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Carrols Restaurant fiscal Q1 loss narrows YOY

Carrols Restaurant Group, Inc. said its normalized net income for the fiscal first quarter ended March 29 amounted to a loss of 15 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 21 cents per share.

The per-share loss narrowed 47.7% year over year from 29 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $5.4 million, compared with a loss of $6.8 million in the prior-year period.

The normalized profit margin increased to negative 2.4% from negative 4.5% in the year-earlier period.

Total revenue increased 27.5% on an annual basis to $193.2 million from $151.5 million, and total operating expenses climbed 24.9% on an annual basis to $196.9 million from $157.6 million.

Reported net income came to a loss of $9.4 million, or a loss of 27 cents per share, compared to a loss of $7.4 million, or a loss of 32 cents per share, in the year-earlier period.