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Frisch's Reports Annual and Fourth Quarter Fiscal 2013 Results

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CINCINNATI, July 24, 2013 /PRNewswire/ -- Frisch's Restaurants, Inc. (NYSE MKT: FRS) reported revenue from continuing operations of $203,712,158 for the fiscal year ended May 28, 2013, with those revenues declining  0.7 percent from $205,082,827  in the prior year. Earnings from continuing operations for the year increased 20.2 percent to $6,974,101 ($1.38 diluted earnings per share) compared to $5,801,540 ($1.17 diluted earnings per share) last year.

For the fourth quarter of fiscal 2013, revenue from continuing operations increased 2.7 percent to $48,792,356 versus $47,499,363 in the prior year.  Earnings from continuing operations increased 44.7 percent in the fourth quarter to $2,267,875 ($0.45 diluted earnings per share) compared to $1,567,470 ($0.31 diluted earnings per share) in the prior year.  Same store sales from continuing operations were up 1.0 percent in the fourth quarter fiscal 2013 while overall sales increased 2.7 percent as a result of new restaurant openings.  Gross profit margin from continuing operations in the fourth quarter improved over the prior year, as a result of higher volumes and cost management. Administrative and advertising expense decreased 2.8 percent in fourth quarter fiscal 2013 primarily as a result of lower head count. 

Craig F. Maier, President and Chief Executive Officer, said, "We wrapped up 2013 on a strong note as fourth quarter revenue was up 2.7 percent while fourth quarter earnings were up 44.7 percent.  The combination of solid sales and good cost control measures drove the earnings increase."

Frisch's Restaurants, Inc. is a regional company that operates full service family-style restaurants under the name "Frisch's Big Boy."  All Frisch's Big Boy restaurants are currently located in various regions of Ohio, Kentucky and Indiana.

The Company owns the trademark "Frisch's" and has exclusive, irrevocable ownership of the rights to the "Big Boy" trademark, trade name and service marks in the states of Kentucky and Indiana, and in most of Ohio and Tennessee.  All of the Frisch's Big Boy restaurants also offer "drive-thru" service.  The Company also licenses Frisch's Big Boy restaurants to other operators, currently in certain parts of Ohio, Kentucky and Indiana.

The Company opened one new Frisch's Big Boy restaurant in August in the first quarter and opened a second new Frisch's restaurant during the third quarter in March.  The Company currently operates 95 company-owned Frisch's Big Boy restaurants and there are an additional 25 franchised Frisch's Big Boy restaurants that are operated by licensees. 

The Company has reported a profit every year since going public in 1960, and paid cash dividends to shareholders every quarter over the same period.

Statements contained in this news release which are not historical facts are forward looking statements as that item is defined in the Private Securities Litigation Act of 1995. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Such risks and uncertainties are detailed in the Company's filings with the Securities and Exchange Commission.

 

 [See attached Financial Statements]

 

Frisch's Restaurants, Inc. and Subsidiaries


CONSOLIDATED STATEMENT OF EARNINGS 


(In thousands, except per share data)








(unaudited)




Year ended


Quarter ended




May 28,


May 29,


May 28,


May 29,




2013


2012


2013


2012












Sales

$    203,712


$    205,083


$    48,792


$    47,499


Cost of sales










Food and paper

68,268


69,042


16,411


15,817



Payroll and related

71,176


72,370


16,809


16,618



Other operating costs

41,715


42,156


9,753


9,472




181,159


183,568


42,973


41,907


Gross profit

22,553


21,515


5,819


5,592



Administrative and advertising

13,074


13,379


2,965


3,049



Franchise fees and other revenue

(1,376)


(1,323)


(320)


(328)



Loss (gain) on sale of assets

14


(200)


1


(9)



Impairment of long lived assets

390


1,229


320


901


Operating profit 

10,451


8,430


2,853


1,979



Interest expense

964


1,414


205


278


Earnings from continuing operations before income taxes

9,487


7,016


2,648


1,701


Income taxes

2,513


1,214


380


134


Earnings from continuing operations

6,974


5,802


2,268


1,567


(Loss) from discontinued operations, net of tax

(158)


(3,654)


-


(2,746)


NET EARNINGS (LOSS)

$       6,816


$        2,148


$      2,268


$    (1,179)












Earnings per share (EPS) of common stock:










Basic net earnings per share:










Earnings from continuing operations

$         1.39


$         1.18


$       0.45


$       0.32



(Loss) from discontinued operations

$       (0.03)


$        (0.74)


$             -


$      (0.56)



Basic net earnings (loss) per share

$         1.36


$         0.44


$       0.45


$      (0.24)



Diluted net earnings per share:










Earnings from continuing operations

$         1.38


$         1.17


$       0.45


$       0.31



(Loss) from discontinued operations

$       (0.03)


$        (0.74)


$             -


$      (0.55)



Diluted net earnings (loss) per share

$         1.35


$         0.43


$       0.45


$      (0.24)


Diluted average shares outstanding

5,045


4,952


5,070


4,986


Depreciation included in continuing operations

$     10,388


$      10,273


$      2,452


$     2,424


Opening expense included in continuing operations

$          592


$          398


$        132


$            -












 

Frisch's Restaurants, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEET

(In thousands of dollars)





May 28,


May 29,





2013


2012









Assets






Current assets







Cash and equivalents

$      4,256


$     49,455




Receivables

1,297


1,683




Inventories

5,765


5,590




Other current assets

3,103


3,010




Current assets of discontinued operations

-


190





14,421


59,928










Property and equipment

102,145


102,139










Other assets







Goodwill & other intangible assets

775


777




Property held for sale and land investments

8,405


11,484




Deferred income taxes and other

2,966


5,641





12,146


17,902












$  128,712


$    179,969









Liabilities and shareholders' equity






Current liabilities







Accounts payable

$      5,879


$       6,293




Accrued expenses

8,025


7,342




Other

5,357


7,857




Current liabilities of discontinued operations

-


683





19,261


22,175










Long-term obligations







Long-term debt

9,600


14,446




Other long-term obligations

16,195


21,623





25,795


36,069










Shareholders' equity

83,656


121,725












$  128,712


$    179,969









 

SOURCE Frisch's Restaurants, Inc.



RELATED LINKS
http://www.frischs.com

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