi restaurants. In addition, a total of 21 franchised Benihana teppanyaki restaurants are now open or under development in the U.S. and Latin America. Statements in this press release concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items, together with other statements that are not historical facts, are "forward-looking statements" as that term is defined under Federal Securities Laws. "Forward-looking statements" are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and factors include, but are not limited to, changes in customers' tastes and preferences, acceptance of the Company's concepts in new locations, obtaining qualified personnel, industry cyclicality, fluctuations in customer demand, the seasonal nature of the business, fluctuations of commodities costs, the ability to complete construction of new units in a timely manner, obtaining governmental permits on a reasonably timely basis, the outcome of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. including the litigation commenced by Benihana of Tokyo, Inc. and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this press release, including the litigation commenced by Benihana of Tokyo, Inc. |
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