Granite City Food & Brewery Ltd. announces that it will open a new Granite City Food & Brewery in Louisville, Kentucky. The company recently signed an agreement to purchase approximately 2.5 acres of land in Louisville, Kentucky along S. Hurstbourne Parkway in the development known as "The Vinings". The new restaurant, the 31(st) planned restaurant in the Granite City chain, features a contemporary upscale design that was recently developed by the company and opened in Troy, Michigan and Franklin, Tennessee to outstanding reviews. Located one-half mile from the University of Louisville's ShelbyHurst Campus, the site is a prime business and retail hub for suburban Louisville. The site is just east of two regional malls -- Mall St. Matthew's and Oxmoor Mall. The Hurstbourne corridor is also home to several large office parks with a total of over 4.6 million square feet of office space. With a population of nearly 200,000 located with a five mile radius, Hurstbourne is a prime location for restaurants and is a true destination for lunch and dinner. Slated to open in the Spring of 2014 the location's interior will feature a wrap-around bar which flows into an atrium, an exposed kitchen, and a central wood-fired pizza oven. The restaurant will feature more than 90 made-from-scratch menu items in addition to its own handcrafted beer. The company has also entered into a sale-leaseback agreement to sell the restaurant building and land to Store Capital upon completion of the building.

Granite City Food & Brewery Ltd. reported consolidated earnings results for the first quarter ended April 2, 2013. For the quarter, the company's total revenue increased by 22.4% to $35.0 million compared to $28.6 million for the first quarter of 2012. This increase was the result of the additional week in the first quarter of 2013 as well as having three additional locations in operation in the first quarter of 2013 compared to that of 2012. The net loss for the quarter was $0.4 million compared to a net loss of $1.2 million in the first quarter of 2012. Net loss per share available to common shareholders was $0.08 and $0.30 for the first quarters of 2013 and 2012, respectively. Operating income was $0.75 million compared with $0.03 million a year ago. EBITDA was $2.8 million compared with $1.8 million a year ago. Adjusted EBITDA was $2.2 million compared with $1.6 million a year ago. For the fiscal year 2013, the company's net sales are anticipated to be between $130 million and $140 million. Adjusted EBITDA is expected to be between $8.5 million and $9.5 million.

Granite City Food & Brewery Ltd., Q1 2013 Earnings Call, May 14, 2013