Founders Food & Firkins Ltd., (Nasdaq: GCFBU) today reported the results of operations for the Company’s year ended December 31, 2000.
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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.
Steve Wagenheim, Founders’ president and CEO, stated, “The results of the year affirm the appeal of our restaurant concept and reflect the success that we have to date in managing our St. Cloud restaurant and opening the Sioux Falls location.”
Founder’s first Granite City location, in St. Cloud, Minn., opened in late June 1999 and, to date, continues to report an increase in same store sales when compared to last year. Its second location opened in Sioux Falls on December 18, 2000 and has enjoyed rave reviews from diners and local, regional and national media. In January 2001, the Company reported that it had selected a site for its third Granite City restaurant in Fargo, North Dakota.
Granite City provides fresh, high quality, made-to-order food and handcrafted beers, both made on site. Granite City offers a broad menu of traditional and regional foods served in generous portions at reasonable prices, designed to offer customers an excellent value and pleasant dining experience.
FOUNDERS FOOD & FIRKINS LTD.
BALANCE SHEET
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By GlobalData December 26, December 31,
1999 2000
Assets:
Current assets:
Cash $107,673 $963,541
Short-term investments 674,945
Inventory 36,032 86,089
Prepaids and other 28,215 56,053
Income taxes receivable 5,371 —
Total current assets 177,291 1,780,628
Property and equipment, net 3,276,799 6,494,213
Liquor license and other 25,882 183,559
Deferred offering costs 114,674 —
3,417,355 6,677,772
Total assets $3,594,646 $8,458,400
Liabilities and shareholders’ equity:
Current liabilities:
Accounts payable $269,524 $788,138
Accrued expenses 175,257 386,810
Due to related parties 82,001 6,627
Capital lease obligations, current portion 108,882 129,753
Total current liabilities 635,664 1,311,328
Capital lease obligations, net of current
portion 2,132,826 3,463,641
Shareholders’ equity:
Common stock, $.01 par value, 90,000,000
shares authorized; 1,969,500 shares issued
at December 26, 1999 and 3,807,350 shares
issued at December 31, 2000 19,695 38,074
Additional paid-in capital 1,160,886 4,416,358
Accumulated deficit (354,425) (771,001)
826,156 3,683,431
Total liabilities and shareholders’
equity $3,594,646 $8,458,400
FOUNDERS FOOD & FIRKINS LTD.
STATEMENTS OF OPERATIONS
Year ended
December 26, December 31,
1999 2000
Restaurant revenues $1,984,525 $4,105,357
Restaurant costs:
Food and beverage 580,528 1,214,745
Labor 701,148 1,351,905
Direct and occupancy 443,155 982,098
Depreciation 113,727 240,698
Total restaurant costs 1,838,558 3,789,446
Income from restaurant operations 145,967 315,911
Pre-opening costs 196,703 215,570
General and administrative 140,069 403,978
Operating loss (190,805) (303,637)
Interest:
Income 16,477 83,758
Expense (114,167) (196,697)
Net interest expense (97,690) (112,939)
Loss before taxes (288,495) (416,576)
Income tax expense (27,811) —
Net loss $(316,306) $(416,576)
Loss per common share, basic and diluted $(.16) $(.14)
Weighted average number of common shares,
basic and diluted 1,969,500 2,981,421
Contact: Steven J. Wagenheim, President and Chief Executive Officer of Founders Food & Firkins Ltd., 952-525-2070.
