Granite City Food & Brewery Ltd. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 27, 2011; Provides Earnings Guidance for the Year 2012
March 13, 2012 at 04:54 pm EDT
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Granite City Food & Brewery Ltd. reported consolidated earnings results for the fourth quarter and full year ended December 27, 2011. For the quarter, the company reported restaurant revenue of $23,150,305 compared to $21,600,407 a year ago. Operating loss was $1,952,892 compared to $626,558 a year ago. Net loss available to common shareholders was $3,188,085 or $0.68 basic per share compared to $1,595,507 or $0.22 basic per share a year ago. On non GAAP basis, LBITDA was $280,060 compared to EBITDA of $983,685 a year ago. Operating loss was $1,952,892 compared to $626,558 a year ago. Net loss was $2,985,585 compared to $1,595,507 a year ago. Net loss is inclusive of approximately $1.3 million of pre-opening costs and one-time costs related to the Cadillac Ranch acquisition and the CDP transaction.
For the full year, the company reported restaurant revenue of $93,222,655 compared to $89,330,387 a year ago. Operating loss was $746,975 compared to $975,306 a year ago. Net loss available to common shareholders was $11,581,289 or $2.05 basic per share compared to $4,524,762 or $0.61 basic per share a year ago. On non GAAP basis, restaurant revenue was $23,150,305 compared to $21,600,407 a year ago. EBITDA was $5,260,586 compared to $5,681,154 a year ago. Operating loss was $746,975 compared to $975,306 a year ago. Net loss was $4,599,531 compared to $4,524,762 a year ago. Net loss is inclusive of approximately $1.3 million of pre-opening costs and one-time costs related to the Cadillac Ranch acquisition and the CDP transaction.
For the year 2012, the company expects net sales to be between $115 million and $125 million. Adjusted EBITDA is expected to be between $7 million and $8 million.
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 Fourth Quarter and Full Year Ended December 27, 2011; Provides Earnings Guidance for the Year 2012