Granite City Food & Brewery Ltd. Reports Consolidated Earnings Results for the First Quarter Ended March 27, 2012; Provides Earnings Guidance for the Year 2012
May 08, 2012 at 05:00 pm EDT
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Granite City Food & Brewery Ltd. reported consolidated earnings results for the first quarter ended March 27, 2012. For the quarter, the company reported operating income of $30,037 and net loss of $1,211,311 or $0.30 per basic share on restaurant revenue of $28,570,000 compared to operating income of $951,395 and net loss of $87,421 or $0.01 per basic share on restaurant revenue of $23,093,632 a year ago. Adjusted EBITDA was $1,595,901.
The company provided earnings guidance for the year 2012. For the year, the company said that excluding the pending Cadillac Ranch acquisition in Pittsburgh, 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. The range of guidance above is due to variance that could occur in the timing of completion of the anticipated 2012 Granite City restaurant openings and additional restaurant enhancements.
Granite City Food & Brewery Ltd. is a casual dining restaurant company. The Company's signature dishes include Grilled Chicken and Asparagus Linguini, Barramundi Buerre Blanc and a host of other menu items, as well as burgers, flatbreads, salads and steaks. Its main menu includes starters, slider towers, homemade soups, side salads, hand-crafted burgers, signature sandwiches, entrees, steaks and entree salads. The Company also offers various brews, which are made on-site, including The Duke (Pale Ale), The Bennie (Bock), The Northern (American Lager), Zug Zwang (Vanilla Porter), Granite City Seltzer. Its seasonal brews include Hustle and Ukulele. It also provides catering and conducts private events. The Company operates approximately 30 restaurants in 13 states.
Granite City Food & Brewery Ltd. Reports Consolidated Earnings Results for the First Quarter Ended March 27, 2012; Provides Earnings Guidance for the Year 2012