USA: Granite City Food & Brewery reported 1st Quarter 2005 results: revenues increase 28%
Minneapolis: Granite City Food & Brewery Ltd. reported on May 9 the results of operations for the first quarter ended March 29, 2005. For the quarter ended March 29, 2005, total revenue was $7,870,335 compared to $6,139,367 for the first quarter of 2004. The Company reported a net loss of ($382,654), or ($0.03) per share for the quarter ended March 29, 2005, compared to a net loss of ($303,127), or ($0.16) per share for the first quarter of 2004.
"As our newer operations reach their first anniversary, we look forward to seeing their positive impact on our overall performance," said Steve Wagenheim, Granite City Food & Brewery's President and CEO. "We are very excited about this time of year as we add about 60 seats per restaurant with the opening of our patios." While we anticipate additional increases in corporate overhead costs as we continue building a solid infrastructure to maintain our growth, we believe the addition of new units will result in greater economies of scale for these costs and increase shareholder value. With a July opening planned in Wichita, we are feeling very confident going forward with our aggressive expansion schedule of 18 restaurants in three years. Our developer has obtained additional sites for us in Kansas City, Missouri and Kansas City, Kansas." Wagenheim said the company's developer is also negotiating to purchase sites for Granite City Food & Brewery in Minnesota, Nebraska and Wisconsin.
Granite City Food & Brewery Ltd. currently operates eight 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. Subsequently, the Company opened restaurants in Sioux Falls, SD, Fargo, ND, West Des Moines, IA, Cedar Rapids, IA, Davenport, IA, Lincoln, 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 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 28, 2004 as filed with the Securities and Exchange Commission.
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