Benihana, Inc

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International Guild of Hospitality & Restaurant Managers

Benihana, Inc., incorporated in 1982, operates teppanyaki-style Japanese restaurants in the United States . The Company owns and operates 54 Benihana teppanyaki-style Japanese dinnerhouse restaurants, including one restaurant under the name Samurai; franchises others to operate 18 additional Benihana restaurants; owns and operates five Haru restaurants in New York City , offering Japanese dining, featuring sushi and sashimi, and owns and operates two Doraku restaurants.

The Benihana Concept

The Benihana concept offers casual dining in a distinctive Japanese atmosphere enhanced by the entertainment provided by its Benihana chefs, who prepare fresh steak, chicken and seafood in traditional Japanese-style at the customer's table. Most of its Benihana restaurants are open for both lunch and dinner. The Benihana restaurants have a limited menu, offering a full course meal consisting of an appetizer, soup, salad, tea, rice, vegetable, an entree of steak, seafood, chicken or any combination of them and a dessert.

Specific menu items may be different in the various restaurants depending upon the local geographic market. The servings are portion controlled to provide consistency in quantities served to each customer. Alcoholic beverages, including specialty mixed drinks, wines and beers and soft drinks are available. The average check size per person was $23.61 in fiscal 2002. During fiscal 2002, beverage sales in both the lounges and dining rooms accounted for approximately 17% of its total restaurant sales. Sushi is offered at all of its traditional restaurants at either separate sushi bars or at the teppanyaki grills.

Of the 54 Benihana restaurants the Company operates, 37 are located in freestanding, special use restaurant buildings, six are located in shopping centers and 11 are located in office or hotel building complexes. The freestanding restaurants were built to its specifications as to size, style and interior and exterior decor. The other locations were adapted to the Benihana interior decor. The freestanding, traditional Benihana restaurant units, which are generally one-story buildings, average approximately 8,000 square feet and are constructed on a lot of approximately 1.25 to 1.50 acres. The shopping center, office building and hotel-based Benihana restaurants are of similar size, but differ somewhat in appearance from location to location in order to conform to the appearance of the buildings in which they are located. A typical Benihana restaurant has 18 teppan tables and seats from 86 to 178 customers in the dining rooms, and eight to 120 customers in the bar lounge areas.

The Company opened two Benihana restaurants, one in April 2002 in The Woodlands, Texas , and one in May 2002 in Las Colinas , Texas . It anticipates opening two new Benihana restaurants in Westbury , New York , and Scottsdale , Arizona , in fiscal 2003.

The Haru Concept

The Haru concept offers an extensive menu of distinctive Japanese fusion dishes in a high-energy urban atmosphere. In addition to traditional sushi and sashimi creations, Haru offers raw bar items and Japanese cuisine, including New York strip steak with wasabi croquette, spicy shallots and ginger sauce, garlic shrimp and crispy duck. Haru also offers delivery and takeout. The average check size per person was $26.50 in fiscal 2002. The Company owns 80% of the subsidiary that operates the Haru restaurants.

The Doraku Concept

The Doraku concept offers sushi, as well as other Japanese dishes. The average check size per person was $15.53 in fiscal 2002. The Company has two Doraku restaurants in operation, and it does not have plans for expansion. It closed a Doraku restaurant in March 2002 due to poor traffic at the mall in which it was located.

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