Benihana Inc. Reports Record Operating Results for Fiscal 2000.Business Editors MIAMI--(BUSINESS WIRE)--May 16, 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 record operating results for the fiscal year ended March 26, 2000. "The excellent results our Company achieved last year reflected a number of favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. factors, including the benefits of recent expansion efforts, the steady upswing Upswing An upward turn in a security's price after a period of falling prices. in customers to new and existing restaurants, tight cost controls and a beneficial economic environment," 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:
For the full year ended March 26, 2000, total revenues increased to $137.5 million, a record high, compared with $119.1 million in the previous year, a gain of 15.4%. 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 $21.0 million, up from $17. 0 million, a 23.4% increase. 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 on income and depreciation and amortization) rose 23.0%, to $19.1 million, compared with $15.5 million in fiscal 1999. Net income amounted to a record high of $8.7 million, or $1.32 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, compared with $6.5 million, or $1.02 per diluted share, last year, up 29.4%. Reflected in the year's results were charges for store opening costs of $566,000 that had an effect of $.05 per fully diluted share. Fourth quarter revenues totaled $35.7 million, up from $30.1 million in the corresponding period a year ago, an increase of 18.6%. Restaurant operating profit for the fourth fiscal quarter totaled $6.5million, compared with $5.7 million in the similar period a year ago, and EBITDA increased to $5.5 million, from $5.1 million, a 9.5% gain. Net income amounted to $2.7 million, or $0.40 per diluted share, up from $2.5 million, or $0.38 cents per diluted share, in the fiscal 1999 fourth quarter, a gain of 5.3%. Reflected in the quarter's results were charges for store opening costs of $379,000 having an effect of $.03 per fully diluted share. On a same store basis, revenues for the year increased 10.6%. Customer counts rose by approximately 12.8%. In addition, 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. as a percentage of restaurant sales amounted to 57.8% in fiscal 2000, down from 59.5% in the previous year. On a similar basis, general and administrative expenses fell to 4.9% of sales from 5.2% a year earlier. Shareholders equity at fiscal 2000 year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. totaled $43.5 million, up 25.5% from the previous year and over three times greater than five years ago. The Company currently is engaged in its largest restaurant construction program in its history, with leases signed for seven new restaurant locations. Included are three traditional Benihana teppanyaki restaurants, two Sushi Doraku units, which utilize an unusual kaiten
San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. , Milwaukee Milwaukee (mĭlwŏk`ē), city (1990 pop. 628,088), seat of Milwaukee co., SE Wis., at the point where the Milwaukee, Menominee, and Kinnickinnic rivers enter Lake Michigan; inc. 1846. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. ., and Nashville, Tenn., and two in Caracas, Venezuela. "In an environment where Asian food has begun attracting a broad following, Benihana, which is not only the biggest chain in the U.S., but also one of the most enduring having opened its first restaurant 36 years ago, is benefiting clearly as well from the popularity of our Company's premiere service and quality, tasteful taste·ful adj. 1. Having, showing, or being in keeping with good taste. 2. Pleasing in flavor; tasty. taste food prepared by expert chefs in front of diners Diners can mean:
tr.v. mo·ti·vat·ed, mo·ti·vat·ing, mo·ti·vates To provide with an incentive; move to action; impel. mo to assure that each customer is treated properly and that they enjoy their meals at Benihana, and it clearly is paying off." Benihana currently operates 50 teppanyaki style restaurants, one Sushi Doraku by Benihana restaurant and two Haru sushi restaurants, and has seven additional restaurants under development. The Company licenses 13 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
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March 26, 2000 March 28, 1999
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Restaurant sales $35,435 $29,899
Franchise fees and licensing 239 186
Total revenues 35,674 30,085
Gross profit 26,059 22,268
Restaurant operating profit 6,501 5,651
Store opening expenses 379 9
Acquisition costs, principally
Amortization of goodwill and
Other related intangibles 207 118
Interest expense 377 349
Minority interest 63 -
Income before taxes 4,164 3,870
Net income 2,699 2,452
Per share
Basic earnings .43 .40
Diluted earnings .40 .38
Diluted earnings before
Acquisition costs .43 .40
Average shares outstanding 6,698,000 6,491,000
Other Data:
EBITDA 5,543 5,064
Restaurants open 53 51
Restaurants under development 7 4
Year ended
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March 26, 2000 March 28, 1999
-------------- --------------
Restaurant sales $136,389 $118,351
Franchise fees and licensing 1,088 798
Total revenues 137,477 119,149
Gross profit 99,801 87,387
Restaurant operating profit 20,974 17,000
Store opening expenses 566 12
Acquisition costs, principally
Amortization of goodwill and
Other related intangibles 631 513
Interest expense 1,297 1,644
Minority interest 81 -
Income before taxes 13,455 9,998
Net income 8,733 6,518
Per share
Basic earnings 1.41 1.06
Diluted earnings 1.32 1.02
Diluted earnings before
Acquisition costs 1.42 1.09
Average shares outstanding 6,636,000 6,419,000
Other Data:
EBITDA 19,101 15,519
Restaurants open 53 51
Restaurants under development 7 4
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