SYRACUSE, N.Y. — Carrols Restaurant Group, Inc. (NASDAQ: TAST) reported net income of $3.9 million, or 9 cents a share, in the fourth quarter of 2017, the Syracuse–based operator of Burger King restaurants reported Wednesday.
That’s down from nearly $29.5 million, or 65 cents a share, in the year-ago period. However, last year’s figures, included $30.4 million from the reversal of a valuation allowance against net deferred tax assets, Carrols said.
Carrols says it is the world’s largest Burger King franchisee.
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The company’s adjusted net income in the fourth quarter of 2017 was $3.8 million, or 8 cents per share, compared to adjusted net income of $2 million, or 4 cents a share, in the fourth quarter of 2016.
Carrol’s restaurant sales increased nearly 18 percent in the latest fourth quarter and same-store restaurant sales rose almost 9 percent in the same period.
For the full year of 2017, the firm’s adjusted net income was $9 million, or 20 cents a share, compared to adjusted net income of nearly $18 million, or 40 cents a share, in 2016.
Carrols owned and operated 807 Burger King restaurants as of the end of the fourth quarter, the company said.
Contact Reinhardt at ereinhardt@cnybj.com
