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    Carrols Restaurant 2Q revenue up on Fiesta results

    AP – Fri, Jul 22, 2011

    SYRACUSE, N.Y. (AP) — Carrols Restaurant Group Inc., the biggest Burger King franchisee, said Friday that its second-quarter revenue rose in part because of the strength of its Fiesta Restaurant Group, but a key revenue indicator fell.

    The company's total revenue rose 3 percent to $209.8 million for the quarter that ended July 3.

    But revenue from restaurants open at least a year fell 3.6 percent. This figure is a key indicator of a restaurant operator's health because it excludes results from restaurants opened or closed during the year.

    Restaurant sales for Burger King restaurants dropped 5.2 percent.

    Fiesta Restaurant Group, which runs Pollo Tropical and Taco Cabana, reported that its total revenue rose approximately 9 percent to $121.2 million. Pollo Tropical revenue increased 12.5 percent, while Taco Cabana revenue climbed 6.9 percent.

    Revenue from Pollo Tropical locations open at least a year rose 19.7 percent, while revenue from Taco Cabana locations open at least a year gained 4.5 percent.

    Carrols has said it plans to spin off Fiesta into a separate public company by year's end.

    Carrols also announced on Friday that three of its subsidiaries are planning to raise money through separate transactions, which include a tender offer for $165 million in senior subordinated notes due 2013; an offering of $200 million in senior, secured, second-lien notes and an $85 million senior credit facility.

    Carrols Restaurant Group owned and operated 550 restaurants in 16 states and it had 35 franchised restaurants in the U.S., Puerto Rico, Ecuador, Honduras, Trinidad, Venezuela and the Bahamas as of July 3.

    Its stock rose 26 cents to $10.40 by early afternoon.

     

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