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 27, 2011.
Highlights were as follows:
- Total restaurant sales increased 7.2% to $23.2 million for the fourth quarter of 2011 from $21.6 million in the fourth quarter of 2010
- Total restaurant sales increased 4.4% to $93.2 million for fiscal year 2011 from $89.3 million in fiscal year 2010
- Granite City restaurant guest counts increased 4.9% quarter over quarter
- Restaurant-level Income Before Occupancy (“IBO”) of $5.0 million for the fourth quarter of 2011 increased $303,000 over the fourth quarter of 2010
- Restaurant-level IBO at $21.6 million in fiscal year 2011 increased $947,000 over fiscal year 2010
"We have had a very exciting year at Granite City and we are pleased with the progress we have made on a number of company and operational initiatives,” said Robert Doran, Chief Executive Officer of Granite City. “In the short time since the CDP transaction in May 2011, we have remodeled 4 stores, begun the construction of our new Troy, Michigan location, signed the lease for a new Granite City restaurant in Franklin, Tennessee for a mid 2012 opening, purchased 5 Cadillac Ranch restaurants with a sixth one pending, and recapitalized our balance sheet through increased debt capacity with Fifth Third Bank. Operationally, we introduced a new Granite City logo, initiated the launch of improved technology into our stores with new kitchen management systems and table management systems to ensure our goal of providing food hotter and fresher food to our customers, and rolled out a new dinner and lunch menu. With all this activity we never lost focus of our customers and were able to increase our guest counts and our same store sales above industry averages. We are excited about 2012 and look forward to seeing the results of all this hard work in your Company’s future.”