MIAMI, June 15, 2012 /PRNewswire/ -- Benihana Inc.
(NASDAQ: BNHN), operator of the nation's largest chain of Japanese
theme and sushi restaurants, today reported financial results for
its fiscal fourth quarter and full year ended April 1, 2012. The fourth quarter of fiscal
year 2012 consisted of 13 weeks and the full fiscal year 2012
consisted of 53 weeks, while the comparable periods in fiscal year
2011 consisted of 12 weeks and 52 weeks, respectively.
(Logo: http://photos.prnewswire.com/prnh/20110513/NY02073LOGO
)
Performance Highlights
Highlights for the 13-week fiscal fourth quarter of 2012
relative to the 12-week fiscal fourth quarter of 2011
include:
- Company-wide comparable restaurant sales increased 4.8%, with
the end of the quarter concluding Benihana's twenty-seventh
consecutive four-week period of comparable sales growth, led by the
Benihana Teppanyaki concept, which reported 6.1% comparable
restaurant sales growth and traffic growth of 5.7%;
- Total restaurant sales increased 12.9% to $91.9 million from $81.4
million; excluding the extra week of sales in fiscal year
2012, total restaurant sales increased 4.1% to $84.7 million;
- Loss before income taxes was $436,000, compared to income before income taxes
of $1.3 million; excluding the
$2.6 million impairment charge
recorded in the fourth quarter of fiscal year 2012 related to one
underperforming restaurant (none in 2011), income before income
taxes was $2.2 million, an increase
of 66.3% over the prior year amount;
- Net income was $81,000, or
$0.00 per diluted share, compared to
net income of $298,000 or
$0.02 per diluted share; excluding
the $2.6 million impairment charge in
the fourth quarter of fiscal year 2012 ($2.4
million after tax), net income was $2.5 million, or $0.14 per diluted share;
- Excluding the $2.6 million
impairment charge in the fourth quarter of fiscal 2012, restaurant
segment operating income increased 5.2% to $10.3 million from $9.8
million (the fourth quarter of fiscal 2012 included one
extra week of operating results);
- The Company declared a fourth quarter dividend of $0.08 per share, which was paid on April 23, 2012.
Highlights for the 53-week fiscal year 2012 relative to the
52-week fiscal year 2011 include:
- Company-wide comparable restaurant sales increased 6.0%, led by
the Benihana Teppanyaki concept, which reported 7.7% comparable
restaurant sales growth and traffic growth of 6.3%;
- Total restaurant sales increased 7.5% to $350.4 million from $325.9
million; excluding the extra week of sales in fiscal year
2012, total restaurant sales increased 5.3% to $343.2 million;
- Income before income taxes was $4.1
million, compared to $665,000;
excluding the $2.6 million impairment
charge in fiscal year 2012 (none in 2011), income before income
taxes was $6.7 million, a tenfold
increase over the prior year amount;
- Net income was $3.6 million, or
$0.21 per diluted share, compared to
net income of $251,000 or
$0.02 per diluted share; excluding
the $2.6 million impairment charge in
fiscal year 2012 ($2.4 million after
tax), net income was $5.9 million, or
$0.33 per diluted share;
- Excluding the $2.6 million
impairment charge in fiscal 2012, restaurant segment operating
income increased 14.7% to $35.7
million from $31.2 million
(fiscal 2012 included one extra week of operating results);
- The Benihana Teppanyaki brand earned the Number One position in
the Knapp-Track comparable sales survey for calendar 2011;
- Stockholders approved the reclassification of each share of
Class A Common Stock into one share of Common Stock, and all
outstanding shares of the Series B Preferred Stock were converted
into Common Stock, thus simplifying the Company's capital
structure;
- The Company initiated a dividend, declared after the conclusion
of the third quarter; this initial quarterly dividend was
established at $0.08 per common
share.
Richard C. Stockinger, Chairman,
President and Chief Executive Officer, said, "We are extremely
pleased with our fiscal fourth quarter and full year 2012
results. Maintaining our comparable sales momentum in the
midst of a very difficult economic and consumer environment is a
significant achievement for our team. The Benihana Teppanyaki
brand has especially excelled during this time frame, as evidenced
by its Number One ranking in the Knapp-Track sales survey for
calendar year 2011.
"We also were able to overcome commodity cost pressures and
manage our operational results very effectively. The 14.7%
increase in restaurant segment operating income, excluding the
impact of the impairment charge, is evidence of the solid cost
control initiatives and enhanced management tools we have
implemented over the last three years.
"Finally, we have taken important actions during this fiscal
year to enhance shareholder value, including the simplification of
our capital structure and the initiation of a quarterly dividend
program. We are pleased to have further created value for our
shareholders through the announced transaction with Angelo Gordon, which recognizes the value of the
Benihana brands and delivers a significant cash premium to our
shareholders."
Fiscal Fourth Quarter 2012 Financial Results
Net income for the 13-week fourth quarter of fiscal 2012 was
$81,000, or $0.00 per diluted share, compared to $298,000, or $0.02
per diluted share, in the same 12-week quarter of the prior
year. Excluding the $2.6
million impairment charge ($2.4
million after tax) in the fourth quarter of 2012, net income
was $2.5 million, or $0.14 per diluted share. Restaurant segment
income from operations decreased 21.6% to $7.7 million for the fourth quarter of fiscal
2012 from $9.8 million in the same
quarter of the prior year. Excluding the $2.6 million impairment charge, restaurant
segment income from operations increased 5.2% to $10.3 million for the fourth quarter of fiscal
2012.
Excluding stock-based compensation expenses and certain
non-recurring general and administrative expenses in both years,
income from operations for the fourth quarter of fiscal 2012 was
$823,000 ($3.4
million, excluding impairment) as compared to $5.3 million in the same period of the prior
year.
For the fiscal fourth quarter of 2012, total revenues increased
12.8% to $92.3 million from
$81.8 million in the same prior year
quarter, driven by a 12.9% increase in total restaurant
sales. The fourth quarter of fiscal 2012 consisted of 13
weeks while the same period of fiscal 2011 consisted of 12
weeks.
Company-wide comparable restaurant sales increased 4.8% during
the quarter, with the end of the quarter concluding our
twenty-seventh consecutive four-week period of comparable sales
growth, including increases of 6.1% at Benihana Teppanyaki
restaurants, 2.1% at RA Sushi, and 2.2% at Haru. This
represented the ninth consecutive quarter of company-wide
comparable sales increases, led by traffic growth of 5.9% at
Benihana Teppanyaki.
During the quarter, Benihana Teppanyaki represented
approximately 68% of consolidated restaurant sales, while RA Sushi
and Haru accounted for 23% and 9%, respectively. There were a
total of 1,239 store-operating weeks in the fiscal fourth quarter
of 2012 compared to 1,164 in the same prior year quarter,
reflecting the additional week of operating results included in the
2012 quarter.
Cost of food and beverage sales for the fiscal fourth quarter of
2012 totaled $22.8 million, or 24.8%
of restaurant sales, compared to $20.1
million, or 24.7% of restaurant sales, in the fiscal fourth
quarter of 2011. The slight increase as a percentage of
restaurant sales resulted from escalating commodity costs that more
than offset certain menu price increases taken at the beginning of
the 2012 fiscal year and shallowing of discounts taken at various
times throughout the 2012 fiscal year.
Restaurant operating expenses for the fiscal fourth quarter of
2012 increased $7.4 million and 0.9%
as a percentage of restaurant sales, compared to the same prior
year period. The increase as a percentage of restaurant sales
was due to increased bonuses and other benefits-related costs and
increased advertising and promotional expenses, partially
offset by reduced occupancy costs and other fixed cost leverage on
higher sales volumes. The increase in advertising and
promotional costs was primarily due to the costs to produce a
commercial for Benihana Teppanyaki and air it on numerous online
venues during the fourth quarter.
General and administrative expenses for the fiscal fourth
quarter of 2012 totaled $9.6 million,
compared to $9.2 million for the same
period in the prior year. The current year quarter included
$714,000 of non-recurring expenses
related to the current year review of strategic alternatives,
including a possible sale of the Company, and $447,000 of stock-based compensation
expenses. The prior year quarter included $819,000 of non-recurring expenses primarily
incurred in conjunction with the prior year assessment of strategic
alternatives. In connection with this prior year evaluation
of strategic alternatives, the potential sale process was
terminated in May 2011. The prior
year quarter also included $2.3
million of stock-based compensation expenses.
Recurring general and administrative expenses were $8.4 million for the fiscal fourth quarter of
2012, an increase of $2.4 million or
1.7% when expressed as a percentage of total revenues, compared to
the same prior year quarter. The increase was due primarily
to higher legal and professional fees, particularly as associated
with claims involving wage and hour laws in both California and New
York, and including a net settlement amount accrued during
the quarter related to one of the California cases.
The loss from operations was $338,000 for the fiscal fourth quarter of 2012 as
compared to income from operations of $2.2
million for the same period in the prior year.
Excluding $2.6 million of impairment
charges recorded in the current year quarter, income from
operations was $2.3 million.
Interest expense was $98,000
for the current year quarter, compared to $883,000 for the prior year quarter, as a result
of higher outstanding borrowings in the prior year.
The income tax benefit was $517,000 for the fiscal fourth quarter of 2012
(an effective rate of 119%), compared to an expense of $766,000 for the same period in the prior year
(an effective rate of 58%). The high, negative effective tax
rate during the current year quarter is primarily due to the
relative impact of tax credits on the lower pre-tax loss
results.
Fiscal Year 2012 Financial Results
Net income for the 53-week fiscal year 2012 was $3.6 million, or $0.21 per diluted share, compared to $251,000, or $0.02
per diluted share, in the 52-week prior year. Excluding the
$2.6 million impairment charge
($2.4 million after tax) in fiscal
2012, net income was $5.9 million, or
$0.33 per diluted share.
Restaurant segment income from operations increased 6.2% to
$33.1 million for fiscal 2012 from
$31.2 million in the same quarter of
the prior year. Excluding the $2.6
million impairment charge, restaurant segment income from
operations increased 14.7% to $35.7
million for fiscal 2012.
Excluding stock-based compensation expenses and certain
non-recurring general and administrative expenses in both years,
income from operations for fiscal 2012 was $10.4 million ($13.0
million, excluding impairment) as compared to $10.1 million in the same period of the prior
year.
For fiscal 2012, total revenues increased 7.5% to $352.1 million from $327.6
million in the same prior year quarter, driven by a 7.5%
increase in total restaurant sales. Fiscal year 2012
consisted of 53 weeks while fiscal 2011 consisted of 52
weeks.
Company-wide comparable restaurant sales increased 6.0% during
the year, including increases of 7.7% at Benihana Teppanyaki
restaurants, 3.5% at RA Sushi, and 0.8% at Haru. These
results were led by traffic growth of 6.3% at Benihana
Teppanyaki.
During the year, Benihana Teppanyaki represented approximately
68% of consolidated restaurant sales, while RA Sushi and Haru
accounted for 23% and 9%, respectively. There were a total of
5,071 store-operating weeks in fiscal 2012 compared to 5,034 in the
prior year quarter, reflecting the additional week of operating
results included in 2012, partially offset by temporary or
permanent unit closures in the current year.
Cost of food and beverage sales for fiscal 2012 totaled
$87.1 million, or 24.9% of restaurant
sales, compared to $79.8 million, or
24.5% of restaurant sales, in fiscal 2011. The increase as a
percentage of restaurant sales resulted from escalating commodity
costs that more than offset certain menu price increases taken at
the beginning of the 2012 fiscal year and shallowing of discounts
taken at various times throughout the 2012 fiscal year.
Restaurant operating expenses for fiscal 2012 increased
$13.2 million and decreased 0.8% as a
percentage of restaurant sales, compared to the same prior year
period. The decrease as a percentage of restaurant sales was
primarily due to fixed cost leverage on higher sales volumes,
partially offset by increased advertising and promotional
costs. The increase in advertising and promotional costs was
due to the costs of production and online airing of a commercial
for Benihana Teppanyaki in late fiscal 2012, and the continued
growth of the Chef's Table program.
General and administrative expenses for fiscal 2012 totaled
$35.2 million, compared to
$36.4 million for the prior
year. The current year included $3.1
million of non-recurring expenses ($2.0 million related to the special shareholders'
meetings and $1.1 million related to
the current and prior years' reviews of strategic alternatives,
including a possible sale of the company), and $2.8 million of stock-based compensation
expenses. The prior year included $5.3
million of non-recurring expenses primarily incurred in
conjunction with operational and financial consulting activities,
the prior year assessment of strategic alternatives and costs
related to the annual shareholders' meeting proxy contest. In
connection with this prior year evaluation of strategic
alternatives, the potential sale process was terminated in
May 2011. The prior year also
included $2.7 million of stock-based
compensation expenses.
Recurring general and administrative expenses were $29.3 million for fiscal 2012, an increase of
$1.0 million but a decrease of 0.3%
when expressed as a percentage of total revenues, compared to the
prior year. The dollar increase was due primarily to higher
legal and professional fees, particularly as associated with claims
involving wage and hour laws in both California and New
York, and including a net settlement amount accrued during
the current year related to one of the California cases.
Income from operations was $4.5
million for fiscal 2012 as compared to $2.0 million for the prior year. Excluding
$2.6 million of impairment charges
recorded in the current year, income from operations was
$7.2 million, a 58% increase.
Interest expense was $448,000 for
the current year, compared to $1.4
million for the prior year, as a result of higher
outstanding borrowings in the prior year.
Income tax expense was $87,000 for
fiscal 2012 (an effective rate of 2.1%), compared to an income tax
benefit of $670,000 for the prior
year (an effective rate of -101%). The low effective tax rate
in the current year and the high negative effective tax rate during
the prior year are both primarily due to the impact of the
relatively consistent amount of tax credits on the respective
pre-tax income results.
Capital expenditures were $10.1
million for fiscal 2012, compared to $8.1 million the prior year. We expect
fiscal year 2013 capital expenditures to be approximately
$13 million, before considering new
unit development.
Stockholder Initiatives
As previously announced, at a special meeting of stockholders on
November 17, 2011, the stockholders
approved the reclassification of each outstanding share of Class A
Common Stock into one share of Common Stock. In connection
with the reclassification, the number of authorized shares of
Common Stock was increased from 12 million to 24 million
shares. Additionally, Benihana's shareholder rights plan,
under which a preferred share purchase right is represented by
outstanding shares of our Common Stock and Class A Common Stock,
automatically expired in connection with the reclassification.
Also as previously announced, on January
3, 2012, the Board of Directors authorized and declared a
quarterly dividend in the amount of $0.08 per share of Common Stock. The
dividend was paid in cash on January 30,
2012, to stockholders of record at the close of business on
January 13, 2012. Additionally,
on March 26, 2012, the Board of
Directors authorized and declared a quarterly dividend in the
amount of $0.08 per share of Common
Stock. The dividend was paid in cash on April 23, 2012, to stockholders of record at the
close of business on April 6,
2012.
Recent Development
On May 22, 2012, we entered into
an Agreement and Plan of Merger with Safflower Holdings Corp. and
Safflower Acquisition Corp. Under the terms of the agreement,
approved by Benihana's Board of Directors, if the merger is
consummated, each outstanding share of Benihana's Common Stock will
be converted into the right to receive $16.30 per share in cash. The consummation
of the merger is subject to customary closing conditions, including
the approval of Benihana's stockholders and regulatory
clearance. Safflower Holdings Corp. is owned by funds advised
by Angelo, Gordon & Co, L.P.
About Benihana
Headquartered in Miami,
Benihana Inc. (NASDAQ GS: BNHN) is the nation's leading operator of
Japanese theme and sushi restaurants with 95 Company-owned
restaurants nationwide, including 62 Benihana restaurants, 25 RA
Sushi restaurants and eight Haru restaurants. In addition, 16
franchised Benihana restaurants are operating in the United States, Latin America and the Caribbean. To
learn more about Benihana Inc. and its three restaurant concepts,
please view the corporate video at
www.benihana.com/about/video.
Safe Harbor Statement
Except for the historical matters contained herein, statements
in this press release are forward-looking and are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that forward-looking
statements involve risks and uncertainties that may affect the
business and prospects of Benihana, including, without limitation:
risks related to Benihana's business strategy, including the
Renewal Program and marketing programs; risks related to Benihana's
ability to operate successfully in the current challenging economic
environment; risks related to Benihana's efforts to strengthen its
Benihana Teppanyaki concept and build its RA Sushi and Haru brands;
and other risks and uncertainties that may cause results to differ
materially from those set forth in the forward-looking statements.
Past performance may not be indicative of future results. Although
Benihana believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
there can be no assurance that its expectations will be realized.
In addition to the risks and uncertainties set forth above,
investors should consider the risks and uncertainties discussed in
Benihana's filings with the Securities and Exchange Commission,
including, without limitation, the risks and uncertainties
discussed under the heading "Risk Factors" in such filings.
Benihana does not undertake any obligation to publicly update any
forward-looking statement to reflect events or circumstances after
the date on which any such statement is made or to reflect the
occurrence of unanticipated events.
Benihana Inc. and Subsidiaries
|
Sales by
Concept
|
(Unaudited)
|
(In
thousands)
|
|
|
Three
Periods Ended
|
|
|
|
April
1,
|
|
March
27,
|
|
Percentage
|
|
2012
|
|
2011
|
|
change
|
Comparable
restaurant sales by concept:
|
|
|
|
|
Teppanyaki
|
$
58,099
|
|
$
54,738
|
|
6.1%
|
RA
Sushi
|
19,217
|
|
18,818
|
|
2.1%
|
Haru
|
7,371
|
|
7,214
|
|
2.2%
|
Total
comparable restaurant sales
|
$
84,687
|
|
$
80,770
|
|
4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal
Year Ended
|
|
|
|
April
1,
|
|
March
27,
|
|
Percentage
|
|
2012
|
|
2011
|
|
change
|
Comparable
restaurant sales by concept:
|
|
|
|
|
Teppanyaki
|
$
231,524
|
|
$
215,002
|
|
7.7%
|
RA
Sushi
|
79,197
|
|
76,546
|
|
3.5%
|
Haru
|
31,912
|
|
31,646
|
|
0.8%
|
Total comparable restaurant sales
|
$
342,633
|
|
$
323,194
|
|
6.0%
|
|
|
|
|
|
|
Benihana Inc. and Subsidiaries
|
Consolidated Statements of Earnings
|
(Unaudited)
|
(In
thousands, except per share data)
|
|
|
Three
Periods Ended
|
|
April
1,
|
|
|
March
27,
|
|
|
2012
|
|
|
2011
|
|
|
(13
weeks)
|
|
|
(12
weeks)
|
|
Revenues:
|
|
|
|
|
|
Restaurant
sales
|
$
91,909
|
99.6%
|
|
$
81,385
|
99.5%
|
Franchise
fees and royalties
|
380
|
0.4%
|
|
401
|
0.5%
|
Total
revenues
|
92,289
|
100.0%
|
|
81,786
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
Expenses:
|
|
|
|
|
|
Cost of
food and beverage sales
|
22,760
|
24.8%
|
|
20,129
|
24.7%
|
Restaurant
operating expenses
|
57,646
|
62.7%
|
|
50,285
|
61.8%
|
General
and administrative expenses
|
9,596
|
10.4%
|
|
9,174
|
11.2%
|
Impairment
charges
|
2,625
|
2.8%
|
|
-
|
0.0%
|
Total
operating expenses
|
92,627
|
100.4%
|
|
79,588
|
97.3%
|
|
|
|
|
|
|
Income
(Loss) from operations
|
(338)
|
-0.4%
|
|
2,198
|
2.7%
|
Interest
expense, net
|
(98)
|
-0.1%
|
|
(883)
|
-1.1%
|
|
|
|
|
|
|
Income
(Loss) before income taxes
|
(436)
|
-0.5%
|
|
1,315
|
1.6%
|
Income tax
(benefit) expense
|
(517)
|
-0.6%
|
|
766
|
0.9%
|
|
|
|
|
|
|
Net
Income
|
81
|
0.1%
|
|
549
|
0.7%
|
Less:
Accretion of preferred stock issuance costs and
preferred
stock dividends
|
-
|
|
|
251
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
$
81
|
|
|
$
298
|
|
|
|
|
|
|
|
Earnings
Per
Share
|
|
|
|
|
|
Basic
earnings per common share
|
$
0.00
|
|
|
$
0.02
|
|
Diluted
earnings per common share
|
$
0.00
|
|
|
$
0.02
|
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding
|
|
|
|
|
|
Basic
|
17,931
|
|
|
15,983
|
|
Diluted
|
17,998
|
|
|
16,037
|
|
|
|
|
|
|
|
Benihana Inc. and Subsidiaries
|
Consolidated Statements of Earnings
|
(Unaudited)
|
(In
thousands, except per share data)
|
|
|
Fiscal
Year Ended
|
|
April
1,
|
|
|
March
27,
|
|
|
2012
|
|
|
2011
|
|
|
( 53
weeks)
|
|
|
(52
weeks)
|
|
Revenues:
|
|
|
|
|
|
Restaurant
sales
|
$
350,374
|
99.5%
|
|
$
325,921
|
99.5%
|
Franchise
fees and royalties
|
1,703
|
0.5%
|
|
1,719
|
0.5%
|
Total
revenues
|
352,077
|
100.0%
|
|
327,640
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Restaurant
Expenses:
|
|
|
|
|
|
Cost of
food and beverage sales
|
87,144
|
24.9%
|
|
79,810
|
24.5%
|
Restaurant
operating expenses
|
222,576
|
63.5%
|
|
209,416
|
64.3%
|
Restaurant
opening costs
|
-
|
0.0%
|
|
8
|
0.0%
|
General
and administrative expenses
|
35,200
|
10.0%
|
|
36,373
|
11.1%
|
Impairment
charges
|
2,625
|
0.7%
|
|
-
|
0.0%
|
Total
operating expenses
|
347,545
|
98.7%
|
|
325,607
|
99.4%
|
|
|
|
|
|
|
Income
from operations
|
4,532
|
1.3%
|
|
2,033
|
0.6%
|
Interest
expense, net
|
(448)
|
-0.1%
|
|
(1,368)
|
-0.4%
|
|
|
|
|
|
|
Income
before income taxes
|
4,084
|
1.2%
|
|
665
|
0.2%
|
Income tax
expense (benefit)
|
87
|
0.0%
|
|
(670)
|
-0.2%
|
|
|
|
|
|
|
Net
Income
|
3,997
|
1.1%
|
|
1,335
|
0.4%
|
Less:
Accretion of preferred stock issuance costs and
preferred
stock dividends
|
|
|
|
|
|
440
|
|
|
1,084
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
$
3,557
|
|
|
$
251
|
|
|
|
|
|
|
|
Earnings
Per
Share
|
|
|
|
|
|
Basic
earnings per common share
|
$
0.21
|
|
|
$
0.02
|
|
Diluted
earnings per common share
|
$
0.21
|
|
|
$
0.02
|
|
|
|
|
|
|
|
Weighted
Average Shares Outstanding
|
|
|
|
|
|
Basic
|
17,190
|
|
|
15,581
|
|
Diluted
|
17,239
|
|
|
15,612
|
|
|
|
|
|
|
|
Benihana Inc. and Subsidiaries
|
Condensed
Balance Sheet Data
|
(Unaudited)
|
(In
thousands)
|
|
|
April
1,
|
March
27,
|
|
2012
|
2011
|
Assets
|
|
|
Current
Assets:
|
|
|
Cash and
cash equivalents
|
$
20,644
|
$
4,038
|
Other
current assets
|
14,228
|
11,133
|
Total
current assets
|
34,872
|
15,171
|
|
|
|
Property
and equipment, net
|
172,043
|
182,992
|
Goodwill
|
6,896
|
6,896
|
Deferred
income tax asset, net
|
15,612
|
15,823
|
Total
assets
|
$
229,423
|
$
220,882
|
|
|
|
Liabilities, Convertible Preferred Stock and
Stockholders' Equity
|
|
|
Current
Liabilities:
|
|
|
Current
liabilities
|
42,840
|
33,467
|
Total
current liabilities
|
42,840
|
33,467
|
|
|
|
Borrowings
under line of credit
|
-
|
5,689
|
Long term
liabilities
|
15,779
|
15,293
|
Total
liabilities
|
58,619
|
54,449
|
|
|
|
Convertible preferred stock
|
-
|
19,710
|
|
|
|
Stockholders' Equity
|
|
|
Total
stockholders' equity
|
170,804
|
146,723
|
Total
liabilities, convertible preferred stock and stockholders'
equity
|
$
229,423
|
$
220,882
|
|
|
|
Contact
Jeremy Fielding / Anntal
Silver
Kekst and Company
(212) 521-4800
SOURCE Benihana Inc.