Benihana Inc. Seeks Quarterly Report Extension.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Benihana Inc. (NASDAQ NASDAQ 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) announced today that it has filed with the Securities and Exchange Commission (the "SEC") for a five-day extension of the filing date for its Form 10-Q Form 10-Q See 10-Q. for the third fiscal quarter ended January 2, 2005 to allow time for a review of its accounting treatment of leasehold accounting and leasehold depreciation as a result of the views expressed by the Office of the Chief Accountant of the SEC regarding these issues and their application under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . Several other publicly-traded restaurant companies have recently announced that they have restated, or intend to restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state , previously issued financial statements to correct errors in lease accounting. The Company has not yet determined whether its historical financial statements regarding this issue will require modification. While a review of the accounting treatment for leases is underway by the Company and its Audit Committee, any effect of this issue on historical financial statements is not expected to have any material impact on the Company's cash flow, cash position, earnings from operations or compliance with any covenants of its bank credit agreements. About Benihana Benihana, now in its 41st year and one of the nation's largest chains of Asian restaurants, currently operates 70 restaurants nationwide, including 55 Benihana teppanyaki restaurants, six Haru sushi restaurants, eight RA Sushi Bar Noun 1. sushi bar - a bar where sushi is served bar - a counter where you can obtain food or drink; "he bought a hot dog and a coke at the bar" Restaurants and one Doraku restaurant. Under development at present are six restaurants - two Benihana teppanyaki restaurants, one Haru unit and three RA Sushi restaurants. In addition, a total of 23 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 that 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, including the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. commenced by Benihana of Tokyo, Inc. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion