Granite City Food & Brewery Ltd., a Modern American upscale casual restaurant chain, has reported results for the first quarter ended March 29, 2011.
Highlights for the first quarter 2011 were as follows:
- Total restaurant sales increased 3.8% to $23.1 million from $22.2 million in the first quarter of 2010
- Guest counts increased 2.9% compared to the first quarter of 2010
- Company-wide EBITDA at $2.2 million for the first quarter 2011 represented an increase of $700,000 compared to first quarter 2010
- Restaurant-level IBO at $5.5 million in the first quarter of 2011 represented an increase of $278,000 over the first quarter of 2010
- Net loss decrease $804,000 in the first quarter of 2011 over the first quarter of 2010
- Net Income of $94,000, excluding non-cash compensation, in first quarter 2011
“As we move closer to our CDP closing, which remains subject to shareholder approval and other closing conditions, we are very pleased to see our business grow stronger,” said Steve Wagenheim, President and Chief Executive Officer of Granite City. “We have spent a great deal of time working to strengthen the value of the Granite City concept to help bring customers back into our stores. Not only have we succeeded on that front, but we have done so while building a very efficient operation. We are now beginning to see what the added revenue can mean for our overall operations and cash flow. The organization has a great deal of momentum and we hope that our bottle beer line along with the ability to buy a Granite City beer in various other venues will enhance the brand and momentum even further. We look forward to putting Granite City back on a steady growth path.”
First Quarter 2011 Financial Results
Total revenue for first quarter 2011 increased by 3.8% to $23.1 million compared to $22.2 million for the first quarter of 2010. Total cost of sales before occupancy was $17.6 million in the first quarter of 2011 or 76.1% of sales compared to prior year first quarter cost of sales before occupancy of $17.0 million or 76.5% of sales.
General and administrative expenses were $1.8 million or 7.9% of revenue for the first quarter of 2011 compared to $1.6 million or 7.0% of revenue for the first quarter of 2010. General and administrative cost included non-cash stock compensation of $114,000 in the first quarter of 2011 compared to $26,000 in the first quarter of 2010.
The net loss for the first quarter of 2011 was $87,000 or $(0.01) per share compared to a net loss of $892,000 or $(0.12) per share in the first quarter of 2010. There were 7.4 million shares outstanding in the first quarters 2011 and 2010.
Granite City Food & Brewery Ltd. is a Modern American upscale casual restaurant chain that operates 26 restaurants in 11 states. The menu features affordable yet high quality family favorite menu items prepared from made-from-scratch recipes and served in generous portions. The sophisticated yet unpretentious restaurants, proprietary food and beverage products, attractive price points and high service standards combine for a great dining experience. Granite City opened its first restaurant in St. Cloud, Minnesota in 1999.