SYRACUSE — Carrols Restaurant Group, Inc. (NASDAQ: TAST) expects to complete the spinoff of its Fiesta Restaurant Group, Inc. subsidiary in April.
Carrols, headquartered at 968 James St. in Syracuse, is a major Burger King restaurant franchisee. It is spinning off its Fiesta subsidiary, which owns and operates the restaurant chains Pollo Tropical and Taco Cabana.
That spinoff is still subject to final Carrols board approval, according to the company. It is also subject to the registration of Fiesta common stock with the U.S Securities and Exchange Commission and listing approval from NASDAQ.
Carrols reported net income of $59,000 in the fourth quarter of 2011. That is down from $2.6 million in the fourth quarter of 2010. This year’s fourth-quarter earnings included $2.8 million in charges from impairment and other lease charges, spinoff costs, and other related expenses, the company said.
The company’s fourth-quarter 2011 revenue increased 4.5 percent to $203.6 million, up from $194.9 million in the same period in 2010.
For the full year of 2011, Carrols reported net income of $11.2 million, or $0.51 per diluted share. Its net income in 2010 was $11.9 million, or $0.55 per diluted share.
Revenue for the full 2011 year increased 3.3 percent to $822.5 million, up from $796.1 million in 2010.
As of Jan. 1, Carrols owned and operated 547 restaurants, including 298 Burger King restaurants, 91 Pollo Tropical restaurants, and 158 Taco Cabana restaurants. The company also franchised 36 restaurants.
Contact Seltzer at rseltzer@cnybj.com