Granite City Food & Brewery Ltd. (NASDAQ: GCFB), a casual dining restaurant group, today reported results for the third quarter ended September 25, 2012.
Highlights were as follows:
- Total restaurant sales increased 35.7% to $31.1 million for the third quarter of 2012 from $22.9 million in the third quarter of 2011
- Total restaurant sales increased 28.5% to $90.1 million for the first three quarters of 2012 from $70.1 million in the first three quarters of 2011
- Same store sales (SSS) increased 2.5% and 1.9% in the third quarter and first three quarters of 2012 over the comparable periods of 2011, respectively
- Restaurant-level Income Before Occupancy (“IBO”) increased $2.4 million and $6.0 million in the third quarter and first three quarters of 2012 over the comparable periods of 2011, respectively
- Company recorded approximately $1.8 million and $5.4 million in Adjusted EBITDA in third quarter and first three quarters of 2012, respectively, compared to $0.7 million and $3.0 million in the comparable periods of 2011
“The Company recorded another very strong quarter of operating performance,” said Robert Doran, Chief Executive Officer of Granite City. “I am proud of our team for staying focused during an extremely busy time period. In the midst of the recent opening of our Granite City restaurant in Troy, MI, the purchase of the Pittsburgh Cadillac Ranch location, the construction of our upcoming Granite City in Franklin, TN and the signing of leases for new Granite City restaurants in Indianapolis, IN and Cleveland, OH, our team has continued to deliver strong operating margins at our current restaurants. Our team realizes that strong operating performance further enhances our ability to grow at a faster rate and helps us realize our vision of making Granite City Food & Brewery a national restaurant company. It has been a great quarter and we are looking forward to finishing the year strong.”