What was the amount of Benihana's net loss for the period ending December 31, 2020?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
spitality, | | | | | Inc. | | |
(1) These expenses are being shown as a percentage of owned restaurant net revenue.
The following table presents a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA for the periods indicated (in thousands):
| For the year ended December 31, | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| Net income (loss) attributable to The ONE Group Hospitality, Inc. | $ | 31,348 | $ | (12,825) |
| Net income (loss) attributable to noncontrolling interest | 600 | (798) | ||
| Net income (loss) | 31,948 | (13,623) | ||
| Interest expense, net of interest income | 3,780 | 5,329 | ||
| Provision (benefit) for income taxes | 1,586 | (5,400) | ||
| Depreciation and amortization | 10,790 | 10,114 | ||
| EBITDA | 48,104 | (3,580) | ||
| COVID-19 related expenses | 5,821 | 5,492 | ||
| Transaction costs (1) | 160 | 1,109 | ||
| Stock-based compensation | 3,618 | 1,773 | ||
| Lease termination expense (2) | 1,912 | 3,315 | ||
| Agreement restructuring expense | 503 | 452 | ||
| Pre-opening expenses | 1,037 | 178 | ||
| Non-cash rent (3) | (32) | 300 | ||
| Gain on CARES Act L |
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, the net loss attributable to The ONE Group Hospitality, Inc. for the year ending December 31, 2020, was approximately $12,825,000. This figure represents the financial loss incurred by the company during that specific period. In contrast, for the year ended December 31, 2021, Benihana reported a net income of $31,348,000.
The document also indicates that the basic net loss per share for the year 2020 was $0.44, calculated using 28,909,963 shares. By 2021, the basic net income per share had risen to $1.01, based on 31,155,224 shares. The diluted net loss per share remained at $0.44 for 2020, while the diluted net income per share increased to $0.93 for 2021.
These figures provide a snapshot of Benihana's financial performance during the specified years, highlighting the impact of factors such as the COVID-19 pandemic, as well as the subsequent recovery and strategic initiatives undertaken by the company. A prospective franchisee should consider these financial results in the context of broader economic trends and company-specific strategies when evaluating the franchise opportunity.