Key Developments For Carrols Restaurant Group, Inc.
Carrols Restaurant Group, Inc. (TAST.O) (Consolidated Issue listed on NASDAQ Global Market)
Carrols Restaurant Group, Inc. Reaffirms FY 2009 EPS Guidance-Conference Call
Carrols Restaurant Group, Inc. reaffirmed fiscal 2009 earnings per share (EPS) guidance and expects EPS of $0.94-$0.99. According to Reuters Estimates, analysts are expecting the Company to report EPS of $0.97 for fiscal 2009.
Carrols Restaurant Group, Inc. Revises FY 2009 Guidance
Carrols Restaurant Group, Inc. revised its fiscal 2009 guidance noting that fiscal 2009 is a 53-week fiscal period, whereas 2008 was a 52-week fiscal period. The major earnings drivers warrant conservatism in projections for the second half compared to the first half of 2009. A more modest revenue increase of approximately 1.0% to 1.5% for the year reflecting first half 2009 results, more difficult sales trends at Burger King and Taco Cabana and anticipated improvements at Pollo Tropical compared to the first half of 2009. The Company expects diluted earnings per share (EPS) of $0.94-$0.99, which includes the 53rd week of the fiscal year estimated to positively impact earnings by approximately $0.07 per diluted share. This compares to the Company's previous guidance of diluted earnings per share (EPS) of $0.90-$0.95, inclusive of the extra fiscal week. The Company reported revenues of $816.33 million for fiscal 2008. According to Reuters Estimates, analysts are expecting the Company to report EPS of $0.91 on revenues of $833.87 million for fiscal 2009.
Funds Managed By Jefferies Capital Partners To Purchase From Madison Dearborn and BIB Holdings All of Their Common Stock of Carrols Restaurant Group, Inc.
Carrols Restaurant Group, Inc. announced that its institutional investors, funds managed by affiliates of Madison Dearborn Partners, LLC and BIB Holdings (Bermuda) Ltd., a wholly owned subsidiary of Bahrain International Bank (E.C.), each entered into agreements to sell all of their common stock holdings in Carrols Restaurant Group, Inc. to funds managed by Jefferies Capital Partners. The agreements provide for the sale by Madison Dearborn and BIB Holdings of a total of 6,559,739 shares of Carrols Restaurant Group’s common stock comprising approximately 30.4% of Carrols Restaurant Group’s outstanding common stock. The transactions are expected to close on or about July 2, 2009. In connection with the transaction, the Company has entered into a registration rights agreement with the purchasers providing for certain demand and piggyback registration rights with respect to the common stock held by such funds or their affiliates.
Carrols Restaurant Group, Inc. Reaffirms FY 2009 Guidance-Conference Call
Carrols Restaurant Group, Inc. reaffirmed fiscal 2009 guidance and expects revenue to be up 2.5% to 3.5% and earnings per share (EPS) to be up substantially over 2008 levels, and that does include one extra week, which is about $0.07. According to Reuters Estimates, analysts were expecting the Company to report revenues of $837.9 million and EPS of $0.93 for the same period.
Carrols Restaurant Group, Inc. Lowers FY 2009 Revenue Guidance; Raises FY 2009 EPS Guidance; Comments On FY 2009 Comparable Restaurant Sales Guidance
Carrols Restaurant Group, Inc. updated fiscal 2009 guidance and expects revenue increase of approximately 2.5% to 3.5%, including a comparable restaurant sales increase (on a 52-week basis) of 1.5% to 2.5% for its Burger King restaurants, a decrease of 1% to 2% for its Taco Cabana restaurants, and a decrease of 2% to 3% for its Pollo Tropical restaurants. Diluted earnings per share of $0.90 to $0.95, which includes the 53rd week of the fiscal year and which is estimated to positively impact earnings by approximately $0.07 per diluted share. This compares to the Company's previous guidance of diluted earnings per share of $0.75 to $0.80, inclusive of the extra fiscal week. The Company reported revenues of $816.33 million in fiscal 2008. According to Reuters Estimates, analysts were expecting the Company to report revenues of $839 million and EPS of $0.93 for the same period.
