Further Downside Possible For Kona Grill [Seeking Alpha]
KONA GRILL INC (KONA)
Last kona grill inc earnings: 11/9 04:01 pm
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US:NASDAQ Investor Relations:
konagrill.com/more/investors/stock-info
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Source: Seeking Alpha
Summary In 2016, Kona Grill (NASDAQ: KONA ) - a micro cap restaurant chain specializing in Asian and American cuisine favorites - lost almost $22M despite an 18.5% increase in sales year-over-year. So even though sales increased from $143M to $170M, KONA's operating losses accelerated from $4M to $21M. Even adjusting for the $12.4M asset impairment in 2016, KONA still has an adjusted operating loss of $8.5M, which is still more than double the $4.3M loss in 2015. The balance sheet is also beginning to get messy. As of Dec. 31, 2016, KONA has racked up an accumulated deficit of $56 million. Cash reserves only stand at $3.4 million. With working capital at -$10.5 million, KONA was naturally forced to take on an unprecedented $26.8 million in debt in order to keep up with expenses. The debt consists of a $12M revolver and $14.8M term loan, both which mature on October 2021, of which $712K is due this year. Surprisingly, the market still has KONA priced at a market c
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