Granite City Continues Positive Sales Trends In Fourth Quarter and Fiscal Year 2010
Granite City Food Brewery Ltd. (Nasdaq: GCFB), a Modern American upscale casual restaurant chain, today reported results for the fourth quarter and fiscal year ended December 28, 2010.
Highlights for the fourth quarter 2010 were as follows:
are very proud of what this Company has accomplished over the past year,» said Steve Wagenheim, President and Chief Executive Officer of Granite City. «In 2010 we sought to execute on a plan our executive team and board put into place over the past 18 to 24 months. We felt this year was about proving the result of those plans and putting the Company back on a firm footing. Despite the tough economic environment, we increased sales and guest counts, generated positive cash and secured permanent rent reductions. We believe that the strength of the Granite City concept along with our seasoned team and solid operating systems provide a platform for future success. We would like to thank all the stakeholders in Granite City for working with us over the past two years to allow us the time to execute our plan so that we can grow. Quarter 2010 Financial Results
Total revenue for fourth quarter 2010 increased by 3.6% to $21.6 million compared to $20.8 million for the fourth quarter of 2009. Total cost of sales before occupancy was $16.9 million in the fourth quarter of 2010 or 78.2% of sales compared to prior year fourth quarter cost of sales before occupancy of $16.2 million or 77.8% of sales.
General and administrative expenses were $1.8 million or 8.2% of revenue for the fourth quarter of 2010 compared to $1.7 million or 8.1% of revenue for the fourth quarter of 2009. General and administrative cost, excluding non cash stock compensation, increased $30,000 in the fourth quarter of 2010 compared to the fourth quarter of 2009.
The net loss for the fourth quarter of 2010 was $1.6 million or $(0.22) per share compared to a net loss of $2.6 million or $(0.37) per share in the fourth quarter of 2009.
Fiscal Year 2010 Financial Results
Total revenue for fiscal year 2010 increased by 4.1% to $89.3 million compared to $85.8 million for fiscal year 2009. For all the restaurants, the restaurant level IBO margin was 23.1% in 2010 compared to 22.5% in 2009.
General and administrative expenses were $6.6 million or 7.4% of revenue for 2010, compared to $7.6 million or 8.8% of revenue for 2009. The primary sources of the decrease were lower expenses related to recruiting, consulting, compensation, legal and travel.
The net loss for 2010 was $4.5 million or $(0.61) per share compared to a net loss of $9.6 million or $(2.53) per share in 2009.
Fourth Quarter and Fiscal 2010 Conference Call
The Company will host a conference call to discuss its fourth quarter and fiscal year 2010 financial results on Thursday, February 24, 2011 at 10:00 am Central Time. The call may be accessed by calling 1 888 663 2235 and referencing code 3209091. A replay of the call will be available for 30 days and may be accessed by calling 1 888 203 1112 and entering replay code 3209091.
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.