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Granite City Continues Its Positive Operating Performance Through Second Quarter 2010

Granite City Food & Brewery Ltd. (Nasdaq: GCFB), a Modern American upscale casual restaurant chain, today reported results for the second quarter ended June 29, 2010.

Highlights for the second quarter 2010 were as follows:
  • Total restaurant sales increased 5.1% to $23.2 million from $22.1 million a year-ago. Comparable restaurant sales for the second quarter increased 5.3% to $22.2 million from $21.1 million a year-ago.
  • Guest counts at comparable restaurants increased 4.6% compared to a year-ago.
  • General and administrative expenses decreased $0.8 million in second quarter 2010 to $1.7 million compared to second quarter 2009
  • Restaurant-level income before occupancy (“IBO”) margin improved to 24.6% in the second quarter of 2010 from 23.5% in prior year second quarter
  • Company-wide EBITDA increased $0.6 million to $1.8 million in second quarter 2010 compared to $1.2 million in the second quarter 2009
  • Company generated positive cash flow from operations of $1.6 million

Second Quarter 2010 Financial Results

"We are very pleased to see our guest counts and same-store sales continue to grow throughout the second quarter,” said Steve Wagenheim, President and Chief Executive Officer of Granite City. “We could feel the momentum building with our customers during the first quarter, and we can see by the second quarter results that we have been operating at a level that satisfies our customer’s expectations and drives home sales and cash flow. We continue to remain cautiously optimistic that this momentum will continue throughout 2010 which will allow us to improve our cash position and overall operating results."

Total revenue for the second quarter 2010 increased by 5.1% to $23.2 million compared to $22.1 million for the second quarter of 2009. Total cost of sales before occupancy was $17.5 million in the second quarter or 75.4% of sales compared to prior year second quarter cost of sales before occupancy of $16.9 million or 76.5% of sales. The primary source of this percentage improvement was a decrease in labor costs as a percentage of revenue of 0.9 percentage points and a decrease in store operating expenses as a percentage of revenue of 0.5 percentage points, partially offset by a slight increase in commodity food costs. For all the restaurants, the restaurant-level IBO margin was 24.6% for the second quarter of 2010 compared to 23.5% in the second quarter of 2009.

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