Benihana reports higher first quarter sales, profits.MIAMI--(BUSINESS WIRE)--Aug. 7, 1996--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 ,NM: BNHN, BNHNA), today reported strong gains in revenues and earnings for its first fiscal quarter (16 weeks) ended July July: see month. 21, 1996. Net earnings rose 17 percent to $1,303,000 or 21 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on an 8.2 percent increase in revenues to $25,605,000 from net income of $1,111,000 or 18 cents per share on revenues of $23,671,000 in last year's comparable quarter. 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. Schwartz, Benihana president, noted that the gross profit percentage increased to 74.3 percent from 72.6 percent of sales in last year's comparable quarter. "This is extremely gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. and reflects our continuing commitment to cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. and our determination to have revenue improvements drop to the bottom line," Schwartz stated. "We are also pleased by the continued increase in sales at virtually all of the 38 company-owned restaurants," he added. "Of special note is the rise in net income despite an increase in our provision for income taxes which increased to 32 percent of pre-tax income from the previous year's 26 percent, since all benefits from net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. were recognized in prior years. We remain excited about our future," Schwartz concluded. Benihana owns or licenses 48 Benihana teppanyaki-style Japanese restaurants in the U.S.
Benihana Inc.
Financial Highlights (Unaudited)
For the four periods ended
7/21/96 7/16/95
Revenues $25,605,000 $23,671,000 Gross profit 18,885,000 17,058,000 Pre-tax income 1,916,000 1,502,000 After-tax income 1,303,000 1,111,000 Earnings per share $ .21 $ .18 Weighted average shares outstanding and equivalents outstanding 6,055,008 5,963,784 CONTACT: Benihana Inc. Joel Schwartz, Michael R. Burris, 305/593-0770 or Porter LeVay & Rose Inc. Zeke Rose, 212/564-4700 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion