Granite City Food & Brewery Ltd. (Nasdaq: GCFB), a Modern American upscale casual restaurant chain, today reported results for the first quarter ended March 29, 2011.
Highlights for the first quarter 2011 were as follows:
- Total restaurant sales increased 3.8% to $23.1 million from $22.2 million in the first quarter of 2010
- Guest counts increased 2.9% compared to the first quarter of 2010
- Company-wide EBITDA at $2.2 million for the first quarter 2011 represented an increase of $700,000 compared to first quarter 2010
- Restaurant-level IBO at $5.5 million in the first quarter of 2011 represented an increase of $278,000 over the first quarter of 2010
- Net loss decrease $804,000 in the first quarter of 2011 over the first quarter of 2010
- Net Income of $94,000, excluding non-cash compensation, in first quarter 2011
"As we move closer to our CDP closing, which remains subject to shareholder approval and other closing conditions, we are very pleased to see our business grow stronger,” said Steve Wagenheim, President and Chief Executive Officer of Granite City. “We have spent a great deal of time working to strengthen the value of the Granite City concept to help bring customers back into our stores. Not only have we succeeded on that front, but we have done so while building a very efficient operation. We are now beginning to see what the added revenue can mean for our overall operations and cash flow. The organization has a great deal of momentum and we hope that our bottle beer line along with the ability to buy a Granite City beer in various other venues will enhance the brand and momentum even further. We look forward to putting Granite City back on a steady growth path."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV