Benihana Inc. Announces Exercise of Underwriters Over-allotment Option

Business Wire, Dec 11, 2001

Business Editors

MIAMI--(BUSINESS WIRE)--Dec. 11, 2001

Benihana Inc. (NASDAQ: BNHN and BNHNA) announced today that the underwriters of a public offering of shares of the Company's Class A Common Stock have exercised their option to purchase the entire additional 100,000 shares to cover over-allotments.

Following such exercise, the total offering is for 1,000,000 shares of Class A Common Stock at a public offering price of $11.80 per share.

All the shares are being offered by Benihana Inc.

Ladenburg Thalmann & Co., Inc., and Ryan, Beck & Co., LLC, are acting as joint underwriters of the offering. Morgan Lewis Githens & Ahn, Inc., acted as advisor to Benihana. The offering is expected to close on December 12, 2001.

Information about this offering is available in the prospectus filed with the Securities and Exchange Commission, which may be obtained from Ladenburg Thalmann & Co., Inc., 590 Madison Avenue, New York, New York 10022, telephone number (800) 523-8425, or Ryan, Beck & Co., LLC, Attention: Syndicate Department, 220 South Orange Avenue, Livingston, New Jersey 07039, telephone number (800)-342-2325.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Benihana currently operates 60 restaurant units: 52 teppanyaki style restaurants, three Sushi Doraku by Benihana restaurants and five Haru sushi restaurants. The Company licenses 16 other teppanyaki style restaurants.

Statements in this press release concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items, together with other statements that are not historical facts, are "forward-looking statements" as that term is defined under Federal Securities Laws. "Forward-looking statements" are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and factors include, but are not limited to, changes in customers' tastes and preferences, acceptance of the Company's concepts in new locations, obtaining qualified personnel, industry economic cycles, fluctuations in customer demand, seasonality, fluctuations of commodities prices, the ability to complete construction of new units in a timely manner, obtaining governmental permits on a reasonably timely basis, and general economic conditions, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.