Frisch's Reports Annual and Fourth Quarter Fiscal 2013 Results

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]

SOURCE Frisch's Restaurants, Inc.