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."