Benihana Inc. Reports Operating Results for Third Quarter and Nine Months.Business Editors MIAMI--(BUSINESS WIRE)--Jan. 31, 2001 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 one of the nation's largest chain of Asian restaurants, today reported operating results for the fiscal third quarter and ten periods ended December December: see month. 31, 2000. For the third quarter, total revenues rose 15.8%, to $37.3 million, compared with $32.2 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 6.7% to $5.4 million, from $5.1 million in the corresponding year earlier period. Net income amounted to $2.2 million, or $0.34 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 $2.2 million, or $0.32 per share, fully diluted, in the corresponding year-earlier period. For the first ten periods, total revenues amounted to $121.0 million, compared with $101.8 million in the corresponding year-ago period, a gain of 18.9%. Restaurant operating profit increased 14.9%, to $16.6 million, compared with $14.5 million a year ago. Net income for the first ten periods of fiscal 2001 totaled $6.2 million, or $0.94 per share, fully diluted, compared with $6.0 million, or $0.91 per share, fully diluted, a year ago. The results reflect the ambitious expansion program underway at Benihana. The Company noted that the bulk of expenses incurred in new store development were 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. , one of the nation's highest cost real estate development markets, where three new Haru sushi restaurants are under construction. Store opening costs related to these Haru units include rent paid during the development period, a factor not typically incurred in other markets, as well as labor, training and certain other pre-opening charges which are expensed as incurred. Haru-related development expenses approximated $254,000 for the quarter and approximately $748,000 for the three-quarters Noun 1. three-quarters - three of four equal parts; "three-fourths of a pound" three-fourths common fraction, simple fraction - the quotient of two integers three-quarters npl → period. The existing two Haru restaurants in operation in New York City, acquired in late fiscal 2000, have proven exceptional and highly profitable performers, the Company noted. It said that the three new Haru restaurants are expected to be in operation early in fiscal 2002, at which point these costs will be offset by revenues from operations. Benihana currently also 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. . Benihana also incurred increased acquisition related charges, principally amortization of goodwill. Total restaurant opening costs for the third quarter amounted to approximately $254,000 pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta , equal to approximately $0.03 per share after-taxes, and non-cash acquisition related charges in the quarter amounted to approximately $207,000, or $0.03 per share. This compares with pre-tax store opening costs of approximately $115,000, or $0.01 per share, after taxes, and amortization charges of approximately $147,000, or $0.02 per share in the corresponding year-ago period. For the ten periods store-opening costs equaled $0.12 per share after taxes, and amortization charges amounted to $0.10 per share, compared with $0.02 per share after taxes and $0.06 per share, respectively, in the corresponding year-ago period. Benihana incurred operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of approximately $290,000 in the third quarter and approximately $600,000 for the first ten periods related to two new recently opened Sushi Doraku restaurants; one in Miami Beach, Florida “Miami Beach” redirects here. For the beach in Barbados, see Miami Beach, Barbados.
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. . Sushi Doraku by Benihana is a relatively new restaurant concept and those units are in the early start-up Start-up The earliest stage of a new business venture. phase. No new Sushi Doraku restaurants are currently planned. Benihana reported that same store sales Same Store Sales A statistic used in retail industry analysis. It compares sales of stores that have been open for a year or more. Notes: This statistic allows investors to determine what portion of new sales has come from sales growth and what portion from the opening of for the third fiscal quarter increased 9.5% and for the first ten periods of the current fiscal year were up 11.2% over a year ago, well ahead of the industry average for both periods. In addition, customer counts for both periods rose 10.7% and 13.6%, respectively. "We are pleased to report that business at Benihana is good, as both traffic and sales growth indicate," 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, Benihana President. "We are investing in Benihana's future in relation to our expansion effort, which is the largest in the Company's 36 year history. The name Benihana is widely recognized as a brand representing quality food served in a warm, entertaining environment, and at reasonable prices. We are very excited about the Company's outlook." Benihana currently operates 56 restaurant units: 51 teppanyaki style restaurants, three Sushi Doraku by Benihana restaurants and two Haru sushi restaurants. The Company licenses 14 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 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
------------------------------------
December 31 January 2,
2000 2000
------------------ ----------------
Restaurant sales $ 36,866 $ 31,853
Franchise fees and licensing 395 336
Total revenues 37,261 32,189
Gross profit 27,292 23,322
Restaurant operating profit 5,417 5,077
Restaurant opening expenses 254 115
Acquisition costs, principally
amortization of goodwill
and other related
intangibles 207 147
Interest expense 132 334
Minority interest 47 18
Income before taxes 3,393 3,418
Net income $ 2,189 2,167
Per share
Basic earnings $ .35 $ .35
Diluted earnings .34 .32
Diluted earnings before
acquisition costs .37 .34
Average shares outstanding 6,450,000 6,696,000
Other Data:
EBITDA $ 4,808 $ 4,794
BENIHANA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(In thousands, except per share information)
Ten Periods Ended
----------------------------------
December 31, January 2,
2000 2000
---------------- --------------
Restaurant sales $ 120,017 $ 100,954
Franchise fees and licensing 1,010 849
Total revenues 121,027 101,803
Gross profit 87,488 73,742
Restaurant operating profit 16,629 14,472
Restaurant opening expenses 1,178 185
Acquisition costs, principally
amortization
of goodwill and
other related intangibles 691 424
Interest expense 961 920
Minority interest 99 18
Income before taxes 9,347 9,291
Net income $ 6,213 6,034
Per share
Basic earnings $ 1.00 $ .98
Diluted earnings .94 .91
Diluted earnings before
acquisition costs 1.04 .97
Average shares outstanding 6,629,000 6,623,000
Other Data:
EBITDA $ 14,311 $ 13,558
Restaurants open 56 53
Restaurants under development 7 4
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