In a presentation following the conclusion of Carrols Restaurant Group, Inc.’s (“Carrols” or the “Company”) 2020 Annual Meeting of Stockholders to be held virtually on June 15, 2020 at 9:00 a.m. Eastern Time, the Company will provide certain financial information as set forth below.

Recent Weekly Comparable Restaurant Sales Trends

Comparable restaurant sales for the Company’s Burger King restaurants have improved over the past three months from a decrease of (33.8)%>during the week ended March 29, 2020>to an increase of 2.5%>for the week ended June 7, 2020, while the Company’s Popeyes restaurants improved from a decrease of (19.0)%>during the week ended March 29, 2020>to an increase of 14.6%>for the week ended June 7, 2020. Preliminary weekly comparable restaurant sales increases/(decreases) for the week ended March 22, 2020>through the week ended June 7, 2020>are as follows:

In addition, the Company is providing estimated guidance for the three months ended June 28, 2020 as follows:

As of June 12, 2020, the Company had $421.8 million of outstanding borrowings under the term loan B facility to the Credit Agreement (as amended, the “Credit Agreement”) dated as of April 30, 2019 among the Company, as borrower, certain subsidiaries of the Company, as guarantors, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto, and $85.3 million of outstanding borrowings under the revolving credit facility (the “Revolving Credit Facility”) to the Credit Agreement. As of June 12, 2020, the Company had $50.9 million of borrowing availability under the Revolving Credit Facility and $40.0 million in cash deposits.

Adjusted EBITDA is a non-GAAP financial measure and may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation. Refer to the definition of Adjusted EBITDA in the Company’s filings with the Securities and Exchange Commission for further detail. Carrols has not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measures because the Company 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 Carrols’ control or cannot be reasonably predicted.

ITEM 7.01 REGULATION FD DISCLOSURE

The information required to be disclosed under this Item 7.01 is included in Item 2.02 above and incorporated by reference herein.

The information herein is being furnished to Item 2.02 and Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act>regardless of any general incorporation language in such filing except as shall be expressly set forth by specific reference in such filing.

Forward-Looking Statements

Except for the historical information contained in this report, 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, including the impact of COVID-19 on Carrols’ business, as included in Carrols’ filings with the Securities and Exchange Commission.

About Carrols Restaurant Group, Inc. (NASDAQ:TAST)

Carrols Restaurant Group, Inc. is a holding company. The Company conducts all of its operations through its direct and indirect subsidiaries. The Company operates in the hamburger category of the quick-service restaurant segment of the restaurant industry. The Company is a Burger King franchisee in the United States and operates its restaurants under the Burger King trade name. The Company owns and operates approximately 705 Burger King restaurants located in over 20 Northeastern, Midwestern and Southeastern states, such as Illinois, Indiana, Kentucky, Maine, Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Vermont, Virginia and West Virginia. Burger King restaurants feature the Whopper sandwich, as well as a range of hamburgers, chicken and other sandwiches, French fries, salads, breakfast items, hot dogs, snacks, smoothies, frappes and other offerings. Its subsidiaries include Carrols LLC and Carrols Corporation.