Carrols Restaurant Group posts Q4 profit of nearly $4 million

A Burger King restaurant in Auburn is pictured above. Syracuse–based Carrols Restaurant Group, Inc. (NASDAQ: TAST), the world’s largest Burger King franchisee, on Wednesday reported net income of $3.9 million, or 9 cents a share, in the fourth quarter of 2017. (Adam Rombel / BJNN)

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.

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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

Eric Reinhardt: