Carrols Restaurant Group (TAST) Misses Q4 EPS by 7c

Carrols Restaurant Group (NASDAQ: TAST) reported Q4 EPS of $0.04, $0.07 worse than the analyst estimate of $0.11. Revenue for the quarter came in at $240.2 million versus the consensus estimate of $242.55 million.

Highlights:

• Restaurant sales increased 5.1% to $240.8 million from $229.1 million in the fourth quarter of 2015, including $66.5 million in sales from the 234 BURGER KING® restaurants acquired from 2014 to 2016(1). One additional operating week in 2015 contributed approximately $16.0 million to restaurant sales in the prior year period. On a comparable 13 week basis, total restaurant sales increased 13.0%;
• Comparable restaurant sales (on a comparable 13-week basis) increased 3.2% compared to a 5.1% increase in the prior year period;
• Adjusted EBITDA(2) was $20.4 million compared to $23.7 million in the prior year period. The Company estimates that the additional operating week in 2015 contributed approximately $4.0 million to Adjusted EBITDA;
• Net income was $29.5 million, or $0.65 per diluted share, compared to net income of $7.0 million, or $0.16 per diluted share, in the prior year period. The significant increase in net income largely reflected a $30.4 million reversal of the valuation allowance previously established against net deferred income tax assets;
• Adjusted net income(2) was $2.0 million, or $0.04 per diluted share, compared to adjusted net income of $6.5 million, or $0.14 per diluted share, in the prior year period which included the additional operating week ($2.5 million, or $0.06 per diluted share, after taxes).

For earnings history and earnings-related data on Carrols Restaurant Group (TAST) click here.

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