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:
- Total restaurant sales increased 3.6% to $21.6 million from $20.8 million in the fourth quarter of 2009
- Guest counts increased 4.0% compared to the fourth quarter of 2009
- EBITDA at $1.0 million for the fourth quarter 2010, an increase of $205,000 compared to fourth quarter 2009
Highlights for fiscal year 2010 were as follows:
- Total restaurant sales increased 4.1% to $89.3 million from $85.8 million in 2009
- Guest counts increased 5.1% compared to 2009
- Company-wide EBITDA at $5.7 million in 2010 represented an increase of $1.1 million over 2009
- Restaurant-level IBO at $20.6 million in 2010 represented an increase of $1.3 million over 2009
- G&A decreased $1.0 million from $7.6 million in 2009 to $6.6 million in 2010
- Permanent rent reductions secured for future years
"We 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."