USA: Founders Food & Firkins Ltd. reports 2000 results; highlights include increased revenues and same store sales
Founders Food & Firkins Ltd., (Nasdaq: GCFBU) today reported the results of operations for the Company's year ended December 31, 2000. Revenues for the period totaled $4,105,357, compared with $1,984,525 for the same period one year ago. The increase was due primarily to two factors: twelve full months of operations for the Company's St. Cloud, Minn. Granite City Food & Brewery restaurant and microbrewery, versus six months of operations in 1999, and nearly 20% higher same-store sales for the St. Cloud location in the 14-week fourth quarter of 2000, compared to the 13-week fourth quarter of 1999. This increase in revenues was offset by higher than anticipated pre-opening costs in the fourth quarter of 2000, due to an earlier than planned opening for the Company's Sioux Falls, S.D. restaurant, and general and administrative costs incurred to open and oversee an additional restaurant location. For the year, the Company reported a net loss of $(416,576), or $(0.14) per share, compared to $(316,306), or $(0.16) per share, for the same period in 1999.
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