Benihana Reports Net Loss For FY09
Q4 revenues increase by 5.3%
Benihana has reported net loss of $5.1 million for fiscal year 2009 or a $0.40 diluted loss per share, compared to a net income of $12.8 million or $0.75 in diluted earnings per share in fiscal year 2008.
The company’s net income for the fourth quarter of 2009 was $1.2 million or $0.06 in diluted earnings per share, compared to net income of $2.9 million or $0.17 in diluted earnings per share in the same quarter last year.
The company’s total revenues for fiscal year 2009 increased 2.9% to $305.6 million, compared to $296.9 million in the 52-week fiscal year 2008.
The company’s total revenues for the fourth quarter of 2009 increased 5.3% to $74.0 million, compared to $70.2 million in the same quarter of 2008.
Total restaurant sales for FY09 increased 2.9% to $303.9 million compared to $295.2 million in the prior year.
Total restaurant sales for the fourth quarter of 2009 increased 5.4% to $73.6 million from $69.8 million in the same quarter previous year.
Restaurant operating profit for the fourth quarter of 2009 was $11.4 million, or 15.6% of restaurant sales, compared to $9.7 million, or 13.9% of restaurant sales a year-ago.
Richard Stockinger, CEO of Benihana, said: Despite the macro slowdown and its ongoing effect on consumer discretionary spending, our quarterly performance met expectations. While Company-wide comparable sales improved only modestly on a sequential basis, we generated our highest restaurant operating profit margin of fiscal year 2009, along with a 170 basis point improvement over the same quarter last year. We have been effectively managing controllable expenses throughout the organization.
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