Industry News | November 9, 2007

Carrols Corporation Reports 3Q Results

Email this story Email this story
Printer-friendly versionPrinter-friendly version

Read More About

Carrols Restaurant Group, Inc. (Nasdaq: TAST - News), which operates 555 restaurants, including 325 Burger King, 83 Pollo Tropical, and 147 Taco Cabana restaurants, announced today the financial results for the third quarter of 2007.

Highlights for the third quarter of 2007 versus the third quarter of 2006 include:

* Total revenues increased 7.3 percent to $203.5 million from $189.6 million, including a 7.8 percent increase for the Company’s Hispanic Brands.

* Comparable restaurant sales were 7.8 percent at Burger King, 2.3 percent at Pollo Tropical, and 1.2 percent at Taco Cabana.

* Income from operations was $14.3 million (including a $1.7 million write-down for an underperforming restaurant which the company closed in October, as well as higher expenses related to being a public company and stock-based compensation expense). This compared to $17.9 million in 2006 (which included $1.4 million of income from the reversal of reserves for certain closed restaurants).

* Net income was $4.9 million, or $0.23 per diluted share including the aforementioned impairment charge ($0.05 per diluted share, rounded) which compared to net income of $5.1 million, or $0.32 per diluted share last year. Net income for the third quarter of 2006 would have been $0.24 per diluted share after giving pro forma effect for the additional shares issued in the company’s initial public offering (IPO) completed on December 20, 2006 and included a gain of $0.04 per diluted share for the reversal of closed restaurant reserves.

News and information presented in this release has not been corroborated by QSR, Food News Media, or Journalistic, Inc.