Key Developments: Carrols Restaurant Group Inc (TAST.OQ)
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Latest Key Developments (Source: Significant Developments)
Carrols Restaurant Group Inc Reaffirms FY 2013 Revenue Guidance; Reaffirms FY 2013 Comparable Restaurant Sales Guidance
Carrols Restaurant Group Inc announced that for fiscal 2013, it expects total sales of $670 million to $700 million including a comparable restaurant sales increase at legacy restaurants of 2% to 4%. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $673 million for fiscal 2013. Full Article
Carrols Restaurant Group Inc Issues FY 2013 Revenue Guidance In Line With Analysts' Estimates; Comments On Q1, FY 2013 Comparable Restaurant Sales Guidance
Carrols Restaurant Group Inc announced that for fiscal 2013, it expects total sales of $670 million to $700 million including a comparable restaurant sales increase at legacy restaurants of 2% to 4%. The Company expects comparable restaurant sales to decrease modestly in the first quarter of 2013. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $693 million for fiscal 2013. Full Article
Carrols Restaurant Group Inc Settles Longstanding Litigation With EEOC
Carrols Restaurant Group Inc announced that its wholly-owned subsidiary, Carrols Corporation (Carrols), has entered into an agreement with the Equal Employment Opportunity Commission (EEOC) resolving longstanding litigation originally commenced by the EEOC in 1998. The case, alleged that Carrols had subjected female employees working at its locations to sexual harassment in violation of Title VII of the Civil Rights Act of 1964, and attempted to establish a class action based on a claim of pattern or practice across its restaurants in 13 states. Throughout this litigation over the past 14 years, Carrols has strongly denied all the allegations of the complaint and vigorously defended itself against these claims. Further litigation continued over the remaining claims, and in order to avoid ongoing litigation costs, Carrols has now entered into the agreement with the EEOC which fully resolves and settles all remaining claims without any admission of wrongdoing. Under the agreement, Carrols will make cash payments to the 89 remaining claimants in the lawsuit totaling $2.5 million, with allocations among the claimants being determined by the EEOC. Carrols agreed to continue to uphold its obligations under Title VII and continue to maintain its existing and comprehensive anti-harassment policies and procedures and training programs. Full Article
Carrols Restaurant Group Inc Raises FY 2012 Comparable Restaurant Sales Guidance
Carrols Restaurant Group Inc announced that for fiscal 2012, it expects comparable restaurant sales for legacy restaurants to increase 6% to 7%. Full Article
Carrols Restaurant Group, Inc. Raises FY 2012 Comparable Restaurant Sales Guidance
Carrols Restaurant Group, Inc. announced that for fiscal 2012, it expects comparable restaurant sales to increase 4% to 6%. Full Article
Carrols Restaurant Group, Inc. Completes Acquisition Of 278 Burger King Restaurants From Burger King Corporation
Carrols Restaurant Group, Inc. announced that it has completed the acquisition of 278 BURGER KING restaurants from Burger King Corporation. The acquired restaurants are located in the Ohio, Indiana, Kentucky, Pennsylvania, North Carolina, South Carolina and Virginia markets. Carrols, which operates 574 BURGER KING restaurants following the acquisition, is the brand’s franchisee, globally. Total consideration to BKC included a 28.9% equity interest in Carrols (subject to certain limitations as previously disclosed) and total cash payments of approximately $16.2 million. The cash consideration was for refranchising fees of $9.4 million, inventory and cash of approximately $2.9 million and payments to be made over five years in conjunction with BKC's assignment to Carrols of its right of first refusal on franchisee sales of BURGER KING® restaurants in 20 states. With the completion of the transaction, BKC’s President, North America Steve Wiborg and Chief Financial Officer Daniel Schwartz have also joined Carrols’ Board of Directors. Full Article
Carrols Restaurant Group, Inc. Announces Offering Of Senior Secured Second Lien Notes
Carrols Restaurant Group, Inc. announced that it plans to offer, in a private placement, senior secured second lien notes in the aggregate amount of approximately $140 million. The senior secured second lien notes will be senior secured obligations of Carrols Restaurant Group and will be guaranteed by its subsidiaries. Concurrently with the consummation of the private placement of the senior secured second lien notes, Carrols Restaurant Group also plans to enter into a new $20 million first lien senior secured revolving credit facility. Carrols Restaurant Group intends to use the net proceeds of the private placement of the senior secured second lien notes to; repay outstanding borrowings under the existing Carrols LLC senior secured credit facility; pay certain cash payments due upon the closing of the acquisition of 278 Burger King restaurants from Burger King Corporation; fund the remodel of acquired and existing Burger King restaurants in accordance with the terms of the acquisition mentioned above; and pay related fees and expenses. Full Article
Carrols Restaurant Group, Inc. Comments On FY 2012 Comparable Restaurant Sales Guidance
Carrols Restaurant Group, Inc. announced that for fiscal 2012, it expects comparable restaurant sales to increase 3% to 5%. Full Article
Carrols Restaurant Group, Inc. Board Gives Final Approval To Spin-Off Of Fiesta Restaurant Group, Inc.
Carrols Restaurant Group, Inc. announced that its Board of Directors has given final approval to the spin-off of Fiesta Restaurant Group, Inc. ("Fiesta"), an indirect wholly-owned subsidiary that operates the Pollo Tropical and Taco Cabana restaurant businesses. The spin-off will be completed through a tax-free dividend of the common stock of Fiesta to Carrols' stockholders. The distribution of the Fiesta common stock is expected to occur on May 7, 2012, with each Carrols' stockholder receiving one share of Fiesta common stock for every share of Carrols common stock held of record at the close of business on April 26, 2012, the record date of the distribution. The spin-off is subject to satisfaction or waiver of customary conditions set forth in a separation and distribution agreement as filed with the Securities and Exchange Commission by Fiesta and Carrols. Immediately following the distribution, Carrols Restaurant Group's stockholders will own 100% of the outstanding common stock of Fiesta Restaurant Group. Carrols Restaurant Group has received a private letter ruling from the Internal Revenue Service with respect to the tax-free status of the distribution Fiesta Restaurant Group's registration statement on Form 10 was declared effective by the Securities and Exchange Commission on April 25, 2012. Full Article
Carrols Restaurant Group, Inc.'s Carrols LLC Enters Into Agreement With Burger King Corp. To Acquire 278 BURGER KING Restaurants In U.S.
Carrols Restaurant Group, Inc.(Carrols) and Burger King Corp.(BKC) announced that they have entered into an asset purchase agreement for the purchase by Carrols (through its operating subsidiary Carrols LLC) of 278 BKC company-owned restaurants in the Ohio, Indiana, Kentucky, Pennsylvania, North Carolina, South Carolina and Virginia markets. As a part of the transaction, Carrols will lead the Burger King system in its remodeling program by committing to remodel approximately 450 BURGER KING restaurants over the next three and half years, to the brand’s 20/20 restaurant image, which features a fresh, sleek, eye-catching design. Total consideration to BKC will include a 28.9% equity interest in Carrols, after the spin-off of Fiesta, and total cash payments of approximately $15.8 million. The cash consideration is for refranchising fees of $9.4 million, inventory of approximately $2.5 million and payments to be made over five years by Carrols in conjunction with BKC's assignment to Carrols of its right of first refusal on sales of BURGER KING restaurants by existing franchisees in 20 states. Carrols will lead the BURGER KING system in its restaurant remodeling program with commitments to remodel approximately 450 restaurants over the next three and half years. BKC’s President, North America Steve Wiborg and Chief Financial Officer Daniel Schwartz will join Carrols’ Board of Directors upon completion of the transaction. Full Article

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