Benihana Inc. Reports Fiscal Third Quarter 2007 Results.-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 and 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 12-week fiscal third quarter ended December 31, 2006. Highlights for the Company's fiscal third quarter 2007 relative to the same period a year ago 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 $0.28 vs. $0.30 * Total restaurant sales increased 11.8% to $61.9 million * Company-wide comparable restaurant sales increased 9.3% * 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 $10.5 vs. $10.3 million * Income from operations of $5.2 million vs. $5.4 million "Across all three concepts, our comparable restaurants exhibited robust sales and guest count growth, reinforcing our status as the premier destination for Japanese theme and sushi dining. In addition, we benefited from strong performances at our newest Benihana teppanyaki and RA Sushi locations, which not only demonstrates our ability to successfully open new units, but also showcases the equity of our brands," said Joel A. Schwartz, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Mr. Schwartz continued, "With regards to our ongoing renovation program, we now boast five updated restaurants modeled on the "next Benihana" prototype (Short Hills, Cleveland, Memphis, Indianapolis, Anaheim), which together have met our operating performance targets and substantiate To establish the existence or truth of a particular fact through the use of competent evidence; to verify. For example, an Eyewitness might be called by a party to a lawsuit to substantiate that party's testimony. the soundness of our renovation strategy. We are quite pleased with the progress we have made so far in implementing this program." Fiscal Third Quarter 2007 Results For the fiscal third quarter 2007, total revenues increased 11.8%, to $62.2 million, compared with $55.6 million in the prior year comparable period. Total restaurant sales grew 11.8% to $61.9 million from $55.3 million in the comparable quarter of the previous year. Company-wide comparable restaurant sales were 9.3%, including 8.1% at Benihana teppanyaki, 11.9% at RA Sushi, and 14.5% at Haru. Restaurant sales for the quarter included a $4.7 million increase from the comparable base and $5.4 million from new and acquired restaurants. Restaurant sales decreased by $2.8 million, net, during the third fiscal quarter, as a result of temporary closures during the period. Benihana teppanyaki restaurants in Anaheim, Burlingame, Cherry Hill Cherry Hill, township (1990 pop. 69,319), Camden co., W central N.J.; name was changed from Delaware township to Cherry Hill in 1961. Largely residential, Cherry Hill has been marked by great development and housing growth, especially since the 1970s. , Ft. Lauderdale, Miami Beach Miami Beach, city (1990 pop. 92,639), Dade co., SE Fla., on an island between Biscayne Bay and the Atlantic Ocean; inc. 1915. It is connected to Miami by four causeways. , and Torrance locations were temporarily closed for renovation or maintenance in the current quarter. Additionally, restaurant sales totaling $0.7 million were lost from units that were sold. During the fiscal third quarter 2007, the Company opened a new Benihana teppanyaki restaurant in Coral Gables, Florida Often called "The Gables," Coral Gables is a city in Miami-Dade County, Florida, southwest of Miami, in the United States. The city is best known as the home of the University of Miami, and as an example of City Beautiful urban planning. , and two 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, one in Corona, California Corona is a city in Riverside County, California, United States. As of the 2000 census, the city had a total population of 124,966; a 2004 special census put the fast-growing city's population at 144,274. and the other in Torrance, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . Compared to the year-ago period, the Company realized a gain of 47 operating weeks (893 vs. 846) in fiscal third quarter 2007 compared to the same period last year. Restaurant operating profit was $10.5 million, or 17.0% of restaurant sales, compared to $10.3 million, or 18.7% of restaurants sales a year-ago. The Company was negatively impacted by higher labor, restaurant supplies, administrative and depreciation costs, largely as a result of the renovation program. The ongoing renovation program impacted operating profit by approximately $0.9 million during the current period due to ongoing expenses incurred during periods of temporary closure and additional depreciation charges. Additionally, restaurant operating profit for the four units currently closed for renovation aggregated approximately $0.9 million during the third fiscal quarter of last year. Insurance proceeds included in operating profit relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc a fire in the Miami Beach teppanyaki unit were $0.3 million ($0.02 per 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. share, net of tax) in the fiscal third quarter 2007. 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. were $57.0 million, or 92.2% of restaurant sales, compared to $50.2 million, or 90.7% of restaurant sales last year, resulting in income from operations of $5.2 million and $5.4 million, respectively, for the two periods. Net income was $3.3 million in both periods, although on a fully diluted share basis, the Company reported $0.28 in diluted earnings per share in the fiscal third quarter of 2007 compared to $0.30 in diluted earnings per share in the fiscal third quarter of 2006. The current year's fiscal period had approximately 5.0% more average shares and equivalent shares outstanding than the previous similar period. Financial Guidance For the 13-week fiscal fourth quarter 2007, the Company expects diluted earnings per share of between $0.29 and $0.31 on approximately 5% more shares and equivalents outstanding than the prior year's fourth quarter. Factored into the guidance for the fourth fiscal quarter are estimates for ongoing expenses, forgone operating profits and accelerated depreciation Accelerated Depreciation Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years of the life of an asset. Notes: The straight-line depreciation method spreads the cost evenly over the life of an asset. that equate e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. to approximately $0.10 to 0.12 per diluted share. During the quarter, the Company anticipates reopening Reopening Treasury offerings of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP number, and interest rate as the original issue. one renovated restaurant in March 2007. The other three restaurants currently closed for renovations are slated to open early during the Company's fiscal first quarter 2008. The Company estimates that it will lose approximately 48 to 52 gross restaurant operating weeks during the fiscal fourth quarter of 2007 because of the ongoing renovation program. Overall, the Company anticipates that it will have a net gain of 120 to 125 operating weeks compared to the year-ago period due to a 13-week fiscal fourth quarter 2007 and the addition of new restaurants. Conference Call Today The Company will host a conference call to discuss its fiscal third quarter 2007 earnings results on Friday, February 9, 2007 at 8:30 AM ET. The conference call will be hosted by Joel A. Schwartz, President and Chief Executive Officer; Jose I. Ortega, Vice President of Finance and Chief Financial Officer; Juan C. Garcia, Senior Vice President and Chief Operating Administrative Officer, and Michael R. Burris, Vice President of Investor Relations Investor relations The process by which the corporation communicates with its investors. . The conference call can be accessed live over the phone by dialing 1-877-704-5384, or for international callers, 1-913-312-1297. A replay will be available one hour after the call through February 16, 2007 and can be accessed by dialing 1-888-203-1112, or for international callers, 1-719-457-0820; the conference ID is 4067637. The call will also be webcast live from the Company's website at www.benihana.com under the investor relations 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 restaurants. Under development at present are twelve restaurants - four Benihana teppanyaki restaurants, two Haru restaurants, and six RA Sushi restaurants. In addition, 17 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 >
Balance Sheet Data >
(Unaudited) >
>
(in thousands) >
31-Dec-06 >
26-Mar-06
>
Assets >
Cash and cash equivalents $15,437 >
$19,138
Other current assets 11,149 >
12,921
Total current assets 26,586 >
32,059
>
Property and equipment, net 138,654 >
123,578
Goodwill 29,900 >
29,900
Other assets 6,500 >
5,979
>
$201,640 >
$191,516
>
Liabilities and Stockholders' Equity >
Current maturity of bank debt $3,333 >
$4,166
Other current liabilities 33,067 >
32,583
Total current liabilities 36,400 >
36,749
>
Long-term debt--bank - >
2,500
Other liabilities 7,643 >
7,732
Total liabilities 44,043 >
46,981
>
Convertible preferred stock 19,340 >
19,273
Total stockholders' equity 138,257 >
125,262
>
$201,640 >
$191,516
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