SCOTTSDALE Ariz. Kona Grill Inc., the growth-minded operator of 14 namesake casual-dining grill and sushi restaurants, posted a fourth-quarter net loss of $1.1 million, or 19 cents per share, versus a profit of $52,000, or 1 cent per share, in the year-earlier quarter. Revenues for the three months ended Dec. 31 increased 41.8 percent to $14.8 million, driven by the opening of two new restaurants during the quarter and three additional new units earlier in the year.
While the new units drove increased sales, they also boosted pre-opening costs for the company, which skyrocketed to nearly $1 million in the fourth quarter from just $65,000 a year earlier. Same-store sales rose 1.3 percent.
For the full year, Kona Grill posted a net loss of $2.7 million, or 47 cents per share, versus a smaller net loss of $383,000, or 13 cents per share, a year earlier. Revenues for fiscal 2006 increased 37.7 percent to $50.7 million. Same-store sales increased 4 percent.
The company said it expects to open six new restaurants in the current fiscal year and to post revenues totaling between $73 million and $75 million.