Granite City Food & Brewery Ltd. (OTCQB: GCFB), a casual dining restaurant group, today reported results for the second quarter ended July 2, 2013.
Highlights were as follows:
- Total restaurant sales increased 11.8% to $34.0 million for the second quarter of 2013 from $30.4 million in the second quarter of 2012
- Total restaurant sales increased 16.9% to $68.9 million for the first half of 2013 from $59.0 million in the first half of 2012
- Same store sales increased 2.1% in the second quarter of 2013 over the second quarter of 2012
- Same store sales increased 2.5% in the first half of 2013 over the first half of 2012
- Company recorded approximately $2.3 million in Adjusted EBITDA in the second quarter of 2013 compared to $1.9 million in the second quarter of 2012
- Company recorded approximately $4.5 million in Adjusted EBITDA in the first half of 2013 compared to $3.5 million in the first half of 2012
“We incorporated a variety changes to our menu during the second quarter which caused some increases in our labor and food costs as the staff adjusted to the enhanced menu,” commented Rob Doran, CEO. That said, we performed strongly as a company, our Troy and Franklin prototypes continued to perform very well, and we increased our EBITDA on a quarter over quarter basis. During the quarter we also completed the construction of our downtown Indianapolis restaurant that recently opened in July 2013. We feel the team is well positioned and we look forward to future restaurant openings including the upcoming new restaurant in Lyndhurst, Ohio later this fall.”
Second Quarter 2013 Financial ResultsTotal revenue for second quarter 2013 increased by 11.8% to $34.0 million compared to $30.4 million for the second quarter of 2012. This increase was the result of three additional locations in operation in the second quarter of 2013 compared to that of 2012. Comparable restaurant revenue, which includes restaurants which we have operated for over 18 months, increased 2.1%. Total cost of sales before occupancy was $25.5 million in the second quarter of 2013 or 75.1% of revenue compared to prior year second quarter cost of sales before occupancy of $22.7 million or 74.8% of revenue.
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