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Unit Level Second Quarter Performance Exceeds Prior Year - Revenues Increase 21%
MINNEAPOLIS, August 10, 2005 - Granite City Food & Brewery Ltd. (Nasdaq: GCFB) today reported the results of operations for the second quarter ended June 28, 2005.
For the quarter ended June 28, 2005, total revenue was $8,534,251 compared to $7,460,935 for the second quarter of 2004. The Company reported a net loss of ($579,322), or ($0.05) per share for the quarter ended June 28, 2005, compared to a net loss of ($369,265), or ($0.11) per share for the second quarter of 2004.
"We are extremely pleased with our store-level contribution," said Steve Wagenheim, Granite City Food & Brewery's President and CEO. "Our income from restaurant operations, before pre-opening, corporate overhead, depreciation and amortization, was 19.2% of revenue for the quarter and 18.0% year to date. I believe this is one of the strongest unit level performances in the industry," Wagenheim added, "and we are looking forward to continued strong performance as our guests enjoy the summer patio season." Wagenheim said the company anticipates additional increases in corporate overhead costs in the near term as it continues building a solid infrastructure to maintain growth. However, he said he believes the addition of new units will result in greater economies of scale for these costs in the long term and will increase shareholder value.
For the twenty-six weeks ended June 28, 2005, total revenue was $16,404,588 compared to $13,600,302 for the same period last year. The Company reported a net loss of ($961,976), or ($0.08) per share for the two quarters ended June 28, 2005 compared to a net loss of ($672,392), or ($0.27) per share for the same period one year ago.
Granite City Food & Brewery Ltd. currently operates nine 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, West Des Moines, IA, Cedar Rapids, IA, Davenport, IA, Lincoln, NE, Minneapolis, MN and Wichita, KS.
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 28, 2004 as filed with the Securities and Exchange Commission.
-financial statements follow
GRANITE CITY FOOD & BREWERY LTD. CONDENSED STATEMENTS OF OPERATIONS
| |
Thirteen Weeks Ended |
|
Thirty-nine Weeks Ended |
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June 27, 2004 |
June 28, 2005 |
|
June 27, 2004 |
June 28, 2005 |
| Restaurant Revenues |
$7,460,935 |
$8,534,251 |
|
$13,600,302 |
$16,404,588 |
| |
| Cost of Sales: |
|
Food, beverage,
& retail |
2,333,702 |
2,532,927 |
|
4,209,817 |
4,888,315 |
| Labor |
2,526,463 |
2,875,076 |
|
4,569,684 |
5,588,830 |
| Direct & Occupancy |
1,217,334 |
1,485,285 |
|
2,328,692 |
2,968,103 |
Total Cost
of Sales |
6,077,499 |
6,893,288 |
|
11,108,193 |
13,445,248 |
| |
| Pre-opening |
483,349 |
220,399 |
|
748,323 |
228,111 |
| General & Administrative |
605,478 |
1,179,056 |
|
1,194,062 |
2,131,409 |
| Depreciation & amortization |
384,970 |
491,388 |
|
715,010 |
935,784 |
| |
| Operating loss |
(90,361) |
(249,880) |
|
(165,286) |
(335,964) |
| |
| Interest: |
|
| Income |
221 |
31,085 |
|
4,192 |
69,346 |
| Expense |
(279,125) |
(320,895) |
|
(511,298) |
(644,883) |
| Other expense, net |
- |
(39,632) |
|
- |
(50,475) |
| Net Other Expense |
(278,904) |
(329,442) |
|
(507,106) |
(626,012) |
| |
| Net loss |
(369,265) |
(579,322) |
|
(672,392) |
(961,976) |
Less preferred stock
dividents declaired |
(108,710) |
- |
|
(455,816) |
- |
| Net income (loss) available to common shareholders |
$(477,975) |
$(579,322) |
|
$(1,128,208) |
$(961,976) |
| Loss per common share, basic & diluted |
$(0.11) |
$(0.05) |
|
$(0.27) |
$(0.08) |
| Weighted average shares outstanding, basic & diluted |
4,271,439 |
11,621,140 |
|
4,202,186 |
11,617,708 |
| |
| Pro forma |
|
| Operating loss |
(90,361) |
(249,880) |
|
(165,286) |
(335,964) |
| Add back: |
|
| Pre-opening |
483,349 |
220,399 |
|
748,323 |
228,111 |
General &
Administrative |
605,478 |
1,179,056 |
|
1,194,062 |
2,131,409 |
Depreciation &
Amortization |
384,970 |
491,388 |
|
715,010 |
935,784 |
| Income from restaurant operations before pre-opening, corporate overhead, depreciation and amortization |
1,383,436 - 18.5% |
1,640,963 - 19.2% |
|
2,492,109 - 18.3% |
2,959,340 - 18.0% |
BALANCE SHEET DATA June 28, 2005:
| Current assets |
6,265,641
|
| Total assets |
31,615,086 |
| Current liabilities |
3,235,299 |
| Total liabilities |
18,650,588
|
| Shareholders' equity |
12,964,498 |
CONTACT:
Peter Hausback
Chief Financial Officer
(952) 215-0660
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