April 30, 2012 | ||
Date of Report (Date of earliest event reported) | ||
KONA GRILL, INC. | ||
(Exact Name of Registrant as Specified in its Charter) |
Delaware | 001-34082 | 20-0216690 | ||
(State or other jurisdiction | (Commission File Number) | (IRS Employer | ||
of incorporation) | Identification No.) |
7150 E. Camelback Road, Suite 220
Scottsdale, Arizona 85251
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(Address of principal executive offices) (Zip Code)
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(480) 922-8100 | ||
(Registrant's telephone number, including area code) |
[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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99.1
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Press release from Kona Grill, Inc. dated April 30, 2012 titled, “Kona Grill Reports First Quarter 2012 Financial Results”
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Date: April 30, 2012 | KONA GRILL, INC. | ||
By: | /s/ Christi Hing | ||
Christi Hing | |||
Chief Financial Officer | |||
Exhibit
Number
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Description |
99.1
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Press release from Kona Grill, Inc. dated April 30, 2012 titled, “Kona Grill Reports First Quarter 2012 Financial Results”
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Restaurant sales increased 8.6% to $24.2 million;
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Same-store sales increased 8.7%;
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·
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Restaurant operating profit margin increased 480 basis points to 19.9%; and
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·
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Net income of $1.2 million or $0.13 per share, compared to a net loss of $92,000 or $(0.01) per share.
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March 31,
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December 31,
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2012
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2011
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(Unaudited)
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||||||||
ASSETS
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Current assets
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$ | 7,267 | $ | 7,709 | ||||
Other assets
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833 | 694 | ||||||
Property and equipment, net
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31,673 | 32,944 | ||||||
Total assets
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$ | 39,773 | $ | 41,347 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities
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$ | 8,806 | $ | 10,089 | ||||
Long-term obligations
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13,622 | 13,574 | ||||||
Stockholders’ equity
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17,345 | 17,684 | ||||||
Total liabilities and stockholders’ equity
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$ | 39,773 | $ | 41,347 |
Three Months Ended March 31,
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2012
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2011
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|||||||
(Unaudited)
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Restaurant sales
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$ | 24,155 | $ | 22,242 | ||||
Costs and expenses:
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Cost of sales
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6,495 | 6,236 | ||||||
Labor
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7,948 | 7,524 | ||||||
Occupancy
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1,533 | 1,651 | ||||||
Restaurant operating expenses
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3,376 | 3,481 | ||||||
General and administrative
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2,084 | 1,881 | ||||||
Preopening expense
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- | - | ||||||
Depreciation and amortization
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1,463 | 1,476 | ||||||
Total costs and expenses
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22,899 | 22,249 | ||||||
Income (loss) from operations
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1,256 | (7 | ) | |||||
Nonoperating income (expense):
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Interest income and other, net
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- | 1 | ||||||
Interest expense
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(12 | ) | (12 | ) | ||||
Income (loss) from continuing operations before provision for income taxes
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1,244 | (18 | ) | |||||
Provision for income taxes
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60 | 10 | ||||||
Income (loss) from continuing operations
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1,184 | (28 | ) | |||||
Loss from discontinued operations, net of tax
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- | (64 | ) | |||||
Net income (loss)
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$ | 1,184 | $ | (92 | ) | |||
Net income (loss) per share - Basic
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||||||||
Continuing operations
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$ | 0.13 | $ | (0.00 | ) | |||
Discontinued operations
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- | (0.01 | ) | |||||
Net income (loss)
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$ | 0.13 | $ | (0.01 | ) | |||
Net income (loss) per share - Diluted
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Continuing operations
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$ | 0.13 | $ | (0.00 | ) | |||
Discontinued operations
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- | (0.01 | ) | |||||
Net income (loss)
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$ | 0.13 | $ | (0.01 | ) | |||
Weighted average shares outstanding:
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Basic
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8,802 | 9,203 | ||||||
Diluted
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8,912 | 9,203 | ||||||
Comprehensive income (loss) | $ | 1,184 | $ | (92 | ) |
Three Months Ended March 31,
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2012
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2011
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Restaurant sales
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$ | 24,155 | $ | 22,242 | ||||
Costs and expenses:
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||||||||
Cost of sales
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6,495 | 6,236 | ||||||
Labor
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7,948 | 7,524 | ||||||
Occupancy
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1,533 | 1,651 | ||||||
Restaurant operating expenses
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3,376 | 3,481 | ||||||
Restaurant operating profit
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4,803 | 3,350 | ||||||
Deduct - other costs and expenses:
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||||||||
General and administrative
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2,084 | 1,881 | ||||||
Preopening expense
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- | - | ||||||
Depreciation and amortization
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1,463 | 1,476 | ||||||
Income (loss) from operations
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$ | 1,256 | $ | (7 | ) |
Percentage of Restaurant Sales
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Three Months Ended March 31,
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2012 | 2011 | |||||||
Restaurant sales
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100.0 | % | 100.0 | % | ||||
Costs and expenses:
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||||||||
Cost of sales
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26.9 | 28.0 | ||||||
Labor
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32.9 | 33.8 | ||||||
Occupancy
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6.3 | 7.4 | ||||||
Restaurant operating expenses
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14.0 | 15.7 | ||||||
Restaurant operating profit
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19.9 | 15.1 | ||||||
Deduct - other costs and expenses:
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||||||||
General and administrative
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8.6 | 8.5 | ||||||
Preopening expense
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- | - | ||||||
Depreciation and amortization
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6.1 | 6.6 | ||||||
Income (loss) from operations
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5.2 | % | - | % | ||||
Certain amounts do not sum to total due to rounding
|
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