SYRACUSE, N.Y. — Carrols Restaurant Group, Inc. (NASDAQ: TAST) reported that its net income fell to $2.8 million, or 6 cents a share, in the third quarter ending Oct. 1, from $4.5 million, or 10 cents, in the year-ago period.
Excluding one-time items such as acquisition and lease charges, Carrols posted net income of $3.5 million, or 8 cents a share, compared to adjusted net income of $5.7 million, or 13 cents per share, in the prior year period.
The company pointed to higher beef prices and employee costs as factors in the lower profit.
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Syracuse–based Carrols is the world’s largest Burger King franchisee. Carrols owned and operated 798 Burger King restaurants at the end of the third quarter.
Contact Reinhardt at ereinhardt@cnybj.com
(Photo by Eric Reinhardt / BJNN)
