Carrols Restaurant Group, Inc. Provides Update on Preliminary First Quarter 2015 Financial Results
Company Expects to Release Final Results on
Select preliminary highlights for the first quarter of 2015 versus the first quarter of 2014 include:
-
Total revenues increased 27.5% to
$193.2 million from$151.5 million in the first quarter of 2014 including$32.5 million in sales from 123 BURGER KING® restaurants that were acquired in 2014; - Comparable restaurant sales increased 8.4% compared to a 2.5% decrease in the prior year period;
-
Restaurant-Level EBITDA (a non-GAAP financial measure) is expected to
be approximately
$18.5 million to$19.0 million compared to$13.2 million in the prior year period; -
Adjusted EBITDA (a non-GAAP financial measure) is expected to be
approximately
$7.5 million to$8.0 million compared to$3.3 million in the prior year period; and -
During the first quarter of 2015, the Company closed 15 Burger King
restaurants. Subsequent to the end of the first quarter, the Company
acquired four (4) Burger King restaurants in
Northern Vermont onMarch 31, 2015 .
The Company tentatively plans to release its first quarter 2015
financial results and update its 2015 guidance on
Due to the recent conclusion of the first quarter ended
About the Company
Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA and Restaurant-Level EBITDA are non-GAAP
financial measures. EBITDA represents net income (loss) from operations,
before benefit for income taxes, interest expense and depreciation and
amortization. Adjusted EBITDA represents EBITDA as adjusted to exclude
impairment and other lease charges, acquisition and integration costs
and stock compensation expense. Restaurant-Level EBITDA represents
income (loss) from operations before general and administrative
expenses, depreciation and amortization, impairment and other lease
charges and other income and expense. Refer to the Company's filings
with the
Forward-Looking Statements
Except for the historical information contained in this news release,
the matters addressed are forward-looking statements. Forward-looking
statements, written, oral or otherwise made, represent
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