SYRACUSE — Carrols Restaurant Group, Inc.’s continuing operations lost $918,000 in the second quarter of 2012, a period in which the company spun off its Fiesta Restaurant Group, Inc. subsidiary and acquired 278 Burger King restaurants.
The loss, which took place in the second quarter ending July 1, translates into 4 cents per share. It comes after Carrols (NASDAQ: TAST) reported net income of $300,000 on continuing operations, or 1 cent per share, in the same period last year.
Carrols treated Fiesta (NASDAQ: FRGI) as a discontinued operation in its 2012 second-quarter results. The Syracuse–based company spun off Fiesta, the owner and operator of the Pollo Tropical and Taco Cabana restaurant chains, on May 7.
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It then acquired 278 company-owned Burger King restaurants. The move made Carrols Burger King Corp.’s largest global franchisee, owning and operating 574 Burger Kings as of July 1.
Carrols’ second-quarter results include a $1.5 million loss, or 4 cents per share, on extinguishment of debt. They also include acquisition-related expenses of $836,000, or 2 cents per share.
Restaurant sales totaled $122.1 million, up 37.8 percent from the second quarter of 2011. That counts $27.5 million in sales from the 278 acquired Burger Kings. Comparable restaurant sales jumped 8.8 percent, with customer traffic going up 4.9 percent.
“As reflected by our strong comparable restaurant sales, enhancements to Burger King’s menu and marketing are resonating with our customers, and, we believe, are starting to broaden the brand’s appeal to a wider demographic base,” Carrols CEO Daniel Accordino said in the earnings release.
Carrols’ balance sheet also shows $668,000 in income from discontinued operations for a net loss of $250,000.
Contact Seltzer at rseltzer@cnybj.com
