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Carrols Restaurant Group revenue climbs in preliminary Q1 results

SYRACUSE, N.Y. — Carrols Restaurant Group, Inc. (NASDAQ: TAST) generated revenue of more than $193 million during its first quarter that ended March 29.

That was up more than 27 percent from $151 million in the same quarter last year.

The first-quarter figure includes $32.5 million in sales from 123 Burger King restaurants that Carrols acquired in 2014.

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Syracuse–based Carrols, the world’s largest Burger King franchisee, announced the preliminary results in a news release issued Wednesday.

Comparable restaurant sales increased 8.4 percent compared to a 2.5 percent decline in the prior-year period, the company said.

Carrols expects restaurant-level EBITDA of between $18.5 million and $19 million, up from $13 million in the prior-year period. EBITDA is short for earnings before interest, taxes, depreciation, and amortization.

The firm also anticipates adjusted EBITDA of $7.5 million to $8 million, up from $3 million in the first quarter of 2014.

Carrols closed 15 Burger King restaurants during the first quarter, it said.

Carrols Restaurant Group operated 663 restaurants as of March 31. It has operated Burger King restaurants since 1976.

Carrols tentatively plans to release its first quarter financial results and update its 2015 guidance on May 5 before the stock market opens, the company said.

 

Contact Reinhardt at ereinhardt@cnybj.com

 

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