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Granite City Food & Brewery Ltd. Message Board

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  • h8mongrel h8mongrel May 19, 2012 7:47 AM Flag

    How will GCFB increase shareholder equity?

    They won't. A quote from the recent earnings report:

    "General and administrative expenses were $2.5 million or 8.9% of revenue for the first quarter of 2012 compared to $1.8 million or 7.8% of revenue for the first quarter of 2011. With the addition of several key members of management in connection with our May 2011 transaction with CDP, we expect general and administrative expenses to run at this higher rate in future months."

    Although the company is publicly traded, it is managed like it's private. There are too many executives and managers. They think they can outsell their ever increasing payroll, which is completely backwards. They should be focused on cutting spending in order to make a profit. Once they are profitable, then they can hire more people as needed. It baffles me how a group of MBAs can be so incompetent.

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    • Agree with you h8monger- too much management is killing profit margins. To those thinking this will be a 10-bagger - only if you invested in the last year or so after the 4-1 reverse stock split. Me, I walked away taking the write-off and a lesson learned on this steaming pile.

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