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Carrols Restaurant Group, Inc. Reports Financial Results For The Fourth Quarter And Full Year Of 2012

Carrols Restaurant Group, Inc. ("Carrols" or the “Company”) (Nasdaq: TAST) today announced financial results for the fourth quarter and full year ended December 30, 2012. The Company also provided guidance for 2013.

Highlights for the fourth quarter of 2012 versus the fourth quarter of 2011 include:
  • Restaurant sales increased 87.5% to $162.6 million including $71.7 million in sales from the 278 BURGER KING® restaurants that were acquired on May 30, 2012;
  • Comparable restaurant sales at legacy restaurants were strong and increased 7.3%, including customer traffic growth of 1.1% and an average check increase of 6.2%;
  • Net loss from continuing operations was $8.8 million, or $0.39 per diluted share, compared to a net loss from continuing operations of $0.3 million, or $0.02 per diluted share, in the prior year period;
  • Net loss from continuing operations included certain charges, including integration costs related to the acquisition and costs related to the conclusion and settlement of long-standing litigation with the EEOC. In aggregate these charges were approximately $4.0 million, or $0.11 per diluted share after tax. Net income from continuing operations in the prior year period included acquisition costs of $0.5 million, or $0.01 per diluted share after tax;
  • Adjusted EBITDA, a non-GAAP measure, was $3.3 million compared to $5.5 million in the prior year period. (Please refer to the reconciliation of Adjusted EBITDA to net loss from continuing operations in the tables at the end of this release).

Highlights for the full year 2012 versus the full year 2011 include:
  • Restaurant sales increased 55.3% to $539.6 million including $174.3 million in sales from the acquired restaurants and an increase in comparable restaurant sales at legacy restaurants of 7.1%;
  • Net loss from continuing operations was $18.8 million, or $0.83 per diluted share, compared to a net loss from continuing operations of $0.5 million, or $0.02 per diluted share, in the prior year period;
  • Net loss from continuing operations included acquisition and integration-related costs, costs for the conclusion and settlement of the EEOC litigation and a loss from the refinancing completed in May 2012. In aggregate these charges were approximately $12.9 million, or $0.35 per diluted share after tax. Net loss from continuing operations in the prior year included charges of $1.9 million, or $0.05 per diluted share after tax, related to the acquisition, the EEOC litigation and a loss on the 2011 refinancing;
  • Adjusted EBITDA, a non-GAAP measure, was $25.0 million compared to $25.4 million in the prior year period.

As of December 30, 2012, Carrols owned and operated 572 BURGER KING® restaurants.

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