Benihana Q4 Revenues Increase To $77.8m

Benihana, an operator of a chain of Japanese theme and sushi restaurants, has reported total revenues of $77.8m for the fourth quarter of fiscal 2010, an increase of 5.1% compared to $74m in the same quarter last year.

Net income for the fourth quarter was $1.4m or $0.09 in diluted earnings per share compared to net income of $0.9m or $0.06 in diluted earnings per share in the same quarter last year.

On a comparable basis, company-wide comparable restaurant sales increased 1.4%, including 1% at Benihana teppanyaki, 2.1% at RA Sushi, and 2.4% at Haru. During the fourth quarter of fiscal 2010, Benihana teppanyaki represented approximately 66% of consolidated restaurant sales, while RA Sushi and Haru accounted for 24% and 10% of consolidated restaurant sales, respectively.

For the fiscal 2010, total revenues increased 2.6% to $313.5m compared to $305.6m in the previous year. Net loss for the year was $8.9m or $0.65 in diluted loss per share compared to $6.2m or $0.4 in diluted loss per share in 2009.

For the fiscal year, Benihana teppanyaki represented approximately 67% of consolidated restaurant sales, while RA Sushi and Haru accounted for 22% and 11% of consolidated restaurant sales, respectively.

Richard Stockinger, chief executive officer of Benihana, said: “We are encouraged with recent trends as reflected in our financial results in the fourth quarter, which included positive company-wide comparable restaurant sales, effective cost management and earnings growth. We attribute our recent performance in part to improved economic conditions and, the measurable success we have experienced to date with our Renewal Program.

“The Renewal Program is focused on the Benihana-branded teppanyaki restaurants and includes improving the Benihana teppanyaki guest experience as it relates to value, image, quality, consistency and Japanese culture.”