Altman Z-Score, Current: 2.34
Altman Z-Score, 2009: 2.15
Japanese steakhouse and restaurant chain Benihana (BNHN) garnered a Z-Score of 2.34, an improvement from 2.15 in 2009.Last week, the Miami-based restaurant operator said its 2011 fiscal-first-quarter net income jumped nearly 70% to $1.3 million, or 8 cents per share, while revenue grew 4.9% to $100.8 million. Comps grew by 2.4%, including 3.3% growth at its Benihana teppanyaki restaurants and 2.4% growth at its Haru sushi locations. RA Sushi comps were flat year-over-year. On Aug. 17, Benihana agreed to let the co-founder of Coliseum Capital Management onto its board in an effort to suppress growing shareholder unrest. Coliseum has engaged in a proxy battle by buying up chunks of Benihana's shares. At its Sept. 14 shareholder meeting, investors will decide whether to re-elect CEO Stockinger and another board member or replace them with representatives of the late Benihanana founder Rocky H. Aoki.
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