Welcome to our dedicated page for Carrols Restaurant Group news (Ticker: TAST), a resource for investors and traders seeking the latest updates and insights on Carrols Restaurant Group stock.
Carrols Restaurant Group, Inc. (NASDAQ: TAST) stands as one of the largest restaurant franchisees in the United States, with its headquarters located in Syracuse, New York. The company prides itself on owning and operating over 1,022 Burger King® restaurants across 23 states, alongside 60 Popeyes® restaurants in six states. Carrols' impressive portfolio generates approximately $1.8 billion in system sales annually, demonstrating its significant presence in the quick-service restaurant industry.
Established in 1976, Carrols’ core business revolves around providing outstanding service and quality food through its fast-food outlets. The company attributes its success to its dedicated workforce of over 24,000 employees, all committed to its mission-focused approach. Carrols fosters a unique ownership-based culture that rewards performance and encourages longevity, positioning its management teams for exceptional career advancement through comprehensive training.
Recently, Carrols has been in the news for its acquisition by Restaurant Brands International Inc. (NYSE: QSR). This strategic move, valued at approximately $1.0 billion, aims to accelerate growth and enhance profitability under Burger King’s “Reclaim the Flame” plan. This includes a significant investment of $500 million to remodel 600 Carrols restaurants over the next five years, ensuring they meet modern standards and improving the overall guest experience.
Carrols’ ability to operate efficiently and profitably has made it a valuable asset within RBI’s portfolio, which includes iconic quick-service brands such as Tim Hortons®, Burger King®, Popeyes®, and Firehouse Subs®. The acquisition is expected to bring about exciting development opportunities for Carrols employees and franchisees, aligning with RBI’s goal of improving sustainable outcomes related to food, the planet, and communities.
For investors, Carrols represents a stable and growing entity within the competitive fast-food sector. The company's clear vision, strong operational performance, and strategic alignment with RBI's long-term objectives make it a noteworthy stock to consider. Keep up with the latest news and updates about Carrols Restaurant Group, Inc. for more insights into its evolving business landscape.
Carrols Restaurant Group, Inc. (TAST) will host a conference call on August 12, 2021, at 8:30 a.m. (ET) to discuss its second quarter 2021 financial results. The press release detailing these results will be available at 7:00 a.m. (ET) on the same day. Carrols, as the largest BURGER KING® franchisee in the U.S., operates 1,027 BURGER KING® restaurants and 65 POPEYES® restaurants. Interested parties can access the live call by dialing 201-493-6725 or listen via webcast on the company's Investor Relations page.
On July 8, 2021, Carrols Restaurant Group, Inc. (Nasdaq: TAST) announced the acquisition of 19 BURGER KING® restaurants across Indiana and Michigan. This marks Carrols' first multi-restaurant acquisition in over two years, boosting its presence in these key Midwestern states. The CEO, Daniel T. Accordino, expressed optimism about improving sales and margins at the newly acquired locations. Currently, Carrols operates 1,029 BURGER KING® restaurants, making it the largest franchisee in the U.S., alongside 65 POPEYES® restaurants.
Carrols Restaurant Group (NASDAQ: TAST) announced a private offering of $300 million in 5.875% Senior Notes due 2029, priced at par. The offering is set to close on June 28, 2021. Proceeds will be used to repay existing term loans and for working capital, which may include common stock repurchases or dividends. The Notes are not registered under the Securities Act and may only be offered in compliance with specific regulations. Forward-looking statements include potential risks, particularly related to COVID-19.
Carrols Restaurant Group (NASDAQ: TAST) has announced a private placement offer of senior notes due 2029, totaling $300 million. The largest Burger King franchisee in the U.S., it aims to utilize the net proceeds to repay $318 million in outstanding loans, cover offering expenses, and fund working capital. The notes will be offered to qualified institutional buyers and non-U.S. persons only, without registration under the Securities Act. The company noted forward-looking statements regarding its business risks, particularly related to COVID-19.
Carrols Restaurant Group, Inc. (TAST) reported strong first-quarter results for 2021, with total restaurant sales rising 10.9% to $390.0 million compared to $351.5 million in 2020. Comparable sales at Burger King restaurants increased by 14.7%, while Popeyes saw a slight 0.5% growth. Adjusted EBITDA surged to $19.9 million, up from $4.0 million. The net loss decreased to $7.2 million, or $0.14 per diluted share, from a net loss of $22.2 million, or $0.44 per diluted share a year earlier. The company's liquidity improved to over $200 million, and the leverage ratio decreased to 3.4x.
Carrols Restaurant Group, Inc. (TAST), the largest BURGER KING® franchisee in the U.S., will host a conference call on May 13, 2021, at 8:30 a.m. ET to discuss its Q1 2021 financial results. A press release detailing these results will be available at 7:00 a.m. ET on the same day. Interested parties can access the call via phone or webcast on the Company’s Investor Relations page. Carrols operates approximately 1,075 restaurants, including 1,010 BURGER KING® and 65 POPEYES® locations, with a franchise history dating back to 1976.
Carrols Restaurant Group (Nasdaq: TAST) announced the granting of 250,000 restricted shares to Carl Hauch as an inducement to employment. The Award vests over three years, with conditions tied to Hauch's continued employment. Carrols operates around 1,075 restaurants, being the largest BURGER KING® franchisee in the U.S. This announcement was made on March 12, 2021, and aligns with NASDAQ Listing Rule 5635(c)(4).
Carrols Restaurant Group (TAST) reported a 5.8% increase in total restaurant sales to $420.5 million for Q4 2020, despite a 0.9% decline in comparable sales for Burger King and a 12.9% drop for Popeyes. Adjusted EBITDA rose to $31.8 million, while the net loss widened to $18.6 million, reflecting a non-cash tax expense. For the full year 2020, total sales increased 6.5% to $1.55 billion. The company generated $56.1 million in free cash flow and maintained liquidity of approximately $200 million. Management is optimistic about future sales growth and investments in new initiatives.
Carrols Restaurant Group, Inc. (TAST), the largest BURGER KING® franchisee in the U.S., will host a conference call on March 3, 2021, at 8:30 AM ET to discuss its financial results for Q4 and full year 2020. A press release detailing these results will be issued at 7:00 AM ET that same day. Carrols operates approximately 1,074 restaurants, including 1,009 BURGER KING® and 65 POPEYES® locations. The company has been a BURGER KING® franchisee since 1976.
Carrols Restaurant Group (Nasdaq: TAST) has appointed Jared L. Landaw as Vice President and General Counsel, effective February 8, 2021. CEO Daniel T. Accordino expressed confidence in Landaw’s legal expertise, which is expected to enhance the company’s strategic initiatives. Landaw has a strong background, previously serving as COO and General Counsel at Barington Capital Group and has held legal positions at International Specialty Products and Skadden, Arps. Carrols operates 1,074 restaurants, primarily as the largest BURGER KING franchisee.
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