SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the Quarter Ended January 2, 2000
or,
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File No. 0-26396
Benihana Inc.
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(Exact name of registrant as specified in its charter)
Delaware 65-0538630
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8685 Northwest 53rd Terrace, Miami, Florida 33166
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (305) 593-0770
None
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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, 3,576,616 shares outstanding at January 31, 2000
Class A Common Stock $.10 par value, 2,578,037 shares
outstanding at January 31, 2000
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BENIHANA INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Three and Ten Periods Ended January 2, 2000 compared to January 3, 1999 --
Restaurant revenues continued to increase in the three and ten periods ended
January 2, 2000 as compared to the equivalent periods ended January 3, 1999. The
increase in revenues is attributable to increased customer traffic for
restaurants opened longer than one year of 9.0% for the current three periods
and 8.6% for the current ten periods when compared to the comparable prior year
periods. Also, the opening of a traditional restaurant opened in December 1998
operating in Ontario, California contributed $789 to the increase for the three
periods and $2,755 for the ten periods. Haru operations acquired in December
1999 contributed $612 to the increase for both the three and ten periods.
Comparable restaurant sales increased 9.9% in the three periods and 10.2% in the
ten periods when compared to the prior equivalent periods. Other income
increased in the three and ten periods of the current year as compared to the
equivalent periods of the prior year as a result of the initial franchise fee of
$100 earned for the new franchise in Lima, Peru.
COSTS AND EXPENSES
Costs of restaurant sales, which are generally variable with sales, directly
increased with changes in revenues for the three and 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.
<TABLE>
<CAPTION>
Three Periods Ended Ten Periods Ended
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January 2, January 3, January 2, January 3,
2000 1999 2000 1999
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<S> <C> <C> <C> <C>
COST AS A PERCENTAGE OF
RESTAURANT SALES:
Cost of restaurant food and
beverage sales 26.8% 26.0% 27.0% 26.4%
Restaurant expenses 57.3% 58.2% 58.7% 60.8%
Store opening costs .4% 0.0% .2% 0.0%
General and administrative
expenses 4.9% 5.1% 4.9% 5.1%
AMOUNT OF CHANGE FROM
PREVIOUS YEAR (IN THOUSANDS):
Cost of restaurant food and
beverage sales $1,320 $ 858 $3,879 $ 4,482
Restaurant expenses $2,125 $2,376 $5,499 $10,655
Store opening costs $ 114 $ 184
General and administrative expenses $ 139 $ 29 $ 389 $ 617
PERCENTAGE CHANGE FROM
PREVIOUS YEAR:
Cost of restaurant food and
beverage sales 18.3% 13.5% 16.6% 23.8%
Restaurant expenses 13.2% 10.2% 10.6% 24.7%
Store opening costs 3800.0% 6133.3%
General and administrative expenses 9.3% .2% 8.6% 15.7%
</TABLE>
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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 February 18, 2000 /s/ Joel A. Schwartz
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Joel A. Schwartz
President
/s/ Michael R. Burris
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Michael R. Burris
Chief Financial Officer
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