Kenergy Scientific, Inc. (OTC Pink: KNSC) owns and operates a chain of authentic Asian cuisine, called Hibachi Grill & Noodle Bar. Shares of the Asian restaurant operator are surging 50%, through early trading on Monday, July 10, 2017. Over the past three months, Kenergy Scientific, Inc. reported average daily volume of 21.7 million shares. However, volume of 224.67 million shares or dollar volume of $157,269, has already exchanged hands on Monday.
Shares of Kenergy Scientific, Inc. are rallying today, after the company reported first quarter 2017 earnings. During the first quarter, the company reported total revenue of $562,218, restaurant sales growth of 45%, and net earnings growth of 27%, compared to the first quarter 2016. Here is the press release detailing of the first quarter earnings highlights:
Kenergy Scientific, Inc. Press Release:
MIAMI, FL–(Marketwired – Jul 10, 2017) – Kenergy Scientific, Inc. (OTC PINK: KNSC), a growing chain of Hibachi Noodle Bars offering Fast, Fresh, Authentic Pan Asian Food. Hibachi Grill & Noodle Bar, today released highlights from their 2017 first quarter results:
Key metrics for the first quarter, versus the same period a year ago, were:
- Total revenue increased from $252,169 to $562,218
- Company-owned restaurant sales increased by 45% to $562,218
- Net earnings increased 27% over the same period for 2016
- Adjusted net earnings increased 27% for the first quarter 2017.
Adel Nassar, President and Chief Executive Officer, commented, “In the first quarter, we are pleased that sales growth on a store to store basis, was positive for both company-owned locations, and outperforming any projections in casual dining segment. We believe our dishes, which are carefully prepared with only the highest quality ingredients, coupled with our focus on customer service and satisfaction, which are our top priority, has led to the improved margins and profitability.”
Erwin Vahlsing Jr., CFO stated, “We’re forging the strong execution of our fundamental business drivers, a constant focus on our customers, the benefits of our organization and, suppliers and employees to seize the opportunities before us. We’re demanding from ourselves to identify and pursue initiatives that can bring the best benefit to our customers. I’m confident that we’re on the right path and well-positioned to unlock growth and deliver against our velocity growth plan for 2017 and beyond.”
The company expects the following in 2017:
- Same-store sales growth month-over-month
- Implementing our Fast Track Delivery systems resulting in a sales increase of between 8% and 10%
- Signed executed lease for third Location. Achieving additional 45% increase in new sales
- Expansion of our Flagler Location, adding additional sales of 15% to 20%.
About the Company:
The Company operates a growing chain of Hibachi Noodle Bars offering Fast, Fresh, Authentic Pan Asian Food. Hibachi Grill & Noodle Bar was established in 2010, in Miami, FL. Our dishes are carefully prepared with only the highest quality ingredients. Customer service and satisfaction is our top priority so please visit our restaurant and enjoy the vibrant atmosphere. We strive to offer the best quality food and taste to our clients without the high price attached to it. We serve fast, fresh, authentic Japanese Food. From soups and salads, hibachi chicken, steak and seafood, to fried rice, noodle bowls and Yakisoba as well as Thai dishes. All healthy, fast and convenient.
Safe Harbor Statement:
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