SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarter Ended December 31, 1995
or,
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File No. 0-12644
Benihana Inc.
(Exact name of registrant as specified in its charter)
Delaware 65-0538630
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8685 Northwest 53rd Terrace, Miami, Florida 33166
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (305) 593-0770
None
Former name, former address and former fiscal year, if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
Indicate by number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Common stock $.10 par value, 3,510,266 shares outstanding
at January 23, 1996
Class A common stock $.10 par value, 2,316,300 shares outstanding
at January 23, 1996
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
PART I - Financial Information
<TABLE>
CONSOLIDATED BALANCE SHEETS (See Note 2)
All dollar amounts in thousands, except as per share amounts
<CAPTION>
December 31, March 26,
1995 1995
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Assets
Current assets
Cash and equivalents $ 2,471 $ 1,854
Receivables
Trade 260 269
Affiliates 92 80
Other 1 52
- -------------------------------------------------------------------------------------------------------------------
Total Receivables 353 401
Inventories (Note 3) 1,819 1,559
Prepaid expenses (Note 4) 1,404 1,297
- -------------------------------------------------------------------------------------------------------------------
Total Current Assets 6,047 5,111
Property and equipment, net 25,129 25,071
Due from affiliates, long term 240 265
Deferred income taxes, net 640 1,383
Other assets (Note 5) 1,847 1,892
- -------------------------------------------------------------------------------------------------------------------
$ 33,903 $33,722
- -------------------------------------------------------------------------------------------------------------------
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and accrued expenses $ 5,956 $ 6,951
Current maturities of long-term debt and
obligations under capital leases 1,471 1,683
- -------------------------------------------------------------------------------------------------------------------
Total Current Liabilities 7,427 8,634
Long-term debt 6,312 7,357
Due to affiliates - long term 470 650
Obligations under capital leases 4,517 4,876
Stockholders' Equity
Preferred stock - $1.00 par value;
authorized - 5,000,000 shares, issued
and outstanding - 2,000 shares 2 2
Common stock - $.10 par value;
convertible, authorized - 12,000,000
shares, issued and outstanding -
3,510,266 shares and 3,492,916 shares,
respectively 351 349
Class A common stock - $.10 par value;
authorized - 20,000,000 shares, issued
and outstanding - 2,316,300 shares 232 232
Additional paid-in capital 13,275 13,337
Retained earnings (accumulated deficit) 1,317 (1,715)
- -------------------------------------------------------------------------------------------------------------------
Total Stockholders' Equity 15,177 12,205
- -------------------------------------------------------------------------------------------------------------------
$33,903 $33,722
- -------------------------------------------------------------------------------------------------------------------
See notes to consolidated financial statements
</TABLE>
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENTS OF OPERATIONS (See Note 2)
All dollar amounts in thousands, except as per share amounts
<CAPTION>
Three Periods Ended
December 31, January 1,
1995 1995
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Revenues
Net restaurant food and beverage sales $18,837 $17,087
Other income 132 79
- -------------------------------------------------------------------------------------------------------------------
Total Revenues 18,969 17,166
Costs and Expenses
Cost of restaurant food and beverage sales 4,789 4,843
Restaurant expenses 11,097 10,010
General and administrative expenses 1,028 1,074
Interest expense 299 268
- -------------------------------------------------------------------------------------------------------------------
Total Costs and Expenses 17,213 16,195
- -------------------------------------------------------------------------------------------------------------------
Income from operations before income taxes 1,756 971
Income tax provision 447 77
- -------------------------------------------------------------------------------------------------------------------
Net Income $ 1,309 $ 894
- -------------------------------------------------------------------------------------------------------------------
Pro Forma Net Income Per Common Share (Note 6) $ 0.21 $ 0.14
- -------------------------------------------------------------------------------------------------------------------
See notes to consolidated financial statements
</TABLE>
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENTS OF OPERATIONS (See Note 2)
(UNAUDITED)
All dollar amounts in thousands, except per share amounts
<CAPTION>
Ten Periods Ended
December 31, January 1,
1995 1995
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Revenues
Net restaurant food and beverage sales $59,942 $55,142
Other income 397 342
- -------------------------------------------------------------------------------------------------------------------
Total Revenues 60,339 55,484
Costs and Expenses
Cost of restaurant food and beverage sales 15,896 15,843
Restaurant expenses 36,111 33,406
General and administrative expenses 3,209 3,331
Interest expense 978 886
- -------------------------------------------------------------------------------------------------------------------
Total Costs and Expenses 56,194 53,466
- -------------------------------------------------------------------------------------------------------------------
Income from operations before income taxes 4,145 2,018
Income tax provision 1,036 152
- -------------------------------------------------------------------------------------------------------------------
Net Income $ 3,109 $ 1,866
- -------------------------------------------------------------------------------------------------------------------
Pro Forma Net Income Per Common Share (Note 6) $ 0.50 $ 0.28
- -------------------------------------------------------------------------------------------------------------------
See notes to consolidated financial statements
</TABLE>
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (See Note 2)
(UNAUDITED)
All dollar amounts in thousands, except per share amounts
<CAPTION>
(Accumulated)
Class A Additional Deficit)/
Preferred Common Common Paid-in Retained
Stock Stock Stock Capital Earnings
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Balance, March 26, 1995 $2 $349 $232 $13,337 ($1,715)
Net income 3,109
Dividend on preferred stock (77)
Exercise of stock options 2 43
Issuance of common stock
for incentive compensation 5
Distribution to BOT (110)
- ---------------------------------------------------------------------------------------------------------------------------------
Balance, December 31, 1995 $2 $351 $232 $13,275 $ 1,317
- ---------------------------------------------------------------------------------------------------------------------------------
See notes to consolidated financial statements
</TABLE>
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
<TABLE>
CONSOLIDATED STATEMENTS OF CASH FLOWS (See Note 2)
(UNAUDITED)
All dollar amounts in thousands, except as per share amounts
<CAPTION>
Ten Periods Ended
December 31, January 1,
1995 1995
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operating Activities
Net income $ 3,109 $ 1,866
Adjustments to reconcile net income to net
Cash provided by operating activities:
Depreciation and amortization 1,679 1,613
Issuance of common stock for incentive compensation 5
Change in operating assets and liabilities
that provided or (used) cash:
Accounts receivable 48 67
Inventories (259) (104)
Prepaid expenses (106) (256)
Other assets 2 88
Accounts payable and accrued expenses (995) 190
Deferred taxes 742
- -------------------------------------------------------------------------------------------------------------------
Net cash provided by operating activities 4,225 3,464
- -------------------------------------------------------------------------------------------------------------------
Investing activities
Expenditures for property and equipment (1,669) (837)
- -------------------------------------------------------------------------------------------------------------------
Net cash (used in) investing activities (1,669) (837)
- -------------------------------------------------------------------------------------------------------------------
Financing Activities
Repayment of long-term debt and obligations
under capital leases (2,116) (1,919)
Proceeds from issuance of long-term debt 319
Net cash distributed to BOT (110) (590)
Dividend paid (77)
Proceeds from issuance of common stock 45
- -------------------------------------------------------------------------------------------------------------------
Net cash (used in) financing activities (1,939) (2,509)
- -------------------------------------------------------------------------------------------------------------------
Net decrease in cash and cash equivalents 617 118
Cash and cash equivalents, beginning of year 1,854 1,455
- -------------------------------------------------------------------------------------------------------------------
Cash and cash equivalents, end of period $ 2,471 $ 1,573
- -------------------------------------------------------------------------------------------------------------------
Supplemental Cash Flow Information
Cash paid during the ten periods:
Interest $ 603 $ 473
Income taxes 348 148
Noncash Items:
Capital lease obligations of $269 were incurred in the ten periods ended January 1, 1995 when the
Company entered into lease agreements for new equipment.
See notes to consolidated financial statements.
</TABLE>
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
TEN PERIODS ENDED DECEMBER 31, 1995 AND JANUARY 1, 1995
(UNAUDITED)
1. GENERAL
The accompanying consolidated financial statements are unaudited and
reflect all adjustments (consisting only of normal recurring adjustments at
December 31, 1995) which are, in the opinion of management, necessary for a
fair presentation of financial position and results of operations. The
results of operations for the ten periods (forty weeks) ended December 31,
1995 are not necessarily indicative of the results to be expected for the
full year. Certain information and footnotes normally included in financial
statements prepared in accordance with generally accepted accounting
principles have been condensed or omitted. The Company's fiscal year
consists of 13 four-week accounting periods. The current fiscal year
consists of 53 weeks.
2. BASIS OF PRESENTATION AND ACQUISITION
The Company's financial statements and the discussion and data presented
below reflect a reorganization pursuant to which the Company acquired
seventeen restaurants, four license agreements and the U.S. trademarks of
Benihana of Tokyo, Inc. and became the successor to Benihana National Corp.
through the merger of BNC and a wholly owned subsidiary of the Company
through a share-for-share exchange of common equity. Accordingly, the
Company's financial statements for the period ended January 1, 1995 have
been restated retroactively to include the historical accounts of BNC and
the BOT Restaurants without adjustment.
The acquisition of the BOT Restaurants has been accounted for in a manner
similar to a pooling of interests since the parties to the transaction were
under common control. The Company paid $3,000,000 in cash and issued 76,905
shares of Common Stock, 2,000 shares of $1.00 par value Class A Convertible
Preferred Stock, and a 7 1/2% promissory note in the amount of $650,000.
<TABLE>
3. INVENTORIES
Inventories consist of (in thousands):
<CAPTION>
December 31, March 26,
1995 1995
------------ ---------
<S> <C> <C>
Food and beverage $ 645 $ 560
Supplies 1,174 999
------------ ---------
$ 1,819 $ 1,559
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
4. PREPAID EXPENSES
Prepaid expenses consist of (in thousands):
<CAPTION>
December 31, March 26,
1995 1995
------------ ---------
<S> <C> <C>
Prepaid insurance $ 907 $ 687
Prepaid advertising 56 148
Other 441 462
------------ ---------
$ 1,404 $1,297
------------ ---------
5. OTHER ASSETS
Other assets consist of (in thousands):
<CAPTION>
December 31, March 26,
1995 1995
------------ ---------
<S> <C> <C>
Lease acquisition costs $ 566 $ 613
Restaurant management fee
Receivable 17 48
Cash surrender value of officer's
Life insurance 240 240
Premium on liquor licenses 651 651
Security deposits 195 214
Preopening expenses 57 2
Other 121 124
------------ ---------
$ 1,847 $1,892
</TABLE>
6. PRO FORMA NET INCOME PER COMMON SHARE
The pro forma net income per common share was computed by using the
weighted average number of shares and dilutive common stock equivalents
(5,991 thousand shares in December 1995 and 5,820 thousand shares in
January 1995) of Common Stock and Class A Common Stock outstanding as of
December 31, 1995. The amounts of preferred dividends and interest expense
that would have been incurred as a result of the acquisition of the BOT
Restaurants described above have been factored in the calculation of pro
forma earnings from the beginning of each of the ten periods ended December
31, and January 1, 1995.
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
OVERVIEW
The Company's financial statements and the discussion and data presented
below reflect a reorganization pursuant to which the Company acquired seventeen
restaurants, four license agreements and the U.S. trademarks of Benihana of
Tokyo, Inc. and became the successor to Benihana National Corp. through the
merger of BNC and a wholly owned subsidiary of the Company through a
share-for-share exchange of common equity.
The Company's revenues consist of sales of food and beverages in each of
the Company-owned restaurants and licensing fees received from licensees. Cost
of restaurant food and beverages sold represents the direct cost of the
ingredients for the prepared food and beverages. Restaurant expenses consist of
direct and indirect labor, occupancy costs, advertising and other costs that are
directly attributed to each restaurant location.
Restaurant revenues and expenses are dependent upon a number of factors
including the number of restaurants in operation and restaurant patronage.
Revenues are also dependent on the average check amount and expenses are
additionally dependent upon the costs of food and beverages sold, average wage
rates, marketing costs and the costs of administering restaurant operations and
interest.
The Company's revenues and net income attained record levels during the three
and ten periods ended December 31, 1995 surpassing the comparable periods in the
previous year. Restaurant revenue increased by 10.2% and 8.7% for the three and
ten periods, respectively. Net income increased by 46.4% and 66.6% for the three
and ten periods, respectively. Revenues are increasing as a result of continuing
increases in patronage and the resulting revenue improvements are reflected in
increased net income and per share earnings. In the previous year's ten periods,
federal income taxes were not provided because of the existence of substantial
net operating losses. The Company has provided for federal income taxes during
the ten periods ended December 31, 1995, since taxable income is estimated to
utilize the remaining tax assets from net operating loss carryforwards.
Earnings per share have been affected by additional equivalent shares from
options and warrants that became dilutive during the ten periods because of the
increase in the market price of the Common and Class A Stock.
REVENUES
The amounts of sales and the changes in amount and percentage change in amount
of sales from the previous fiscal year are shown in the following tables.
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
<TABLE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
<CAPTION>
Three Periods Ended Ten Periods Ended
December 31, January 1, December 31, January 1,
1995 1995 1995 1995
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
Net restaurant sales $18,837 $17,087 $59,942 $55,142
Other income 132 79 397 342
------------ ---------- ------------ ----------
$18,969 $17,166 $60,339 $55,484
<CAPTION>
Three Periods Ended Ten Periods Ended
December 31, January 1, December 31, January 1,
1995 1995 1995 1995
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
Amount of change from
previous year $1,750 $898 $4,800 $2,339
Percentage change for the
previous year 10.2% 5.5% 8.7% 4.4%
Comparable sales per unit $496 $462 $1,606 $1,490
Percentage growth in comparable
sales restaurant 7.4% 5.5% 7.8% 4.4%
</TABLE>
Three and Ten Periods Ended December 31, 1995 compared to January 1, 1995
- -- Restaurant revenues continued to increase in both the three and ten periods
ended December 31, 1995 as compared to the equivalent periods ended January 1,
1995. The Company's trend of increases in comparable per unit sales continued
during the three and ten periods with 7.4% and 7.8%, respectively. Patronage at
Benihana continues to increase resulting from favorable consumer response to the
Company's advertising programs from physical improvements made to several
restaurant properties, from opening the restaurants for lunch service on the
weekends and opening sushi bars and Karaoke centers at several of the
restaurants. Customer counts increased 7.3% through the third quarter.
Additionally, the first Benihana Grill opened on October 12, 1995 and
contributed to .5% of the increase in restaurant revenues for the ten periods.
COSTS AND EXPENSES
Costs of restaurant sales, which are generally variable with sales,
directly increased with changes in revenues for the ten periods. The following
table reflects the proportion that the various elements of costs and expenses
bore to sales and the changes in amounts and percentage changes in amounts from
the previous year's three and ten periods.
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
<TABLE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
<CAPTION>
Three Periods Ended Ten Periods Ended
December 31, January 1, December 31, January 1,
1995 1995 1995 1995
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
COST AS A PERCENTAGE OF
RESTAURANT SALES:
Cost of restaurant food and
beverage sales 25.4% 28.3% 26.5% 28.7%
Restaurant expenses 59.9% 58.6% 60.2% 60.6%
General and administrative
expenses 5.5% 6.3% 5.4% 6.0%
AMOUNT OF CHANGE FROM
PREVIOUS YEAR (IN THOUSANDS):
Cost of restaurant food and
beverage sales ($54) $531 $53 $1,366
Restaurant expenses $1,087 $41 $2,705 $551
General and administrative expenses ($46) $127 ($122) $183
PERCENTAGE CHANGE FROM
PREVIOUS YEAR:
Cost of restaurant food and
beverage sales (1.1%) 12.3% .3% 9.4%
Restaurant expenses 10.9% .4% 8.1% 1.7%
General and administrative expenses (4.3%) 13.4% (3.7%) 5.8%
</TABLE>
Three and Ten Periods Ended December 31, 1995 Compared to Three and Ten
Periods Ended January 1, 1995 -- The cost of food and beverage sales decreased
in total amount for the three periods and increased for the ten periods, but
decreased for both the three and ten periods when expressed as a percentage of
sales. Long-term purchasing contracts have been made for lobster that
effectively lock in a lower price for 22 of the Company's restaurants where such
arrangements are feasible. Additionally, the Company obtained more favorable
pricing from several vendors for other food products and services at several of
the 17 restaurants that were purchased from Benihana of Tokyo. Restaurant
expenses increased in absolute amount for both the three and ten periods.
Restaurant expenses expressed as a percentage of sales increased for the three
periods but decreased for the ten periods. The increase was due to accelerated
spending for repair and maintenance to improve the appearance of several
restaurants. Also, during the previous year's three periods, the Company
received a refund on workers compensation premiums resulting in lower benefits
costs in fiscal 1995. The decrease for the ten periods is due to an increase in
sales and because of the generally fixed nature of such expenses.
Interest costs increased during the three and ten periods because of the
additional borrowings made to acquire the BOT Restaurant properties. Despite the
increase in outstanding debt, interest cost has not risen significantly due to
the Company's successful efforts in reducing its interest rate as part of the
consolidation of the Company's bank indebtedness (see Liquidity and Capital
Resources below).
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
The Company, as is typical with many restaurant companies, does not have to
provide financing for inventories and accounts receivable and operates with a
working capital deficiency. The Company's deficiency in working capital of
$1,380 decreased by $2,143 for the ten periods ended December 31, 1995.
The Company expended $832 more for property and equipment than it did
during the previous comparable ten periods. This was a result of expenditures
made to build the Benihana Grill in Sacramento, California which opened on
October 12, 1995. The Benihana Grill is a smaller version of a traditional
Benihana restaurant. The approximate construction and opening costs for this
first location were $550,000. Management believes that the reduced construction
and opening costs for the Benihana Grill expands the potential for the Company
to penetrate smaller markets.
Additionally, the Company has accelerated physical improvements to several
restaurant locations and added facilities for serving and preparing sushi.
The Company financed the $6,150,000 aggregate purchase price of the BOT
Restaurants by issuing 76,905 shares of comon stock; 2,000 shares of preferred
stock with a $2,000,000 liquidation value; a note payable to BOT in the amount
of $650,000; and $3,000,000 in cash. The cash portion was financed by
consolidating BNC's previously existing bank term loans and increasing the
amount borrowed. Although the amount borrowed under the term loan agreement has
increased, periodic principal payment requirements have decreased by
approximately $800,000 annually.
The Company's senior lender has also committed to increase the amount of
the term loan by approximately $700,000 at the Company's request if the request
is made by May 1996. The Company's senior lender has also made available an
additional $500,000 working capital line of credit. These additional borrowing
facilities may be used for working capital purposes, to make improvements to
owned restaurant properties or to finance the development of additional
restaurant locations. Management believes that it has sufficient cash resources
to provide for its operating cash needs and to make anticipated improvements to
its restaurants without utilizing the additional borrowing facilities.
<PAGE>
BENIHANA INC. AND SUBSIDIARIES
PART II - Other Information
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibit 11 Calculation of Earnings Per Share
Exhibit 27 Financial Data Schedule
(b) None
<PAGE>
EXHIBIT 11
<TABLE>
BENIHANA INC.
CALCULATION OF EARNINGS PER SHARE
<CAPTION>
Ten Periods Ended
December 31, January 1,
1995 1995
------------ ----------
<S> <C> <C>
WEIGHTED AVERAGE NUMBER OF
SHARES OUTSTANDING 5,818,606 5,732,211
(COMMON & CLASS A) COMMON STOCK
ISSUED TO BOT IN CONNECTION WITH
THE REORGANIZATION 76,905
DILUTIVE EFFECT OF WARRANTS
OUTSTANDING (1) 112,816
DILUTIVE EFFECT OF STOCK OPTIONS
OUTSTANDING USED IN CALCULATION
OF EARNINGS PER SHARE 59,826 10,431
5,991,248 5,819,547
NET INCOME $ 3,109,048 $1,866,387
EFFECT OF DIVIDENDS (PROFORMA IN
1994) ON PREFERRED STOCK ISSUED IN
CONNECTION WITH THE
REORGANIZATION (92,308) (92,308)
PROFORMA INTEREST ON DEBT INCURRED
TO FINANCE ACQUISITION OF BOT
RESTAURANTS (36,250) (200,769)
PROFORMA INTEREST ON DEBT ISSUED
TO BOT TO FINANCE ACQUISITION OF
BOT RESTAURANTS (6,806) (37,692)
INCOME TAX EFFECT ON PROFORMA
AMOUNTS OF INTEREST ON
ACQUISITION DEBT INDEBTEDNESS 17,222 95,385
----------- -----------
PROFORMA NET INCOME $2,990,906 $1,631,003
----------- -----------
EARNINGS PER SHARE $.50 $.28
(1) Antidilutive in 1994
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
Benihana Inc.
(Registrant)
Date January 23, 1996 /s/ Joel A. Schwartz
- ----------------------- --------------------
Joel A. Schwartz
President
/s/ Michael R. Burris
---------------------
Michael R. Burris
Chief Financial Officer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
December 31, 1995 Financial Statements and is qualified in its entirety by
reference to such Financial Statements.
</LEGEND>
<CIK> 0000935226
<NAME> BENIHANA INC.
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 9-MOS
<FISCAL-YEAR-END> MAR-26-1995 MAR-26-1995
<PERIOD-START> OCT-9-1995 MAR-27-1995
<PERIOD-END> DEC-31-1995 DEC-31-1995
<EXCHANGE-RATE> 1 1
<CASH> 2,471 2,471
<SECURITIES> 0 0
<RECEIVABLES> 353 353
<ALLOWANCES> 63 63
<INVENTORY> 1,819 1,819
<CURRENT-ASSETS> 6,047 6,047
<PP&E> 25,129 25,129
<DEPRECIATION> 25,478 25,478
<TOTAL-ASSETS> 33,903 33,903
<CURRENT-LIABILITIES> 7,427 7,427
<BONDS> 11,299 11,299
0 0
2 2
<COMMON> 583 583
<OTHER-SE> 14,592 14,592
<TOTAL-LIABILITY-AND-EQUITY> 33,903 33,903
<SALES> 18,837 59,942
<TOTAL-REVENUES> 18,969 60,339
<CGS> 4,789 15,896
<TOTAL-COSTS> 11,097 36,111
<OTHER-EXPENSES> 1,028 3,209
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 299 978
<INCOME-PRETAX> 1,756 4,145
<INCOME-TAX> 447 1,036
<INCOME-CONTINUING> 1,309 3,109
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 1,309 3,109
<EPS-PRIMARY> .21 .50
<EPS-DILUTED> .21 .50
</TABLE>
