Kona Grill Inc. widened its loss in the fourth quarter ended Dec. 31, due in part to preopening costs of new restaurants, the company said Tuesday.
The Scottsdale, Ariz.-based polished-casual operator said its net loss was $916,000, or 8 cents per share, compared with a loss of $509,000, or 6 cents per share, in the same period last year. Revenue rose 29.1 percent in the quarter, to $31.6 million, from $ 24.5 million in the prior-year period.
The company opened three restaurants in the quarter, bringing the total new units to five for the fiscal year.
"Our new restaurants generated average weekly sales in excess of both our projections and core restaurant base, reflecting strong consumer demand for our differentiated polished casual-dining experience,” said Berke Bakay, Kona president and CEO, in a statement.
Same-store sales rose 3.1 percent in the quarter, and Bakay said sales momentum was continuing into 2015.
The company said it plans to expand abroad, and recently hired Carlos de Leon as vice president of international development. De Leon previously worked in international development with Irving, Texas-based CEC Entertainment Inc., parent to Chuck E. Cheese's, and with Carrolton, Texas-based Carlson Restaurants and its TGI Fridays brand.
Kona Grill owns and operates 30 restaurants in 19 states. Bakay said Kona has signed leases for its first restaurants in California and Tennessee.
4Q NET INCOME
Result: -$916,000, or -8 cents per share(from -$509,000, or -6 cents per share)
4Q REVENUE
Result: $31.6 million% Increase: 29.1% (from $ 24.5 million)
4Q SAME-STORE SALES
% Increase: 3.1%Source: Company report
FULL YEAR NET INCOME
Result: $703,000, or 7 cents per share% Decrease: 74.1% (from $2.7 million, or 31 cents per share)
FULL YEAR REVENUE
Result: $119.1 million% Increase: 21.2% (from $98.3 million)
FULL YEAR SAME-STORE SALES
% Increase: 3.8%Source: Company report
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