CKE Restaurants Misses Estimates
CKE Restaurants(CKR Quote) reported a 93% drop in fourth-quarter earnings Friday, as comparisons were hurt by a big tax gain in the year-ago quarter, but the company still missed Wall Street's expectations.
The Carpinteria, Calif.-based company, which operates restaurant brands such as Carl's Jr., Hardee's, La Salsa Fresh Mexican Grill and Green Burrito, earned $10.3 million, or 15 cents a share, down from $140.9 million, or $1.95 a share, a year ago. Analysts polled by Thomson Financial were looking for earnings of 18 cents a share.
The latest quarter includes a $600,000 income tax benefit, which includes the impact of a $4.9 million reduction of the company's deferred tax asset valuation allowance. Last year's results include an income tax benefit of $125.6 million, or $1.73 a share, primarily related to a reduction of the company's previously recorded deferred tax asset valuation allowance. ...
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