Carrols Restaurant Group, Inc. and Carrols Corporation Report Preliminary Financial Results for the First Quarter 2009
Total revenues for the first quarter of 2009 were $201.3 million, an increase of 2.9% over the first quarter of 2008, with comparable restaurant sales increasing 5.1% at Burger King(R), decreasing 1.6% at Taco Cabana(R) and decreasing 3.0% at Pollo Tropical(R).
Based upon first quarter 2009 revenues, the Company preliminarily anticipates net income for the first quarter of 2009 to be $4.5 million to $5.0 million, compared to $1.4 million in the first quarter of 2008, and diluted earnings per share to be $0.21 to $0.23 compared to $0.07 per diluted share in the year-ago period.
The Company indicated that operating margins have improved at all three of its brands due to a more favorable cost environment for commodities and utilities, and from the reduction or leveraging of a number of other costs. In addition, interest expense for the first quarter of 2009 was approximately $2.3 million lower than the first quarter of 2008 due to reductions in the Company's indebtedness which occurred in 2008 and 2009, and from lower interest rates on its LIBOR-based borrowings. The Company has lowered its outstanding debt balances by $53.1 million since the end of the first quarter of 2008, including a reduction of $6.4 million in the first quarter of 2009 which brought total outstanding debt down to $309.7 million at March 29, 2009.
The Company will provide additional details regarding its first quarter 2009 results and revised annual guidance during its upcoming quarterly conference call, which is scheduled for May 4, 2009 (see below for further details).
During the first quarter of 2009, the Company opened one new Taco Cabana restaurant and one new Burger King restaurant (the latter being a relocation of a restaurant closed in 2008). It also closed one Pollo Tropical and two Taco Cabana restaurants.
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