Carrols Restaurant Group, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended July 3, 2016; Revises Earnings Guidance for the Year 2016
August 09, 2016 at 07:07 am EDT
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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).
Carrols Restaurant Group, Inc. is a restaurant company. The Company operates two quick-service restaurant brands, Burger King and Popeyes. Burger King restaurants are fast-food hamburger restaurants that feature the flame-broiled Whopper sandwich, as well as a range of hamburgers, chicken and other specialty sandwiches, French fries, salads, breakfast items, snacks, soft drinks and more. It operates approximately 1,022 Burger King restaurants located in restaurants located in 23 Northeastern, Midwestern, Southcentral and Southeastern states. Popeyes restaurants are quick-service chicken restaurants that feature a Louisiana-style menu, including fried chicken, chicken tenders, fried shrimp and other seafood, red beans and rice, and other regional offerings. It operates approximately 65 Popeyes restaurants in over seven Southeastern states. It conducts all of its operations through its direct and indirect wholly owned subsidiaries, Carrols Corporation and New CFH, LLC.
Carrols Restaurant Group, Inc. Announces Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended July 3, 2016; Revises Earnings Guidance for the Year 2016