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Fiesta Restaurant (FRGI) Stock Tanks as Q1 Results Miss Estimates

NEW YORK (TheStreet) -- Shares of Fiesta Restaurant (FRGI - Get Report) are plummeting 16.46% to $27.24 on heavy trading volume late Tuesday morning after the Addison, TX-based company reported weaker-than-expected results for the 2016 first quarter.

After yesterday's market close, the owner of Pollo Tropical and Taco Cabana restaurants reported adjusted earnings of 37 cents per diluted share, below analysts' expectations of 40 cents per share.

Revenue rose 7.8% to $176.7 million year-over-year, but fell short of Wall Street's estimates of $177.7 million.

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Comparable restaurant sales at...