Benihana Reports an Increase in Fourth Quarter Net Income and Results for the Year ? Business Editors.MIAMI--(BUSINESS WIRE) May 17, 2002?-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), operator of one of the largest chains of Asian restaurants, today reported improved net income for the fourth fiscal quarter ended March 31, 2002. Net income for the fourth quarter of fiscal 2002 totaled $3.7 million, compared with $2.9 million in the corresponding year-earlier period, a gain of 27.2%. Earnings 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 amounted to $.46 in the fourth quarter of fiscal 2002, based on 8.0 million shares and equivalents outstanding, which includes the public sale in December December: see month. 2001 of 1 million Class A Common shares, and $.45 per diluted share on 6.4 million shares and equivalents in the year-earlier fourth quarter. Revenues for the fourth quarter amounted to $42.9 million, compared with $42.2 million in the corresponding year-earlier period, an increase of 1.6%. The fourth quarter a year ago included an additional week, which represented restaurant sales of $3.2 million. Fourth quarter fiscal 2002 gross profit rose to $32.2 million, compared with $31.1 million in the similar period a year earlier, 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. advancing to 75.6%, from 74.3%. Comparable restaurant sales, as previously reported, rose 4.1%, compared with a gain in comparable restaurant sales of 2.1% in the preceding quarter, which was adversely impacted by September September: see month. 11. 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. for the quarter was $7.9 million, compared with $8.0 million a year ago, due largely to a rise in labor and related costs, occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expenses, and higher depreciation and amortization charges due to new restaurant openings as well as the Company?s ongoing expansion and refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur program at existing units. Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta profits advanced by13.8%, rising to $5.4 million, from $4.8 million in the year-earlier period. Taxes were accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. at a 32.3% rate in the fiscal 2002 fourth quarter, versus 39.4% in the year-earlier quarter. Restaurant profit margins decreased to 18.7%, compared with 19.1% a year ago. Approximately $3.5 million in fiscal fourth quarter sales derived from five new restaurants opened this past year, including new Benihana Benihana Can refer to:
Wheeling is located at (42.131526, -87. , and 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, , offset by one teppanyaki restaurant closed when its lease expired ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. , and three Haru sushi restaurants 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. which joined two established Haru restaurants. A Doraku by Benihana kaiten
For the 52-week fiscal 2002, restaurant revenues amounted to $171.5 million, compared with $163.2 million in the previous 53-week fiscal year, an increase of 5.1%. Gross profit margins improved to 74.9% in fiscal 2002, compared with 73.3% in fiscal 2001. Full year restaurant operating profit amounted to $27.6 million, compared with $29.1 million, reflecting a 10.7% increase in labor and related expenses largely due to new restaurant units and to management?s decision following the tragic events on September 11 to maintain Benihana standards of quality service by retaining employees. Net income amounted to $8.8 million, or $1.28 per diluted share, based on 6.9 million average shares and equivalents outstanding, compared with $9.1 million, or $1.38 per diluted share, on 6.6 million average shares and equivalents outstanding, in fiscal 2001. In the first quarter this year, the Company elected to effect early adoption of the provisions of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc elimination of amortization of goodwill. In fiscal 2001 goodwill amortization amounted to approximately $0.9 million, equal to $.13 per diluted share, and for the fourth quarter of fiscal 2001 goodwill amortization was $0.2 million, or $.03 per diluted share; as a result of the adoption of the new accounting principle there was no goodwill amortization in the fiscal 2002 year. Sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , fourth quarter sales increased 6.6 %, net income increased 56.5% and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 35.3% from the Company?s fiscal 2002 third quarter ended January January: see month. 6, 2002. ?We are pleased with Benihana?s continued progress given the challenges faced during the 2002 fiscal year,? 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:
Earlier this week, the Company reported that two new Benihana teppanyaki restaurants were opened in Texas ? in 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. , near Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. , and in The Woodlands Woodlands refers to several places:
The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; ? bringing to seven the number of company owned Benihana restaurants in the Lone Star Lone Star (or Lonestar) may refer to:
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 . Additional properties are being discussed. Benihana now operates 61 restaurants nationwide, including 54 Benihana teppanyaki restaurants, five Haru sushi restaurants and two Doraku by Benihana restaurants. In addition, Benihana has 19 franchised teppanyaki restaurants operating and two additional franchised restaurants under development. 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.
Consolidated Statements of Operations
(Unaudited)
Quarter ended
(amounts in thousands except per share data)
March 31, 2002 April 1, 2001
(Twelve weeks)(Thirteen weeks) Change %Change
Restaurant sales $42,509 $41,848 $ 661 1.6
Franchise revenues 395 368 27 7.3
-----------------------------------------
42,904 42,216 688 1.6
Cost of sales 10,355 10,772 417 3.9
-----------------------------------------
Gross profit 32,154 31,076 1,078 3.5
-----------------------------------------
Restaurant operating expenses:
Labor and related costs 15,331 14,848 483 3.3
Restaurant supplies 863 900 (37) (4.1)
Credit card discounts 708 712 (4) (0.6)
Utilities 886 942 (56) (5.9)
Occupancy costs 2,438 2,183 255 11.7
Depreciation and
amortization 1,462 1,013 449 44.3
Other restaurant
operating expenses 2,531 2,502 29 1.2
-----------------------------------------
Total 24,219 23,100 1,119 (4.8)
-----------------------------------------
Restaurant operating profit 7,935 7,976 (41) (0.5)
Restaurant opening costs 138 275 (137) (49.8)
Marketing, general and
administrative 2,556 3,104 (548) (17.7)
Interest 133 272 (139) (51.1)
Minority interest 93 (59) 152 257.6
-----------------------------------------
Income before income taxes 5,410 4,752 658 13.8
Income taxes 1,749 1,874 (125) (6.7)
-----------------------------------------
Net income $ 3,661 $ 2,878 $ 783 27.2
=========================================
Pro forma net income
for change in
accounting principle (1) $ 3,661 $ 3,085 $ 576 18.7
=========================================
Earnings per share, diluted $0.46 $0.45 $0.01 2.2
=========================================
Earnings per share, basic $0.49 $0.46 $0.03 6.5
=========================================
Pro forma diluted
earnings per share (1) $0.46 $0.48 ($0.02) (4.2)
=========================================
Shares and equivalents
outstanding 8,020 6,442
Sales by concept:
Benihana $37,673 $39,057 $(1,384) (3.5)
Haru 4,358 2,205 2,153 97.6
Sushi Doraku 478 586 (108) (18.4)
Other data:
Ebitda $7,089 $6,299 $790 12.5
(1) Pro forma effect given to net income and earnings per share for
the quarter ended April 1, 2001 to give comparable effect for the
adoption of SFAS 142 in fiscal 2002.
Consolidated Statements of Operations
(Unaudited)
Year Ended
(amounts in thousands except per share data)
April 1, 2001
March 31, 2002 (Fifty-three
(Fifty-two weeks) (weeks) Change % Change
Restaurant sales $170,051 $161,865 $8,186 5.1
Franchise revenues 1,456 1,378 78 5.7
-----------------------------------------
171,507 163,243 8,264 5.1
Cost of sales 42,754 43,301 547 1.3
-----------------------------------------
Gross profit 127,297 118,564 8,733 7.4
-----------------------------------------
Restaurant operating expenses:
Labor and related costs 62,677 56,612 6,065 10.7
Restaurant supplies 3,368 3,122 246 7.9
Credit card discounts 2,885 2,672 213 8.0
Utilities 3,890 3,639 251 6.9
Occupancy costs 9,822 8,530 1,292 15.1
Depreciation and
amortization 5,582 4,045 1,537 38.0
Other restaurant
operating expenses 11,483 10,807 676 6.3
------------------------------------------
Total 99,707 89,427 10,280 11.5
------------------------------------------
Restaurant operating
profit 27,590 29,137 (1,547) (5.3)
Restaurant opening
costs 1,228 1,453 (225) (15.5)
Marketing, general
and administrative 13,373 13,690 (317) (2.3)
Interest 990 1,233 (243) (19.7)
Impairment charge 438 - 438 -
Minority interest 100 40 60 150.0
------------------------------------------
Income before income
taxes 12,917 14,099 (1,182) (8.4)
Income taxes 4,088 5,008 (920) (18.4)
------------------------------------------
Net income $ 8,829 $9,091 $ (262) (2.9)
==========================================
Pro forma net income
for change in
accounting principle (1) $ 8,829 $9,989 $(1,160) (11.6)
==========================================
Earnings per share, diluted $ 1.28 $1.38 ($0.10) (7.2)
==========================================
Earnings per share, basic $1.34 $1.47 ($0.13) (8.8)
==========================================
Pro forma diluted earnings
per share (1) $1.28 $1.51 ($0.23) (15.2)
==========================================
Shares and equivalents
outstanding 6,910 6,611
Sales by concept:
Benihana $153,814 $150,876 $ 2,938 1.9
Haru 14,343 8,927 5,416 60.7
Sushi Doraku 1,894 2,062 (168) (8.1)
Other data:
Ebitda $19,805 $ 20,510 ($705) (3.4)
(1) Pro forma effect given to net income and earnings per share for
the year ended April 1, 2001 to give comparable effect for the
adoption of SFAS 142 in fiscal 2002.
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