Carrols Restaurant Group Inc., the largest Burger King franchisee in the system, reported a loss for the June 30-ended second quarter. The Syracuse, N.Y.-based company said the loss was related largely to the closing of underperforming restaurants during the period. Carrols, which operated 566 Burger King units at the end of the period, had acquired 278 company units from parent Burger King on May 30, 2012. Company officials said they expect to close an additional eight to 10 restaurants this year and remodel more than 100 Burger King units at a cost of more than $45 million.
Result: -$3.5 million, or 15 cents per share
(from -$779,000, or 3 cents per share)
Result: $173.5 million
% Increase: 42.1% (from $122.1 million)
% Increase: 1.4%
(Results from restaurants owned prior to the May 30, 2012, acquisition from Burger King)
• Carrols to acquire 278 Burger King restaurants
• Carrols board approves Fiesta spin-off
•More restaurant industry finance news
Contact Paul Frumkin at email@example.com.
Follow him on Twitter: @NRNPaul