Kona Grill Q3 net loss down

Thu. October 29, 2009; Posted: 09:00 AM

Oct 29, 2009 (Datamonitor via COMTEX) -- KONA | Quote | Chart | News | PowerRating -- Kona Grill, a US-based restaurant operator, has reported a net loss of $1.03 million, or $0.11 loss per diluted share, for the third quarter ended September 30, 2009, compared to a net loss of $3.89 million, or $0.49 loss per diluted share, for the third quarter ended September 30, 2008.

Restaurant sales for the third quarter of 2009 were $20.17 million, a 3.7% increase, compared to $19.45 million, for the third quarter of 2008.

For the first nine months of 2009, net loss for the company was $2.34 million, or $0.28 loss per diluted share, compared to $5.1 million, or $0.63 per diluted share, for the same period of 2008.

Restaurant sales for the first nine months of 2009 were $61.09 million, compared to $57.24 million, for the first nine months of 2008.

Mark Bartholomay, interim-CEO of Kona Grill, said: "Our third quarter results reflect today's challenging consumer environment. While our industry continues to go through one of the toughest times in recent memory, we are committed to operating our restaurants while remaining focused on our long term goals.

"We continue to make progress on several operational initiatives and remain focused on driving guest traffic and providing a memorable guest experience. We are focused on those items we can control, and we expect these efforts will ultimately materialize into top and bottom line results as the economy improves."

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