Carrols Restaurant Group, Inc. (Nasdaq: TAST) today announced financial results for the fourth quarter and full year ended January 1, 2012.
The Company also announced that its tax-free spin-off of Fiesta Restaurant Group, Inc., an indirect wholly-owned subsidiary of the Company that owns and operates the Pollo Tropical® and Taco Cabana® restaurant businesses, to the Company's stockholders is expected to be completed in April. The spin-off remains subject to final Board approval, effectiveness of the registration of the Fiesta common stock with the Securities and Exchange Commission and the final listing approval from NASDAQ.
Highlights for the fourth quarter of 2011 versus the fourth quarter of 2010 include:
- Total revenues increased 4.5% to $203.6 million in the fourth quarter of 2011 compared to $194.9 million in the fourth quarter of 2010. Revenues for Fiesta Restaurant Group, Inc. increased 7.0% to $116.9 million from $109.3 million in the same period last year.
- Comparable restaurant sales increased 1.5% at Burger King®, 7.8% at Pollo Tropical and 2.7% at Taco Cabana;
- Net income for the fourth quarter of 2011 was $59,000, or $0.00 per diluted share, compared to net income of $2.6 million, or $0.12 per diluted share in the fourth quarter of 2010; and
- Earnings in the fourth quarter of 2011 included certain charges totaling $2.8 million, or $0.09 per diluted share after tax, consisting primarily of impairment and other lease charges, and spin-off costs and other related expenses. Earnings in the fourth quarter of 2010 included impairment and other lease charges of $3.2 million, or $0.10 per diluted share after tax, and favorable adjustments to the Company’s tax provision of $0.6 million, or $0.03 per diluted share.
Highlights for the full year 2011 versus the full year 2010 include:
- Total revenues increased 3.3% to $822.5 million in 2011 compared to $796.1 million in 2010. Revenues for Fiesta Restaurant Group, Inc. increased 8.2% to $475.0 million from $439.1 million in 2010;
- Comparable restaurant sales decreased 1.4% at Burger King, but increased 9.9% at Pollo Tropical and 3.7% at Taco Cabana; and
- Net income for 2011 was $11.2 million, or $0.51 per diluted share, compared to net income of $11.9 million, or $0.55 per diluted share in 2010. Both years included certain charges which in the aggregate reduced earnings by $0.25 per diluted share in 2011 and $0.21 per diluted share in 2010.
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