USA: Granite City expects loss in 2006

Restaurant chain Granite City Food & Brewery said it expects to post a net loss of 40 cents to 49 cents per share in 2006, Associated Press announced on May 15.

The company also said it anticipates revenue between $55 million and $58 million for the year. Analysts polled by Thomson Financial expect a loss of 41 cents per share on revenue of $56.7 million.

The company said it expects to record a stock-options charge of between 5 cents and 7 cents per share.

On Friday May 12, the company reported a first-quarter loss of $1.6 million, or 12 cents a share, compared with a loss of $383,000, or 3 cents a share, a year prior.

Granite City operates 13 restaurants throughout Minnesota, South Dakota, North Dakota, Iowa, Nebraska, Kansas, and Missouri. The company plans to open five more restaurants this year.

Shares of Granite City rose 15 cents, or 3.6 percent, to $4.30 on the Nasdaq in afternoon trading. The stock has ranged between $3.17 and $6.17 over the past year.