SYRACUSE, N.Y. — Carrols Restaurant Group, Inc. (NASDAQ: TAST), the world’s largest Burger King franchisee, earned $7 million, or 16 cents a share, in the fourth quarter of 2015.
That’s an improvement from the net loss of $27 million, or 78 cents per share, that it posted in the same quarter in 2014. The net loss in that quarter included a non-cash charge of $24.3 million for a valuation allowance against the company’s net deferred income tax assets.
As a result, “there was no income tax expense in 2015,” the firm said.
Syracuse–based Carrols announced details of its fourth quarter and full-year financial performance in a news release issued Thursday.
Burger King restaurants generated more than $229 million in sales for Carrols in the fourth quarter, up more than 18 percent from $193 million in the fourth quarter of 2014.
The fourth-quarter 2015 figure includes more than $46 million in sales from Burger King restaurants acquired in 2014 and 2015, according to Carrols.
Comparable restaurant sales increased 5.1 percent in the fourth quarter of 2015 (on an analogous 14-week basis) compared to a 3.6 percent rise in the prior-year period.
A “strong” fourth quarter performance capped off an “extremely successful” year at Carrols and “we are very pleased with our accomplishments,” Daniel Accordino, CEO of Carrols, said in the release. “…Burger King’s marketing initiatives were effective in driving sales in the face of an increasingly competitive and promotional quick-service restaurant environment. We leveraged this top-line momentum well, and when combined with favorable commodity costs, were able to considerably enhance our overall profitability and margins,” said Accordino.
2016 guidance
Carrols also provided financial guidance for the full year 2016.
The firm anticipates total restaurant sales of between $930 million and $955 million, which includes a comparable restaurant sales increase of between 2 percent and 4 percent (on a similar 52-week basis).
Contact Reinhardt at ereinhardt@cnybj.com