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Kona Grill, Inc. (NASDAQ:KONA)

Q4 2009 Earnings Call Transcript

February 10, 2010 5:00 pm ET

Executives

Mark Robinow – EVP, CFO and Treasurer

Marc Buehler – President and CEO

Analysts

Brad Ludington – KeyBanc Capital Markets

Rob Brown – Craig-Hallum Capital Group

Mark Smith – Feltl and Company

Operator

Ladies and gentlemen, thank you for standing by. Welcome to today's Kona Grill fourth quarter 2009 earnings conference call. During our presentation, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in a question-and-answer session. As a reminder, this call is being recorded.

I would now like to turn the conference over to Mr. Mark Robinow, Chief Financial Officer. Please go ahead, sir.

Mark Robinow

Thank you and good afternoon, everyone. By now, you should have access to our fourth quarter earnings release. It may also be found on our website at konagrill.com under the Investor Relations section.

Before we begin formal remarks, I need to remind everyone that part of our discussion today may include forward-looking statements. These statements are not guarantees of future performance and therefore, undue reliance should not be placed upon them. We refer all of you to our recent filings with the SEC for a more detailed discussion of the risks that could impact our future operating results and financial condition.

With that, I'd like to turn the call over to Marc Buehler, our Chief Executive Officer.

Marc Beuhler

Thank you, Mark and thank you all for joining us today. To start with, I would like to introduce myself to those on this call who I have not yet had the opportunity to speak with.

As many of you know, I joined Kona Grill this past November as the company's new CEO and bring with me an extensive and diverse restaurant management and leadership background to successfully leverage here at Kona Grill. My recent experience includes being the CEO of LS Management, the owner and operator of the Lone Star Steakhouse and Texas Land and Cattle Steakhouse restaurant concepts, which combined, has over 180 company-owned and franchised restaurants.

Prior to this role, I served as the CEO and President of Romacorp, Inc., which franchises and operates more than 200 Tony Roma's restaurants worldwide. Additionally, I have held management and marketing positions at Eateries and Applebee's International, where I began my career in the restaurant industry.

What attracted me to Kona Grill is the unique differentiated brand that competes in a world of casual dining that's filled with sameness. Kona Grill's multiple dayparts, quality menu offerings and sushi set it apart from many other players in casual dining. And given its limited size, the concept has tremendous upside potential over time.

Since joining the company on November 2, I've spent time in all 24 of our restaurants and met with our management teams one-on-one and in group settings, as well as spending time with and talking to many of our guests. In those travels, I encountered an incredibly passionate group of people running our restaurants across the U.S. and together, I'm confident that we can meet all of the challenges that we face. I am very excited to be a part of the Kona team and look forward to meeting as many shareholders as possible in the near future.

During this call, we'd like to cover several items. First, I'll open with some comments about the fourth quarter and some of the initiatives that we are working on for 2010. Mark will then discuss in detail our financial results, as well as our guidance for Q1 2010.

I will then wrap up the call with some final thoughts before turning the call over for Q&A. And with that, let's begin.

Fourth quarter sales were right at $20 million, which was at the low end of our guidance. Same-store sales declined 8.1% during the fourth quarter and though disappointing, was an improvement from what we experienced through the first three quarters of the year. We're encouraged that guest traffic, while still negative, improved compared to the fourth quarter of 2008 and has continued into this year.

December was particularly noteworthy as our guest traffic for our comp-based units was almost flat. Much of the industry has experienced check average compression over this time, as we have, with our check average down 5% due to menu mix shifts. This was mostly related to our Perfect Pairings, which is our strong price value offering at lunch.

For $8.25 to 8.75, depending on the market, guests get the chance to pick two items from a very extensive menu, including salad, sandwiches, sushi and soup and we can deliver them to the table in 15 minutes or less. We understand the fact that value is important, particularly in this economic climate and this offer has really allowed us to maintain lunch traffic.

We are committed to delivering a great guest experience, every guest, every day in every restaurant. In January, we rolled out some changes to our menu including bringing back some old favorites like the 12-ounce Big Kahuna cheeseburger along with a Junior six-ounce portion.

We also altered some recipes to align with guest feedback and changed the presentation of certain menu items to bring back the wow factor that many guests have come to know us for. We are also rolling out several other initiatives to create more buzz around the concept and build top line sales.

With our younger demographic, we know that social marketing represents a huge opportunity for us. To that end, we launched a Facebook fan page and in just a few weeks it has grown to over 6,000 fans. Considering our very small base of restaurants, this is an incredible feat and certainly demonstrates to us that our guests identify with and are as passionate and excited about Kona Grill as we are.

We are moving full steam ahead with other marketing and branding initiatives including our new Konavore loyalty program. In less than three weeks, we have enrolled over 13,000 members and expect the momentum to continue. The program is starting out as an email-based program, but will transition to a card-based program so we can be very targeted and understand who our users are and then reach them with specific messages designed to drive them in for additional dining occasions. Over time, we will be able to track and segment guest usage patterns.

We also launched a new guest satisfaction survey across the entire brand in January, to provide us with feedback that our managers can respond to immediately. Initial results from our test markets provided valuable feedback for the entire management team.

Finally, we'll be introducing a Sunday Happy Hour starting on February 21, designed to drive sales on what historically has been one of our slower days. Our focus for the near-term is very clear. We will drive operations excellence in each restaurant with an unyielding approach on our standards with clear accountability for everyone in the organization. We will be fully staffed and trained in all restaurants.

The entire team is committed to growing top line sales using many of the tactics I already covered. We will invest in our people resources with direct feedback, performance benchmarking and a better-aligned management incentive program. We are committed to building one new restaurant this year and remodeling a couple of our older locations to ensure that we stay current and relevant.

And lastly, we will complete an 18 and 36-month strategic planning process.

Before turning the call back over to our CFO, Mark Robinow, I wanted to acknowledge two individuals that have recently joined our team.

First, back in December, we announced the appointment of Rachel Phillips-Luther to the role of Vice President of Marketing and Brand Innovation. Rachel will oversee the day-to-day marketing functions for the brand, new product research and development along with the beverage program for the company.

She brings a tremendous wealth of marketing knowledge to Kona Grill having worked at the Fox & Hound Restaurant Group where she oversaw all marketing initiatives for the company's three brands, Champps Americana, Fox & Hound Restaurants and Bailey's Sports Grille as well as senior marketing roles at Sambuca Jazz Cafe and Tony Roma's. She is responsible for already taking us to the next level in the areas of social, Internet and loyalty marketing and we look forward to continued contributions from her.

And second, just last week, we welcomed Larry Ryback to the role of Senior Vice President of Operations. He will oversee the day-to-day restaurant operations for the brand, culinary operations, training and recruiting. Larry brings more than 20 years of restaurant operating experience to Kona Grill. He was previously the President and Chief Operating Officer of Redstone American Grill and also spent 10 years with Champps Entertainment in various operations roles including three years as a Regional Vice President of Operations, overseeing 26 restaurants with over $130 million in revenue. He's a great catch for us and I'm sure will be a tremendous asset to our brand.

And with that, I'll turn the call back over to Mark.

Mark Robinow

Thank you, Marc. For the fourth quarter ended December 31, restaurant sales increased 7.7% to $20 million, reflecting additional revenue from four restaurants open since the beginning of the year. Sales comparisons continue to be negatively impacted by the economy and reflect reduced traffic of about 3% in an approximate 5% decline in average check. Overall, same-store sales declined 8.1%, inclusive of about a 1% increase in pricing year-over-year. This represents sequential improvement from the 9.9% decline posted for the third quarter and our best result this year.

Average weekly sales for the six restaurants opened the entire fourth quarter, not included in the comp base, were $57,219, down 18% compared to the same quarter in 2008. Three of these restaurants, Gilbert and North Phoenix, Arizona and West Palm Beach, Florida, are located in economically-challenged metropolitan areas, while our Woodbridge, New Jersey restaurant has not gained the sales that we had anticipated.

Even though we had planned for the lower sales volumes, the restaurants not included in the comp base performed below expectations, resulting in margin compression throughout the entire P&L. Cost of sales as a percentage of restaurant sales decreased 30 basis points to 26.2% during the fourth quarter from 26.5% last year, as lower prices for certain commodities and operational efficiencies contributed to lower average food costs.

Labor expenses as a percentage of restaurant sales increased 250 basis points to 36.9% during the fourth quarter from 34.4% last year. The higher labor cost percentage is attributable to deleveraging of fixed manager salaries and hourly labor expense due to the decline in same-store sales.

Initial high labor costs from our recently opened restaurants also contributed, as labor expenses are typically higher than normal during the first several months of operations. We expect labor as a percentage of sales to improve as our newer stores continue to mature and we realize the benefits of our revised labor staffing models.

Restaurant operating expenses increased 260 basis points as a percentage of restaurant sales, primarily due to increased repair and maintenance expenses, personal property taxes and deleveraging of the fixed portion of operating costs.

Fourth quarter 2009 repair and maintenance expenses include the expense portion of remodeling costs for several older restaurants.

Occupancy expenses as a percentage of sales increased 120 basis points to 8.7% during the quarter, compared to 7.5% last year. The increase as a percentage of restaurant sales is due to an increase in common area cost allocations at many locations, a decrease in deferred rent credits at several locations, with rent concessions and deleveraging of the fixed portion of occupancy costs.

Combining these four items, restaurant operating profit was $2.1 million or 10.3% of restaurant sales compared to $3 million or 16.3% of restaurant sales last year. Pre-opening expenses were $353,000 in the fourth quarter compared to $883,000 last year. The majority of these costs relate to the November opening of our Tampa, Florida restaurant.

Depreciation expense as a percentage of restaurant sales increased 30 basis points to 9.7% of restaurant sales during the fourth quarter, from 9.4% a year ago. The increase reflects decreased leverage of the topline.

General and administrative expenses decreased $400,000 during the quarter, due to lower salary and benefit costs resulting from the January 2009, downsizing of our support center staff and cost containment efforts.

G&A expense for the quarter includes $400,000 in separation costs for our former COO and non-routine legal fees of approximately $250,000 for landlord litigation in the ongoing shareholder derivative suit. As a percentage of sales, G&A declined 290 basis points to 10.3% during the quarter compared to 13.2% last year.

During the quarter, we recorded non-cash asset impairment charges of $16.9 million for underperforming restaurants in Stamford, Connecticut; West Palm Beach, Florida, North Phoenix, Arizona, Baton Rouge, Louisiana, Sugar Land, Texas and Oak Brook, Illinois.

Under accounting rules, we are required to look at the projected cash flows of each restaurant and compare these to their book value. If there is a gap, then we look at the discounted cash flows and market value of these assets. And if they are less than the asset balance, we are required to record an impairment charge.

The impairment charges we recorded on the six restaurants during the quarter will result in approximately $2.3 million lower depreciation expense in 2010. We have no plans to close any of these restaurants at this time, but we'll continue to evaluate each restaurant on a case-by-case basis.

Net loss for the quarter, excluding the impairment charges and special G&A items, was $1.6 million or $0.18 per share. Last year, we posted a loss of $1.6 million or $0.20 per share, excluding impairment and other special charges.

We ended the quarter with $8.7 million in cash and investments. Excluding the $5.8 million in student loan-backed auction rate securities on which we have borrowed against up to the limit, we have net $2.9 million of cash and investments available to fund capital investments and operations. We continue to pursue debt financing to provide additional capital and we are cautiously optimistic regarding our ability to secure such financing.

During the fourth quarter, net cash provided by operating activities was $1.1 million. We spent $1.1 million on capital expenditures during the quarter to complete our Tampa restaurant.

Our available cash and cash flow from operations allows us to complete construction of the Baltimore restaurant later this year. We will pursue additional leases based on significant economic opportunity and the availability of affordable debt capital or sufficient cash flow from operations. We have no lease commitments beyond Baltimore at this time.

For our first quarter financial guidance, we are forecasting sales of 19.4 million to 20.4 million and a loss of 1.1 million to 1.7 million or $0.12 to $0.19 per share. Our guidance reflects continued weakness in consumer spending and same-store sales of approximately minus 6% for the first quarter. Guidance does not include expenses that may be paid by the company to elect a slate of directors nominated by the Kona Grill Board for election at the company's 2010 annual meeting.

I will now turn back the call to Marc before we go to Q&A.

Marc Beuhler

Thanks, Mark. In my first 100 days at Kona, I've been able to gain a strong understanding and appreciation of this concept, which is helping us formulize our long-term strategic direction. In a broad sense, I believe that we are ready to take this concept to the next level by starting with consistently executing the basics. As we layer in innovative product, service and marketing initiatives that extend our current base, as well as attract new guests.

We have a senior leadership team in place with a great depth of restaurant experience and we have a talented team of restaurant managers who are passionate about the brand and who are committed to providing a great guest experience every day in every single one of our restaurants.

With this in mind, we intend to share more of our thoughts on the long-term direction of the brand during our first quarter earnings call in April. I want to thank each of you for your time this afternoon and now we would be happy to answer any questions that you might have. Operator, please open the lines for questions.

Question-and-Answer Session

Operator

(Operator instructions) We'll first go to Brad Ludington with KeyBanc Capital Markets.

Brad Ludington – KeyBanc Capital Markets

Good afternoon.

Mark Robinow

Hi, Brad.

Brad Ludington – KeyBanc Capital Markets

Hey, I wanted to start off with – well, just kind of a little math thing. Are you all getting feedback on my line?

Mark Robinow

Yeah. Little bit.

Brad Ludington – KeyBanc Capital Markets

I think this will be better. I wanted to ask about the – you said you had a negative check average with a negative mix of about 5%. So does that mean traffic was roughly down about 3, 3.1for the quarter?

Mark Robinow

That is correct.

Brad Ludington – KeyBanc Capital Markets

Okay. Then some of the labor model you talked about rolling out and I think at ICR, you talked about opportunities for labor cuts. Should we expect some of the benefit as some of the inefficiencies of the newer stores start to wear off and everything else to start rolling through in the first quarter or is that more kind of back half of 2010 opportunity?

Marc Beuhler

I would expect that really towards the middle of the year, we'll start to see that. We have several initiatives in place and as I had said at ICR, we are looking at each restaurant as an individual market as opposed to try to run them all the same way. So we know that we have some opportunities there. But Larry is laser focused on that right now, as am I. And we will be attacking that item on the P&L aggressively.

Brad Ludington – KeyBanc Capital Markets

Okay. And I apologize; I got disconnected there for a second. But if you already said this but what was CapEx in the fourth quarter?

Mark Robinow

1.1 million.

Brad Ludington – KeyBanc Capital Markets

1.1 million. Okay. And then I know you don't really comment on same-store sales trends going forward. But can you comment on whether some of this severe weather, winter weather across the country has been impactful to you guys in January and February?

Marc Beuhler

There certainly has been an impact, as it seems to hit every single weekend since the beginning of the year. And so it has affected us in different markets differently. But again, we still point to the guidance of negative 6% for first quarter and that's certainly what we're shooting for.

Brad Ludington – KeyBanc Capital Markets

Okay. Sounds good. Thank you very much.

Marc Beuhler

Thanks, Brad.

Operator

Next, go to Rob Brown with Craig-Hallum.

Rob Brown – Craig-Hallum Capital Group

Good afternoon. Can you give us a little bit more color about your non-comp units and the underperformance there? Is that just a function of just short time being open or are there problems there that you need to correct? And maybe give us some color on what the margin differential was. So I guess the question would be – what was the operating margin of the comp units?

Mark Robinow

Operating margin of comp units collectively was 16%. So you can – from that, you can do the math and figure out that the non-comp units were substantially below that. And because of the sales levels and the newness of two of the units, it was a drain as I said in the script, on the overall P&L.

Marc Beuhler

Then again, I'll jump in and add some color, since I've been in all these restaurants in the last 90 days. The restaurants – some of the restaurants we've opened in the last 18 months have opened in newer real estate developments, where we may be the anchor tenant now and that was certainly not the intention when we went into those properties. And again, if you look through the impairments, you can surmise the restaurants that I'm probably talking about there.

So again, I think, as the real estate market continues to improve, which hopefully it will later this year. We hopefully, will be able to drive higher top line sales into those restaurants. Just really a factor of poor timing from a real estate standpoint on, where we located some of our more recent restaurants.

Rob Brown – Craig-Hallum Capital Group

Okay. And I guess that implies the turnaround of that, is that – I guess, it sounds like it's somewhat out of your control. But how do you think about how quickly that takes to turn around and is there anything you can do to get those to turn around quickly?

Marc Beuhler

No. Each one of those is going to function in a different timeline. And we absolutely have plans in place for each one of those restaurants from a little more aggressive marketing standpoint to try and drive traffic in. I think what's interesting and what we found out, we completed some brand research in December and got the results in January. And we have a very loyal guest space. We just need to get people in the first time and then convert them into medium and heavy users. And in general, once we do that, we know that we can grow sales in this brand. So we have plans in place for each one of those restaurants.

Rob Brown – Craig-Hallum Capital Group

Okay. And I guess in general, you talked a little bit about what your labor costs. But what's sort of your thoughts, now that you've been here some time here, is it really about marketing and driving revenue or are there operational improvements and cost efficiencies you think you can get? Maybe provide color there, because clearly the operating margin this quarter, the unit level margins is very weak. Maybe you can just give us some sense on the timeline it takes to get that turned around, back to the upper teens that you were running at in the past.

Marc Beuhler

Again, each one of these restaurants has a different story and we'll have a different plan of attack. There are some savings that we think we can realize in different restaurants and general top-line sales will cure all. And so that's what we're focused on. But again, we really have a multi-pronged plan of attack for the entire brand and then that breaks off into each restaurant. So I can't give you specifics by restaurant but we are certainly focused on it.

Rob Brown – Craig-Hallum Capital Group

Okay. Good. And then Mark, you talked about, Mark Robinow, you talked about, I think you gave cash and debt balances. Could you give those again? And maybe just, you know, you alluded to pursuing equipment financing but where is that at? And when do you start to have cash needs into that equipment financing?

Mark Robinow

Well. Rob, we have, if you net out the auction rate securities which are borrowed against, we really have just under 2.9 million in cash and short-term investments. And that allows us, with our cash flow from operations that allows us to build out Baltimore and meet our remodeling needs this year. So, basically, unless we take on additional commitments for more leases and more build-outs, we don't have a cash need and don't and will not need to go for additional financing either debt or equity.

Where we will need additional financing is to begin to grow the business again. And as I said, I'm cautiously optimistic about getting that financing, particularly as our cash flow improves and as the credit markets improve. But I don't have a date for that financing.

Rob Brown – Craig-Hallum Capital Group

Okay. And then last question, I think you mentioned the director, any spending on the director situation? I guess, what's, what can we expect there? Is there anything that, can we expect a lot of spending there or what's the plan?

Marc Buehler

We cannot, we know we're going to have expenses there but at this point in time, we cannot quantify or estimate the expenses that we're going to have to elect our slate of directors.

Rob Brown – Craig-Hallum Capital Group

Okay. I guess the question is, is it primarily under your control or are there legal expenses that are required now that there's multiple directors running?

Marc Buehler

We have multiple options to control those expenses as the process continues but it's difficult at this point to predict the process. Therefore, we can't estimate the expenses.

Rob Brown – Craig-Hallum Capital Group

Okay. Got it. All right, thank you.

Marc Buehler

Thanks Rob

Operator

(Operator instructions) And let's go to Mark Smith with Feltl and Company.

Mark Smith – Feltl and Company

Hi. Guys. First off, can you talk, you just talked a little bit about CapEx but can you give CapEx guidance for this next year, especially how much you plan on spending on remodels?

Mark Robinow

In round numbers Mark, we're probably at about 4 million in CapEx for 2010. And in round numbers, $1 million of that is for restaurant remodels.

Mark Smith – Feltl and Company

Okay, perfect. And then can you comment on your mix of alcohol sales and primarily, kind of what you're seeing in Arizona?

Mark Robinow

Our mix of alcohol has remained pretty steady, right at about 32% of total sales. And in Arizona, we were slightly, we're like 100 to 150 basis points higher than that on average but that has maintained very consistent over the last several years.

Mark Smith – Feltl and Company

So you haven't seen any decline in alcohol sales there with kind of increased, I guess, DUI in Arizona, I guess, legal enforcement?

Mark Robinow

No. As a percentage of sales, it stayed about the same because, unfortunately, the food sales have declined also.

Mark Smith – Feltl and Company

And then last comment, you've talked a little bit about the expenses and costs with some of these new units and inefficiencies. But can you talk at all about the top-line, the sales results and where they stand or whether you're pleased or displeased with some of your new units?

Marc Buehler

I would tell you that we are both pleased and displeased with some of the new units from a top-line standpoint. Again, it really depends on the market that we've opened in, the brand awareness that might exist in those markets. Again, it's challenging from a brand messaging standpoint for first-time guests to understand what Kona is all about.

As we look forward, as we open new restaurants down the road, we will have a much better plan of attack to make sure that we explain what Kona Grill is all about. That being said, in markets where we've opened where real estate and traffic drivers are already in place, I would say, I'm very pleased with top-line results.In markets where we have challenges from a real estate standpoint and where traffic does not necessarily flow naturally, it's more of a challenge.

Mark Smith – Feltl and Company

Maybe I'll sneak in one more. Just looking at the consumer kind of in the rearview mirror here in 2010 did you see much of a shift in sushi as a percent of your sales?

Marc Buehler

Not yet. Sushi has held pretty consistent, if we look back over the last two or three years. But as we move forward, we know that healthy offerings are important. And one of our initiatives in the second quarter from a food and beverage standpoint is definitely tied around health and wellness and the fact that Kona is well-positioned in that marketplace, both from a beverage standpoint and from a food standpoint.

Mark Smith – Feltl and Company

Okay. Great. Thank you.

Operator

(Operator instructions) And we have a follow-up from Brad Ludington.

Brad Ludington – KeyBanc Capital Markets

Thank you. I just wanted to, kind of one other housecleaning, just look at G&A in 2010. Should we expect that that back continues to trend down as an absolute dollar amount?

Mark Robinow

I mean, we had a number of special items in 2009 Brad, so it will probably trend down slightly unless we have another round of unusual costs like we just referred to. But our plan is to bring it down slightly in an absolute dollar cost over what we experienced in 2009 and certainly as a percentage of sales.

Brad Ludington – KeyBanc Capital Markets

Okay. And then just kind of the Sunday, the thing you're going to roll out, the Happy Hour. Is that going to be similar to the Super Bowl promotion you did?

Mark Robinow

It's not. Super Bowl promotion was a half-price sushi promotion and the new Sunday Happy Hour is not like that. It will be different than our weekday Happy Hour. The beverage, it will be more focused on beverage offerings rather than food at this point. We are testing some sushi offerings as well similar to what we offered on Super Bowl for Sunday. But it's too early to talk about results on that.

Brad Ludington – KeyBanc Capital Markets

Okay. Mark. Thank you very much.

Operator

And at this time, we have no further questions. I'd like to turn the presentation back over to management for any closing remarks.

Marc Buehler

Just want to thank everybody for joining us this afternoon. And we look forward to chatting with you in the near future. Have a great day.

Operator

Thank you once again. This does conclude our presentation. Thank you again and have a great day.

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