Industry News | November 9, 2007
Carrols Corporation Reports 3Q Results
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.
Food & Beverage
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