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 [email protected].
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