Frisch’s Restaurants, Inc. Reports Full Year Results For 2009

July 27, 2010

Frisch’s Restaurants, Inc. (NYSE AMEX: FRS – $19.85*) reported revenues slipped $4,988,777 or 1.7% to $292,872,174 in 2009. Net income for the years fell 6.7% to $9,998,931 for the year ended December 31, 2009 compared to $10,720,855 in the same period for 2008.

The fourth quarter ended December 31, 2009 also saw revenues and net income decline. Revenues were off a slight 0.1% to $71,118,878 while net income dropped 10.3% to $2,618,339.

Annual same store sales declined for the first time in 12 years by 1.6%. The fourth quarter saw same store sales drop 2.7%. The Golden Corral restaurants saw same store sales decline 2.9% for the year, but recorded a slight increase of 0.7% in the fourth quarter of 2009.

The company opened four new Big Boy restaurants during the year. Frisch’s operates 35 Golden Corral restaurants and 91 company-owned Big Boy restaurants. There are also 25 franchised Big Boy restaurants operated under licenses.

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.

*Price per share at the time the article was published.

Disclosure: The author does not hold any position at the time the article was published.

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