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Minneapolis, MN, May 15, 2006 – Granite City Food & Brewery Ltd. (Nasdaq: GCFB) today announced that it will discuss first quarter 2006 financial results via a conference call on today at 2:00 pm CT. Listeners may access the call by dialing 1-877-704-5378. The call will be available for replay for 30 days by dialing 1-888-203-1112 and entering replay code 3224869.
Financial Guidance
During today's call the company will release financial guidance for the fiscal year 2006. During fiscal year 2006, the Company anticipates revenue of between $55 million and $58 million and anticipates a net loss per share of ($0.40) to ($0.49) based on diluted shares of 13,226,526. This range includes the estimated impact of adopting SFAS No. 123R which is estimated to be $0.05 to $0.07 per diluted share in 2006. The Company intends to open seven additional restaurants in 2006, of which two have already opened.
About Granite City Food & Brewery
Granite City Food & Brewery Ltd. currently operates 13 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 opened in St. Cloud, MN in June 1999. Subsequently, the company opened restaurants in Sioux Falls, SD, Fargo, ND, Des Moines, Cedar Rapids and Davenport, IA, Lincoln, NE, Maple Grove and Eagan, MN, Wichita, Kansas City and Olathe, KS, and Kansas City, MO.
Forward-Looking Statements
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. In particular we have provided financial guidance for our expected fiscal 2006 of revenues and net loss per share. 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 restaurants, 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 our Annual Report on Form 10-KSB for the fiscal year ended December 27, 2005, filed with the Securities and Exchange Commission on March 27, 2006.
CONTACT:
Daniel H. Bauer
Chief Financial Officer
(952) 215-0660
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