Founders Food & Firkins Ltd. (Nasdaq: GCFBU) today reported the results of operations for the first quarter of 2001.
Revenues for the thirteen-week period ended April 1, 2001 totaled $2,053,339, an increase of 130% when compared to the $893,245 recorded for the thirteen weeks ended March 26, 2000. The increase in revenues was due principally to the addition of another operating unit in Sioux Falls, S.D., which opened December 18, 2000. For the quarter, the Company reported a net loss of ($48,649), or $(0.01) per share, compared to a net loss of $(49,271), or $(0.03) per share, one year ago.
Steven J. Wagenheim, President and Chief Executive Officer of the Company, stated, “We are extremely pleased with our results. Revenues were strong and our loss was narrower than anticipated. We benefited from a very strong opening in Sioux Falls, due in part to our experiencing the ‘honeymoon effect.’ We anticipate continued high revenues as we move into the summer of 2001. Our new Sioux Falls location has a beer garden area on its patio, which we believe is a unique feature in the market and should serve to bolster our revenues throughout the summer.”
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.
Founder’s Food and Firkins, Inc. owns and operates two Granite City Food and Brewery casual dining restaurants featuring on-premise breweries. 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, N.D.
FOUNDERS FOOD & FIRKINS LTD.
CONDENSED BALANCE SHEETS
(Unaudited)
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By GlobalData March 26, April 1,
2000 2001
Assets:
Current assets:
Cash $37,733 $1,084,450
Inventory 32,345 74,238
Prepaids and other 25,064 87,731
Income taxes receivable 5,371 —
Total current assets 100,513 1,246,419
Property and equipment, net 3,240,421 6,466,556
Liquor license and other 178,329 183,321
Deferred offering costs 155,674 —
Total assets $3,674,937 $7,896,296
Liabilities and shareholders’ equity:
Current liabilities:
Accounts payable $300,479 $354,118
Accrued expenses 152,620 342,930
Due to related parties 231,713 3,627
Capital lease obligations, current portion 109,717 132,819
Total current liabilities 794,529 833,494
Capital lease obligations, net of current
portion 2,103,523 3,428,020
Shareholders’ equity:
Common stock, $.01 par value,
90,000,000 shares authorized;
1,969,500 shares issued at March 26,
2000 and 3,807,350 shares issued at
April 1, 2001 19,695 38,074
Additional paid-in capital 1,160,886 4,416,358
Accumulated deficit (403,696) (819,650)
776,885 3,634,782
Total liabilities and shareholders’
equity $3,674,937 $7,896,296
FOUNDERS FOOD & FIRKINS LTD.
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Thirteen weeks ended
March 26, April 1,
2000 2001
Restaurant revenues $893,245 $2,053,339
Restaurant costs:
Food and beverage 265,316 628,342
Labor 285,856 680,538
Direct and occupancy 201,129 452,110
Depreciation 59,558 114,363
Total restaurant costs 811,859 1,875,353
Income from restaurant operations 81,386 177,986
Pre-opening costs 4,351 —
General and administrative 77,874 158,173
Operating income (loss) (839) 19,813
Interest:
Income — 15,607
Expense (48,432) (84,069)
Net interest expense (48,432) (68,462)
Net loss $(49,271) $(48,649)
Loss per common share basic and diluted $(0.03) $(0.01)
Weighted average number of common shares
basic and diluted 1,969,500 3,807,350