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Kona Grill swings to loss in Q1

Kona Grill Inc. said its first-quarter normalized net income amounted to a loss of 5 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 5 cents per share.

The per-share result swung to a loss from the prior-year profit of 2 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $585,630, compared with income of $172,500 in the prior-year period.

The normalized profit margin declined to negative 1.8% from 0.6% in the year-earlier period.

Total revenue grew 18.8% year over year to $32.8 million from $27.6 million, and total operating expenses rose 23.5% on an annual basis to $33.7 million from $27.3 million.

Reported net income totaled a loss of $898,800, or a loss of 8 cents per share, compared to income of $266,460, or 3 cents per share, in the year-earlier period.