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BENIHANA NATIONAL REPORTS FOURTH QUARTER, YEAR END GAINS

 MIAMI, July 1 /PRNewswire/ -- Benihana National Corporation (NASDAQ: BNHN), today reported results for the final three periods and fiscal year ended March 28, 1993. The company's fiscal year consists of 13 four-week accounting periods ending on the Sunday nearest March 31.
 BENIHANA NATIONAL CORPORATION
 Comparative Analysis
 Fourth quarter ended 3/28/93 3/29/92
 (Unaudited)
 Net restaurant sales $9,518,225 $8,771,874
 Restaurant costs and expenses 8,764,737 8,035,449
 Income before income taxes
 and cumulative effect of
 change in accounting principle 67,164 114,501
 Income tax benefit 215,813 71,230
 Income before cumulative
 effect of change in
 accounting principle 282,977 185,731
 Cumulative effect of change
 in accounting principle -- 353,000
 Net income 282,977 538,731
 Income per share:
 Before cumulative effect .05 .04
 Cumulative effect -- .06
 Net income .05 .10
 Weighted average shares outstanding 5,731,312 5,729,537
 Year ended 3/28/93 3/29/92
 Net restaurant sales $38,651,917 $36,933,625
 Restaurant costs and expenses 35,192,417 33,525,189
 Income before income taxes
 and cumulative effect of
 change in accounting principle 727,325 652,340
 Income tax benefit 163,000 4,000
 Income before cumulative
 effect of change in
 accounting principle 890,325 656,340
 Cumulative effect of change
 in accounting principle -- 353,000
 Net income 890,325 1,009,340
 Income per share:
 Before cumulative effect .16 .12
 Cumulative effect -- .06
 Net income .16 .18
 Weighted average shares outstanding 5,731,312 5,729,537
 "We achieved a modest gain in restaurant sales primarily from the successful opening of the latest Benihana restaurant in Schaumburg, Ill. in July 1992," Joel A. Schwartz, president, said.
 "We continue to effectively maintain cost controls without impacting the high quality of our food and service," he noted. "We are optimistic that the slowly improving economy in the United States will contribute to restaurant gains this year. We further intend to pursue ancillary product marketing activities employing the Benihana name in forms which present minimal financial risk," Schwartz concluded.
 The company also noted that its outstanding issue of redeemable class A common stock purchase warrants, each representing a right to purchase one share of class A common stock at a price of $3.75 per share, will expire at 5 p.m., New York time, on July 15, 1993. The warrants were issued in conjunction with a 1987 public offering of 2.3 million shares of class A common stock and originally were scheduled to expire on July 15, 1991. The company extended the exercise period to July 15, 1993. To date, none of the warrants has been exercised.
 -0- 7/1/93
 /CONTACT: Joel Schwartz of Benihana National Corporation, 305-593-0770/
 (BNHN)


CO: Benihana National Corporation ST: Florida IN: SU: ERN

LG-OS -- NY026 -- 7626 07/01/93 10:31 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
Words:475
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