News

Carrols Restaurant Group posts modest gains for Burger King units

November 7, 2011

Carrols Restaurant Group Inc. today announced financial results for the third quarter ended Oct. 2. Carrols owns and operates 551 restaurants, including 302 Burger Kings, 91 Pollo Tropicals and 158 Taco Cabanas.

Highlights for Q3 2011 versus Q3 2010 include:

• Total revenues increased 5.0 percent to $211.8 million, compared to $201.6 million in the third quarter of 2010;
• Revenues for Fiesta Restaurant Group Inc., an indirect wholly-owned subsidiary of the company that owns and operates the Pollo Tropical and Taco Cabana restaurant businesses, increased 8.9 percent to $121.2 million from $111.3 million in the same period last year;
• Comparable restaurant sales increased 7.9 percent at Pollo Tropical, 5.3 percent at Taco Cabana and 1.6 percent at Burger King;
• Net income for Q3 2011 was $3.4 million, or $0.15 per diluted share, compared to net income of $4.6 million, or $0.21 per diluted share in Q3 2010;

"We posted gratifying results for the quarter given the economic uncertainty and inflationary pressures. Fiesta Restaurant Group continued its solid performance with strong gains at Pollo Tropical and continued momentum at Taco Cabana. Both brands continue to demonstrate their increasing consumer appeal enhanced by our successful marketing and product initiatives," said Alan Vituli, chairman and CEO of Carrols Restaurant Group Inc.

"Our Burger King restaurants posted a modest increase in comparable restaurant sales for the quarter; the first in some time. We are hopeful that the transformational changes underway at Burger King through its new products, image enhancements and new marketing initiatives will provide continued momentum as we move forward," he added.

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