Granite City Food & Brewery Ltd (GCFBD, Financial) filed Quarterly Report for the period ended 2011-09-27.
.
During the first three quarters of 2011 we generated $70,072,350 of revenue compared to $67,729,980 in the first three quarters of 2010. The 3.5% increase in the first three quarters of 2011 revenue was primarily the result of an increase in guest traffic of approximately 3.1% as well as a slight menu price increase at the end of fiscal year 2010. Average weekly revenue per restaurant increased $2,310 from $66,795 in the first three quarters of 2010 to $69,105 in the first three quarters of 2011.
Our labor costs, as a percentage of revenue, decreased 0.3% to 34.0% in the third quarter of 2011 from 34.3% in the third quarter of 2010. Such costs decreased 0.1% as a percentage of revenue to 34.2% in the first three quarters of 2011 from 34.3% in the first three quarters of 2010. While we experienced a slight increase in our employee benefits, our total labor expense decreased as a percent of revenue for the first three quarters of 2011. Non-cash stock-based compensation was $200,726 in the first three quarters of 2011 compared to $198,126 in the first three quarters of 2010.
General and administrative expense increased $397,144 to $1,985,543 in the third quarter of 2011 from $1,588,399 in the third quarter of 2010. Such expenses increased $933,150 to $5,736,591 in the first three quarters of 2011 from $4,803,441 in the first three quarters of 2010. Of this year-to-date increase, $199,690 was non-cash stock-based compensation for employees and non-employee board members. As a percentage of revenue, general and administrative expenses increased 1.6% in the third quarter of 2011 and 1.1% in the first three quarters of 2011 over the respective periods in 2010. The primary sources of such increases were expenses related to employee compensation, consulting and recruiting, office technology and travel.
Depreciation and amortization expense decreased $53,963 to $1,458,486 in the third quarter of 2011 from $1,512,449 in the third quarter of 2010. Such expense increased $56,719 in the first three quarters of 2011 compared to the same period of 2010. As a percentage of revenue, depreciation expense decreased 0.1% to 6.5% in the first three quarters of 2011 from 6.6% in the first three quarters of 2010. We anticipate depreciation expense will increase as we complete enhancements at selected restaurants including increased seating in the bars, enclosure of patios for year-round service, and the addition of private dining rooms to accommodate private parties and reduce wait times in peak periods.
Read the The complete Report
.
Highlight of Business Operations:
We generated $22,945,303 and $22,271,547 of revenue during the third quarters of 2011 and 2010, respectively. The 3.0% increase in the third quarter of 2011 revenue was primarily the result of an increase in guest traffic of approximately 2.2% as well as a slight menu price increase at the end of fiscal year 2010. Average weekly revenue per restaurant increased $1,994 from $65,892 in the third quarter of 2010 to $67,886 in the third quarter of 2011.During the first three quarters of 2011 we generated $70,072,350 of revenue compared to $67,729,980 in the first three quarters of 2010. The 3.5% increase in the first three quarters of 2011 revenue was primarily the result of an increase in guest traffic of approximately 3.1% as well as a slight menu price increase at the end of fiscal year 2010. Average weekly revenue per restaurant increased $2,310 from $66,795 in the first three quarters of 2010 to $69,105 in the first three quarters of 2011.
Our labor costs, as a percentage of revenue, decreased 0.3% to 34.0% in the third quarter of 2011 from 34.3% in the third quarter of 2010. Such costs decreased 0.1% as a percentage of revenue to 34.2% in the first three quarters of 2011 from 34.3% in the first three quarters of 2010. While we experienced a slight increase in our employee benefits, our total labor expense decreased as a percent of revenue for the first three quarters of 2011. Non-cash stock-based compensation was $200,726 in the first three quarters of 2011 compared to $198,126 in the first three quarters of 2010.
General and administrative expense increased $397,144 to $1,985,543 in the third quarter of 2011 from $1,588,399 in the third quarter of 2010. Such expenses increased $933,150 to $5,736,591 in the first three quarters of 2011 from $4,803,441 in the first three quarters of 2010. Of this year-to-date increase, $199,690 was non-cash stock-based compensation for employees and non-employee board members. As a percentage of revenue, general and administrative expenses increased 1.6% in the third quarter of 2011 and 1.1% in the first three quarters of 2011 over the respective periods in 2010. The primary sources of such increases were expenses related to employee compensation, consulting and recruiting, office technology and travel.
Depreciation and amortization expense decreased $53,963 to $1,458,486 in the third quarter of 2011 from $1,512,449 in the third quarter of 2010. Such expense increased $56,719 in the first three quarters of 2011 compared to the same period of 2010. As a percentage of revenue, depreciation expense decreased 0.1% to 6.5% in the first three quarters of 2011 from 6.6% in the first three quarters of 2010. We anticipate depreciation expense will increase as we complete enhancements at selected restaurants including increased seating in the bars, enclosure of patios for year-round service, and the addition of private dining rooms to accommodate private parties and reduce wait times in peak periods.
Read the The complete Report
