Kona Grill Reports First Quarter 2013 Results
Q1 Net Income of $1.0 Million or $0.12 per Share; Secured $20.0 Million Credit Facility
(firmenpresse) - SCOTTSDALE, AZ -- (Marketwired) -- 04/29/13 -- Kona Grill, Inc. (NASDAQ: KONA), an American grill and sushi bar, reported results for its first quarter ended March 31, 2013.
Net income of $1.0 million or $0.12 per share
Restaurant operating margin of 18.7% or $4.4 million
Signed two new leases for locations in Fort Worth and The Woodlands, Texas
"We are encouraged by the solid financial performance we achieved in the first quarter despite inclement weather and economic headwinds," said Berke Bakay, president and CEO of Kona Grill. "As we continued to focus on streamlining our operations, managing costs and innovating our menu, we generated a strong restaurant operating margin of 18.7% and net income of $1.0 million or $0.12 per share.
"We continue to solidify our pipeline for expansion, as demonstrated by two new leases signed in Texas, and we remain on track to open two new restaurants in 2013. One of these includes the new Boise, Idaho location we announced in December. Additionally, our recently signed $20 million credit facility provides us financial flexibility and supports our growth strategy for 2013 and beyond."
Restaurant sales in the first quarter of 2013 were $23.5 million compared to $24.2 million in the first quarter of 2012, representing a 260 basis point decrease in same-store sales. The decrease in same-store sales in the first quarter of 2013 laps an 8.7% increase in the year-ago quarter, driven by lower guest traffic volume from softer consumer sentiment, inclement weather, an earlier Easter holiday weekend and one less day of sales due to leap year.
Net income in the first quarter of 2013 was $1.0 million or $0.12 per share compared to net income of $1.2 million or $0.13 per share in the year-ago quarter.
During the first quarter, the company repurchased 24,000 shares of its stock at an average cost of $8.44 per share under a $5.0 million stock repurchase program that was initiated in May 2012. As of the end of the quarter, the company had repurchased a total of 387,000 shares for $3.2 million under the current program.
At March 31, 2013, cash and cash equivalents totaled $8.3 million compared to $8.0 million at December 31, 2012. Total debt was $0.3 million at March 31, 2013 compared to $0.4 million at December 31, 2012.
On April 19, 2013, the company entered into a $20.0 million credit agreement with Key Bank and Stearns Bank National Association and plans to use the credit facility to execute its growth strategy for new restaurant construction and remodels of existing restaurants.
For the second quarter of 2013, the company expects same-store sales increase of 1% with restaurant sales of $25.3 million compared to $25.0 million in the same year-ago quarter, and restaurant operating margin in the 19% range. Kona Grill also expects net income of $1.3 million or $0.15 per share compared to $1.8 million or $0.20 per share in the second quarter of 2012. The company reaffirms its guidance of two restaurant openings in 2013.
The company will host a conference call to discuss these results today at 5:00 p.m. Eastern time.
Dial-in number: 1-877-941-1427
International number: 1-480-629-9664
Conference ID: 4612682
The conference call will be broadcast simultaneously and available for replay via the investors section of the company's website at .
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
A replay of the call will be available after 8:00 p.m. Eastern time today through Wednesday, May 29, 2013.
Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 4612682
Kona Grill (NASDAQ: KONA) features American favorites with an international influence and award-winning sushi in a casually elegant atmosphere. Kona Grill owns and operates 23 restaurants, guided by a passion for quality food and personal service. Restaurants are currently located in 16 states: Arizona (Chandler, Gilbert, Phoenix, Scottsdale); Colorado (Denver); Connecticut (Stamford); Florida (Tampa); Illinois (Lincolnshire, Oak Brook); Indiana (Carmel); Louisiana (Baton Rouge); Maryland (Baltimore); Michigan (Troy); Minnesota (Eden Prairie); Missouri (Kansas City); Nebraska (Omaha); New Jersey (Woodbridge); Nevada (Las Vegas); Texas (Austin, Dallas, Houston, San Antonio) and Virginia (Richmond). For more information, visit .
Various remarks we make about future expectations, plans, and prospects for the company constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements that are not purely historical. These statements relate to our future financial performance and growth goals for 2013, including but not limited to those relating to our sales trends and projected earnings for the second quarter of 2013 and expectations of new store openings in 2013. We have attempted to identify these statements by using forward-looking terminology such as "may," "will," "anticipates," "expects," "believes," "intends," "should," or comparable terms. All forward-looking statements included in this press release are based on information available to us on the date of this release and we assume no obligation to update these forward-looking statements for any reason. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the company's filings with the Securities and Exchange Commission.
Liolios Group, Inc.
Cody Slach
Tel 1-949-574-3860
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Datum: 29.04.2013 - 14:05 Uhr
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