Kona Grill Inc fka KONA

[Superfly15]

UPDATE 1-Kona Grill raises Q3 forecast; shares up



Mon Sep 19, 2011 4:55pm EDT
* Sees Q3 rev of $24.1-$24.2 mln vs est $23.6 mln

* Sees Q3 EPS of $0.5-$0.6 vs est $0.03

* Shares up 12 pct (Follows alerts)

Sept 19 (Reuters) - Boosted by strong sales growth and growing market share, American grill and sushi bar Kona Grill raised its outlook for the third quarter, sending its shares up 12 percent.

For the quarter ended September 30, Kona expects revenue of $24.1-$24.2 million, compared with its prior forecast of $22.7-$23.7 million.

The company also raised its net income forecast to $0.5-$0.6 million, or 5-6 cents a share, from the previous outlook of $0.1-$0.3 million, or 1-3 cents a share.

Kona anticipates same-store sales growth of about 9 percent over the same year-ago quarter, compared with the previous forecast of 6 percent.

Analysts, on average, were expecting third-quarter earnings of 3 cents a share on revenue of $23.6 million, according to Thomson Reuters I/B/E/S.

Shares of the company were trading up at $5.89 after the bell. They had closed at $5.26 on Nasdaq.

www.reuters.com/article/2011/09/19/konagrill-idUSL3E7KJ2YJ20110919?feedType=RSS&feedName=companyNews&rpc=43