Carrols Restaurant Group Inc., the largest franchisee of Burger King, with 564 locations, narrowed its net loss significantly in the Dec. 29-ended fourth quarter of 2013, to $2.1 million. Interest expenses and impairment charges produced a negative result despite modest increases in same-store sales and revenue.

Quarterly and full-year net losses were much higher in fiscal 2012, when Carrols acquired 278 refranchised restaurants from Burger King Worldwide and added those acquisition and integration costs to the costs for the conclusion and settlement of litigation with the Equal Employment Opportunity Commission.

Carrols has remodeled more than 200 locations over the past 18 months.

4Q NET LOSS

Result: -$2.1 million, or 9 cents per share
(from -$8.8 million, or 39 cents per share)

4Q REVENUE

Result: $165.5 million
% Increase: 1.8% (from $162.6 million)

4Q SAME-STORE SALES

% Increase: 1.7%

Source: Company report

 

FULL YEAR NET LOSS

Result: -$13.5 million, or 59 cents per share
(from -$18.8 million, or 83 cents per share)

FULL YEAR REVENUE

Result: $663.5 million
% Increase: 23.0% (from $539.6 million)

FULL YEAR SAME-STORE SALES

% Increase: 1.0%

Source: Company report

RELATED:
Carrols narrows 3Q net loss
Carrols: 2Q loss related to Burger King unit closings
More restaurant finance news

Contact Mark Brandau at mark.brandau@penton.com.
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