As of what date had Benihana completed its stock repurchase program?
Benihana Franchise · 2024 FDDAnswer from 2024 FDD Document
ers of record of our common stock.
Dividends
We have not declared or paid any cash dividends on our common stock and do not intend to declare or pay any cash dividend in the foreseeable future. The payment of dividends, if any, is within the discretion of our Board of Directors and will depend on our earnings, our capital requirements, compliance with debt covenants, overall financial condition and such other factors as the Board of Directors may consider. As a Delaware corporation, we are also limited by Delaware law as to the payment of dividends. We currently intend to retain our earnings to finance our growth.
Issuer Purchases of Equity Securities
In September 2022, the Company's Board of Directors authorized a repurchase program of up to $
Source: Item 22 — CONTRACTS (FDD pages 73–74)
What This Means (2024 FDD)
According to Benihana's 2024 Franchise Disclosure Document, the company's stock repurchase program was completed in October 2023. The program was initially authorized in September 2022 by Benihana's Board of Directors for up to $10.0 million of outstanding common stock.
In May 2023, the Board authorized an additional $5.0 million for the program, bringing the total authorized amount to $15.0 million. During 2023, Benihana purchased 1.2 million shares for $7.9 million. Combined with the 1.1 million shares purchased for $7.1 million in 2022, the company repurchased a total of 2.3 million shares for $15.0 million by December 31, 2023.
The repurchase program concluded in October 2023 with the repurchase of shares worth $0.2 million. This indicates that Benihana actively managed its stock repurchase program throughout 2022 and 2023, completing it within approximately one year of its initial authorization.