This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Granite City Reports Increase In Revenue In Third Quarter 2011

Third Quarter 2011 Financial Results

Total revenue for third quarter 2011 increased by 3.0% to $22.9 million compared to $22.3 million for the third quarter of 2010. Total cost of sales before occupancy was $17.6 million in the third quarter of 2011 or 76.9% of sales compared to prior year third quarter cost of sales before occupancy of $17.3 million or 77.7% of sales.

General and administrative expenses were $2.0 million or 8.7% of revenue for the third quarter of 2011 compared to $1.6 million or 7.1% of revenue for the third quarter of 2010. General and administrative costs included non-cash stock compensation of $143,000 in the third quarter of 2011 compared to $67,000 in the third quarter of 2010. With the addition of several key members of management in connection with our May 2011 transaction, we expect general and administrative expenses to run at a higher rate in future months. We believe that the benefit of restaurant upgrades and future restaurant unit growth will offset these expenses in the long term. We will monitor these expenses closely and will make adjustments as needed.

The net loss for the third quarter of 2011 was $1.0 million compared to a net loss of $1.5 million in the third quarter of 2010. Net loss per share available to common shareholders was $(0.26) and $(0.20) respectively. Net loss per share available to common shareholders in the third quarter of 2011 included $(0.04) attributable to dividend declared. There was a weighted average of 4.7 million and 7.4 million shares of common stock outstanding in the third quarters 2011 and 2010, respectively.

Year-to-Date 2011 Financial Results

Total revenue for the first three quarters of 2011 increased by 3.5% to $70.1 million compared to $67.7 million for the first three quarters of 2010. Total cost of sales before occupancy was $53.4 million in the first three quarters of 2011 or 76.3% of sales compared to prior year first three quarters cost of sales before occupancy of $51.8 million or 76.5% of sales.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs