Tag Archives: Granite City

Granite City Food & Brewery® Reports 33.3% Increase in Revenue in Fourth Quarter 2012

By Business Wirevia The Motley Fool

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Granite City Food & Brewery® Reports 33.3% Increase in Revenue in Fourth Quarter 2012

Cadillac Ranch and New Granite City Location Continue to Spur Sales Growth

MINNEAPOLIS–(BUSINESS WIRE)– Granite City Food & Brewery Ltd. , a casual dining restaurant group, today reported results for the fourth quarter and fiscal year ended December 25, 2012.

Highlights were as follows:

  • Total restaurant sales increased 33.3% to $30.9 million for the fourth quarter of 2012 from $23.2 million in the fourth quarter of 2011
  • Total restaurant sales increased 29.7% to $120.9 million for fiscal year 2012 from $93.2 million in fiscal year 2011
  • Same store sales (SSS) increased 4.5% and 2.6% in the fourth quarter and fiscal year 2012 over the comparable periods of 2011, respectively
  • Restaurant-level Income Before Occupancy (“IBO”) increased $2.6 million and $8.7 million in the fourth quarter and fiscal year 2012 over the comparable periods of 2011, respectively
  • Company recorded approximately $1.6 million and $7.0 million in Adjusted EBITDA in fourth quarter and fiscal year 2012, respectively, compared to $0.03 million and $3.0 million in the comparable periods of 2011

“2012 was an incredible year for the Company and we accomplished a lot in a very short time period,” commented Rob Doran, CEO. “This past year we focused on setting the stage for growth and then executing on the steps we put in place to grow both organically and externally. Organically, we were able to increase our store level revenue and our store level operating margin pushing more store level income to the bottom line. Additionally, we began our rebranding process through signage, menus and most importantly, our new prototype Granite City restaurant in Troy, MI – which has been a huge success and surpassed all our internal pre-opening goals. Externally, we finalized the purchase of four additional Cadillac Ranch restaurants, stabilized the operations and absorbed the growth within our home office team. The completion of a $6.5 million equity placement with CDP mid-year helped fund 2012 growth and set the stage for three additional Granite City restaurants in 2013 – including our recent opening in Franklin, TN. We are very happy with our results of this past year and look forward to continued success …read more
Source: FULL ARTICLE at DailyFinance

Granite City Food & Brewery Ltd. to Release Fourth Quarter 2012 Financial Results on March 18, 2013

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Granite City Food & Brewery Ltd. to Release Fourth Quarter 2012 Financial Results on March 18, 2013

Company to Discuss Financial Results on March 19, 2013

MINNEAPOLIS–(BUSINESS WIRE)– Granite City Food & Brewery Ltd. (Nasdaq: GCFB) today announced that it will report its fourth quarter 2012 earnings after the market closes Monday, March 18, 2013. The Company will host a conference call to discuss its fourth quarter financial results on Tuesday, March 19th at 10:00 a.m. Central Time. The call may be accessed by 1-800-354-6885 and referencing code 21652361. A replay of the call will be available for 30 days and may be accessed by calling 1-800-633-8625 and entering replay code 21652361.

About Granite City

Granite City Food & Brewery Ltd. develops and operates two casual dining concepts: Granite City Food & Brewery and Cadillac Ranch All American Bar & Grill. Granite City Food & Brewery is a polished casual American restaurant that features a great dining experience with affordable, high-quality menu items prepared from made-from-scratch recipes, served in generous portions. There is a brewery onsite, serving hand-crafted and micro brews. Granite City opened its first restaurant in 1999 and is expanding nationwide; there are currently 28 Granite City restaurants in 13 states. Cadillac Ranch restaurants feature freshly prepared, authentic, All-American cuisine in a fun, dynamic environment. Its patrons enjoy a warm, Rock N’ Roll inspired atmosphere, with plenty of room for friends, music and dancing. The Cadillac Ranch menu is diverse with offerings ranging from homemade meatloaf to pasta dishes, all freshly prepared using quality ingredients. The Company purchased its first Cadillac Ranch in November 2011 and has since purchased five additional Cadillac Ranch restaurants along with its intellectual property. The Company currently operates six Cadillac Ranch restaurants in five states. Additional information about Granite City Food & Brewery can be found at www.gcfb.com.

Granite City Food & Brewery Ltd.
James G. Gilbertson, 952-215-0676
Chief Financial Officer

KEYWORDS:   United States  North America  Minnesota

INDUSTRY KEYWORDS:

The article Granite City Food & Brewery Ltd. to Release Fourth Quarter 2012 Financial Results on March 18, 2013 originally appeared on Fool.com.

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Source: FULL ARTICLE at DailyFinance

Mississippi River shipping resumes at Ill. lock

A key stretch of the Mississippi River reopened to shipping Wednesday after hasty repairs were made to a lock damaged by a barge, marking the latest victory for stewards of the drought-plagued waterway they have maneuvered to keep open.

That crisis resolved, the Army Corps of Engineers is turning its attention back to the river’ creep toward record low levels because of the nation’s worst drought in decades. It remains confident the channel will be kept to at least the minimum depth required by barges.

This week’s closure of Lock and Dam 27 near Granite City, Ill., unrelated to the drought, was forced after barge damaged a gate on an auxiliary lock before dawn Tuesday, causing a traffic snarl that swelled before the lock reopened 17 hours later.

By midmorning Wednesday, 85 barges and 15 vessels still were waiting to pass through — slow but steady progress from the 142 barges and 19 vessels that were idled there at the traffic jam’s peak, Coast Guard Lt. Colin Fogarty said.

The speed in reopening that damaged lock was “pretty good,” considering that the Army Corps had suggested the repairs could take days, Fogarty said.

Army Corps spokesman Mike Petersen said that agency expects the river to reach its lowest point in recorded history by late next month as drought continues to grip much of the nation. The extended National Weather Service forecast calls for the river to dip to minus-6.1 feet at St. Louis on Feb. 18, the latest date on its outlook. It could sink lower after that. The current record is minus-6.2 feet, set on Jan. 16, 1940.

Crediting months of efforts by the corps, Coast Guard and other river interests, Petersen said he expects the river to stay open even then because a 9-foot-deep channel — the minimum for barge traffic — can be maintained even at minus-7 feet on the river gauge.

The zero mark on the gauge was an arbitrary figure established in the 19th century, reflecting a level that experts then believed the Mississippi would never dip below.

The Coast Guard makes the final decision on whether to close stretches of the river, and Fogarty said it’s possible that weight or size restrictions on barges may be tightened.

While reducing cargo weight helps barges ride higher, shipping costs increase because more barges are required to move the same amount of cargo and tow boats go through more fuel because more trips become necessary.

“The Coast Guard will do everything it can to keep this open,” Fogarty said. “Right now as the river stands, we are head and shoulders above where we were just a month ago as far as being prepared for low water levels.”

The biggest improvement in the middle Mississippi was near Thebes, Ill., where contractors used dredging barges and explosives in recent weeks to clear rock pinnacles, months ahead of schedule. But the corps has been dredging since summer in a roughly 200-mile stretch from St. Louis to Cairo, Ill., to help clear the channel.

“You look at all the dredging work, the rock removal — we’ve been able to get the channel down to where we could break a low-water record and still keep the river open,” Petersen said. “You can’t stop a drought by engineering around it, but you can definitely give yourself a reliable, resilient channel.”

That work is helping now and will pay dividends in years to come if, as expected, the drought persists, he said.

“We might see low river levels next year,” Petersen said. “Long-range forecasts have us looking at another dry winter.”

Source: FULL ARTICLE at Fox US News