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 Reports Third Quarter Results
Revenues Increase 7% for the Quarter, 15% YTD

MINNEAPOLIS, November 14, 2005 - Granite City Food & Brewery Ltd. (Nasdaq Capital Market: GCFB) today reported the results of operations for the third quarter ended September 27, 2005.

For the quarter ended September 27, 2005, total revenue was $9,705,060 compared to $9,066,377 for the third quarter of 2004, an increase of 7%. Comparable restaurants sales increased 0.8% in the third quarter of 2005 over the third quarter of 2004. The Company reported a net loss of ($1,001,322), or ($0.09) per share, for the quarter ended September 27, 2005, compared to net income of $221,059, or $0.03 per share, for the third quarter of 2004.

"We are very pleased with the performance of our restaurants," said Steve Wagenheim, Granite City Food & Brewery 's President and CEO. "We opened two new restaurants in the third quarter, one in Wichita, Kansas and another in St. Paul, Minnesota. Once these two new stores have a few more periods of operating history, we look forward to their contribution to our overall restaurant performance. Our net loss in the third quarter of 2005 was primarily attributable to the pre-opening costs we incurred and the additional general and administrative expense associated with investments we made in training and infrastructure in order to execute our store development plan for remainder of 2005 and in to 2006." Wagenheim added, "The corporate overhead costs we incur today will only increase our guest and shareholder value in the long term and build a solid foundation for future expansion."

For the thirty-nine weeks ended September 27, 2005, total revenue was $26,109,648 compared to $22,666,679 for the same period last year, an increase of over 15%. The Company reported a net loss of ($1,963,298), or ($0.17) per share, for the three quarters ended September 27, 2005, compared to a net loss of ($451,333), or ($0.24) per share, for the same period one year ago.

Granite City Food & Brewery Ltd. currently operates ten 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, Wichita, KS and St. Paul, MN.

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 Current Report on Form 8-K filed with the Securities and Exchange Commission on September 7, 2005.

GRANITE CITY FOOD & BREWERY LTD. CONDENSED BALANCE SHEETS

	Thirteen Weeks Ended			Thirty-nine Weeks Ended
	September 26, 2004	September 27, 2005		September 26, 2004	September 27, 2005
Restaurant Revenues	$9,066,377	$9,705,060		$22,666,679	$26,109,648
Cost of Sales:
Food, beverage, & retail	2,819,515	2,975,397		7,029,332	7,863,715
Labor	3,096,410	3,363,775		7,666,094	8,952,604
Direct & Occupancy	1,497,401	1,855,176		3,826,093	4,823,278
Total Cost of Sales	7,413,326	8,194,348		18,521,519	21,639,597
Pre-opening	-	297,509		748,323	525,620
General & Administrative	619,888	1,312,890		1,813,950	3,444,298
Depreciation & amortization	463,263	560,600		1,178,273	1,496,384
Operating income (loss)	569,900	(660,287)		404,614	(996,251)
Interest:
Income	749	23,284		4,941	92,630
Expense	(326,070)	(364,319)		(837,368)	(1,009,202)
Other expense, net	(23,520)	-		(23,520)	(50,475)
Net Other Expense	(348,841)	(341,035)		(855,947)	(967,047)
Net income (loss)	221,059	(1,001,322)		(451,333)	(1,963,298)
Less preferred stock dividents declaired	(108,710)	-		(564,526)	-
Net income (loss) available to common shareholders	$112,349	$(1,001,322)		$(1,015,859)	$(1,963,298)
Income (loss) per common share, basic	$0.03	$(0.09)		$(0.24)	$(0.17)
Income (loss) per common share, diluted	$0.02	$(0.09)		$(0.24)	$(0.17)
Weighted average shares outstanding, basic	4,378,774	11,653,538		4,261,048	11,629,651
Weighted average shares outstanding, diluted	9,296,411	11,653,538		4,261,048	11,629,651

BALANCE SHEET DATA September 27, 2005:

Current assets including cash	4,520,855
Total assets	35,363,737
Current liabilities	3,683,103
Total liabilities	23,201,815
Shareholders' equity	12,161,922

CONTACT:
Peter Hausback
Chief Financial Officer
(952) 215-0660