NEW YORK ( TheStreet) -- Kona Grill (KONA) shares leapt in late trades on Monday after the Scottsdale, Ariz.-based restaurant operator boosted its third-quarter financial outlook, citing strong sales growth.
The company now sees net income of $500,000 to $600,000, or 5 to 6 cents a share, in the three months ended Sept. 30, up from a prior projection of $100,000 to $300,000, or 1 to 3 cents a share. Revenue is expected to come in between $24.1 million to $24.2 million in the quarter, an increase of $500,000 on the high end, Kona Grill said.
Same-store sales are now pegged at increasing 9% vs. a previous view for growth of 6%.
"Our restaurants continue to gain market share as evidenced by our strong same-store sales," said Michael Nahkunst, the company's interim president and CEO, in a statement. "Our revised outlook for stronger earnings in the third quarter firmly supports our forecast of achieving profitability for the year."The stock was last quoted at $6.10, up 16%, with volume of less than 5,000, according to Nasdaq.com. Based on Monday's regular session close at $5.26, the shares were already up more than 50% in the past year. Kona Grill, which serves sushi, operates 24 restaurants in 16 states, and all five of the analysts covering the stock are bullish at either strong buy (2) or buy (3).
AccurayShares of Accuray (ARAY) tumbled in Monday's extended session, losing 8% to $4.51 on volume of around 15,000, after the Sunnyvale, Calif.-based radiation oncology company posted a surprise loss in its fiscal fourth quarter and gave a weak first-quarter outlook. Including charges and expenses totaling $18.7 million related to its TomoTherapy acquisition, the company said it lost $25 million, or 40 cents a share, in the three months ended June 30 with revenue totaling $75.2 million. The average estimate of analysts polled by Thomson Reuters was for earnings of 7 cents a share in the June-ended period on revenue of $64.8 million. For its fiscal first quarter ending in September, Accuray said it sees revenue of $80 million to $85 million, below Wall Street's current consensus view of $93.3 million. For fiscal 2012, the company forecast revenue of between $400 million and $415 million, which is ahead of the average analysts' estimate of $377.7 million.
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