Granite City Restaurant features a full Bar and Brewery and has a growing amount of Restaurant and Bar locations in Cedar Rapids, Clive, Creve Coeur, Davenport, Eagan, East Peoria, Fargo, Fort Wayne, Kansas City, Lincoln, Madison, Maple Grove, Olathe, Omaha, Orland Park, Rockford, Rogers, Roseville, Sioux Falls, St. Cloud, St. Louis Park, Toledo, West Wichita, Wichita, Indianapolis, and South Bend.

Granite City Food & Brewery Ltd. Reports 3rd Quarter 2003 Results
Average Weekly Sales Increase 8.7%

MINNEAPOLIS, November 13, 2003 - Granite City Food & Brewery Ltd. (Nasdaq: GCFB) today reported the results of operations for the third quarter of 2003.

For the quarter ended September 28, 2003, total revenue was $3,786,885 compared to $3,159,837 for the third quarter of 2002. The Company reported a net loss of ($431,510), or ($0.15) per share for the quarter ended September 28, 2003, compared to a net loss of $(23,195), or ($0.01) per share for the third quarter of 2002. The primary reasons for the increased loss are the pre-opening expenses incurred with new restaurant openings and the addition of personnel at the corporate level in order to prepare for additional expansion.

For the thirty-nine weeks ended September 28, 2003, total revenue was $9,768,071 compared to $9,436,453 for the same period last year. The Company reported a net loss of ($837,221), or ($0.33) per share for the three quarters ended September 28, 2003 compared to a net loss of ($47,684), or ($0.01) per share for the same period one year ago.

"We are very pleased with our 8.7% increase in average weekly sales from $81,021 to $88,067 during the third quarter," said Steve Wagenheim, Granite City Food & Brewery's President and CEO. "Our West Des Moines, Iowa restaurant was a primary contributor to this increase as it opened with very strong revenues in September. As the 'honeymoon' period continues in West Des Moines and begins at our Cedar Rapids, Iowa restaurant when we open November 18th, we are anticipating a strong fourth quarter as well. We believe that our planned expansion for 2004 will allow greater economies of scale and ultimately improve our bottom line."

Wagenheim said that in addition to the Cedar Rapids restaurant opening November 18, 2003, the company plans to open a Granite City Food & Brewery® in Davenport, Iowa in January 2004, Lincoln, Nebraska in March 2004, and Maple Grove, Minnesota in June 2004.

Granite City Food & Brewery Ltd. currently operates four Granite City Food & Brewery casual dining restaurants featuring made-from-scratch food and handcrafted beers. Its broad menu offers traditional and regional foods served in generous portions at reasonable prices, affording guests an excellent value and great dining experience. Its first Granite City location, in St. Cloud, MN, opened in June 1999. Subsequently, the Company opened restaurants in Sioux Falls, SD, Fargo, ND, and most recently, West Des Moines, IA.

Certain statements made in this press release of a non-historical nature constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors include, but are not limited to, changes in economic conditions, changes in consumer preferences or discretionary consumer spending, a significant change in the performance of any existing units, the ability to obtain financing for, and complete construction of, additional restaurants at acceptable costs, our ability to implement and execute Fermentus Interruptus and the risks and uncertainties described in the Company's Form 10-KSB Report for the year ended December 29, 2002 as filed with the Securities and Exchange Commission.

-financial statements follow


GRANITE CITY FOOD & BREWERY LTD. CONDENSED STATEMENTS OF OPERATIONS (unaudited)

	Thirteen Weeks Ended			Thirty-nine Weeks Ended
	September 29, 2002	September 28, 2003		September 29, 2002	September 28, 2003
Restaurant Revenues	$3,159,837	$3,786,885		$9,436,453	$9,768,071
Cost of Sales:
Food and beverage	895,748	1,094,291		2,711,118	2,822,489
Labor	1,046,846	1,274,087		3,198,404	3,320,948
Direct and occupancy	661,931	804,760		1,954,940	2,121,687
Total cost of sales	2,604,525	3,173,138		7,864,462	8,265,124
Pre-opening	-	270,729		-	270,729
General and Administrative	254,380	449,833		673,778	1,156,256
Depreciation and amortization	192,053	206,276		574,373	596,471
Operating income (loss)	108,879	(313,091)		323,840	(520,509)
Interest
Income	17	15,266		487	62,148
Expense	(132,091)	(133,685)		(404,366)	(378,860)
Other income, net	-	-		32,355	-
Net other expense	(132,074)	(118,419)		(371,524)	(316,712)
Net loss	($23,195)	($431,510)		($47,684)	($837,221)
Loss per common share, basic and diluted	($0.01)	($0.15)		($0.01)	($0.33)
Weighted average shares outstanding, basic and diluted	3,819,825	3,947,700		3,812,108	3,888,038

BALANCE SHEET DATA DECEMBER 28, 2003:

Current Assets	$3,101,114
Total assets	15,911,937
Current liabilities	2,047,784
Total liabilities	8,955,766
Shareholders' equity	6,956,171

CONTACT:
Steven J. Wagenheim
President and Chief Executive Officer
(952) 525-2070 ir (612) 751-3331