Granite City Food & Brewery Ltd (OTCMKTS:GCFB) has decided to announce the financial results for the previous year. As per the reports, the financial data is preliminary and unaudited. It covers the entire fiscal year that ended on December 30, 2014. Granite City is one of the well-known casual dining restaurant groups that specialize in all types of dishes.
Insights On The Financial Results:
Granite did extremely well in terms of revenue. Due to increased global economic conditions, people spent more money on their food and leisure habits in 2014, which directly affected Granite’s revenues. As per the reports, the net revenue of Granite enhanced to $136 million in 2014 from $134 million in 2013. Not only net revenues, but EBITDA also increased. It reported total EBITDA of $10 million in 2014 compared to $8 million in 2013. Granite witnessed decent growth in same store sales as well. If the downtown Indianapolis non-restaurant location is not included in the chart, then the consolidated same store sales elevated by 0.7% during the previous year.
The ever changing market conditions have prompted the company to enhance the standard of its services. As per the reports, Granite City has decided to take the services of Houlihan Lokey Capital, Inc., a prominent investment bank to explore prevailing market conditions. It will assist the company in making the best use of possible strategic transactions. Both of them have signed an agreement, under which, Houlihan Lokey will render services such as coordinating, soliciting, evaluating indications of proposals and interest with regard to any strategic transaction. It will also assist the board of Granite City in peculiar financial aspects included in a possible strategic transaction.
Management of Granite expects that the expertise of Houlihan will help it executing all the financial and strategic transactions, mergers, acquisitions and other related deals without any hassle.