Carrols Prices IPO

The company, and its shareholders, is offering 10-million shares of its common stock. It will be listed as "TAST" on the Nasdaq, and executives expect the offering to close on Dec. 20.

Carrols refers to Pollo Tropical and Taco Cabana as its "Hispanic Brands." The company owns 73 Pollo Tropical units, mostly in Florida and franchisees run 26, primarily in Florida. The quick-service chain, acquired by Carrols in 1998, sells Caribbean-themed foods and opened its first New York City unit earlier this year.

Taco Cabana is a Mexican-food chain with 141 company-owned restaurants that are mainly in Texas. Franchisees operate three Taco Cabana units. Carrols bought the chain in 2000.

Next year executives plan to open seven to 10 Pollo Tropicals and 10 to 12 Taco Cabanas in existing markets. Management is also looking at new markets where it can open Pollo Tropical units. Additionally, the company is focusing on the development of other Hispanic chains.

For Burger King, Carrols is a franchisee of 328 units in the Northeast, Midwest and Southeast. Its highest concentration of restaurants are in New York State, where the company operates nearly 130 units.

Total revenues at Carrols are nearly evenly divided between Burger King and Hispanic Brands, with the former taking in slightly more money. Last year its combined chains' total sales came in at $707 million.

Year-to-date same-store sales are highest at its Burger Kings, which are up 3.1% year over year. Pollo Tropical's have risen 2.6%, and Taco Cabana's have posted a 2.4% increase.