Benihana Inc. Reports Increased Third Quarter Revenues and Profits; Third Quarter EPS - $.32 vs. $.28 in Prior Year.Business Editors MIAMI--(BUSINESS WIRE)--Jan. 25, 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 further gains in operating results for the third quarter and first ten periods of fiscal 2000. &uot;We are very pleased with the Company's performance thus far this year, which represents a combination of continued unit growth and strong traffic gains resulting from the attraction of diners Diners can mean:
relating to relate prep → bezüglich +gen, mit Bezug auf +acc the addition and building of new units.&uot; For the third quarter ended January 2, 2000, total revenues increased 15.4%, to $32.1 million, compared with $27.9 million in the corresponding year-earlier period. Gross profit rose to $23.3 million from $20.5 million, a gain of 13.7%, and 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. increased 13.0% to $5.0 million. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (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. , from $1.8 million, or $0.28 per share fully diluted, in the corresponding year-ago period. For the first ten periods, total revenues increased 14.3% to $102 million, compared with $89.1 million in the similar year-ago period. Net income increased 48.4%, to $6.0 million, or $0.91 per share fully diluted, compared with $4.1 million, or $0.64 per share fully diluted in the corresponding year-ago period. The growth in operating results this year was achieved even while the Company engaged in an active expansion program. Store opening expenditures for the first ten periods of fiscal 2000 totaled $187,000 (an effect of $.02 per fully diluted share), compared with $3,000 a year ago. In addition, Benihana incurred charges of $163,000, or $.02 per fully diluted share, in the third quarter, and $473,000, or $.07 per share, in the ten periods for amortization of goodwill and other acquisition-related intangibles. The acquisition-related charges will increase in future quarters from the Haru acquisition. The third quarter and ten periods included one month's operation of Haru, a two-unit sushi restaurant chain, acquired in December 1999. Sales at the Haru restaurants included in the quarterly results were $612,000 and were slightly accretive to earnings. At present, Benihana has under construction two new traditional Benihana restaurants in 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. and Monterey, California For other uses, see Monterey (disambiguation). The City of Monterey is located on Monterey Bay along the Pacific coast in central California. As of 2005, the city population was 30,641. ; two Sushi Doraku restaurants, one in Chicago, Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , and the other in Miami Beach, Florida “Miami Beach” redirects here. For the beach in Barbados, see Miami Beach, Barbados.
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's Times Square area. Both new 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). Benihanas are expected to be in operation sometime in the summer. The Sushi Doraku restaurants are expected to open in the spring of 2000. The third Haru restaurant is expected to open during the next fiscal year. Benihana owns 51 Tepppanyaki style and sushi restaurants, two Haru sushi restaurants, and license 12 others. 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 &uot;forward-looking statements&uot; as that term is defined under Federal Securities Laws. &uot;Forward-looking statements&uot; 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 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, 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 Ten periods ended
------------------- -----------------
January 2, January 3, January 2, January 3,
2000 1999 2000 1999
--------- --------- --------- ---------
Restaurant sales $31,853 $27,723 $100,954 $88,452
Franchise fees and licensing 336 176 849 612
Total revenues 32,189 27,899 101,803 89,064
Gross profit 23,322 20,512 73,742 65,119
Store opening expenses 117 3 187 3
Restaurant operating profit 4,961 4,390 14,286 11,346
EBITDA 4,794 4,077 13,558 10,465
Depreciation and amortization
of intangibles other than
acquired companies 860 792 2,855 2,600
Acquisition costs, principally
amortization of goodwill and
Other related intangibles 163 133 473 442
Interest expense 334 370 920 1,295
Minority interest 18 - 18 -
Income before taxes 3,418 2,783 9,291 6,128
Net income 2,167 1,753 6,034 4,066
Per share
Basic earnings $0.35 $0.29 $0.98 $0.66
Diluted earnings $0.32 $0.28 $0.91 $0.64
Diluted earnings before
Acquisition costs $0.35 $0.30 $0.98 $0.71
Average shares outstanding 6,696,000 6,335,000 6,623,000 6,388,000
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