Benihana Inc. Reports Fiscal Fourth Quarter & Fiscal 2007 Results.Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of $0.35 & $1.26, Respectively; -Conference Call to be Held Today at 8:30 AM ET- 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 Benihana Can refer to:
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; BNHN), operator of the nation's largest chain of Japanese Japanese (jăp'ənēz`), language of uncertain origin that is spoken by more than 125 million people, most of whom live in Japan. There are also many speakers of Japanese in the Ryukyu Islands, Korea, Taiwan, parts of the United States, and theme and sushi restaurants, today reported results for its 13-week fiscal fourth quarter and 53-week fiscal year ended April 1, 2007. Highlights for the Company's 13-week fiscal fourth quarter 2007 relative to the 12-week fiscal fourth quarter 2006 include: * Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.35 vs. $0.35 * Total restaurant sales increased 17.2% to $71.2 million * Company-wide comparable restaurant sales increased 5.7% * Restaurant operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $12.1 million vs. $12.3 million * Income from operations of $5.9 million vs. $5.7 million Highlights for the Company's 53-week fiscal 2007 relative to the 52-week fiscal 2006 include: * Diluted earnings per share of $1.26 vs. $1.36 * Total restaurant sales increased 11.1% to $271.1 million * Company-wide comparable restaurant sales increased 8.5% * Restaurant operating profit of $45.6 vs. $45.6 million * Income from operations of $21.8 million vs. $23.1 million "Fiscal 2007 is best characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. as a year of sound financial results and notable achievements at our Company. We generated robust comparable sales and guest count growth across all three concepts, and thereby reinforced our status as the premier destination for Japanese theme and sushi dining. We forged forge 1 n. 1. A furnace or hearth where metals are heated or wrought; a smithy. 2. A workshop where pig iron is transformed into wrought iron. v. ahead with our restaurant growth initiatives and currently have in development more locations than at any other time in our 43 year history. We put in place a new credit facility that will provide the capital necessary to finance our growth. Finally, we further substantiated the soundness of our remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling program with the progress we have made in meeting our performance targets. As we look ahead, we have utmost confidence in our executional abilities and look forward to continued success at Benihana for years to come," said Joel Joel, book of the Bible Joel, prophetic book of the Bible. It is a collection of the oracles of an otherwise unknown prophet, dated variously from the 9th to the 3d cent. B.C., though a date in c.400 B.C. is likely. A. Schwartz Schwartz is a Canadian spices brand. It is also a common surname and may refer to:
Fiscal Fourth Quarter 2007 Results For the 13-week fiscal fourth quarter 2007, total revenues increased 17.0% to $71.6 million, compared with $61.2 million in the fiscal fourth quarter of 2006. Total restaurant sales grew 17.2% to $71.2 million from $60.8 million in the same quarter of the previous year. Company-wide comparable restaurant sales were 5.7%, including 4.7% at Benihana teppanyaki, 9.2% at RA Sushi, and 9.1% at Haru. Restaurant sales for the fiscal fourth quarter 2007 included a $3.2 million increase from the comparable base, $5.4 million from new and acquired restaurants, and $5.5 million from the additional 13th operating week of the fiscal quarter. Restaurant sales decreased by $3.2 million, net, during the fiscal fourth quarter 2007, as a result of temporary closures. Benihana teppanyaki restaurants in Burlingame Burlingame, city (1990 pop. 26,801), San Mateo co., W Calif., on San Francisco Bay; founded 1868, inc. 1908. Burlingame is mainly residential, with light manufacturing (plastic and metal products, furniture, and computers). The city is named for U.S. diplomat Anson Burlingame. , CA; Ft. Lauderdale Lauderdale is the name of various places:
During the fiscal fourth quarter 2007, the Company did not open any new restaurants, but realized a gain of 131 operating weeks (975 vs. 844) compared to the same period last year, including an incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. 75 operating weeks related to the additional 13th week of the fiscal quarter. Restaurant operating profit for the fiscal fourth quarter 2007 was $12.1 million, or 17.1% of restaurant sales, compared to $12.3 million, or 20.2% of restaurant sales a year-ago. The Company was negatively impacted by higher cost of sales, labor and occupancy costs Occupancy costs are the whole life costs of buildings and their associated land from occupancy until disposal. These costs may be incurred on a regular or irregular basis. Occupancy costs are those costs related to occupying a space including; rent, real estate taxes, personal . The ongoing renovation program impacted operating profit by approximately $0.6 million in the fiscal fourth quarter 2007 due to ongoing expenses incurred during periods of temporary closure as well as additional depreciation charges. Restaurant operating profit for the four units closed for renovation aggregated approximately $1.0 million during the fiscal fourth quarter 2006. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the fiscal fourth quarter 2007 were $65.7 million, or 92.3% of restaurant sales, compared to $55.5 million, or 91.3% of restaurant sales in the same period last year, resulting in income from operations of $5.9 million and $5.7 million, respectively, for the two periods. Net income for the fiscal fourth quarter 2007 was $4.1 million, or $0.35 in diluted earnings per share, compared to $3.9 million, or $0.35 in diluted earnings per share in the same quarter last year. The fiscal fourth quarter 2007 had approximately 2.7% more average shares and equivalent shares outstanding than the same period last year. Fiscal 2007 Results Total revenues for the 53-week fiscal 2007 increased 11.0% to $272.6 million, compared to $245.6 million in the 52-week fiscal 2006. Total restaurant sales increased 11.1% to $271.1 million from $244.0 million in the previous year. Company-wide comparable restaurant sales were 8.5%, including 7.4% at Benihana teppanyaki, 13.3% at RA Sushi, and 11.0% at Haru. Additionally, restaurants that were closed temporarily for rejuvenation Rejuvenation Aeson in extreme old age, restored to youth by Medea. [Rom. Myth.: LLEI, I: 322] apples of perpetual youth by tasting the golden apples kept by Idhunn, the gods preserved their youth. [Scand. Myth. resulted in a loss of 191 restaurant operating weeks during the fiscal year. Net income for fiscal 2007 was $14.5 million, or $1.26 in diluted earnings per share, compared to $14.6 million, or $1.36 in diluted earnings per share last year. Fiscal year 2007 had approximately 7.9% more average shares and equivalent shares outstanding than the prior year. Guidance Beginning in fiscal 2008, the Company will no longer provide quarterly earnings guidance. Mr. Schwartz explained, "With the onset of the new fiscal year, we are implementing a new guidance policy which communicates our expectations on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis across various line-items. We believe this approach has greater utility in assessing the health of our business than our previous methodology and better aligns our investor communications with the longer term outlook we employ to manage current operations as well as implement our growth strategy." The Company, however, will provide the following annual guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. and will update these assumptions as circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or warrant: * Total restaurant sales of $300 million to $305 million, and 3,870 to 3,985 in total restaurant operating weeks (including the effect of 150 to 170 in gross operating weeks that are expected to be lost due to remodels); * The opening of two Benihana teppanyaki restaurants, six RA Sushi restaurants, and two Haru restaurants; * The completion of a total of 17 Benihana teppanyaki remodels to date by the end of fiscal 2008, with an additional four that will be started in fiscal 2008 and completed during fiscal 2009; * Cost of sales and labor, as percentages of restaurant sales, are expected to be slightly more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. on an annualized basis compared to fiscal 2007; * Additional infrastructure to support new unit development and management of a larger restaurant portfolio compared to fiscal 2007, and consequently, general and administrative expenses, as a percentage of total revenue, are expected to be higher on an annualized basis compared to fiscal 2007; * Capital expenditures of approximately $60 million. Conference Call Today The Company will host a conference call to discuss its fiscal fourth quarter and fiscal 2007 earnings results today at 8:30 AM ET. The conference call can be accessed live over the phone by dialing 1-800-289-0529, or for international callers, 1-913-981-5523. A replay will be available one hour after the call through June 25, 2007 and can be accessed by dialing 1-888-203-1112, or for international callers, 1-719-457-0820; the conference ID is 1034233. The call will also be webcast live from the Company's website at www.benihana.com under the investor relations Investor relations The process by which the corporation communicates with its investors. section. About Benihana Benihana Inc. (NASDAQ: BNHNA; BNHN) operates 79 restaurants nationwide, including 59 Benihana teppanyaki restaurants, seven Haru sushi restaurants, and thirteen 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. Under development at present are fifteen restaurants - four Benihana teppanyaki restaurants, two Haru restaurants, and nine RA Sushi restaurants. In addition, 18 franchised Benihana teppanyaki restaurants are operating in the U.S., Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the Caribbean.
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Benihana Inc. and Subsidiaries
Restaurant Operating Margins
(Unaudited)
Three Periods Ended
1-Apr-07 26-Mar-06
Restaurant sales 100.00% 100.00%
Cost of food and beverage sales 24.47% 24.17%
Gross profit margin 75.53% 75.83%
Restaurant operating expenses:
Labor and related costs 34.23% 31.77%
Restaurant supplies 2.18% 2.21%
Credit card discounts 1.85% 1.78%
Utilities 2.44% 2.39%
Occupancy costs 6.22% 5.26%
Depreciation and amortization 4.31% 5.64%
Other restaurant operating expenses 7.25% 6.55%
Total restaurant operating expenses 58.48% 55.61%
Restaurant operating profit margin 17.05% 20.22%
Benihana Inc. and Subsidiaries
Restaurant Operating Margins
(Unaudited)
Thirteen Periods Ended
1-Apr-07 26-Mar-06
Restaurant sales 100.00% 100.00%
Cost of food and beverage sales 24.37% 24.18%
Gross profit margin 75.63% 75.82%
Restaurant operating expenses:
Labor and related costs 33.90% 33.36%
Restaurant supplies 2.26% 2.08%
Credit card discounts 1.85% 1.82%
Utilities 2.55% 2.49%
Occupancy costs 6.10% 5.82%
Depreciation and amortization 4.93% 4.70%
Other restaurant operating expenses 7.23% 6.86%
Total restaurant operating expenses 58.82% 57.14%
Restaurant operating profit margin 16.81% 18.68%
Benihana Inc. and Subsidiaries
Balance Sheet Data
(Unaudited)
(in thousands)
1-Apr-07 26-Mar-06
Assets
Cash and cash equivalents $8,449 $18,303
Other current assets 13,085 13,756
Total current assets 21,534 32,059
Property and equipment, net 146,479 123,578
Goodwill 29,900 29,900
Other assets 6,376 5,979
$204,289 $191,516
Liabilities and Stockholders' Equity
Current maturity of bank debt $0 $4,166
Other current liabilities 33,835 32,583
Total current liabilities 33,835 36,749
Long-term debt--bank - 2,500
Other liabilities 8,611 7,732
Total liabilities 42,446 46,981
Convertible preferred stock 19,361 19,273
Total stockholders' equity 142,482 125,262
$204,289 $191,516
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