Carrols Restaurant Group Inc. (TAST, Financial) filed Quarterly Report for the period ended 2010-07-04.
Carrols Restaurant Group Inc. has a market cap of $103.1 million; its shares were traded at around $4.77 with a P/E ratio of 5.1 and P/S ratio of 0.1. TAST is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Other restaurant operating expenses, as a percentage of total restaurant sales, decreased slightly to 14.3% in the second quarter of 2010 from 14.4% in the second quarter of 2009. Pollo Tropical other restaurant operating expenses, as a percentage of Pollo Tropical restaurant sales, decreased to 13.0% in the second quarter of 2010 from 14.1% in the second quarter of 2009 due primarily to lower utility costs (0.7% of Pollo Tropical sales), lower trash removal costs (0.3% of Pollo Tropical sales) and the effect of higher sales volumes on fixed operating costs, partially offset by higher repair and maintenance expenses associated with restaurant image enhancement initiatives (0.4% of Pollo Tropical sales). Taco Cabana other restaurant operating expenses, as a percentage of Taco Cabana restaurant sales, increased slightly to 14.5% in the second quarter of 2010 from 14.3% in the second quarter of 2009 due in part to higher credit card fees. Burger King other restaurant operating expenses, as a percentage of Burger King restaurant sales, increased slightly to 14.7% in the second quarter of 2010 from 14.6% in the second quarter of 2009 due primarily to the effect of lower sales volumes on fixed operating costs.
percentage of Taco Cabana restaurant sales, increased to 4.4% in the second quarter of 2010 from 3.9% in the second quarter of 2009 due primarily to the timing of promotions. For all of 2010 our Taco Cabana advertising costs are currently expected to be approximately 4.1% to 4.3% of Taco Cabana restaurant sales, but there can be no assurance in this regard. Burger King advertising expense, as a percentage of Burger King restaurant sales, increased slightly to 4.3% in the second quarter of 2010 from 4.2% in the second quarter of 2009. For all of 2010 our Burger King advertising costs are currently expected to be approximately 4.0% to 4.2% of our Burger King restaurant sales, but there can be no assurance in this regard.
Operating Costs and Expenses. Cost of sales, as a percentage of total restaurant sales, increased to 30.6% in the first six months of 2010 from 29.1% in the first six months of 2009. Pollo Tropical cost of sales, as a percentage of Pollo Tropical restaurant sales, decreased to 32.6% in the first six months of 2010 from 33.1% in the first six months of 2009 due primarily to lower commodity prices (0.4% of Pollo Tropical sales), including lower rice and chicken prices, and increased food and paper controls. Taco Cabana cost of sales, as a percentage of Taco Cabana restaurant sales, increased to 29.9% in the first six months of 2010 from 29.2% in the first six months of 2009 due primarily to increased promotional discounting (0.5% of Taco Cabana sales) and lower margins on menu item promotions in 2010 (0.4% of Taco Cabana sales), partially offset by the effect of menu price increases in the second quarter of 2010. Burger King cost of sales, as a percentage of Burger King restaurant sales, increased to 30.2% in the first six months of 2010 from 27.1% in the first six months of 2009 due primarily to higher beef commodity prices (1.1% of Burger King sales), an increase in sales from lower margin menu items, including the $1 Buck Double and double cheeseburger (1.4% of Burger King sales), and from the lower amortization of deferred purchase discounts on Coke products, partially offset by the effect of menu price increases taken in late 2009 and in the first quarter of 2010 (0.5% of Burger King sales).
Restaurant wages and related expenses, as a percentage of total restaurant sales, increased to 29.8% in the first six months of 2010 from 29.1% in the first six months of 2009. Pollo Tropical restaurant wages and related expenses, as a percentage of Pollo Tropical restaurant sales, increased slightly to 24.9% in the first six months of 2010 from 24.8% in the first six months of 2009 due primarily to higher workers compensation claim costs (0.7% of Pollo Tropical sales) being substantially offset by the effect of higher sales volumes on fixed labor costs. Taco Cabana restaurant wages and related expenses, as a percentage of Taco Cabana restaurant sales, increased to 30.7% in the first six months of 2010 from 29.3% in the first six months of 2009 due primarily to the effect of lower sales volumes on fixed labor costs, wage rate increases, higher medical insurance claim costs (0.3% of Taco Cabana sales) and higher workers compensation claim costs (0.2% of Taco Cabana sales). Burger King restaurant wages and related expenses, as a percentage of Burger King restaurant sales, increased to 31.6% in the first six months of 2010 from 31.0% in the first six months of 2009 due primarily to the effect of lower sales volumes on fixed labor costs.
Other restaurant operating expenses, as a percentage of total restaurant sales, decreased slightly to 14.4% in the first six months of 2010 from 14.5% in the first six months of 2009. Pollo Tropical other restaurant operating expenses, as a percentage of Pollo Tropical restaurant sales, decreased to 13.1% in the first six months of 2010 from 14.0% in the first six months of 2009 due primarily to lower utility costs (0.9% of Pollo Tropical sales) and lower restaurant opening costs, partially offset by higher repair and maintenance expenses (0.4% of Pollo Tropical sales). Taco Cabana other restaurant operating expenses, as a percentage of Taco Cabana restaurant sales, increased to 14.3% in the first six months of 2010 from 13.9% in the first six months of 2009 due primarily to higher restaurant operating supplies (0.2% of Taco Cabana sales) and higher repair and maintenance expenses. Burger King other restaurant operating expenses, as a percentage of Burger King restaurant sales, decreased to 15.1% in the first six months of 2010 from 15.2% in the first six months of 2009 due primarily to lower utility costs (0.3% of Burger King sales) partially offset by the effect of lower sales volumes on fixed labor costs.
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Carrols Restaurant Group Inc. has a market cap of $103.1 million; its shares were traded at around $4.77 with a P/E ratio of 5.1 and P/S ratio of 0.1. TAST is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Operating Costs and Expenses. Cost of sales, as a percentage of total restaurant sales, increased to 30.8% in the second quarter of 2010 from 29.2% in the second quarter of 2009. Pollo Tropical cost of sales, as a percentage of Pollo Tropical restaurant sales, decreased to 32.6% in the second quarter of 2010 from 32.9% in the second quarter of 2009 due primarily to lower commodity prices (0.4% of Pollo Tropical sales), including lower chicken and rice prices, partially offset by higher promotional discounting. Taco Cabana cost of sales, as a percentage of Taco Cabana restaurant sales, increased to 29.9% in the second quarter of 2010 from 29.1% in the second quarter of 2009 due primarily to increased promotional discounting (0.6% of Taco Cabana sales) and lower margins on menu item promotions in 2010 (0.5% of Taco Cabana sales), partially offset by the effect of menu price increases in the second quarter of 2010. Burger King cost of sales, as a percentage of Burger King restaurant sales, increased to 30.7% in the second quarter of 2010 from 27.5% in the second quarter of 2009 due primarily to higher beef commodity prices (1.3% of Burger King sales), the effect of sales from lower margin menu items, including the $1 Buck Double and double cheeseburger (1.3% of Burger King sales) and from the lower amortization of deferred purchase discounts on Coke products (0.6% of Burger King sales), partially offset by the effect of menu price increases taken in the last twelve months. We believe that the negative margin comparison to 2009 for value menu sales will continue in the third quarter of 2010 as the addition of the double cheeseburger to the value menu occurred in October 2009.Other restaurant operating expenses, as a percentage of total restaurant sales, decreased slightly to 14.3% in the second quarter of 2010 from 14.4% in the second quarter of 2009. Pollo Tropical other restaurant operating expenses, as a percentage of Pollo Tropical restaurant sales, decreased to 13.0% in the second quarter of 2010 from 14.1% in the second quarter of 2009 due primarily to lower utility costs (0.7% of Pollo Tropical sales), lower trash removal costs (0.3% of Pollo Tropical sales) and the effect of higher sales volumes on fixed operating costs, partially offset by higher repair and maintenance expenses associated with restaurant image enhancement initiatives (0.4% of Pollo Tropical sales). Taco Cabana other restaurant operating expenses, as a percentage of Taco Cabana restaurant sales, increased slightly to 14.5% in the second quarter of 2010 from 14.3% in the second quarter of 2009 due in part to higher credit card fees. Burger King other restaurant operating expenses, as a percentage of Burger King restaurant sales, increased slightly to 14.7% in the second quarter of 2010 from 14.6% in the second quarter of 2009 due primarily to the effect of lower sales volumes on fixed operating costs.
percentage of Taco Cabana restaurant sales, increased to 4.4% in the second quarter of 2010 from 3.9% in the second quarter of 2009 due primarily to the timing of promotions. For all of 2010 our Taco Cabana advertising costs are currently expected to be approximately 4.1% to 4.3% of Taco Cabana restaurant sales, but there can be no assurance in this regard. Burger King advertising expense, as a percentage of Burger King restaurant sales, increased slightly to 4.3% in the second quarter of 2010 from 4.2% in the second quarter of 2009. For all of 2010 our Burger King advertising costs are currently expected to be approximately 4.0% to 4.2% of our Burger King restaurant sales, but there can be no assurance in this regard.
Operating Costs and Expenses. Cost of sales, as a percentage of total restaurant sales, increased to 30.6% in the first six months of 2010 from 29.1% in the first six months of 2009. Pollo Tropical cost of sales, as a percentage of Pollo Tropical restaurant sales, decreased to 32.6% in the first six months of 2010 from 33.1% in the first six months of 2009 due primarily to lower commodity prices (0.4% of Pollo Tropical sales), including lower rice and chicken prices, and increased food and paper controls. Taco Cabana cost of sales, as a percentage of Taco Cabana restaurant sales, increased to 29.9% in the first six months of 2010 from 29.2% in the first six months of 2009 due primarily to increased promotional discounting (0.5% of Taco Cabana sales) and lower margins on menu item promotions in 2010 (0.4% of Taco Cabana sales), partially offset by the effect of menu price increases in the second quarter of 2010. Burger King cost of sales, as a percentage of Burger King restaurant sales, increased to 30.2% in the first six months of 2010 from 27.1% in the first six months of 2009 due primarily to higher beef commodity prices (1.1% of Burger King sales), an increase in sales from lower margin menu items, including the $1 Buck Double and double cheeseburger (1.4% of Burger King sales), and from the lower amortization of deferred purchase discounts on Coke products, partially offset by the effect of menu price increases taken in late 2009 and in the first quarter of 2010 (0.5% of Burger King sales).
Restaurant wages and related expenses, as a percentage of total restaurant sales, increased to 29.8% in the first six months of 2010 from 29.1% in the first six months of 2009. Pollo Tropical restaurant wages and related expenses, as a percentage of Pollo Tropical restaurant sales, increased slightly to 24.9% in the first six months of 2010 from 24.8% in the first six months of 2009 due primarily to higher workers compensation claim costs (0.7% of Pollo Tropical sales) being substantially offset by the effect of higher sales volumes on fixed labor costs. Taco Cabana restaurant wages and related expenses, as a percentage of Taco Cabana restaurant sales, increased to 30.7% in the first six months of 2010 from 29.3% in the first six months of 2009 due primarily to the effect of lower sales volumes on fixed labor costs, wage rate increases, higher medical insurance claim costs (0.3% of Taco Cabana sales) and higher workers compensation claim costs (0.2% of Taco Cabana sales). Burger King restaurant wages and related expenses, as a percentage of Burger King restaurant sales, increased to 31.6% in the first six months of 2010 from 31.0% in the first six months of 2009 due primarily to the effect of lower sales volumes on fixed labor costs.
Other restaurant operating expenses, as a percentage of total restaurant sales, decreased slightly to 14.4% in the first six months of 2010 from 14.5% in the first six months of 2009. Pollo Tropical other restaurant operating expenses, as a percentage of Pollo Tropical restaurant sales, decreased to 13.1% in the first six months of 2010 from 14.0% in the first six months of 2009 due primarily to lower utility costs (0.9% of Pollo Tropical sales) and lower restaurant opening costs, partially offset by higher repair and maintenance expenses (0.4% of Pollo Tropical sales). Taco Cabana other restaurant operating expenses, as a percentage of Taco Cabana restaurant sales, increased to 14.3% in the first six months of 2010 from 13.9% in the first six months of 2009 due primarily to higher restaurant operating supplies (0.2% of Taco Cabana sales) and higher repair and maintenance expenses. Burger King other restaurant operating expenses, as a percentage of Burger King restaurant sales, decreased to 15.1% in the first six months of 2010 from 15.2% in the first six months of 2009 due primarily to lower utility costs (0.3% of Burger King sales) partially offset by the effect of lower sales volumes on fixed labor costs.
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