Carrols Restaurant Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 28, 2014; Provides Earnings Guidance for the Year 2015; Expects to Close 15 to 20 Restaurant in 2015
Feb 26 15
Carrols Restaurant Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 28, 2014. For the quarter, the company reported restaurant sales of $192,897,000 compared to $165,514,000 a year ago. Loss from operations was $2,994,000 compared to income from operations of $972,000 a year ago. Loss before income taxes was $7,715,000 compared to $3,739,000 a year ago. Net loss was $27,035,000 or $0.78 per diluted share compared to $2,062,000 or $0.09 per diluted share a year ago. Adjusted EBITDA was $10,053,000 compared to $10,437,000 a year ago. EBITDA was $6,808,000 compared to $9,576,000 a year ago. In the fourth quarter of 2014, total capital expenditures were $19.3 million, including $14.9 million for remodeling. The growth in restaurant sales included $25.4 million in sales from the 123 BURGER KING® restaurants acquired in 2014 along with a comparable restaurant sales increase of 3.6%.
For the year, the company reported restaurant sales of $692,755,000 compared to $663,483,000 a year ago. Loss from operations was $7,551,000 compared to $5,075,000 a year ago. Loss before income taxes was $26,352,000 compared to $23,916,000 a year ago. Net loss was $38,117,000 or $1.23 per diluted share compared to $13,519,000 or $0.59 per diluted share a year ago. Adjusted EBITDA was $36,008,000 compared to $34,271,000 a year ago. EBITDA was $29,372,000 compared to $28,519,000 a year ago. Capital expenditures in 2014, excluding acquisitions were $52 million, including $38.2 million for remodeling.
The company provided earnings guidance for 2015. For the period, the company expects total restaurant sales of $810 million to $830 million including a comparable restaurant sales increase of 2% to 4% (on a comparable 52-week basis); A commodity cost increase of approximately 2% to 3% primarily due to higher beef costs expected in the first half of the year; General and administrative expenses of approximately $44 million to $46 million (excluding stock compensation costs). Increases from 2014 reflect, among other things, higher incentive compensation costs (versus minimal expense in 2014), the full year impact of field management, training and other support costs related to the 2014 acquired restaurants, and the extra week in 2015; Adjusted EBITDA of $44 million to $48 million; As a result of the net deferred tax asset valuation allowance established in 2014, the company does not anticipate any income tax expense or benefit for 2015; Capital expenditures of $37 million to $44 million, including $25 million to $30 million for remodeling a total of 60 to 70 restaurants and final expenditures on certain 2014 remodels. Further expansion of these remodeling plans may be considered if the company complete a possible refinancing of the company's debt.
For the year of 2015, the company expects to close between 15 to 20 restaurants.
Carrols Restaurant Group, Inc. Presents at Raymond James & Associates 36th Annual Institutional Investors Conference, Mar-04-2015 12:10 PM
Feb 26 15
Carrols Restaurant Group, Inc. Presents at Raymond James & Associates 36th Annual Institutional Investors Conference, Mar-04-2015 12:10 PM. Venue: JW Marriott Grande Lakes, 4040 Central Florida Parkway, Orlando, FL 32837, United States. Speakers: Paul R. Flanders, Chief Financial Officer, Vice President and Treasurer.