Feb 24 Carrols Restaurant Group Inc's
fourth-quarter profit nearly halved and the fast-food chain
operator said it would split its Hispanic and franchised Burger
The move, which is expected to be completed by the end of
2011, will allow the company to focus better on each segment,
Chief Executive Alan Vituli said.
The company to be spun-off will own and operate the
Hispanic-themed Pollo Tropical and Taco Cabana businesses, while
Carrols will continue to own and operate its more than 300
franchised Burger King restaurants.
Carrols is the largest Burger King franchisee in the United
States, based on the number of restaurants, and has been
operating them since 1976.
Carrols saw net income for the fourth quarter almost halve
to $2.6 million, or 12 cents a share, compared with $4.1 million
or 19 cents a share last year.
Sales dropped to $194.9 million from $209.7 million.
Analysts, on average, were expecting earnings of 19 cents a
share, on revenue of $196.6 million, according to Thomson
(Reporting by Nivedita Bhattacharjee and Abhishek Takle;
Editing by Saumyadeb Chakrabarty)