Kona Grill (KONA) Posts Q1 Loss of $0.08/Share

Kona Grill (NASDAQ: KONA) reported Q1 EPS of ($0.08), which may note compare to the analyst estimate of ($0.05). Revenue for the quarter came in at $32.8 million versus the consensus estimate of $33.1 million.

Kona Grill sees Q2 2015 revenue of $36 million, versus the consensus of $36.7 million.

"We are pleased to report another period of solid top line results, including our eighth consecutive quarter of positive same-store sales. Our comparable restaurant sales growth of 2.2% outpaced the casual dining industry and we successfully lapped a formidable 6.2% comparison from last year. While same-store sales were slightly below our expectations due to adverse weather late in the quarter, we are confident that the core fundamentals of our business are intact," said Berke Bakay, President and CEO of Kona Grill.

"We are further encouraged that our non-comparable restaurants continue to perform ahead of our internal forecast both on the top-line and through the realization of operating efficiencies as trends shift towards normalized and identifiable patterns. Moreover, if one were to exclude the non-cash straight-line rent and income tax items mentioned above, we would have met our EPS guidance of ($0.05)," Bakay continued.

"2015 is poised to be an exciting and transformative year for Kona Grill. By year-end, roughly 60% of our restaurants will feature our compelling and modern design, which is clearly resonating well with customers, as evidenced by our recent placement on Open Table's List of The Top 100 Hot Spot Restaurants in America. Our restaurant in San Juan, Puerto Rico which opened on March 26th has already received outstanding early reviews and we look forward to opening our restaurant in Plano, Texas tomorrow. We will build on this momentum with our other 2015 projects, which include the development of five additional new restaurants, major remodels of our Denver and Las Vegas restaurants, and the cultivation of our new international development program," Bakay concluded.

For earnings history and earnings-related data on Kona Grill (KONA) click here.

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