Kona Grill's CFO Resigns - Analyst Blog
June 16 2011 - 5:00AM
Zacks
Scottsdale-based Kona
Grill, Inc (KONA) recently announced that its Chief
Financial Officer (CFO) and President Marc A. Buehler has resigned
to pursue other opportunities.
Buehler joined the American grill
and sushi bar company as the CFO and President in November 2009 and
took all possible measures to improve the company’s top line and
narrow down the loss. However, during his tenure, the company
posted a profit only once.
Until a permanent CFO is selected,
Kona Grill has decided that Michael A. Nahkunst, a member of the
company’s board, will serve as the interim CFO. Nahkunst boasts an
experience of 35 years in the restaurant industry and has
previously served as the chief operating officer of The
Cheesecake Factory Incorporated (CAKE) and BJ's
Restaurants Inc (BJRI).
Nahkunst also held a senior
position at Brinker International Inc
(EAT) and played a key role in developing the
restaurant concept during his tenure of 17 years. Presently,
Nahkunst is a principal at Bailiwick Capital Partners, a financial
advisory and investment firm focused on retail and restaurant
projects.
The company’s search for the new
CFO has begun. However, given the experience of Nahkunst, we
believe he will do justice to the position of CFO and guide the
company to new heights.
In the recent first quarter 2011
results, the company reported a loss of 1 cent, which was better
than the Zacks Consensus Estimate of a loss of 4 cents and the
year-ago quarter loss of 10 cents.
However, the company experienced a
12.3% upside in restaurant sales on the back of higher same-store
sales (up 7.6%). Despite higher commodity pressure, the company’s
restaurant operating margin expanded 14.0%.
For the second quarter of 2011,
Kona Grill estimates earnings in the range of 2 cents to 4 cents
and restaurant sales between $24.0 million and $25.0 million.
Kona Grill currently operates 25
restaurants in 16 states, including Arizona, Colorado, Florida and
Texas.
We currently retain a Zacks #2
Rank, which translates into a short-term Buy rating on the stock.
We also reiterate our long-term Outperform recommendation.
BJ'S RESTAURANT (BJRI): Free Stock Analysis Report
CHEESECAKE FACT (CAKE): Free Stock Analysis Report
KONA GRILL INC (KONA): Free Stock Analysis Report
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