As Expansion Continues Annual Revenues Increase 117% at Granite City Food & Brewery.MINNEAPOLIS Minneapolis (mĭn'ēăp`əlĭs), city (1990 pop. 368,383), seat of Hennepin co., E Minn., at the head of navigation on the Mississippi River, at St. Anthony Falls; inc. 1856. -- Granite City Granite City, city (1990 pop. 32,862), Madison co., SW Ill., an industrial suburb of East St. Louis, on the Mississippi; inc. 1896. It has port and rail connections. Food & Brewery A brewery can be a building or place that produces beer, or a business (brewing company) whose trade is the production and sale of beer. Breweries can take up multiple city blocks, or be a collection of equipment in a homebrewer's kitchen. Ltd. (Nasdaq:GCFB) today reported the results of operations for the fourth quarter and fiscal year ended December December: see month. 28, 2004. Revenues for fiscal year 2004 increased to approximately $30.8 million or 117% over fiscal year 2003 while net loss decreased approximately 40%, due primarily to the impact of our five prototype stores which opened between September September: see month. 2003 and June June: see month. 2004. For fiscal year 2004, total revenue was $30,755,536 compared to $14,153,005 in fiscal year 2003. The Company reported a net loss of ($725,181), or ($0.25) per share for the year ended December 28, 2004 compared to a net loss of ($1,502,584), or ($0.56) per share in fiscal year 2003. In fiscal year 2004, pre-opening costs alone were $728,023. "We are very pleased with our 2004 performance, from revenue to operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. to cash flows," said Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Wagenheim, Granite City Food & Brewery's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our income from restaurant operations, before pre-opening, corporate overhead, depreciation and amortization, was 18% of revenue for the year. This shows that our store level economics are strong, particularly at the new prototype stores that are using the Fermentus Interruptus process. We believe the results of adding new units into our system will be greater economies of scale for our corporate overhead expenses and continued increase in shareholder value. With construction underway in Wichita Wichita, indigenous people of North America Wichita (wĭch`ĭtô), Native North Americans whose language belongs to the Caddoan branch of the Hokan-Siouan linguistic stock (see Native American languages). , we are feeling very confident going forward with our aggressive expansion schedule of 18 restaurants in three years." Wagenheim said the company's developer is negotiating to purchase sites for Granite City Food & Brewery in Kansas Kansas, state, United States Kansas (kăn`zəs), midwestern state occupying the center of the coterminous United States. It is bordered by Missouri (E), Oklahoma (S), Colorado (W), and Nebraska (N). , Minnesota Minnesota, state, United States Minnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces , Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. , Nebraska and
Wisconsin Wisconsin, state, United StatesWisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee . For the quarter ended December 28, 2004, total revenue was $8,088,857 compared to $4,724,866 for the fourth quarter of 2003. The Company reported a net loss of ($273,848), or ($0.04) per share for the quarter ended December 28, 2004, compared to a net loss of ($665,363), or ($0.23) per share for the fourth quarter of 2003. Granite City Food & Brewery Ltd. currently operates eight Granite City Food & Brewery casual dining restaurants featuring made-from-scratch food and handcrafted hand·craft n. Variant of handicraft. tr.v. hand·craft·ed, hand·craft·ing, hand·crafts To fashion or make by hand. hand·craft 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. Subsequently, the Company opened restaurants in Sioux Falls Sioux Falls, city (1990 pop. 100,814), seat of Minnehaha co., SE S.Dak., on the Big Sioux River; settled 1856, inc. as a village 1877, as a city 1883. Settlers abandoned the site in 1862 because of Native American raids, but with the establishment (1865) of Fort , SD, Fargo, ND, West Des Moines West Des Moines (də moin`), city (1990 pop. 31,702), Polk co., S central Iowa, a growing suburb W of Des Moines; inc. 1893 as Valley Junction, renamed 1938. Products manufactured there include cement, metal items, and pumps. , IA, Cedar Rapids Cedar Rapids, city (1990 pop. 108,751), seat of Linn co., E central Iowa, on the Cedar River; inc. as a city 1856. The second largest city in Iowa, it is named for the surging rapids in the river. , IA, Davenport Davenport, city (1990 pop. 95,333), seat of Scott co., E central Iowa, on the Mississippi River; inc. 1836. Bridges connect it with the Illinois cities of Rock Island and Moline; the three communities and neighboring Bettendorf, Iowa, are known as the Quad Cities. , IA, Lincoln Lincoln, city and district, England Lincoln, city (1991 pop. 79,980) and district, Lincolnshire, E England, in the Parts of Kesteven, on the Witham River. , NE and Minneapolis, MN. 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. , 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 28, 2004 as filed with the Securities and Exchange Commission.
GRANITE CITY FOOD & BREWERY LTD.
CONDENSED STATEMENTS OF OPERATIONS
Thirteen Weeks Ended
---------------------------
December 28, December 28,
2003 2004
------------ ------------
Restaurant revenues $4,724,866 $8,088,857
------------ ------------
Cost of sales:
Food, beverage and retail 1,464,631 2,515,609
Labor 1,649,881 2,806,552
Direct and occupancy 910,540 1,396,447
------------ ------------
Total cost of sales 4,025,052 6,718,608
Pre-opening 288,684 (20,300)
General and administrative 683,025 797,035
Depreciation and amortization 221,492 472,684
------------ ------------
Operating income (loss) (493,387) 120,830
------------ ------------
Interest:
Income 9,320 24,362
Expense (181,296) (350,055)
Other income, net (68,985)
------------ ------------
Net other expense (171,976) (394,678)
------------ ------------
Net loss $(665,363) $(273,848)
Less preferred stock dividends
declared (278,813) (41,068)
------------ ------------
Net loss available to common
shareholders $(944,176) $(314,916)
============ ============
Loss per common share, basic and
diluted $(0.23) $(0.04)
============ ============
Weighted average shares outstanding,
basic and diluted 4,030,123 8,739,558
============ ============
Pro forma
Operating income (loss) $(493,387) $120,830
Add back:
Pre-opening 288,684 (20,300)
General and administrative 683,025 797,035
Depreciation and amortization 221,492 472,684
------------ ------------
Income from restaurant operations
before pre-opening, corporate
overhead, depreciation and
amortization $699,814 15% $1,370,249 17%
============ ============
Year Ended
---------------------------
December 28, December 28,
2003 2004
------------ ------------
Restaurant revenues $14,153,005 $30,755,536
------------ ------------
Cost of sales:
Food, beverage and retail 4,287,120 9,544,941
Labor 4,970,829 10,472,646
Direct and occupancy 2,692,295 5,222,540
------------ ------------
Total cost of sales 11,950,244 25,240,127
Pre-opening 559,413 728,023
General and administrative 1,839,281 2,610,985
Depreciation and amortization 817,963 1,650,957
------------ ------------
Operating income (loss) (1,013,896) 525,444
------------ ------------
Interest:
Income 71,468 29,302
Expense (560,156) (1,187,422)
Other income, net - (92,505)
------------ ------------
Net other expense (488,688) (1,250,625)
------------ ------------
Net loss $(1,502,584) $(725,181)
Less preferred stock dividends
declared (712,854) (605,594)
------------ ------------
Net loss available to common
shareholders $(2,215,438) $(1,330,775)
============ ============
Loss per common share,basic and
diluted $(0.56) $(0.25)
============ ============
Weighted average shares outstanding,
basic and diluted 3,923,560 5,400,490
============ ============
Pro forma
Operating income (loss) $(1,013,896) $525,444
Add back:
Pre-opening 559,413 728,023
General and administrative 1,839,281 2,610,985
Depreciation and amortization 817,963 1,650,957
------------ ------------
Income from restaurant operations
before pre-opening, corporate
overhead, depreciation and
amortization $2,202,761 16% $5,515,409 18%
============ ============
Balance Sheet Data December 28, 2004:
Current assets $9,823,579
Total assets 32,168,957
Current liabilities 3,606,866
Total liabilities 18,286,612
Shareholders' equity 13,882,345
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