Benihana Inc. Reports Operating Results for Second Quarter and Year to Date.Business Editors MIAMI--(BUSINESS WIRE)--Nov. 8, 2002 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 one of the nation's largest chains of Asian restaurants, today reported operating results for the second fiscal quarter (12 weeks) and year to date (28 weeks) ended October October: see month. 13, 2002. For the second quarter ended October 13, 2002, total revenue amounted to $42.0 million, compared with $37.5 million in the corresponding year-ago period, an increase of 11.9%. Gross profit (sales less direct food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. costs) totaled $31.4 million, compared with $27.6 million in the corresponding year-ago period, an increase of 13.4%, with gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. at 75.2% and 74.3%, respectively. Restaurant 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. (costs incurred at the restaurant level) increased 10.4%, to $25.8 million, 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. amounted to $5.5 million, compared with $4.2 million a year ago, 30.2% higher. Net income was $1.5 million, or $0.16 per share fully 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. , compared with $0.4 million, or $0.05 per share, in last year's 9/11-impacted second quarter. Company-wide comparable restaurant sales for the second quarter increased 7.5%, with comparable sales at the 54 Benihana teppanyaki restaurants ahead 4.7%. 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.
For the two quarters ended October 13, 2002, total revenues increased 12.1%, to $99.1 million, from $88.4 million from the corresponding period a year earlier. Gross profit totaled $74.1 million, compared with $64.9 million in the corresponding year-ago two quarters, with gross profit margins at 75.3 % and 74.0%, respectively. Restaurant operating expenses totaled $59.6 million, an increase of 14.3% above the corresponding year ago period, with labor and related costs totaling $37.6 million, 15.3% greater than a year ago. Net income amounted to $4.2 million, or $0.45 per share fully diluted, compared with $2.8 million, or $0.37 per share fully diluted a year ago, a gain in net income of 49.9%. EBITDA amounted to $10.1 million, compared with $7.4 million a year earlier, an increase of 36.7%. Sales at Benihana teppanyaki restaurants, representing approximately 88% of total sales, increased 8.3%, to $36.5 million in the second quarter of fiscal 2003, and for the two quarters rose 7.7%, to $86.6 million. Reflecting the addition of three new restaurants to what is now a five restaurant chain, sales at Haru increased 55.6%, to $4.7 million, and 75.2%, to $10.9 million, in the second quarter and two quarters, respectively. Profit margins at the Haru restaurants have been in line with the Company's expectations. "The first half of this year has been unusually challenging for our Company," 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:
adj. tast·i·er, tast·i·est 1. Having a pleasing flavor; savory. 2. Having or showing good taste; tasteful. tast , quality Asian food and entertainment, remains high on their list, as the comparable sales figures sales figures npl → cifras fpl de ventas underscore The underscore character (_) is often used to make file, field and variable names more readable when blank spaces are not allowed. For example, NOVEL_1A.DOC, FIRST_NAME and Start_Routine. (character) underscore - _, ASCII 95. . Our focus is on bringing down costs, while further increasing traffic and revenue, and expanding our nationwide chain." At present, Benihana has under development new teppanyaki restaurants in Westbury Westbury, residential village (1990 pop. 13,060), Nassau co., SE N.Y., on Long Island; settled 1650, inc. 1932. The State Univ. of New York's Westbury campus is located in the village. Harness races are held at Roosevelt Raceway there. , Long Island, New York New York, state, United States 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 , which is expected to open this fiscal year, plus Scottsdale, Arizona Scottsdale (O'odham Vaṣai S-vaṣonĭ) is a city in Maricopa County, Arizona, United States, adjacent to Phoenix. Scottsdale has become internationally recognized as a premier and posh tourist destination, while maintaining its own identity and culture as " , Alpharetta, Georgia Alpharetta is a city in Fulton County, Georgia, United States. As of 2006 census estimates, the city had a total population of 43,424[1]. Selected for its location next to a spring, it began as a campground, and was originally known as , and 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. . Additional sites for teppanyaki restaurants are under consideration. About Benihana Benihana, now in its 38th year since its founding, and one of the nation's largest chains of Asian restaurants, currently operates 61 restaurants nationwide, including 54 Benihana teppanyaki restaurants, five Haru sushi restaurants and two Doraku restaurants. Four Benihana teppanyaki restaurants are currently under development. In addition, a total of 22 franchised Benihana teppanyaki restaurants are now open or under development in the U.S. and 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. . 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 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. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this press release. A conference call conducted by Benihana Inc. management will take place on November 8, 2002 at 11:30 A.M. (ET). You may listen over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the through World Investor Broadcast Link's Vcall website, located at http://www.vcall.com. To listen to the live call on the Internet, please go to the web site at least fifteen minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available through midnight November 24, 2002, shortly following the live call. For replay, dial 1-877-519-4471. You will be prompted for PIN number 3566687.
Benihana Inc.
Consolidated Statement of Operations
(Unaudited)
Three Periods Ended
(amounts in thousands except per share data)
Oct. 13, Oct. 14, Change % Change
2002 2001
Restaurant sales $ 41,676 $ 37,209 $4,467 12.0%
Franchise revenues 282 277 5 1.8%
41,958 37,486 4,472 11.9%
Cost of sales 10,323 9,560 763 8.0%
Gross profit 31,353 27,649 3,704 13.4%
Restaurant operating expenses:
Labor and related costs 16,306 14,675 1,631 11.1%
Restaurant supplies 902 858 44 5.1%
Credit card discounts 721 640 81 12.7%
Utilities 1,096 1,030 66 6.4%
Occupancy costs 2,255 2,269 (14) -0.6%
Depreciation and amortization 1,510 1,238 272 22.0%
Other restaurant operating
expenses 3,047 2,702 345 12.8%
Total restaurant operating
expenses 25,837 23,412 2,425 10.4%
Restaurant operating profit 5,516 4,237 1,279 30.2%
Restaurant opening costs 116 354 (238) -67.2%
Impairment charge - 438 (438) -100.0%
Marketing, general and
administrative 3,381 3,204 177 5.5%
Income from operations 2,301 518 1,783 344.2%
Interest 108 250 (142) -56.8%
Minority interest 111 (33) 144 -436.4%
Income before income taxes 2,082 301 1,781 591.7%
Income taxes 630 (81) 711 -877.8%
Net income $1,452 $ 382 $1,070 280.1%
Earnings per share, basic $ 0.17 $ 0.05 $ 0.12 240.0%
Earnings per share, diluted $ 0.16 $ 0.05 $ 0.11 220.0%
Shares and equivalents
outstanding 8,750,000 7,240,000
Sales by concept:
Benihana $ 36,539 $ 33,754 $ 2,785 8.3%
Haru 4,717 3,031 1,686 55.6%
Sushi Doraku 420 424 (4) -0.9%
Total sales $ 41,676 $ 37,209 $ 4,467
Other data:
Ebitda $ 3,754 $1,859 $1,895 101.9%
Seven Periods Ended
(amounts in thousands except per share data)
Oct. 13, Oct. 14, Change % Change
2002 2001
Restaurant sales $ 98,399 $ 87,675 $10,724 12.2%
Franchise revenues 718 746 (28) -3.8%
99,117 88,421 10,696 12.1%
Cost of sales 24,313 22,786 1,527 6.7%
Gross profit 74,086 64,889 9,197 14.2%
Restaurant operating expenses:
Labor and related costs 37,606 32,606 5,000 15.3%
Restaurant supplies 1,968 1,811 157 8.7%
Credit card discounts 1,690 1,492 198 13.3%
Utilities 2,363 2,203 160 7.3%
Occupancy costs 5,447 5,052 395 7.8%
Depreciation and amortization 3,431 2,684 747 27.8%
Other restaurant operating
expenses 7,084 6,275 809 12.9%
Total restaurant operating
expenses 59,589 52,123 7,466 14.3%
Restaurant operating profit 14,497 12,766 1,731 13.6%
Restaurant opening costs 264 1,041 (777) -74.6%
Impairment charge - 438 (438) -100.0%
Marketing, general and
administrative 8,177 7,555 622 8.2%
Income from operations 6,774 4,478 2,296 51.3%
Interest 225 589 (364) -61.8%
Minority interest 268 (40) 308 -770.0%
Income before income taxes 6,281 3,929 2,352 59.9%
Income taxes 2,039 1,100 939 85.4%
Net income $ 4,242 $ 2,829 $ 1,413 49.9%
Earnings per share, basic $ 0.49 $ 0.39 $ 0.10 25.6%
Earnings per share, diluted $ 0.45 $ 0.37 $ 0.08 21.6%
Shares and equivalents
outstanding 9,452,000 7,545,000
Sales by concept:
Benihana $ 86,566 $ 80,354 $ 6,212 7.7%
Haru 10,912 6,227 4,685 75.2%
Sushi Doraku 921 1,094 (173) -15.8%
Total sales $ 98,399 $ 87,675 $ 10,724
Other data:
Ebitda $ 10,068 $7,363 $2,705 36.7%
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