Benihana Inc. Reports Higher Second Quarter Operating Results.Business Editors MIAMI--(BUSINESS WIRE)--Oct. 31, 2000 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 :NMS See NetWare Management System. :BNHN AND BNHNA), operator of the nation's largest chain of Asian restaurants, today reported increased operating results for the fiscal second quarter and first half ended October October: see month. 8, 2000. The results were achieved amidst a·midst prep. Variant of amid. [Middle English amiddes : amidde; see amid + -es, adverbial suffix; see -s3.] the Company's largest expansion program in Benihana's history. For the second quarter, total revenues rose 22.6%, to $36.7 million, compared with $29.9 million in the corresponding year-earlier period. 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. rose 22.4%, to $4.8 million, from $3.9 million in the corresponding year earlier period. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
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. ), compared with $1.5 million, or $0.25 per share ($0.23 per share, fully diluted) in the corresponding year earlier period, an increase of approximately 3.9%. The slower rise in earnings reflected the large number of restaurants currently under development and their associated restaurant opening costs, as well as increased non-cash amortization charges. For the first half of fiscal 2001, total revenues amounted to $83.8 million, compared with $69.6 million a year earlier, an increase of 20.3%. Restaurant operating profit increased 19.3%, to $l1.2 million, compared with $9.4 million a year ago. Net income for the first fiscal half year totaled $4.0 million, or $0.65 per share ($0.61 per share, fully diluted), compared with $3.9 million, or $0.63 per share, ($0.59 per share, fully diluted), in the corresponding year earlier period, a gain of approximately 4.1%. The quarter also reflected, as noted, higher restaurant opening expenses and increased acquisition related charges, principally amortization of goodwill. Acquisition related charges amounted in the quarter to $207,000, or $0.03 per share, compared with similar non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. in the corresponding year ago period of $118,000, or $0.02 per share. Restaurant opening expenses for the quarter amounted to $329,000, pre tax, equal to approximately $0.03 per share after-taxes, as compared with $35,000 a year earlier, when the effect on per share net was virtually nil. Restaurant opening costs are mostly rents paid and other direct expenses incurred during a restaurant unit's construction period, in addition to investments made in employee training prior to the restaurant being opened. Benihana currently has under development teppanyaki restaurants in Santa Monica, California For other uses, see Santa Monica (disambiguation). Santa Monica is a coastal city in western Los Angeles County, California, USA. Situated on Santa Monica Bay of the Pacific Ocean, it is surrounded by the City of Los Angeles — Pacific Palisades and Brentwood on the north, , Las Colinas Las Colinas is a developed area in the Dallas suburb of Irving, Texas. Due to its central location between Dallas and Fort Worth and its proximity to DFW Airport, Las Colinas has been a viable place in the Metroplex for corporate and business relocation. , Texas, Westbury, New York Westbury is a village in Nassau County, New York in the United States. The population was 14,263 at the 2000 census. The Village of Westbury is in the Town of North Hempstead. and Wheeling, Illinois Wheeling is a village in Cook County, Illinois, United States. The population was 34,496 at the 2000 census, and estimated to be 36,641 as of 2005. Geography Wheeling is located at (42.131526, -87. , a suburb suburb, a community in an outlying section of a city or, more commonly, a nearby, politically separate municipality with social and economic ties to the central city. In the 20th cent. of Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. . In addition, three Haru sushi restaurants in 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. are under development. One Haru sushi restaurant in the Times Square area in New York City is also expected to open this calendar year. The Wheeling and Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. teppanyaki restaurants, and the remaining two Haru restaurants are slated to open their doors early in calendar 2001. No dates have been scheduled for the remaining restaurants under development. "Our company in fiscal 2000 has been engaged in its most active development program for new restaurants in its 36-year history," 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:
Mr. Schwartz noted that the gains in this year's second quarter resulted from new units, increasing customer counts and a rise in the average check to approximately $23 per person, from $22.46 a year ago, although prices were not significantly increased. The lunch trade also continues to grow, he said. "We are very excited regarding the outlook for Benihana," Mr. Schwartz commented. "We are committed to expanding our restaurant chain, and as new restaurants come on stream, the Company will start benefiting from their operations. Our finances are in excellent condition, and we have the capacity to significantly expand and to enhance profitability, which remains our prime objective." While new restaurants are being added, Mr. Schwartz also reported that Benihana is engaged on a selective basis of adding new tables in existing locations with the objective of achieving better utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of the Company's real estate. Revenues from franchised operations also continue to increase, rising 19.9% for the first half year of fiscal 2001 to $615,000, from $513,000 in the corresponding year-earlier period. Benihana currently operates 56 restaurant units: 51 teppanyaki style restaurants, three Sushi Doraku by Benihana restaurants and two Haru Sushi restaurants, and has seven additional restaurants currently under development. The company licenses 12 other teppanyaki restaurants. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as that term is defined under Federal Securities Laws. "Forward-looking statements" are subject to risks, uncertainties and other factors which 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 cyclically, 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, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission.
BENIHANA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except per share information)
Three Periods Ended
------------------------------
October 8, October 10,
2000 1999
------------- ------------
Restaurant sales $ 36,433 $ 29,709
Franchise fees and licensing 264 224
Total revenues 36,697 29,933
Gross profit 26,540 21,690
Restaurant operating profit 4,796 3,918
Restaurant opening expenses 329 35
Acquisition costs, principally amortization
of goodwill and other related intangibles 207 118
Interest expense 367 267
Minority interest 26 -
Income before taxes 2,425 2,331
Net income $ 1,589 $ 1,529
Per share
Basic earnings $ .26 $ .25
Diluted earnings .24 .23
Diluted earnings before acquisition costs .27 .25
Average shares outstanding 6,612,000 6,698,000
Other Data:
EBITDA $ 4,042 $ 3,586
BENIHANA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except per share information)
Seven Periods Ended
----------------------------
October 8, October 10,
2000 1999
------------- ------------
Restaurant sales $ 83,151 $ 69,101
Franchise fees and licensing 615 513
Total revenues 83,766 69,614
Gross profit 60,196 50,420
Restaurant operating profit 11,212 9,395
Restaurant opening expenses 924 70
Acquisition costs, principally amortization
of goodwill and other related intangibles 483 276
Interest expense 829 586
Minority interest 52 -
Income before taxes 5,954 5,873
Net income $ 4,024 $ 3,867
Per share
Basic earnings $ .65 $ .63
Diluted earnings .61 .59
Diluted earnings before acquisition costs .68 .63
Average shares outstanding 6,647,000 6,600,000
Other Data:
EBITDA $ 9,503 $ 8,764
Restaurants open 56 51
Restaurants under development 7 4
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