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Benihana Inc. (BNHN) filed Quarterly Report for the period ended 2011-10-09.
Benihana Inc. has a market cap of $162.8 million; its shares were traded at around $9.73 with a P/E ratio of 139 and P/S ratio of 0.5.
This is the annual revenues and earnings per share of BNHN over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of BNHN.
Highlight of Business Operations:
Total revenues increased $4.1 million, or 5.6%, to $76.3 million, net loss improved $3.9 million to net income of $0.9 million and loss per diluted share improved $0.26 to earnings per diluted share of $0.05 in the three periods ended October 9, 2011, compared to the corresponding prior year period. Operating income increased $4.9 million to $0.9 million in the three periods ended October 9, 2011, compared to a loss of $4.0 million in the corresponding prior year period. Restaurant operating income increased $1.5 million, while general and administrative expenses decreased $3.8 million year-over-year. As discussed more fully in the “Costs and Expenses” heading below, certain non-recurring costs are included in general and administrative expenses in both periods, impacting comparability.Total revenues increased $9.8 million, or 5.7%, to $182.8 million, net loss improved $4.3 million to net income of $2.9 million and loss per diluted share improved $0.28 to earnings per diluted share of $0.15 in the seven periods ended October 9, 2011, compared to the corresponding prior year period. Operating income increased $4.7 million to $3.3 million in the seven periods ended October 9, 2011, compared to a loss of $1.5 million the corresponding prior year period. Restaurant operating income increased $3.1 million, while general and administrative expenses decreased $2.0 million year-over-year. In addition to the non-recurring costs noted above, the comparability of general and administrative expenses for the year-to-date period is impacted by a $1.8 million increase in stock-based compensation primarily related to the vesting of restricted share awards granted to certain executives pursuant to their employment agreements.
Consolidated income (loss) from operations was $3.3 million for the three periods ended October 9, 2011, an improvement of $4.7 million over the same prior year period. Total income from restaurant segment operations, including direct general and administrative expenses, was $17.5 million for the seven periods ended October 9, 2011, an increase of $3.1 million or 21.8% over the prior year, led by a $2.9 million or 31.3% increase for the Benihana concept. The RA Sushi concept saw a $0.6 million or 17.1% improvement in operating income, while the Haru concept saw a $0.3 million decrease in operating income. Corporate loss from operations decreased $1.6 million over the prior year, primarily related to general and administrative expenses, resulting in a total operating income increase of $4.7 million to $3.3 million for the seven periods ended October 9, 2011, compared to an operating loss of $1.5 million in the corresponding prior year period. These changes in income from operations, when compared to the same period in the prior fiscal year, are due to changes in revenues and operating expenses as further described under the headings “Revenues” and “Costs and Expenses” below.
Consolidated income (loss) from operations was $3.3 million for the three periods ended October 9, 2011, an improvement of $4.7 million over the same prior year period. Total income from restaurant segment operations, including direct general and administrative expenses, was $17.5 million for the seven periods ended October 9, 2011, an increase of $3.1 million or 21.8% over the prior year, led by a $2.9 million or 31.3% increase for the Benihana concept. The RA Sushi concept saw a $0.6 million or 17.1% improvement in operating income, while the Haru concept saw a $0.3 million decrease in operating income. Corporate loss from operations decreased $1.6 million over the prior year, primarily related to general and administrative expenses, resulting in a total operating income increase of $4.7 million to $3.3 million for the seven periods ended October 9, 2011, compared to an operating loss of $1.5 million in the corresponding prior year period. These changes in income from operations, when compared to the same period in the prior fiscal year, are due to changes in revenues and operating expenses as further described under the headings “Revenues” and “Costs and Expenses” below.
Haru - Sales for the Haru restaurants decreased $0.6 million, or 3.6%, for the seven periods ended October 9, 2011 compared to the same period in the prior year. The decrease is attributable a decrease in sales from restaurants opened longer than one year of $0.1 million and lost sales of $0.5 million attributable to the permanent closure of our Philadelphia location in May 2011. Total comparable restaurant sales for Haru restaurants decreased 0.9%. Comparable dine-in sales, which comprised 68% percent of restaurant sales, decreased 0.7% driven solely by a 0.7% decrease in dine-in guest counts. Comparable take-out sales, which comprised approximately 32% of comparable restaurant sales, decreased 1.5%. The average comparable per person dine-in guest check amount was $30.72 during both the seven periods ended October 9, 2011 and October 10, 2010.
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