Granite City Reports 26.4% Increase In Revenue In Second Quarter 2012
Granite City Food & Brewery Ltd. (NASDAQ: GCFB), a casual dining restaurant group, today reported results for the second quarter ended June 26, 2012.
Highlights were as follows:
- Total restaurant sales increased 26.4% to $30.4 million for the second quarter of 2012 from $24.0 million in the second quarter of 2011
- Total restaurant sales increased 25.1% to $59.0 million for the first half of 2012 from $47.1 million in the first half of 2011
- Same store sales (SSS) increased 1.5% and 1.7% in the second quarter and first half of 2012 over the comparable periods of 2011, respectively
- Restaurant-level Income Before Occupancy (“IBO”) increased $1.8 million and $3.7 million in the second quarter and first half of 2012 over the comparable periods of 2011, respectively
- Company recorded approximately $1.9 million and $3.5 million in Adjusted EBITDA in second quarter and first half of 2012, respectively
- Restaurant guest counts at our comparable restaurants increased 1.6% and 2.6% in the second quarter and first half of 2012 over comparable periods in 2011, respectively
“It’s been a busy and exciting first half of the year. We are very pleased with our continued restaurant growth and our related financial performance,” said Robert Doran, Chief Executive Officer of Granite City. “The company continues to smoothly integrate Cadillac Ranch, and in May, we were happy to close on the Cadillac Ranch restaurant in Pittsburgh. That restaurant is performing above expectations at this point in time.
“During the quarter, we also opened our new Granite City Food & Brewery prototype in Troy, Michigan. So far the restaurant has exceeded our expectations and is operating at the highest sales level of any restaurant in the Granite City portfolio. The redesigned bar space has helped drive a higher liquor mix than our average Granite City restaurant and has increased the enthusiasm throughout the building. We look forward additional openings of this prototype in Franklin, TN and Indianapolis, IN.
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