Kona Grill Reports Third Quarter 2013 Results
Same-Store Sales Increase 2.6%; Net Income of $0.08 per Share
(firmenpresse) - SCOTTSDALE, AZ -- (Marketwired) -- 10/30/13 -- Kona Grill, Inc. (NASDAQ: KONA), an American grill and sushi bar, reported financial results for the third quarter ended September 30, 2013.
Restaurant sales increased 2.6% to $24.5 million from $23.9 million;
Same-store sales increased 2.6%;
Net income of $660,000, or $0.08 per share, compared to $984,000, or $0.11 per share.
"Our third quarter same-store sales of 2.6% exceeded our expectations, marking our twelfth positive same-store sales quarter out of the last thirteen," said Berke Bakay, President and CEO of Kona Grill. "Despite macro-economic uncertainty and other pressures in the casual-dining segment we believe our increase in guest traffic for the quarter speaks to our ability to consistently deliver a unique dining experience."
Bakay continued: "Momentum for Kona Grill remains strong as we continue the process of transitioning back into a growth company. We opened in Boise, Idaho on October 18th, our first new restaurant since 2010, and early guest feedback is promising. Moreover, we are on track to open our next restaurant in The Woodlands, Texas before year-end and plan to open our new Fort Worth, Texas location in the first quarter of 2014. We recently signed several leases and continue to make progress on our 2014 and 2015 development pipeline. We plan to open at least four new restaurants in 2014 and currently have two leases signed for 2015 openings. Our goal is to double our sales over the next five years, which translates to an approximately 15% compounded annual growth rate."
Restaurant sales in the third quarter of 2013 increased 2.6% to $24.5 million compared to $23.9 million in the third quarter of 2012. The sales improvement reflects a 2.6% increase in same-store sales, driven by a 1.6% increase in traffic and a 1.0% increase in average guest check.
Restaurant operating profit in the third quarter of 2013 of $4.4 million was flat compared to the third quarter of 2012. As a percentage of sales, restaurant operating profit was 18.0% compared to 18.5% in the year-ago quarter. The change in restaurant operating margin was primarily due to higher prime costs.
Net income in the third quarter of 2013 was $660,000, or $0.08 per share, compared to net income of $984,000, or $0.11 per share, in the year-ago quarter.
At September 30, 2013, cash and cash equivalents totaled $9.0 million compared to $8.0 million at December 31, 2012. The $20.0 million credit facility the company established in April 2013 remains fully available.
For the fourth quarter of 2013, the company expects same-store sales growth of 3.0%, excluding the impact from two extensive restaurant remodels that commenced in October. As a result of the remodels and new restaurant openings, the company forecasts restaurant sales of $24.5 million for the fourth quarter of 2013, compared to $23.0 million in the same year-ago quarter.
The company expects a net loss for the fourth quarter of 2013 of $600,000 or $0.07 per share, which includes an approximate $0.18 per share impact from a combination of preopening expenses, lost sales and costs associated with two restaurant remodels, and G&A spending in support of new unit growth, compared to net income of $851,000, or $0.10 per share, for the fourth quarter of 2012. The company reaffirms its guidance of two restaurant openings in 2013, with the aforementioned Boise, Idaho location opened on October 18th, and The Woodlands, Texas restaurant slated to open before the end of the year.
The Company will host a conference call today, October 30, 2013, at 5:00 p.m. Eastern Time to discuss its third quarter 2013 results. President and CEO Berke Bakay and CFO Christi Hing will host the call, followed by a question and answer session.
Toll-free dial-in number: 1-877-941-8416
International dial-in number: 1-480-629-9808
Conference ID: 4645363
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 on the same day through November 29, 2013.
Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 4645363
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 24 restaurants, guided by a passion for quality food and personal service. Restaurants are currently located in 17 states: Arizona (Chandler, Gilbert, Phoenix, Scottsdale); Colorado (Denver); Connecticut (Stamford); Florida (Tampa); Idaho (Boise); 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); Virginia (Richmond). For more information, visit .
The financial guidance we provide for our fourth quarter 2013 results, statements about our beliefs regarding targeted sales growth, targeted new restaurant openings, profits and stockholder value, and certain other statements contained in this press release are forward-looking. 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. 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: 30.10.2013 - 15:05 Uhr
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