Carrols Restaurant Group posts Q4 profit of nearly $4 million

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.

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