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Frisch's Reports Higher Fiscal 2011 Third Quarter Sales


News provided by

Frisch's Restaurants, Inc.

Apr 05, 2011, 08:00 ET

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CINCINNATI, April 5, 2011 /PRNewswire/ -- Frisch's Restaurants, Inc. (NYSE Amex: FRS) reported higher sales and lower earnings for its 12-week fiscal third quarter ended March 8, 2011.   Sales increased 4.0% to $67,490,452 from $64,872,608 in last year's third quarter.   Net earnings for the quarter decreased 8.3% to $1,855,319 compared to $2,023,710 last year.  Diluted earnings per share declined to $.37 per share, from $.39 per share last year.

For the first three quarters of fiscal 2011, sales were $231,067,733 rising 4.2% from $221,753,296 for the first three quarters of last year.  Earnings decreased to $7,081,475 from $7,380,592.  Diluted earnings per share fell to $1.39 from $1.42 last year.  

Craig F. Maier, President and Chief Executive Officer, said, "Same store sales at our Big Boy Restaurants increased 0.2% in the third quarter, reversing a trend that had reached six quarters in a row of same store sales declines."  

Maier added, "Our Golden Corral restaurants posted a same store sales decline of 0.9% during the third quarter, halting a string of three straight quarters of same store sales increases."

The increase in sales resulted primarily from new Big Boy restaurants opened in the last twelve months and year to date increases in Golden Corral same store sales.  The decrease in earnings for the quarter can mostly be attributed to the higher cost of food.  Higher payroll related expenses such as pension expense as well as higher depreciation charges also contributed to the decline in earnings.

The Company did not open any Big Boy restaurants in the third quarter.  Frisch's operates 95 company-owned Big Boy restaurants and there are an additional 25 franchised Big Boy restaurants operated by licensees.  The Company also operates 35 Golden Corral restaurants.

Frisch's Restaurants, Inc. is a regional company that operates full service family-style restaurants under the name "Frisch's Big Boy."  The Company also operates grill buffet style restaurants under the name "Golden Corral" pursuant to certain licensing agreements.  All Big Boy restaurants are currently located in various regions of Ohio, Kentucky and Indiana. Golden Corral restaurants currently operate primarily in the greater metropolitan areas of Cincinnati, Cleveland, Columbus, Dayton and Toledo, Ohio, Louisville, Kentucky and Pittsburgh, Pennsylvania.  

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 Big Boy restaurants to other operators, currently in certain parts of Ohio, Kentucky and Indiana.

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 press 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.

Frisch's Restaurants, Inc. and Subsidiaries


CONSOLIDATED STATEMENT OF EARNINGS (unaudited)


(In thousands, except per share data)














Forty weeks ended


Twelve weeks ended




March 8,


March 9,


March 8,


March 9,




2011


2010


2011


2010












Sales

$ 231,068


$ 221,753


$ 67,490


$ 64,873


Cost of sales










Food and paper

79,608


75,170


23,528


22,095



Payroll and related

77,224


74,323


22,842


21,838



Other operating costs

51,553


49,588


14,756


14,385




208,385


199,081


61,126


58,318


Gross profit

22,683


22,672


6,364


6,555



Administrative and advertising

12,488


11,434


3,682


3,471



Franchise fees and other revenue

(1,005)


(971)


(309)


(282)


Operating profit

11,200


12,209


2,991


3,366



Interest expense

1,227


1,355


378


390


Earnings before income tax

9,973


10,854


2,613


2,976


Income taxes

2,892


3,473


758


952


NET EARNINGS

$    7,081


$    7,381


$  1,855


$  2,024












Earnings per share (EPS) of common stock:










Basic net earnings per share

$1.40


$1.45


$.37


$.40



Diluted net earnings per share

$1.39


$1.42


$.37


$.39


Diluted average shares outstanding

5,104


5,203


5,056


5,185


Depreciation included above

$  11,925


$  10,712


$  3,638


$  3,276


Opening expense included above

$       982


$       419


$       66


$     193












Frisch's Restaurants, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEET

(In thousands of dollars)




March 8,


June 1,





2011


2010





(unaudited)




Assets






Current assets







Cash and equivalents

$     4,262


$       647




Receivables

1,671


1,534




Inventories

6,241


5,959




Other current assets

3,479


2,249





15,653


10,389



Property and equipment

170,692


168,699



Other assets







Goodwill & other intangible assets

1,257


1,459




Property held for sale and land investments

3,845


3,682




Deferred income taxes and other

3,591


5,024





8,693


10,165












$  195,038


$ 189,253









Liabilities and shareholders' equity






Current liabilities







Accounts payable

$   11,903


$  10,558




Accrued expenses

10,307


9,641




Other

8,548


8,342





30,758


28,541










Long-term obligations







Long-term debt

22,823


23,795




Other long-term obligations

17,912


16,823





40,735


40,618










Shareholders' equity

123,545


120,094












$  195,038


$ 189,253









SOURCE Frisch's Restaurants, Inc.

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