Carrols’ third-quarter profit declines on higher costs

SYRACUSE, N.Y. — Carrols Restaurant Group, Inc. (NASDAQ: TAST) reported that its net income fell to $2.8 million, or 6 cents a share, in the third quarter ending Oct. 1, from $4.5 million, or 10 cents, in the year-ago period.

Excluding one-time items such as acquisition and lease charges, Carrols posted net income of $3.5 million, or 8 cents a share, compared to adjusted net income of $5.7 million, or 13 cents per share, in the prior year period.

The company pointed to higher beef prices and employee costs as factors in the lower profit.

Syracuse–based Carrols is the world’s largest Burger King franchisee. Carrols owned and operated 798 Burger King restaurants at the end of the third quarter.

Contact Reinhardt at ereinhardt@cnybj.com

(Photo by Eric Reinhardt / BJNN)