Granite City Reports 26.4% Increase In Revenue In Second Quarter 2012
First Half 2012 Financial Results
Total revenue for the first half of 2012 increased by 25.1% to $59.0 million compared to $47.1 million for the first half of 2011. The acquired Cadillac Ranch restaurants accounted for approximately $10.0 million of the $11.9 million increase in sales. Total cost of sales before occupancy was $44.0 million in the first half of 2012 or 74.6% of revenue compared to cost of sales before occupancy in the first half of 2011 of $35.8 million or 76.0% of revenue.
General and administrative expenses were $4.9 million or 8.3% of revenue for the first half of 2012 compared to $3.8 million or 8.0% of revenue for the first half of 2011.
The net loss for the first half of 2012 was $2.2 million compared to a net loss of $0.5 million in the first half of 2011. Additional depreciation due to the purchase of Cadillac Ranch assets, expenses related to pre-opening costs, and costs related to the Cadillac Ranch asset acquisitions totaled approximately $1.2 million, thus affecting our net income in the first half of 2012. Net loss per share available to common shareholders was $(0.55) and $(1.07) for the first half of 2012 and 2011, respectively. Net loss per share available to common shareholders in the first half of 2012 included $(0.08) attributable to a declared dividend. There was a weighted average of 4.8 million and 6.6 million shares of common stock outstanding in the first half of 2012 and 2011, respectively.Outlook Guidance for fiscal year 2012 is as follows:
- Net sales are anticipated to be between $115 million and $125 million.
- Adjusted EBITDA is expected to be between $7 million and $8 million. As the reconciliation table below indicates, we derive EBITDA by adding back the following items to operating loss: net interest expense, non cash compensation, disposal and exit activities and any related gain or (loss), depreciation and amortization, pre-opening costs and any provision for income taxes. Due to the company having many capital leases, we further reduce EBITDA for the difference between the fixed rent recorded and the actual amount paid for rent expense to generate Adjusted EBITDA.
- The range of guidance above is due to variance that could occur in the timing of completion of the anticipated Franklin Granite City restaurant opening and additional restaurant enhancements.
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