Kona Grill Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Revised Earnings Guidance for the Year 2016
For the six months, the company reported restaurant sales of $82,573,000 compared to $69,032,000 a year ago. Loss from operations was $2,316,000 compared to $920,000 a year ago. Loss before income taxes was $2,441,000 compared to $1,011,000 a year ago. Net loss was $2,491,000 or $0.22 per basic and diluted share compared to $1,018,000 or $0.09 per basic and diluted share a year ago. The company had CapEx spending, net of TI, of $18.6 million.
The company has revised its 2016 guidance to restaurant sales of $176 million, representing 23% year-over-year growth, from $179 million, compared to $143 million in 2015, but is maintaining its same-store sales growth estimate of 2.5%. The company also adjusted its 2016 forecast of Adjusted EBITDA from $15.0 million to $14.7 million, which still represents 22.5% year-over-year growth. For the year 2016, the company reaffirmed capital expenditures, net of tenant allowances, to range from $33 million to $35 million, primarily related to new restaurant development and remodeling initiatives. The company reiterate same-store sales growth of 2.5%, which was revised upward by 50 basis points.