Carrols Restaurant Group, Inc. announced unaudited consolidated financial results for the second quarter and six months ended July 3, 2016. For the quarter, the company reported restaurant sales of $241,368,000 against $219,102,000 a year ago. Income from operations was $13,896,000 against $12,358,000 a year ago. Income before income taxes was $9,376,000 against loss of $4,977,000 a year ago. Net income was $9,376,000 or $0.21 per basic and diluted share against net loss of $4,977,000 or $0.14 per basic and diluted share a year ago. EBITDA was $25,382,000 against $9,516,000 a year ago. Adjusted EBITDA was $27,898,000 against $23,269,000 a year ago. Adjusted net income was $11,286,000 or $0.25 per basic and diluted share against $8,413,000 or $0.19 per basic and diluted share a year ago.

For the six months, the company reported restaurant sales of $463,887,000 against $412,272,000 a year ago. Income from operations was $20,576,000 against $7,896,000 a year ago. Income before income taxes was $11,521,000 against loss before tax of $14,253,000 a year ago. Net income was $11,521,000 or $0.25 per basic and diluted share against net loss of $14,253,000 or $0.41 per diluted share a year ago. EBITDA was $43,119,000 against $15,059,000 a year ago. Adjusted EBITDA was $46,380,000 against $30,994,000 a year ago. Adjusted net income was $13,611,000 or $0.30 per basic and diluted share against $978,000 or $0.02 per basic and diluted share a year ago.

The company revised its earnings guidance for the year 2016. For the year, the company now expects total restaurant sales of $945 million to $960 million (previously $935 million to $960 million) including a comparable restaurant sales increase of 2% to 4%. Comparable restaurant sales are on a comparable 52 week basis General and administrative expenses (excluding stock compensation costs) of $51 million to $53 million (previously $50 million to $52 million); adjusted EBITDA of $90 million to $95 million (previously $85 million to $90 million); Capital expenditures of approximately $85 million to $90 million (previously $75 million to $85 million) which includes remodeling a total of 85 to 90 restaurants, the rebuilding of 4 to 6 restaurants and the construction of 7 to 8 new restaurants (all of which are relocations of existing
restaurants).