Kona Grill, Inc. (KONA) saw its loss widen to $16.58 million, or $1.58 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.01 million, or $0.18 a share. Revenue during the quarter grew 14.52 percent to $43.59 million from $38.07 million in the previous year period. Gross margin for the quarter contracted 122 basis points over the previous year period to 63.88 percent. Operating margin for the quarter stood at negative 37.31 percent as compared to a negative 5.13 percent for the previous year period.
Operating loss for the quarter was $16.26 million, compared with an operating loss of $1.95 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.68 million compared with $2.86 million in the prior year period. At the same time, adjusted EBITDA margin contracted 364 basis points in the quarter to 3.86 percent from 7.50 percent in the last year period.
"As previously announced, we faced a challenging environment during the fourth quarter which led to our first same-store sales decline in the last 14 quarters and only our second quarterly decline in the last six years. Despite this setback, we were still able to mark our sixth consecutive year of positive same-store sales with a 0.5% increase, which speaks to the long-term viability of our brand,” said Berke Bakay, president and chief executive officer of Kona Grill.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
