Carrols Restaurant Group, Inc. (TAST) Bundle
A Brief History of Carrols Restaurant Group, Inc. (TAST)
Founding and Early Years
Founding and Early Years
Carrols Restaurant Group, Inc. was founded in 1960 by the Carrols family in South Wales, New York. The company initially operated a single restaurant before expanding its footprint.
Acquisition of Burger King Franchise
In the early 1980s, Carrols Restaurant Group began acquiring franchises of the Burger King chain. By 1981, the company had 30 Burger King locations. As of late 2022, Carrols operated over 1,000 Burger King restaurants across the United States.
Public Offering and Growth
Carrols went public in 1983, trading on the Nasdaq under the ticker symbol TAST. The company reported revenues of $1.16 billion in 2022, a significant growth from $1.04 billion in 2021.
| Year | Revenue (in Billion USD) | Number of Restaurants | Net Income (in Million USD) |
|---|---|---|---|
| 2018 | 0.90 | 1,035 | 7.4 |
| 2019 | 1.02 | 1,056 | 10.1 |
| 2020 | 1.01 | 1,047 | -0.3 |
| 2021 | 1.04 | 1,065 | 6.1 |
| 2022 | 1.16 | 1,078 | 8.7 |
Challenges and Resilience
Like many in the restaurant sector, Carrols faced significant challenges during the COVID-19 pandemic. The company adapted by enhancing its drive-thru and take-out services, which helped maintain its sales levels.
Recent Developments
In 2023, Carrols Restaurant Group announced a strategic restructuring aimed at improving operational efficiencies and profitability. The company reported a total asset value of approximately $672 million in Q2 2023.
| Quarter | Total Assets (in Million USD) | Total Liabilities (in Million USD) | Shareholders' Equity (in Million USD) |
|---|---|---|---|
| Q1 2023 | 668 | 635 | 33 |
| Q2 2023 | 672 | 640 | 32 |
| Q3 2022 | 660 | 620 | 40 |
| Q4 2022 | 670 | 630 | 40 |
Future Outlook
As of October 2023, Carrols Restaurant Group continues to focus on growth and expansion strategies, with plans to open additional Burger King locations while enhancing customer experience and operational performance.
A Who Owns Carrols Restaurant Group, Inc. (TAST)
Company Overview
Company Overview
Carrols Restaurant Group, Inc. (TAST) operates through a franchise of Burger King restaurants and is one of the largest franchisees of the brand. The company also has a significant presence in the quick-service restaurant sector.
Ownership Structure
As of the latest financial filings, the ownership of Carrols Restaurant Group, Inc. is diversified among institutional investors and individual stakeholders. The following table outlines the primary ownership constituents:
| Owner Type | Percentage Ownership | Number of Shares |
|---|---|---|
| Institutional Investors | 64.5% | 20,200,000 |
| Insiders | 10.2% | 3,300,000 |
| Retail Investors | 25.3% | 8,200,000 |
Major Institutional Shareholders
The following entities are among the largest institutional shareholders of Carrols Restaurant Group, Inc.:
| Institution | Percentage Ownership | Shares Owned |
|---|---|---|
| BlackRock, Inc. | 9.7% | 3,100,000 |
| The Vanguard Group, Inc. | 8.9% | 2,800,000 |
| Geode Capital Management, LLC | 5.1% | 1,600,000 |
| Dimensional Fund Advisors LP | 4.3% | 1,400,000 |
Executive Management Team
The executive management team plays a crucial role in guiding the company. The following table lists key executives and their ownership stakes:
| Executive Name | Position | Ownership (Shares) |
|---|---|---|
| Daniel T. Accordino | CEO | 1,200,000 |
| Thomas E. Gibbons | CFO | 800,000 |
| Paul A. J. Rodriguez | COO | 500,000 |
Recent Stock Performance
As of the latest closing session, Carrols Restaurant Group, Inc. (TAST) has shown the following key financial metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $1.18 |
| Market Capitalization | $36 million |
| 52-Week High | $3.00 |
| 52-Week Low | $0.92 |
| EPS (Earnings Per Share) | -$0.40 |
Financial Performance
The financial performance of Carrols Restaurant Group, Inc. has been documented in recent quarterly reports:
| Financial Metrics | Q2 2023 | Q1 2023 |
|---|---|---|
| Total Revenue | $286 million | $275 million |
| Net Income | -$12 million | -$10 million |
| EBITDA | $20 million | $18 million |
| Total Assets | $500 million | $480 million |
Carrols Restaurant Group, Inc. (TAST) Mission Statement
Overview
The mission statement of Carrols Restaurant Group, Inc. underscores its commitment to providing quality fast food and a satisfactory customer experience. As of 2022, the company operates over 1,000 locations primarily under the Burger King brand.
Core Values
- Customer Satisfaction: Ensure a high level of service to customers.
- Quality Products: Serve quality food made from fresh ingredients.
- Employee Development: Foster an environment for employee growth.
Financial Performance
In 2022, Carrols Restaurant Group, Inc. reported revenues of approximately $1.1 billion. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at around $80 million.
Key Statistics
| Year | Revenue (in billions) | EBITDA (in millions) | Net Income (in millions) | Number of Locations |
|---|---|---|---|---|
| 2022 | 1.1 | 80 | -47 | 1,050 |
| 2021 | 1.0 | 75 | -11 | 1,020 |
| 2020 | 0.9 | 70 | -20 | 1,000 |
Target Market
Carrols Restaurant Group, Inc. targets a diverse demographic including families, students, and working professionals. The company emphasizes the importance of convenience and value in its offerings.
Community Engagement
- Local Initiatives: Engage in local community support and charitable activities.
- Sustainability Efforts: Implementing practices aimed at reducing environmental impact.
Future Goals
Looking forward, Carrols Restaurant Group aims to expand its footprint by increasing the number of restaurant locations by 5-10% annually while enhancing operational efficiency and customer satisfaction metrics.
Conclusion
Carrols Restaurant Group, Inc.'s mission statement and operational strategies reflect its focus on customer service, quality food, and community involvement, all while striving for consistent financial growth.
How Carrols Restaurant Group, Inc. (TAST) Works
Business Model
Carrols Restaurant Group, Inc. operates primarily as a franchisee of the Burger King brand. As of the end of 2022, Carrols owned and operated 1,054 Burger King restaurants, positioning itself as the largest Burger King franchisee in the United States.
Financial Performance
In the fiscal year ending December 31, 2022, Carrols Restaurant Group reported:
- Revenue: $1.027 billion
- Net Loss: $38 million
- Adjusted EBITDA: $66 million
Recent Financial Data
Here is a summary of Carrols' selected financial data for the third quarter of 2023:
| Metric | Value |
|---|---|
| Total Revenue | $276 million |
| Same-Store Sales Growth | 0.5% |
| Net Income | $4 million |
| Operating Income | $8.5 million |
| Cash and Cash Equivalents | $15 million |
Market Position
Carrols competes in the quick-service restaurant (QSR) industry, which has experienced challenges such as changing consumer preferences and increased competition. The company focuses on:
- Improving operational efficiencies.
- Maximizing profitability through strategic cost management.
- Enhancing customer experience via menu innovations and technology integration.
Expansion and Growth Strategies
As part of its growth strategy, Carrols seeks to:
- Identify potential acquisition opportunities for additional franchise locations.
- Invest in restaurant remodels to improve brand appeal and customer experience.
- Leverage technology to streamline operations and enhance customer engagement.
Workforce and Employment
Carrols employs approximately 17,000 employees across its restaurant operations. The company is committed to:
- Providing training and career advancement opportunities.
- Ensuring a diverse and inclusive work environment.
Supply Chain Management
Effective supply chain management is critical for Carrols to maintain quality and efficiency. The company utilizes:
- Strong relationships with suppliers to secure competitive pricing.
- Robust inventory management practices.
Challenges and Risks
Carrols faces several industry challenges and risks:
- Increased labor costs and supply chain disruptions.
- Competitive pressures from other QSRs and fast-casual dining establishments.
- Changing consumer behavior due to economic factors.
How Carrols Restaurant Group, Inc. (TAST) Makes Money
Revenue Streams
Carrols Restaurant Group, Inc. (TAST) primarily generates revenue through the operation of quick-service restaurants. The company operates numerous Burger King and Popeyes locations. In 2022, TAST reported a revenue of approximately $1.051 billion, reflecting an increase compared to previous years.
Restaurant Operations
The main source of income for Carrols is derived from their restaurant operations, which includes both company-operated and franchised locations. As of the end of 2022, Carrols operated 1,058 restaurants across various states.
Sales Performance
In 2022, the average sales per restaurant for Carrols was around $1.04 million. This metric highlights the company's ability to generate significant sales across its locations.
| Metric | 2022 Value |
|---|---|
| Total Revenue | $1.051 billion |
| Number of Restaurants | 1,058 |
| Average Sales per Restaurant | $1.04 million |
Franchise Fees and Royalties
In addition to restaurant operations, Carrols earns income through franchise fees and royalties charged to franchisees. In 2021, franchise revenue accounted for about $4 million of the total revenue, contributing to the overall financial stability of the company.
Menu Innovation and Pricing Strategy
Carrols employs menu innovation to attract customers and drive sales. The introduction of new items and value meals aids in maintaining customer interest and boosting revenue. The company's pricing strategy is competitive, allowing them to appeal to a broad customer base.
Cost Management
Effective cost management is vital for profitability. Carrols focuses on controlling food and labor costs, which typically account for around 30% to 35% of total sales. In 2022, operating expenses were approximately $960 million.
| Expense Category | 2022 Amount |
|---|---|
| Food and Labor Costs | 30% - 35% of Sales |
| Total Operating Expenses | $960 million |
Digital and Delivery Services
Carrols has increasingly embraced digital ordering and delivery services, which became essential during the COVID-19 pandemic. In 2022, digital sales represented roughly 20% of total sales, showcasing the effectiveness of their online strategy.
Growth and Expansion Initiatives
The company continually seeks growth through new restaurant openings and potential acquisitions. In 2022, Carrols opened 30 new locations, reinforcing its commitment to expanding its market presence.
Performance Metrics
Key financial performance metrics for Carrols in recent years are as follows:
| Year | Total Revenue | Net Income | EBITDA |
|---|---|---|---|
| 2020 | $949 million | ($18 million) | $65 million |
| 2021 | $1.002 billion | ($12 million) | $72 million |
| 2022 | $1.051 billion | $3 million | $80 million |
Conclusion: Future Outlook
The company's focus on strategic growth, operational efficiency, and innovation positions Carrols Restaurant Group well for future profitability and market competitiveness.
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