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Kona Grill, Inc. (NASDAQ:KONA)

Q1 2014 Results Earnings Conference Call

April 30, 2014 05:00 PM ET

Executives

Berke Bakay - President and CEO

Christi Hing - Chief Financial Officer

Analysts

Mark Smith - Feltl and Company

Chris Krueger - Lake Street Capital Markets

Justin Ruiss - Sidoti

Operator

Good day ladies and gentlemen. Thank you for joining us today to discuss Kona Grill’s Results for the First Quarter Ended March 31, 2014. Joining us today are Berke Bakay, Kona Grill’s President and Chief Executive Officer; and Christi Hing, Company’s Chief Financial Officer. Following their remarks, we’ll open up the call for your questions. (Operator Instructions).

Before I begin, I would like to remind everyone that the financial guidance the company provides for its second quarter 2014 results, statements regarding the company’s future growth, sales, profits and expectations regarding same-store sales are forward-looking. All forward-looking statements made during this call are based on information available to the company as of today and the company assumes no obligation to update these statements to reflect events or circumstances after the date of this call. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. Investors are referred to the discussion of risks and uncertainties contained in the company’s filings with the Securities and Exchange Commission.

I would now like to turn the call over to Kona Grill’s President and CEO Mr. Berke Bakay. Sir, please go ahead.

Berke Bakay

Thanks Alan. Good afternoon and thank you all for joining us. For the first quarter ended March 31, 2014 we continue to take market share by once again outperforming the industry with strong same-store sales growth of 6.2%. The growth in same store sales represent our fourth consecutive quarter of positive same-store sales and we have reported positive same-store sales growth in 14 out of the past 15 quarters, which we’re very proud of given the industry trends.

The 6.2% growth in same-store sales is largely driven by increases in customer traffic in spite of the severe winter weather across the country. We continue to be encouraged by these results, as it demonstrates the strength of our brand and provides us with continued confidence to open new restaurants and expand our footprint. While the industry continues to experience the decline in traffic, we continue to see guest traffic improve as a result of our innovative food and drink offerings. The 6.2% growth in our same-store sales reflects a 420 basis points improvement in traffic and a 200 basis points increase in average check. This increase in same-store sales follows a 3.5% increase in Q4 2013, a 2.6% increase in Q3 and 2.5% increase in Q2 of last year.

The Q1 industry trends at negative 1.8% comps and traffic down at 3.9% the comp sales and traffic gap between Kona Grill and industry trend is now over 8%. Overall restaurant sales increased 17.5% during the quarter, reflecting solid contributions from the three restaurants we opened during the past two quarters.

Average weekly sales for our non-comp based restaurants was approximately $80,000 for the quarter. We’re pleased with the sales volumes especially when you consider adverse winter weather, which at times made our patios very difficult if not impossible to use.

Our development in the first quarter is tempered on Fort Worth, which open on February 06, 2014 and while it is still early, has performed well to-date. The restaurant is located at the busiest intersection in the city and we are realizing the benefits from this high profile location. The rooftop patio has become a guest favorite for enjoying their meal and/or a cocktail. It has a retractable roof and screens that can roll up when the weather is nice, so we expect to see stronger sales volumes during the spring and summer months. I’m very proud of our team for creating a beautiful restaurant and our co-workers who have provided great food and service to both new and familiar faces in this market.

Boise and the Woodlands have also performed inline with our expectations. We had a great honeymoon period in Boise and consistent with our expectations, sales normalize in January and February as cold weather hit. However now that spring is here, we look for traffic to pick back up, as guests are able to enjoy the patio and surrounding Bellagio like water fountain.

Sales volume at the Woodlands continues to grow. We’re seeing good retail launch and dinner traffic and are continuing to build awareness with local businesses and residents. Due to wind and weather challenges, we were unable to utilize the patio on handful of days. We expect that as the weather warms up, we will be able to fully utilize the patio and ultimate drive traffic especially during happy hour and late night.

As we discussed during our last call, we remodeled our Scottsdale and San Antonio restaurants in the fourth quarter of 2013. With our first full quarter in the books at those remodels, we had experienced double-digit sales increases. That trend is holding into April. As you recall, for San Antonio we added a second patio to that restaurant, which feeds approximately 60 guests. So that definitely has contributed to the lift in sales.

Now before I go further, I’d like to turn the call over to Christi, who will take us through the financials for the first quarter and provide guidance for the second quarter. Afterwards I will provide an update on our outlook before wrapping up the call with Q&A.

With that I would like to turn the call over to our CFO, Christi Hing. Christi?

Christi Hing

Thanks, Berke. For the first quarter ended March 31, 2014, restaurant sales increased 17.5% to $27.6 million compared to $23.5 million in the first quarter of 2013. First quarter 2014 sales reflect an 11% increase in the number of operating weeks and as Berke mentioned same-store sales growth of 6.2%.

The shift of Easter into the second quarter also positively impacted same-store sales by about 40 basis points. We are especially proud of the fact that we comp positive in each of the 13 weeks during the quarter with peak volumes to the popularity of our brands.

Sales for the first quarter include $2.7 million from the three new restaurants we opened during the past few quarters. We expect these restaurants to follow the same seasonality pattern experienced by our company with Q2 generating some of the strongest sales of the year as we are able to fully utilize our patios.

As Berke mentioned, our two recently remodeled restaurants are performing well with double-digit comps and contributed to the strong top-line sales.

As we have discussed on previous calls, you will see more variability in our P&L as new restaurants open and experienced operating inefficiencies in their first few months of operations, especially with managing, labor and cogs. It’s also important to point out that preopening expenses will have a significant impact on our reported net income in any given quarter.

We’ll continue to do our best to provide granularity between new versus existing restaurant operating performance to help investors gauge the health of our business.

With that I’ll go into some detail on our individual P&L line items for the first quarter. Cost of sales as a percentage of restaurant sales decreased 30 basis points to 27.2%, compared to 27.5% last year. We continue to make great strides with purchasing initiatives and kitchen efficiencies in spite of the inflationary pressures in items such as beef and shrimp compared to last year.

We were able to mitigate some of the cost pressures on the food side with strategic buying, better management of our liquor costs and a 3% price increase we took in March 2013. We continue to expect some cost pressures during 2014. However, the diversity of our menu and our 30% liquor mix helps us mitigate the potential impact of higher prices of any single commodity materially affecting our overall cost of goods.

Labor expenses as a percentage of sales increased 60 basis points to 34.1% during the quarter, compared to 33.5% last year. The higher labor costs are attributed to the impact of our new restaurants at both the Woodlands and Fort Worth locations were in their first few months operation during the first quarter. While Boise adjusted its labor schedules to normalize those trends, versus a strong honeymoon period during the fourth quarter.

Occupancy expenses as a percentage of restaurant sales decreased 20 basis points to 6.7% compared to 6.9% last year. The strong sales volumes helped us leverage this cost during Q1. Restaurant operating expenses as a percentage of sales increased 40 basis points to 13.9% compared to 13.5% last year. Higher utility costs driven by the severe weather was the primary contributor of the higher costs year-over-year.

Our restaurant operating margins were 18.1% during the first quarter of 2014 compared to 18.7% last year. Excluding the impact from new restaurant inefficiencies, we estimate that four-wall margins for our comp based units was 19.3%, a 60 basis point improvement in the first quarter of 2013. On an absolute dollar basis, restaurant operating profit increased by approximately 600,000 or 13.6% with the three new restaurants realizing aggregate restaurant operating profit margins or approximately 7% during the quarter.

Overall, we continue to be pleased with our four-wall margins. We estimate that it takes approximately 6 to 12 months for new restaurants to learn how to effectively forecast sales and obtain efficiencies with regards to scheduling employees, hiring trained staff and ordering in and prepping products.

As we mentioned earlier, our restaurant operating profit will experience some variability based upon the timing of new restaurant openings. We are pleased with the 19.3% restaurant operating margins, generated by a comp based restaurants during the quarter and the system wide margin of 18.1%.

In the first quarter of 2014, G&A expenses increased by 700,000 to 2.6 million compared to the same year ago quarter. As discussed on previous calls and indicated in our guidance, the increase was primarily attributed to planned human capital investments made in the second half of 2013 and the first quarter of 2014 to support our growth initiatives and accounted for approximately $300,000 of the $700,000 increase.

The timing shift for our Annual General Manager and Executive Shift conference from Q2 of last year to Q1 of this year, higher non-cash stock based compensation expense resulting from the increase in our stock price and therefore a higher valuation of stock option grant and higher legal and professional fees are the primary drivers for the remainder of the increase.

For 2014, we expect our G&A cost to increase on absolute dollar basis, but we remain relatively consistent with our 2013 G&A cost as a percentage of sales. As mentioned, over the past nine months, we’ve made additional investments in development and operations personnel to accelerate new unit growth.

Stock-based compensation expense in 2014 is expected to increase by $0.03 per share due to the increase in our stock price year-over-year while professional fees are also expected to increase by $0.03 to $0.04 per share as we will likely become an accelerators filer for SEC reporting purposes and will therefore require a stock 404 audit opinion on our internal controls.

These costs are necessary and worthwhile investments as we look to scale G&A against new unit growth and build the proper oversize and control to ensure we’re successful for the long-term.

During the first quarter, we spent $390,000 or $0.04 per share on pre-opening expenses, primarily for our Fort Worth restaurant which opened on February 6th, and manager training cost and non-cash pre-term rent for our Al Paso restaurant, which we expect to open this summer. The pre-open spend for our first three new restaurants was within our targeted range of approximately $400,000 in cash and $50,000 to $10,000 in non-cash pre-opening rents.

In the first quarter of 2014, we reported income tax expense of $25,000 compared to $80,000 in the first quarter of 2013. As we transition to being a federal tax payer for 2014, we expect to experience some variability in our tax line this year. We continue to evaluate the recoverability of our deferred tax assets, which we currently have a full valuation allowance, the full or partial release of evaluation allowance will materially impact our future earnings as well as any tax claim strategies that we are currently considering.

Net income for the quarter was $251,000 or $0.03 per diluted share compared to $1 million or $0.12 per diluted share last year. First quarter earnings included approximately $0.13 per share in preopening expense and other costs associate with operating new restaurant as well as the G&A items discussed earlier.

On an apples-to-apples basis, if we exclude the $0.13 in cost discussed above, diluted earnings per share would have been $0.16. At March 31, 2014, we had $5.1 million in cash and investments, compared to $6.1 million at December 31, 2013. Total debt at March 31, 2014 was $3.5 million, which was a same amount that we had outstanding at the end of 2013.

During the first quarter of 2014, we generated $3.8 million in cash flow from operating activities, compared to $856,000 in the same period last year, which represents lower use of cash to cover crude expenses and the timing and receipt of tenant allowances. In addition, we spent $4.7 million on capital expenditures during the quarter, primarily for our Fort Worth, El Paso and future opening compared to $400,000 last year. The $4.7 million represents gross CapEx prior to any landlord allowances. We did not purchase any shares under our buyback program during the quarter.

For our second quarter 2014 financial guidance, we are forecasting restaurant sales of $29.7 million compared to $25.8 million in the second quarter of 2013. Our Q2 sales guidance incorporates the full quarter sales for the three restaurants opened during the past six months.

In total, restaurant operating weeks are expected to increase 13% during the second quarter of 2014. Our Q2 guidance also reflects positive same-store sales of approximately 3% as we continue to build upon the positive momentum we have generated over the past four quarters. Comparisons will be much more difficult in Q2 than Q1 as we had 2.5% positive same-store sales and the Easter shift that we benefited from in Q1 will impact a Q2 comps. The 3% comp guidance also contemplates potential sales headwind from a [landlord] remodel project now underweighting next to our Denver restaurant which includes the closure of our patio for several days while the building next door is [smallest].

To-date we continue to see good traffic trends despite some winter like weather during the first couple weeks of April. As usual our forecast of comps are based upon sales trends today and our outlook for the remainder of the quarter. Based upon the 3% same-store sales guidance we forecast overall margins for our 23 comp based units to be approximately 20%.

The 20% restaurant level cash flow speaks to the strength of our brand and demonstrates the health of our existing restaurant base. As a reminder Q2 was typically our strongest quarter in terms of sales and restaurant level of profitability as we are able to fully utilize our outdoor patios.

As mentioned earlier the timing of new restaurant openings and pre opening expenses in particular have and we will continue to significantly impact our year-over-year bottom line comparisons. With that said for the second quarter we are forecasting net income of $1 million or $0.11 per share which includes approximately $0.08 to $0.10 per share in pre opening and other costs associate with opening, operating new restaurants and an estimate of loss profit associated with some more remodel in our Denver restaurant as discussed above.

I would now turn the call back to Berke before we go to Q&A. Berke?

Berke Bakay

Thanks Christi. We continued to be pleased with the success of our operational initiative designed to enhance the guest experience while building our business for the long term. During the first quarter we ran our highly successful food based promotion called Saver that included favorites such as expansion (inaudible) beef, go chicken and (inaudible) salad and my personal favorite (inaudible) cake. These limited time offerings are a great avenue for testing new menu items as we’re able to incorporate top selling food-based promotion items into our regular menu update which recently rolled out in early April.

We took minimal price on this menu update, less than 1%, as we are [tested] to the current cautious state of the consumer. We also need advantage from our record breaking holiday gift card sales as we saw numerous redemptions of gift cards during the first quarter.

We continued to be very strategic in our view for promotions such as these and for the first time we have a rolled out a Mother’s Day gift card promotion of $550, get a $10 bonus card to celebrate mom’s special day.

On the development front, construction is on schedule for our El Paso restaurant, which is scheduled to open in late June. We are very encouraged by the sales figures being generated by the restaurants that have open in the center and we look forward to bringing the Kona Grill experience to the El Paso market.

Today, we also announced three new lease signings and increase our 2014 New Year opening guidance from four to five restaurants. The signed leases are for restaurants in Columbus, Ohio; Fairfax, Virginia and Plano, Texas.

We will enter the Columbus market in the Eastern Town Center, which is ranked as one of the top 50 shopping centers in United States and has very attractive co-tenancy and nice mix of residential, retail and office space. We are very excited about this location and this restaurant will feature our first mezzanine dining area, which will overlook a vibrant bar and patio.

We are also going to open a new restaurant in the Fair Oaks Mall in Fairfax, Virginia as part of the significant renovation of this mall. With this restaurant’s proximity to several large corporate headquarters, average household incomes in the six figure range and daily traffic around the mall of over 300,000 cars, we believe this location will do well.

We are very excited to expand our presence in the Mid Atlantic region where we have performed well to compliment our current restaurants in Baltimore and Richmond.

In Plano, we are building a free-standing restaurant with tremendous visibility in the West Plano Village center, which is a dynamic mixed used development that has an exceptionally high correlation to our concept consumer demographics.

This will mark our third location in the [DSW] market and our Dallas North Tollway and Parker site puts us in a sweet spot of the economically strong Northeastern part of the DSW marketplace, where there is an attractive mix of residential and commercial growth to go with notable sporting and all the entertainment options.

We are very excited about these two locations and believe that we are well on our way to achieving our stated goal of doubling our sales over the next five years. As we have mentioned previously, the same-store sales performance of our recently remodeled unit had been up double-digits. We are pleased with the contributions from recent remodels and I’ll identify the restaurants where attractive remodel investment returns can be realized.

One of those opportunities is coming into focus in Denver. The mall is underway with a significant rejuvenation project that in the short-term will impact our sales due to ingress and egress constraints and patio visibility limitations caused by the construction.

We’re excited about the long-term opportunity of this restaurant as we plan to make a significant update to our restaurant design including the potential to expand our seating capacity. Denver is currently our smallest restaurant in terms of square footage and seating capacity. So the ability to expand our patio and dining room should drive incremental sales once the remodel is completed.

The mall project is scheduled to be completed in time for the 2015 holiday season and we’re planning to remodel this restaurant during 2015. We’ll provide update in subsequent calls on the mall’s remodel and its impact on our restaurants.

In conclusion, we started 2014 off on a great note. Our plan to build the premier polished casual concept that is distinguished by award winning Sushi and New American Cuisine with a significant bar business is well underway.

We continue to work diligently to create the pipeline for new unit expansion and achieve our target of doubling our sales over the next five years, which translates to a 15% compounded annual growth rate. With $4.3 million average unit volumes, operating margins in the 18% plus range and 30% return on invested capital, we’re confident that we can grow this brand over the long-term. We appreciate everyone’s support and we look forward to updating you again on our next call.

With that, I would like to open the call for any questions you might have. Alan, please open the line for questions.

Question-and-Answer Session

Operator

Thank you, Mr. Bakay. (Operator Instructions). And our first question comes from the line of Mark Smith with Feltl and Company. Please go ahead. Mr. Smith, if you’re still there, your phone might be on mute.

Mark Smith - Feltl and Company

Sorry about that guys. Can you guys give us a quick update on which restaurant is lighting into this year?

Berke Bakay

Yes. The fifth restaurant that we have made -- increase our guidance is our Eastern Town Center location.

Mark Smith - Feltl and Company

I am sorry, which one was that?

Berke Bakay

Columbus, Ohio Eastern Town Center.

Mark Smith - Feltl and Company

Columbus; okay. Perfect. And then it might be early, but can you give us any idea on maybe cadence of openings as we look out to 2015 on those leases that are signed?

Berke Bakay

Yes, Mark we rather not get into that right now. Just the real -- just expect us to update on the timing of the specific opportunities in the next subsequent calls.

Mark Smith - Feltl and Company

Okay. And then Christi, you talked a little bit about commodity inflation. Can you talk about as we get into the second half, what maybe we might see on your cost of goods sold?

Christi Hing

Mark, we’re seeing commodities particularly with -- I think there is continued pressure with speed with what's going on, with fourth we’ll expect to see some of that also, as has been in the next coming quarters. But as we mentioned some of the purchasing initiatives that we had and kitchen efficiencies. Overall, we don't expect the material impact on our cost of goods.

Berke Bakay

Mark, the only thing I would add to that is the similar concerns always come up every quarter and when you look at our business mix of 50% of our mix being alcohol and sushi that's differently relief. And just because of not being reliant to what specific item, we always find a way to mitigate these costs as Christi has explained. I mean if you look at the last reported quarter and even the improvements in the -- in light of some of the trends, I think we're doing a pretty decent job at commodities overall.

Mark Smith - Feltl and Company

And kind of the same question on labor, we saw a little more inflation I guess this quarter than expected. Can you really put that all on those two new restaurants or across the board you’ve seen any inflation or any minimum wage changes in the states maybe in the second half that we should be looking at?

Berke Bakay

The answer is yes, you could and if you -- that's why we break it down for you as well on four-wall margins of our comp sales and versus the four-wall contribution of the new restaurants and the labor inefficiencies are completely planned and expected and are driven by our new restaurants. And we have talked in the previous calls on how aggressively the staff at openings to be able to execute and slowly kind of go to the normalize level. So our comp base restaurants from a labor perspective have performed very well.

Mark Smith - Feltl and Company

And last question, Berke you talked a bit about remodels and the potential for Denver. Anything that we should look at for 2014 and since like Vegas I guess is maybe one that you’ve talked about that might be on this short list?

Berke Bakay

Yes, that hasn’t changed, Las Vegas will be the one to look for.

Mark Smith - Feltl and Company

Okay, but no update on run rate you might start?

Berke Bakay

No, not at this point.

Mark Smith - Feltl and Company

Perfect, thanks guys.

Berke Bakay

Thank you.

Christi Hing

Thank you.

Operator

And our next question comes from the line of Chris Krueger with Lake Street Capital Markets. Please go ahead.

Chris Krueger - Lake Street Capital Markets

Hi, good afternoon. Nice quarter.

Berke Bakay

Thank you, Chris. I appreciate it.

Chris Krueger - Lake Street Capital Markets

Just following up on that last question. Did you state that as far as the remodel this year, Vegas is the only one that’s probably going to happen, just want to be clear?

Berke Bakay

That is correct.

Chris Krueger - Lake Street Capital Markets

Okay, and then Denver will begin next year, the construction?

Berke Bakay

That is correct, that’s slated for 2015 in line with remodel of the mall that there in Cherry Creek Mall.

Chris Krueger - Lake Street Capital Markets

Okay. On your G&A you guys indicated that you shifted your GM in Chef conference into the first quarter, I assume it’s in the second quarter last year. Can you tell how much that cost about?

Christi Hing

It’s about $0.02 to $0.03 per share.

Chris Krueger - Lake Street Capital Markets

Okay. And was there reason it shifted or does it always shift around?

Berke Bakay

Yes, it's the timing of wherever we can get better deal, so to speak on the hotel arrangements and travel, it's a function of our opening schedules. And there is lots of things that go into making decision one day conference will be, but there is really no hard to sate on it, so to speak. So, you could see us fluctuate year-over-year.

Chris Krueger - Lake Street Capital Markets

Okay. And then as far as potential more new locations and new leases, I believe you guys attend a big conference in Las Vegas every summer. Can you tell us of all win that occurs during the summer and then do you think the pattern would be similar to last year, where possibly we've seen more talk of new leases in the next quarter or maybe the third quarter report?

Berke Bakay

Sure, that conference you refer is Chris is ICSC Conference, it's a very big conference and pretty much and it's a every major real estate activity in the retail and restaurant space is presented in that conference. It will happen on May 19 of this year starts on Sunday and goes into Wednesday. And as you have mentioned, it is an important conference to definitely generate further pipeline opportunities for us for 2015 and 2016.

But to the second part of your question, at this point I'm not going to get into details on, if we may or may not update you further on the potential locations. But what I will tell you is, as we have said on our prepared remarks, we are very, very excited about our pipeline and especially with the fact that our performance in our business compared to our competition is really getting the attention of some of major landlords in the country and we are turning into a position that we are receiving some of the best guys available and we are sort after tenant versus us chasing those deals ourselves. So, I couldn’t be more please on where we stand from a pipeline perspective.

Chris Krueger - Lake Street Capital Markets

Okay. Last question, just to make sure, doing my math right, it looks like where you stated your five opening for this year and already, you’ve already announced four of your leases for next year, if I’m doing my math right, is that correct?

Christi Hing

That is correct.

Chris Krueger - Lake Street Capital Markets

Okay. That’s all I got thanks.

Christi Hing

Thanks.

Operator

(Operator Instructions). And our next question comes from the line of Justin Ruiss with Sidoti. Please go ahead.

Justin Ruiss - Sidoti

Good afternoon. I just had a quick question, when it came to the amount of personnel you when it comes to opening some of the new stores will that have to change at all anytime in the upcoming quarters?

Berke Bakay

No, and can you specify the question, are you referring to opening expenses in general or are you referring to our opening teams?

Justin Ruiss - Sidoti

Pretty much the opening teams, is what I’m looking at, like live more of along the lines like manager, restaurant managers?

Berke Bakay

No, our formula hasn’t changed and again, in each of our restaurants we have a GM and AGM and two managers and a head sushi chef, executive chef and a sushu chef, so seven person management team formula has not change.

Justin Ruiss - Sidoti

Okay. Perfect, thank you.

Berke Bakay

Thank you.

Operator

(Operator Instructions). And I’m showing no more questions at this time. I’d like to turn the call back over to management for any closing remarks.

Berke Bakay

We appreciate the support and thank you very much.

Operator

Ladies and gentlemen, that does conclude the Kona Grill’s first quarter 2014 earnings conference call. You may now disconnect.

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