Friendly Ice Cream Corporation yesterday [Thursday] reported record net income for the twelve months ended 30 December 2001 of US$3.7m, or US$0.50 per share. Comparable restaurant revenues increased 6.5% for the Q4 of 2001 and 2.6% for the year. This was the company's best quarterly comparable restaurant sales performance during 2001. For the FY, the net loss was US$10.8m, or US$1.45 per share. Exclusive of non-recurring gains and losses, the loss before benefit from income taxes was US$1m for fiscal 2001 as compared to a loss of US$10m in fiscal 2000, an improvement of US$9m or 90%.