Kona Grill, Inc. Announces Unaudited Consolidated Financial Results for the Quarter and Nine Months Ended September 30, 2017; Provides Earnings Guidance for the Year 2017
For the nine months, the company reported restaurants sales of $136,592,000 against $125,931,000 for the same period a year ago. Loss from operations was $9,266,000 against $4,727,000 for the same period a year ago. Loss before income taxes was $10,952,000 against $4,990,000 for the same period a year ago. Net loss was $11,023,000 against $5,046,000 for the same period a year ago. Basic and diluted loss per share was $1.09 per share against $0.46 per share for the same period a year ago. EBITDA was $1,539,000 against $5,611,000 for the same period a year ago. Adjusted EBITDA was $3,433,000 against $5,611,000 for the same period a year ago.
For the year 2017, the company expects restaurant sales of $180 million and Adjusted EBITDA, which excludes lease termination costs and asset write-offs, of $4.5 million. The company reaffirms its capital expenditures, net of tenant allowances to range from $7 million to $9 million, which is primarily related to restaurant development, maintenance capital expenditures and technology initiatives.