|
|
|
|
|
|
|
|
|
Annual Revenues Increase 38% over 2001
MINNEAPOLIS, May 13, 2003 - Granite City Food & Brewery Ltd. (Nasdaq: GCFB) today reported the results of operations for the first quarter of 2003.
For the quarter ended March 30, 2003 total revenue was $2,870,160 compared to $3,114,340 for the first quarter of 2002. The Company reported a net loss of ($184,622), or ($0.07) per share for the quarter ended March 30, 2003, compared to a net loss of ($29,699), or ($0.01) per share for the first quarter of 2002.
"Overall, we are pleased with our first quarter results" said Steve Wagenheim, Granite City Food & Brewery's President and CEO. "We anticipated a decrease in revenues since we had no 'honeymoon' period in the first quarter of 2003 as we have the past two years. However, as a percentage of revenue, our income from restaurant operations has remained consistent. In order to prepare for our aggressive new store openings (five openings over the next 12 months), we have been adding personnel at the corporate level which has increased our costs. However, our higher revenue patio season is upon us, and we anticipate we will be able to offset those increased expenses even before we open our first new store this fall," Wagenheim added.
Wagenheim said the construction of the Granite City Food & Brewery® in the West Des Moines, Iowa market is well underway and restaurant sites have been purchased in Cedar Rapids and Davenport, Iowa where construction will begin soon. The company is also finalizing sites in Woodbury and Maple Grove, Minnesota and Lincoln, Nebraska.
Granite City Food & Brewery Ltd. currently operates three Granite City Food & Brewery® casual dining restaurants featuring made-from-scratch food and handcrafted beers. Its broad menu offers traditional and regional foods served in generous portions at reasonable prices, affording guests an excellent value and great dining experience. Its first Granite City location, in St. Cloud, MN, opened in June 1999. The Company's second location opened in Sioux Falls, SD, in December 2000, and the third location opened in November 2001 in Fargo, ND.
Certain statements made in this press release of a non-historical nature constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors include, but are not limited to, changes in economic conditions, changes in consumer preferences or discretionary consumer spending, a significant change in the performance of any existing units, the ability to obtain financing for, and complete construction of, additional restaurants at acceptable costs, our ability to implement and execute Fermentus Interruptus and the risks and uncertainties described in the Company's Form 10-KSB Report for the year ended December 29, 2002 as filed with the Securities and Exchange Commission.
-financial statements follow
GRANITE CITY FOOD & BREWERY LTD. CONDENSED STATEMENTS OF OPERATIONS (unaudited)
| |
Thirteen Weeks Ended |
|
Year Ended |
| |
December 30, 2001 |
December 29, 2002 |
|
December 30, 2001 |
December 29, 2002 |
| Restaurant Revenues |
$2,534,893 |
$2,850,296 |
|
$8,885,036 |
$12,286,749 |
| Restaurant Costs: |
|
|
|
|
|
| Food and beverage |
704,384 |
808,989 |
|
2,586,800 |
3,520,107 |
| Labor |
856,077 |
994,566 |
|
2,948,245 |
4,192,970 |
| Direct and occupancy |
550,516 |
657,079 |
|
1,876,572 |
2,612,019 |
| Total restaurant costs |
2,110,977 |
2,460,634 |
|
7,411,617 |
10,325,096 |
Income from
Restaurant Operations |
423,916 |
389,662 |
|
1,473,419 |
1,961,653 |
| Pre-opening Costs |
209,938 |
- |
|
228,358 |
- |
General and
Administrative |
230,588 |
250,874 |
|
767,473 |
924,652 |
| Depreciation and amortization |
176,204 |
192,478 |
|
528,302 |
766,851 |
| Operating income (loss) |
(192,814) |
(53,690) |
|
(50,714) |
270,150 |
| Interest |
|
|
|
|
|
| Income |
755 |
11,848 |
|
30,600 |
12,335 |
| Expense |
(130,825) |
(126,690) |
|
(401,892) |
(531,056) |
| Other income, net |
(6,014) |
(1) |
|
(6,014) |
32,354 |
| Net other expense |
(136,084) |
(114,843) |
|
(377,306) |
(486,367) |
| Net Loss |
($328,898) |
($168,533) |
|
($428,020) |
($216,217) |
| Loss per common share, basic and diluted |
($0.09) |
($0.06) |
|
($0.11) |
($0.08) |
| Weighted average shares outstanding, basic and diluted |
3,807,350 |
3,825,133 |
|
3,807,350 |
3,815,36 |
BALANCE SHEET DATA DECEMBER 29, 2002:
| Current Assets |
$3,521,842 |
| Total assets |
$13,147,164 |
| Current liabilities |
1,510,165 |
| Total liabilities |
6,649,138 |
| Shareholders' equity |
6,498,026 |
CONTACT:
Steven J. Wagenheim
President and Chief Executive Officer
(952) 525-2070 ir (612) 751-3331
|
|
|
|
|