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CINCINNATI, April 14 /PRNewswire-FirstCall/ -- Frisch's Restaurants, Inc. (NYSE Amex: FRS) reported record third quarter earnings for the 12-weeks ended March 10, 2009. Net earnings, driven by greatly improved results in Golden Corral restaurants, increased 65.1% to $3,409,754 compared to $2,065,377 last year. Diluted earnings per share increased to $.66 per share, from $.40 per share last year. Sales for the quarter increased 1.6% to a record $67,684,513 from $66,618,420 for last year's third quarter as new marketing campaigns for both Frisch's Big Boy and Golden Corral restaurants improved customer counts. A previously reported litigation settlement also added to the record earnings.
For the first three quarters of fiscal 2009, sales were a record $226,659,205 rising 0.6% from $225,358,248 for the first three quarters of last year. Earnings increased 16.7% to $7,800,601 from $6,683,877. Diluted earnings per share increased to $1.51 from $1.28 last year.
Craig F. Maier, President and Chief Executive Officer, said, "Same store sales at our Big Boy Restaurants increased 0.7% in the third quarter. Aided by favorable weather, the revamped marketing program for Frisch's Big Boy began showing significant sales increases in the latter half of the quarter."
Maier added, "Our Golden Corral restaurants posted a same store sales increase of 2.3% during the third quarter. Golden Corral Franchising began a new national cable TV advertising program in January, resulting in extremely strong same store sales increases soon after its inception."
The increased earnings for the first three quarters of the year can be attributed to the vastly improved sales and earnings of Golden Corral and a moderation in recent months in the cost of food in both operations.
Frisch's operates 35 Golden Corral restaurants and 89 company-owned Big Boy restaurants, and there are an additional 26 franchised Big Boy restaurants operated by licensees.
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 10, March 4, March 10, March 4,
2009 2008 2009 2008
Sales $226,659 $225,358 $67,685 $66,618
Cost of sales
Food and paper 81,477 79,892 23,730 23,940
Payroll and related 74,263 74,267 22,116 21,777
Other operating costs 50,425 49,988 14,556 14,429
206,165 204,147 60,402 60,146
Gross profit 20,494 21,211 7,283 6,472
Administrative and
advertising 10,937 11,043 3,190 3,213
Franchise fees and other
revenue (969) (968) (277) (288)
Gains on sale of assets (1,116) (524) - -
Litigation settlement (890) - (890) -
Operating profit 12,532 11,660 5,260 3,547
Interest expense 1,545 1,831 458 511
Earnings before income tax 10,987 9,829 4,802 3,036
Income taxes 3,186 3,145 1,392 971
NET EARNINGS $7,801 $6,684 $3,410 $2,065
Earnings per share (EPS) of common
stock:
Basic net earnings per
share $1.53 $1.30 $.67 $.40
Diluted net earnings per
share $1.51 $1.28 $.66 $.40
Diluted average shares
outstanding 5,160 5,236 5,146 5,199
Depreciation included above $10,475 $10,765 $3,210 $3,273
Opening expense included
above $575 $608 $44 $-
Frisch's Restaurants, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEET
(In thousands of dollars)
March 10, June 3,
2009 2008
(unaudited)
Assets
Current assets
Cash and equivalents $3,199 $801
Receivables 1,834 1,448
Inventories 7,538 5,648
Other current assets 2,767 2,797
15,338 10,694
Property and equipment 156,750 153,839
Other assets
Goodwill & other intangible assets 1,567 1,633
Property held for sale and land investments 2,743 3,870
Other 1,569 2,024
5,879 7,527
$177,967 $172,060
Liabilities and shareholders' equity
Current liabilities
Accounts payable $10,383 $10,281
Accrued expenses 10,849 10,675
Other 10,307 9,880
31,539 30,836
Long-term obligations
Long-term debt 23,943 24,217
Other long-term obligations 5,698 6,292
29,641 30,509
Shareholders' equity 116,787 110,715
$177,967 $172,060
DATASOURCE: Frisch's Restaurants, Inc.
CONTACT: Donald H. Walker, Vice President-Finance and CFO, Frisch's
Restaurants, Inc., +1-513-559-5202
Web Site: http://www.frischs.com/