Carrols Restaurant Group, Inc. ("Carrols" or the “Company”) (Nasdaq: TAST) today announced financial results for the second quarter ended July 1, 2012.
Financial results for the second quarter of 2012 treat Fiesta Restaurant Group, Inc., which was spun-off from Carrols on May 7, 2012, as a discontinued operation. In addition, financial results for the second quarter include results from 278 BURGER KING® restaurants that were acquired from Burger King Corporation on May 30, 2012.
Highlights for the second quarter of 2012 versus the second quarter of 2011 include:
- Restaurant sales were $122.1 million and increased 37.8% including $27.5 million of sales from the 278 acquired restaurants;
- Comparable restaurant sales increased 8.8% including an increase in customer traffic of 4.9%;
- Net loss from continuing operations was $0.9 million in the second quarter of 2012, or $0.04 per diluted share, compared to net income from continuing operations of $0.3 million, or $0.01 per diluted share in the prior year period;
- Net loss from continuing operations in the second quarter of 2012 included certain non-recurring charges including a loss on extinguishment of debt of $1.5 million ($0.04 per diluted share after tax) and acquisition related expenses of $0.8 million ($0.02 per diluted share after tax).
- Adjusted EBITDA, a non-GAAP measure, was $7.9 million in the second quarter of 2012 compared to $7.7 million in the prior year period. (Refer to the reconciliation of adjusted EBITDA to net income (loss) from continuing operations in the tables at the end of this release).
As of July 1, 2012, Carrols owned and operated 574 BURGER KING® restaurants.Daniel T. Accordino, Chief Executive Officer of Carrols Restaurant Group, Inc. said, “As reflected by our strong comparable restaurant sales, enhancements to BURGER KING®’s menu and marketing are resonating with our customers and we believe are starting to broaden the brand’s appeal to a wider demographic base. We view the new and upgraded products, creative advertising campaign, and multi-year remodeling program as important elements as the brand increases its market share in the competitive quick-service environment.”