SYRACUSE — Carrols Restaurant Group, Inc. (NASDAQ: TAST) recently 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, in the prior-year period.

The company cited higher beef prices and employee costs as factors in the lower profit.

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.

Restaurant sales increased about 19 percent to $285.2 million from $238.9 million in the third quarter of 2016.

The figures include $59.6 million in sales from the 171 Burger King restaurants acquired from 2015 to 2017. 

Comparable restaurant sales increased 7.5 percent after “being flat” in the prior-year period. 

Adjusted EBITDA was $24.2 million, compared to $22.7 million in the year-ago quarter. EBITDA is short for earnings before interest, taxes, depreciation, and amortization.

In the first nine months of the year, Carrols acquired 60 Burger King restaurants and closed 17 eateries. The company also anticipates completing the acquisition of four restaurants in Maine in mid-November.

CEO reaction

Carrols’ “robust” top-line growth in the third quarter included a “significant” contribution from recently acquired units along with a “strong” 7.5 percent increase in comparable-restaurant sales, Daniel Accordino, CEO of Carrols, said in the earnings report.

“Sales momentum was exhibited throughout all day parts with particularly strong trends during lunch and dinner due to the popularity of the 2 for $6 whopper sandwich, our King sandwich line and the new crispy chicken sandwich offerings. Burger King’s barbell strategy of premium, value and limited-time products is clearly resonating with consumers in a competitive [quick-service restaurant] environment as reflected by both increases in customer traffic and a higher average check,” said Accordino. 

Restaurant-level EBITDA and adjusted EBITDA both increased “on an absolute basis” and the firm was able to “leverage” a number of expenses, he added. 

“However, higher beef prices lingered through much of the quarter, which along with higher promotional sales and continued wage pressures, resulted in lower operating margins compared to the prior-year period. We expect sales trends to remain firm for the balance of the year and have raised our top-line guidance but have also reduced our expectations for adjusted EBITDA to reflect year to date results,” he concluded.

SALINA — Piaker & Lyons PC, a Binghamton–based accounting firm, on Nov. 15 formally opened its new Syracuse–area location at 100 Elwood Davis Road in Salina.

The firm started operating in the 2,900-square-foot space early this year. It had previously been in a 2,300-square-foot space at 572 S. Salina St. in Syracuse.

The new office offers “easy access right off [Interstate] 81, close to [Interstate 690] and in a professional-development building,” says Janeen Sutryk, executive VP and partner in Piaker & Lyons, who spends time in both the Salina and Binghamton offices.

The firm started searching for a new location during the spring of 2016.

DeWitt–based Oliva Real Estate Company assisted Piaker & Lyons in finding its new office on Elwood Davis Road.

“We looked at multiple locations and we absolutely just loved this spot,” says Sutryk.

Piaker & Lyons leases the space from New York City–based Upstate Portfolio, LLC. 

“The build-out was done in accordance with the lease agreement that we have, which is a five-year lease,” says Sutryk.

Piaker & Lyons employs six people in its Salina office, with five of them being accountants. The firm employs a total of 50 people, including about 40 accountants. It has 10 partners, Sutryk notes.

Piaker & Lyons has operated in the Syracuse market since the late 1950s, according to Sutryk. The firm launched in 1955.

Besides Salina and the main office at 92 Hawley St. in Binghamton, Piaker & Lyons also has an office in Norwich.

John May will be the firm’s managing partner as of Jan. 1 following the upcoming retirement of the current managing partner, James Lewis, according to Sutryk.

Piaker & Lyons offers tax, accounting, auditing, and financial-advisory services to industries that include distributors, wholesalers, manufacturers, contractors, attorneys, physicians, insurance agencies, and governments, according to its website.

The firm also services school districts, nonprofit organizations, real-estate firms, cooperatives, and automobile dealerships.