Kona Grill Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Earnings Guidance for the Full Year 2016
For the nine months, the company reported restaurant sales were $125.93 million against $104.957 million a year ago. Loss from operations was $4.727 million against $2.321 million a year ago. Loss before income taxes was $4.990 million against $2.454 million a year ago. Net loss was $5.046 million against $2.486 million a year ago. Diluted loss per share was $0.46 against $0.22 a year ago. EBITDA was $5.611 million against $4.624 a year ago. Adjusted EBITDA was $9.996 million against $9.106 a year ago. Restaurant operating profit was $19.034 million against $17.614 million a year ago.
The company has revised its 2016 guidance to restaurant sales of $172 million, representing 20% year-over-year growth, compared to $143 million in 2015, and adjusted its same-store sales growth estimate to 1.5% to 2.0%. The company also adjusted its 2016 forecast of Adjusted EBITDA to $13.8 million, which represents 15% year-over-year growth. The company further projects growing EBITDA by over 30%. CapEx net of tenant allowances is expected to be $32 million to $34 million consisting primarily of 8 new restaurant openings, initial spend for 2017 openings, the Boca Park remodel and maintenance CapEx.