Kona Grill, Inc. Reports Second Quarter Results
SCOTTSDALE, Ariz., July 27, 2010 (GLOBE NEWSWIRE) -- Kona Grill, Inc. (Nasdaq:KONA), an American grill and sushi bar, today reported results for its second quarter ended June 30, 2010.
Second Quarter 2010 Highlights Include:
- Restaurant sales increased 5.7% to $22.7 million
- Same-store sales decreased 0.3%
- Restaurant operating profit margin of 16.3%
- Net income of $0.3 million, or $0.03 per share
"Top-line results met the high end of our sales guidance for the period, while we exceeded our own bottom-line expectations with our first profitable quarter in almost three years. We are excited by the positive response to our various marketing efforts in encouraging trial and building a loyal guest base. We continue to forge ahead in building the foundation for the long-term success of Kona Grill, however, given current economic headlines, we remain cautious with regards to our near-term outlook," said Marc Buehler, Chief Executive Officer of Kona Grill.Second Quarter 2010 Financial Results Restaurant sales increased 5.7% to $22.7 million from $21.5 million during the same quarter last year. The increase in restaurant sales during the second quarter reflects additional revenue from two restaurants opened since September 2009. Same-store sales decreased 0.3% during the second quarter of 2010 compared to a decrease of 9.5% in the prior year period. Average weekly sales for the 18 restaurants in the comparable base were $77,866 during the second quarter of 2010, compared to $78,107 in the prior year period. Average weekly sales for restaurants not in the comparable base were $58,801 during the second quarter of 2010 versus $69,190 last year. Net income was $0.3 million, or $0.03 per share, including $0.2 million or $0.02 per share in legal and professional fees associated with the contested proxy solicitation. This compares to net loss of $0.2 million, or $0.03 per share, for the same period last year.
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