Carrols Restaurant Group, Inc. (“Carrols”) (NASDAQ: TAST) today announced financial results for the first quarter ended April 1, 2012. It also reported that it completed the spin-off of Fiesta Restaurant Group, Inc. ("Fiesta") to its stockholders on May 7, 2012.
Financial results for the first quarter include Fiesta, which owns and operates the Pollo Tropical® and Taco Cabana® brands, as the spin-off was completed after the first quarter had concluded. Fiesta is now an independent, public company and its common stock is traded on The NASDAQ Global Select Market under the symbol FRGI.
Highlights for the first quarter of 2012 versus the first quarter of 2011 include:
- Total revenues grew 7.3% to $211.6 million in the first quarter of 2012 compared to $197.2 million in the first quarter of 2011. Revenues for Fiesta grew 9.1% to $126.1 million from $115.6 million in the year-ago period.
- Comparable restaurant sales increased 5.9% at Burger King®, 9.4% at Pollo Tropical, and 6.1% at Taco Cabana;
- Net loss for the first quarter of 2012 was $3.5 million, or $0.16 per diluted share, compared to net income of $2.2 million, or $0.10 per diluted share in the first quarter of 2011; and
- Earnings in the first quarter of 2012 included certain charges totaling $9.8 million, or $0.32 per diluted share after tax, consisting of impairment and other lease charges, stock-based compensation expense related to stock option conversion charges in connection with the spin-off and accelerated vesting of certain restricted stock, and spin-off and acquisition related expenses. Earnings in the first quarter of 2011 included impairment and other lease charges of $1.1 million, or $0.03 per diluted share after tax, and spin-off related expenses of $0.3 million, or $0.01 per diluted share after tax.
As of April 1, 2012, Carrols owned and operated 297 Burger King restaurants and Fiesta owned and operated 86 Pollo Tropical and 157 Taco Cabana restaurants, and franchised 38 restaurants. Seven restaurants were closed during the period, including one Burger King restaurant, five Pollo Tropical restaurants and one Taco Cabana restaurant.
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