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Carrols Restaurant Group, Inc. Reports Financial Results for the Fourth Quarter and Full Year 2016

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Carrols Restaurant Group, Inc. ("Carrols" or the "Company")
(NASDAQ:TAST) today announced financial results for the fourth quarter
and full year 2016 ended January 1, 2017.

Highlights for the 13-week fourth quarter of 2016 versus the 14-week
fourth quarter of 2015 include:

  • Restaurant sales increased 5.1% to $240.8 million from $229.1 million
    in the fourth quarter of 2015, including $66.5 million in sales from
    the 234 BURGER KING® restaurants acquired from 2014 to 2016(1).
    One additional operating week in 2015 contributed approximately $16.0
    million to restaurant sales in the prior year period. On a comparable
    13 week basis, total restaurant sales increased 13.0%;
  • Comparable restaurant sales (on a comparable 13-week basis) increased
    3.2% compared to a 5.1% increase in the prior year period;
  • Adjusted EBITDA(2) was $20.4 million compared to $23.7
    million in the prior year period. The Company estimates that the
    additional operating week in 2015 contributed approximately $4.0
    million to Adjusted EBITDA;
  • Net income was $29.5 million, or $0.65 per diluted share, compared to
    net income of $7.0 million, or $0.16 per diluted share, in the prior
    year period. The significant increase in net income largely reflected
    a $30.4 million reversal of the valuation allowance previously
    established against net deferred income tax assets;
  • Adjusted net income(2) was $2.0 million, or $0.04 per
    diluted share, compared to adjusted net income of $6.5 million, or
    $0.14 per diluted share, in the prior year period which included the
    additional operating week ($2.5 million, or $0.06 per diluted share,
    after taxes).

Highlights for the 52-week full year 2016 versus the 53-week full
year 2015 include:

  • Restaurant sales increased 9.8% to $943.6 million from $859.0 million,
    including $243.1 million in sales from BURGER KING® restaurants
    acquired from 2014 to 2016(1). The additional operating
    week in 2015 contributed approximately $16.0 million in restaurant
    sales;
  • Comparable restaurant sales increased 2.3% (on a comparable 52-week
    basis) compared to a 7.4% increase in the prior year;
  • Adjusted EBITDA(2) increased 16.6% to $89.5 million from
    $76.7 million in the prior year period. The Company estimates that the
    additional operating week in 2015 contributed approximately $4.0
    million to Adjusted EBITDA;
  • Net income was $45.5 million, or $1.01 per diluted share, compared to
    net income of $4,000, or $0.00 per diluted share, in the prior year
    period. Net income in 2016 included a $30.4 million benefit from the
    reversal of the valuation allowance previously established against net
    deferred income tax assets, and net income in 2015 included a charge
    of $12.6 million related to the refinancing of the Company's debt;
  • Adjusted net income(2) was $17.9 million, or $0.40 per
    diluted share, compared to adjusted net income of $13.4 million, or
    $0.30 per diluted share, in the prior year period which included the
    additional operating week ($2.5 million, or $0.06 per diluted share,
    after taxes).

(1)

 

"Acquired restaurants" refer to those restaurants acquired from
2014 through 2016. "Legacy restaurants" include all of the
Company's other restaurants including restaurants acquired before
2014.

(2)

Adjusted EBITDA, Restaurant-level EBITDA and Adjusted net
income are non-GAAP financial measures. Refer to the definitions
and reconciliation of these measures to net income or to income
from operations in the tables at the end of this release.

 

At the end of the fourth quarter of 2016, Carrols owned and operated 753
BURGER KING® restaurants. On February 28, 2017, the Company completed
the acquisition of 43 additional BURGER KING® restaurants in and around
Cincinnati, Ohio and currently owns and operates 790 BURGER KING®
restaurants.

Daniel T. Accordino, the Company's Chief Executive Officer said, "We
were pleased to have been generally in line with our 2016 outlook for
restaurant sales, comparable restaurant sales and Adjusted EBITDA,
especially when considering the highly competitive and promotional
environment that existed throughout the year. Adjusted EBITDA margin
also improved for the year due primarily to lower commodity costs,
namely ground beef, and from ongoing improvements to margins at our
acquired restaurants."

Accordino continued, "We posted a solid 3.2% comparable restaurant sales
increase for the fourth quarter on top of the prior year period increase
of 5.1%. Burger King's promotional strategy continued to effectively
focus on products that appeal to premium and value-driven customers
while driving increases in both customer traffic and average check.
Adjusted EBITDA margin, however, decreased in the fourth quarter largely
due to the deleveraging of certain fixed costs due to one less operating
week compared to the fourth quarter of 2015, along with the impact of
ongoing labor cost pressures and higher advertising expense."

Accordino concluded, "2016 marked another productive year as we
continued to expand our footprint through accretive acquisitions and
enhanced the quality of our asset base by continuing to execute our
multi-year remodeling program. In 2016, we acquired 56 BURGER KING®
restaurants and announced a 43-unit acquisition in December which we
recently completed on February 28. We also completed 85 remodels and
rebuilt or relocated another 8 restaurants, resulting in over 70% of our
restaurants featuring the 20/20 design image at the end of the year. In
2017, we expect both remodeling and total capital expenditures to be
lower than 2016 resulting in increased free cash flow that may be
deployed to opportunistically acquire additional restaurants and to fund
our planned development of new restaurants."

Fourth Quarter 2016 Financial Results

Restaurant sales increased 5.1% to $240.8 million in the fourth quarter
of 2016 compared to $229.1 million in the fourth quarter of 2015.
Excluding the effect of the additional operating week in 2015, which
contributed $16.0 million in sales, total restaurant sales increased
13.0% over the fourth quarter of 2015. Restaurant sales included $66.5
million in sales from the 234 BURGER KING® restaurants acquired from
2014 to 2016 and a comparable restaurant sales increase of 3.2%.

The comparable restaurant sales increase included a 3.1% increase at
legacy restaurants and a 3.9% increase at comparable acquired
restaurants (primarily the 2014 acquisitions). Average check increased
3.0% while customer traffic increased 0.2% from the prior year period.

Restaurant-Level EBITDA was $33.6 million in the fourth quarter of 2016,
which included a $7.3 million contribution from the acquired
restaurants, compared to Restaurant-Level EBITDA of $36.8 million in the
fourth quarter of 2015. The additional operating week in 2015
contributed an estimated $4.4 million to Restaurant-Level EBITDA.
Restaurant-Level EBITDA margin was 14.0% of restaurant sales and
decreased 210 basis points from the prior year period including 87 basis
points from the deleveraging of fixed costs due to the additional
operating week in the year ago period. Restaurant-Level EBITDA margins
were also impacted by the higher level of promotional activity,
continued pressure on labor costs and higher advertising expense.

General and administrative expenses were $14.4 million in the fourth
quarter of 2016 compared to $14.3 million in the fourth quarter of 2015.
As a percentage of restaurant sales, general and administrative expenses
decreased 24 basis points to 6.0% compared to the prior year period.

Adjusted EBITDA was $20.4 million in the fourth quarter of 2016 compared
to $23.7 million in the fourth quarter of 2015. The Company estimates
that the additional operating week in 2015 contributed approximately
$4.0 million to Adjusted EBITDA. Adjusted EBITDA margin decreased 188
basis points to 8.5% of restaurant sales including a 109 basis point
impact from one less operating week.

Income from operations was $6.1 million in the fourth quarter of 2016
compared to $11.6 million in the prior year period. This decrease
primarily reflected one less operating week (approximately $4.0 million)
and an increase in depreciation and amortization from the remodeling and
acquisition of restaurants over the past two years.

Interest expense increased slightly to $4.7 million in the fourth
quarter of 2016 from $4.5 million in the same period last year.

Net income was $29.5 million for the fourth quarter of 2016, or $0.65
per diluted share, compared to net income of $7.0 million, or $0.16 per
diluted share, in the prior year period. This increase was primarily due
to the $30.4 million reversal of the valuation allowance previously
established against net deferred income tax assets

Adjusted net income was $2.0 million, or $0.04 per diluted share,
compared to adjusted net income of $6.5 million, or $0.14 per diluted
share, in the prior year period which included the additional operating
week ($2.5 million, or $0.06 per diluted share, after taxes).

Excluding the $30.4 million tax benefit from the reversal of the
valuation allowance on net deferred income tax assets, the provision for
income taxes was $2.3 million for all of 2016. For comparability,
Adjusted net income for 2016 and 2015 reflects a comparable provision
for income taxes as if the valuation allowance had been reversed prior
to 2015.

Full Year 2017 Outlook

The Company is providing the following guidance for 2017. In addition,
while the Company may acquire additional BURGER KING® restaurants in
2017, this guidance does not include any impact from such potential
transactions other than the recently completed acquisition of 43
restaurants in the Cincinnati market:

  • Total restaurant sales of $1.02 billion to $1.07 billion, including a
    comparable restaurant sales increase of 2% to 4%;
  • Commodity cost increase of 0% to 2% including a modest decrease in
    beef costs;
  • General and administrative expenses (excluding stock compensation and
    potential acquisition costs) of $54 million to $56 million;
  • Adjusted EBITDA of $90 million to $100 million;
  • Capital expenditures of approximately $55 million to $75 million which
    includes remodeling a total of 20 to 25 restaurants, the rebuilding of
    5 to 7 restaurants and the construction of 7 to 15 new restaurants
    (including 2 to 3 relocations of existing restaurants). Capital
    expenditures also include $10 million to $12 million for non-recurring
    investments in new kitchen production and product holding systems, new
    training systems and certain POS system upgrades;
  • The opening of 7 to 15 new restaurants (including 2 relocations) and
    the closing of 20 to 25 existing restaurants; and
  • An effective income tax rate of 20% to 25%.

The Company has not reconciled guidance for Adjusted EBITDA to the
corresponding GAAP financial measure because it does not provide
guidance for net income or for the various reconciling items. The
Company is unable to provide guidance for these reconciling items since
certain items that impact net income are outside of the Company's
control or cannot be reasonably predicted.

Conference Call Today

Daniel T. Accordino, Chief Executive Officer, and Paul R. Flanders,
Chief Financial Officer, will host a conference call to discuss fourth
quarter and full year 2016 financial results today at 8:30 AM ET.

The conference call can be accessed live over the phone by dialing
888-337-8169 or for international callers by dialing 719-457-2702. A
replay will be available one hour after the call and can be accessed by
dialing 888-203-1112 or for international callers by dialing
1-719-457-0820; the passcode is 8328119. The replay will be available
until Thursday, March 9, 2017. Investors and interested parties may
listen to a webcast of this conference call by visiting www.carrols.com
under the tab "Investor Relations".

Investor Conference Participation

Carrols also announced today that Paul R. Flanders, Chief Financial
Officer, will be presenting at the Raymond James 38th Annual
Institutional Investors Conference in Orlando, Florida on Wednesday,
March 8, 2017 at 9:15 AM ET. Investors and interested parties may listen
to a webcast of this presentation by visiting www.carrols.com
under the tab "Investor Relations".

About the Company

Carrols is the largest BURGER KING® franchisee in the United States with
790 restaurants as of March 2, 2017 and has operated BURGER KING®
restaurants since 1976. For more information on Carrols, please visit
the company's website at www.carrols.com.

Forward-Looking Statements

Except for the historical information contained in this news release,
the matters addressed are forward-looking statements. Forward-looking
statements, written, oral or otherwise made, represent Carrols'
expectation or belief concerning future events. Without limiting the
foregoing, these statements are often identified by the words "may",
"might", "believes", "thinks", "anticipates", "plans", "expects",
"intends" or similar expressions. In addition, expressions of our
strategies, intentions, plans or guidance are also forward-looking
statements. Such statements reflect management's current views with
respect to future events and are subject to risks and uncertainties,
both known and unknown. You are cautioned not to place undue reliance on
these forward-looking statements as there are important factors that
could cause actual results to differ materially from those in
forward-looking statements, many of which are beyond our control.
Investors are referred to the full discussion of risks and uncertainties
as included in Carrols' filings with the Securities and Exchange
Commission.

       

Carrols Restaurant Group, Inc.

Consolidated Statements of Operations

(in thousands except per share amounts)

 
(unaudited) (unaudited)
Three Months Ended (a) Twelve Months Ended (a)

January 1,
2017

   

January 3,
2016

January 1,
2017

   

January 3,
2016

Restaurant sales $ 240,826 $ 229,056 $ 943,583 $ 859,004
Costs and expenses:
Cost of sales 65,131 62,300 250,112 240,322
Restaurant wages and related expenses 76,460 70,815 297,766 267,950
Restaurant rent expense 16,737 14,995 64,814 58,096
Other restaurant operating expenses 38,335 35,467 148,946 135,874
Advertising expense 10,544 8,691 41,299 32,242
General and administrative expenses (b) (c) 14,395 14,252 54,956 50,515
Depreciation and amortization 12,682 10,629 47,295 39,845
Impairment and other lease charges 1,162 346 2,355 3,078
Other expense (income) (697 )   338   (126 )
Total costs and expenses 234,749   217,495   907,881   827,796  
Income from operations 6,077 11,561 35,702 31,208
Interest expense 4,700 4,543 18,315 18,569
Loss on extinguishment of debt       12,635  
Income before income taxes 1,377 7,018 17,387 4
Benefit for income taxes (28,085 )   (28,085 )  
Net income $ 29,462   $ 7,018   $ 45,472   $ 4  
 
Basic and diluted net income per share (d) (e): $ 0.65 $ 0.16 $ 1.01 $
Basic weighted average common shares outstanding 35,257 35,038 35,178 34,959
Diluted weighted average common shares outstanding 44,850 44,698 44,851 44,623
 
(a)   The Company uses a 52 or 53 week fiscal year that ends on the Sunday
closest to December 31. The three and twelve months ended January 1,
2017 included thirteen and 52 weeks, respectively. The three and
twelve months ended January 3, 2016 included fourteen and 53 weeks,
respectively.
(b) General and administrative expenses include acquisition costs of
$762 and $829 for the three months ended January 1, 2017 and January
3, 2016, respectively, and $1,853 and $1,168 for the twelve months
ended January 1, 2017 and January 3, 2016, respectively.
(c) General and administrative expenses include stock-based compensation
expense of $426 and $367 for the three months ended January 1, 2017
and January 3, 2016, respectively, and $2,053 and $1,438 for the
twelve months ended January 1, 2017 and January 3, 2016,
respectively.
(d) Basic net income per share was computed excluding income
attributable to preferred stock and non-vested restricted shares.
(e) Diluted net income per share was computed including shares issuable
for convertible preferred stock and non-vested restricted shares
unless their effect would have been anti-dilutive for the periods
presented.
 
 

Carrols Restaurant Group, Inc.

Supplemental Information

 

The following table sets forth certain unaudited supplemental financial
and other data for the periods indicated (in thousands, except number of
restaurants, percentages and average weekly sales per restaurant):

    (unaudited)     (unaudited)
Three Months Ended (a) Twelve Months Ended (a)

January 1,
2017

   

January 3,
2016

January 1,
2017

   

January 3,
2016

Restaurant Sales: (a)
Legacy restaurants $ 174,349 $ 182,316 $ 700,532 $ 701,454
Acquired restaurants 66,477   46,740   243,051   157,550  
Total Restaurant Sales $ 240,826   229,056   943,583   $ 859,004  
Change in Comparable Restaurant Sales (b) 3.2 % 5.1 % 2.3 % 7.4 %
Average Weekly Sales per Restaurant: (c)
Legacy restaurants $ 25,523 $ 24,757 $ 25,772 $ 25,068
Acquired restaurants 23,545 22,248 23,759 22,561
Restaurant-Level EBITDA (d)
Legacy restaurants $ 26,313 $ 30,629 $ 111,189 $ 107,093
Acquired restaurants 7,306   6,159   29,457   17,427  
Total Restaurant-Level EBITDA $ 33,619 $ 36,788 $ 140,646 $ 124,520
Restaurant-Level EBITDA margin (d)
Legacy restaurants 15.1 % 16.8 % 15.9 % 15.3 %
Acquired restaurants 11.0 % 13.2 % 12.1 % 11.1 %
All restaurants 14.0 % 16.1 % 14.9 % 14.5 %
Adjusted EBITDA (d) $ 20,412 $ 23,732 $ 89,505 $ 76,737
Adjusted EBITDA margin (d) 8.5 % 10.4 % 9.5 % 8.9 %
Adjusted net income (d) $ 2,024 $ 6,495 $ 17,860 $ 13,429
Adjusted diluted net earnings per share $ 0.04 $ 0.14 $ 0.40 $ 0.30
Number of Restaurants:
Restaurants at beginning of period 734 660 705 674
New restaurants 1 4
Acquired restaurants 27 46 56 55
Closed restaurants (9 ) (1 ) (12 ) (23 )
Sold restaurants       (1 )
Restaurants at end of period 753   705   753   705  
 

At 1/1/17

 

At 1/3/16

 

Long-term Debt (e)

$223,559

$209,209

Cash

2,002

22,274

 
(a)   Acquired restaurants represent the 234 restaurants acquired in 20
acquisitions from 2014 through 2016.
(b) Restaurants are generally included in comparable restaurant sales
after they have been open or acquired for 12 months. For the three
and twelve months ended January 1, 2017 the changes in comparable
restaurant sales are calculated on a thirteen week and fifty-two
week basis, respectively. For the three and twelve months ended
January 3, 2016 the changes in comparable restaurant sales are
calculated on a fourteen week and fifty-three week basis,
respectively.
(c) Average weekly restaurant sales are derived by dividing restaurant
sales for the comparable 13-week or 52-week period by the average
number of restaurants operating during such period.
(d) EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Restaurant-Level
EBITDA, Restaurant-Level EBITDA margin and Adjusted net income are
non-GAAP financial measures and may not necessarily be comparable to
other similarly titled captions of other companies due to
differences in methods of calculation. Refer to the Company's
reconciliation of EBITDA, Adjusted EBITDA and Adjusted net income to
net income, and to the Company's reconciliation of Restaurant-Level
EBITDA to income from operations for further detail. Both Adjusted
EBITDA margin and Restaurant-Level EBITDA margin are calculated as a
percentage of restaurant sales for the respective group of
restaurants. Adjusted diluted net earnings per share is calculated
based on Adjusted net income.
(e) Long-term debt (including current portion and excluding deferred
financing costs) at January 1, 2017 included $200,000 of the
Company's 8.0% Senior Secured Second Lien Notes, $13,500 of
revolving credit borrowings, $3,020 of lease financing obligations
and $7,039 of capital lease obligations. Long-term debt (including
current portion and excluding deferred financing costs) at January
3, 2016 included $200,000 of the Company's 8.0% Senior Secured
Second Lien Notes, $1,203 of lease financing obligations and $8,006
of capital lease obligations.
 
       

Carrols Restaurant Group, Inc.

Reconciliation of Non-GAAP Measures

(in thousands, except per share data)

 
(unaudited) (unaudited)
Three Months Ended (a) Twelve Months Ended (a)
January 1,
2017
    January 3,
2016
January 1,
2017
    January 3,
2016
Reconciliation of EBITDA and Adjusted EBITDA: (a)
Net income $ 29,462 $ 7,018 $ 45,472 $ 4
Benefit for income taxes (28,085 ) (28,085 )
Interest expense 4,700 4,543 18,315 18,569
Depreciation and amortization 12,682   10,629   47,295   39,845  
EBITDA 18,759 22,190 82,997 58,418
Impairment and other lease charges 1,162 346 2,355 3,078
Acquisition costs (b) 762 829 1,853 1,168
Gains on partial condemnation and fires (c) (697 ) (1,603 )
Litigation settlement (d) 1,850
Stock compensation expense 426 367 2,053 1,438
Loss on extinguishment of debt       12,635  
Adjusted EBITDA $ 20,412   $ 23,732   $ 89,505   $ 76,737  
 
Reconciliation of Restaurant-Level EBITDA: (a)
Income from operations $ 6,077 $ 11,561 $ 35,702 $ 31,208
Add:
General and administrative expenses 14,395 14,252 54,956 50,515
Depreciation and amortization 12,682 10,629 47,295 39,845
Impairment and other lease charges 1,162 346 2,355 3,078
Other expense (income) (697 )   338   (126 )
Restaurant-Level EBITDA $ 33,619   $ 36,788   $ 140,646   $ 124,520  
 
Reconciliation of Adjusted Net Income: (a)
Net income $ 29,462 $ 7,018 $ 45,472 $ 4
Benefit for income taxes (e) (28,085 )   (28,085 )  
Income before income taxes 1,377 7,018 17,387 4
Add:
Loss on extinguishment of debt 12,635
Impairment and other lease charges 1,162 346 2,355 3,078
Acquisition costs (b) 762 829 1,853 1,168
Gains on partial condemnation and fires (c) (697 ) (1,603 )
Litigation settlement (d) 1,850
Income tax effect of above adjustments (f) (466 ) (447 ) (1,693 ) (6,415 )
(Provision) benefit for income taxes (e) (114 ) (1,251 ) (2,289 ) 2,959  
Adjusted net income $ 2,024   $ 6,495   $ 17,860   $ 13,429  
Adjusted diluted net earnings per share (g) $ 0.04   $ 0.14   $ 0.40   $ 0.30  
 
(a)   Within our press release, we make reference to EBITDA, Adjusted
EBITDA, Restaurant-Level EBITDA and Adjusted net income which are
non-GAAP financial measures. EBITDA represents net income before
provision (benefit) for income taxes, interest expense and
depreciation and amortization. Adjusted EBITDA represents EBITDA as
adjusted to exclude impairment and other lease charges, acquisition
costs, stock compensation expense, loss on extinguishment of debt
and other non-recurring income or expense. Restaurant-Level EBITDA
represents income from operations as adjusted to exclude general and
administrative expenses, depreciation and amortization, impairment
and other lease charges and other expense (income). Adjusted net
income represents net income as adjusted to exclude loss on
extinguishment of debt, impairment and other lease charges,
acquisition costs, the establishment and subsequent reversal of a
valuation allowance on the Company's net deferred income tax assets
and other non-recurring income or expense.
 
We are presenting Adjusted EBITDA, Restaurant-Level EBITDA and
Adjusted net income because we believe that they provide a more
meaningful comparison than EBITDA and Net income of the Company's
core business operating results, as well as with those of other
similar companies. Additionally, we present Restaurant-Level EBITDA
because it excludes the impact of general and administrative
expenses and other expense (income), all of which are non-recurring
at the restaurant level. Management believes that Adjusted EBITDA,
Restaurant-Level EBITDA and Adjusted net income, when viewed with
the Company's results of operations in accordance with GAAP and the
accompanying reconciliations in the table above, provide useful
information about operating performance and period-over-period
growth, and provide additional information that is useful for
evaluating the operating performance of the Company's core business
without regard to potential distortions. Additionally, management
believes that Adjusted EBITDA and Restaurant-Level EBITDA permit
investors to gain an understanding of the factors and trends
affecting our ongoing cash earnings, from which capital investments
are made and debt is serviced.
 
However, EBITDA, Adjusted EBITDA, Restaurant-Level EBITDA and
Adjusted net income are not measures of financial performance or
liquidity under GAAP and, accordingly, should not be considered as
alternatives to net income, income from operations or cash flow from
operating activities as indicators of operating performance or
liquidity. Also, these measures may not be comparable to similarly
titled captions of other companies. The tables above provide
reconciliations between net income and EBITDA and Adjusted EBITDA,
between Restaurant-Level EBITDA and income from operations, and
between net income and Adjusted net income.
 
(b) Acquisition costs for the periods presented include primarily legal
and professional fees incurred in connection with restaurant
acquisitions, which were included in general and administrative
expense.
 
(c) Includes gains of $0.7 million and $1.2 million in the three and
twelve months ended January 1, 2017, respectively, related to
insurance recoveries from fires at two of our restaurants and, for
the twelve months ended January 1, 2017, a gain of $0.5 million
related to a settlement for a partial condemnation on one of our
operating restaurant properties.
 
(d) Includes an expense of $1.85 million from a litigation settlement
for the year ended January 1, 2017.
 
(e) The benefit for income taxes in 2016 reflects a $30.4 million tax
benefit recorded in the fourth quarter of 2016 to reverse the
previously recorded valuation allowance on net deferred income tax
assets as well as the full year deferred income tax provision of
$2.3 million which was recorded in the fourth quarter of 2016. For
comparability, when presenting Adjusted Net Income, the (provision)
benefit for income taxes reflects the deferred income tax
(provision) benefit for each respective period as if the reversal of
the valuation allowance on net deferred income tax assets had
occurred prior to 2015.
 
(f) The income tax effect related to the adjustments for loss on
extinguishment of debt, impairment and other lease charges,
acquisition costs, gains on partial condemnation and fires and
litigation settlement during the periods presented was calculated
using an effective income tax rate of 38%.
 
(g) Adjusted diluted net earnings per share is calculated based on
Adjusted net income and the diluted weighted average common shares
outstanding for the respective periods.

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