Frisch’s Restaurants, Inc. (Amex: FRS) reported record sales and higher earnings for the fifty-three weeks ended June 3, 2001. Fiscal year 2000 contained 52 weeks. Revenues rose 13.7% to $190,029,600 from $167,199,800 for last year. Net earnings for the year rose 25.1% to $7,685,793 compared to $6,145,541 last year. Earnings per share increased 36.7% to $1.49 from $1.09 per share last year. Earnings per share from continuing operations were $1.27 this year compared to $1.08 per share last year.
For the thirteen-week fourth quarter, revenues rose 21.0% to $49,761,739 from $41,141,426 for the twelve-week period last year. On a comparable twelve-week basis, the revenue increase was 11.4%. Net earnings rose 2.4% to $2,142,138 from $2,091,805. Earnings per share were $.42 for the quarter this year compared to $.38 per share last year. Earnings per share from continuing operations were $.40 for the quarter this year versus $.34 per share last year.
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Craig F. Maier, President and Chief Executive Officer, said, “Same store sales for our Big Boy restaurants increased 3.4% for the year, including a fourth quarter increase, marking the fifteenth consecutive quarter of same store sales increases in our Big Boy restaurants. We opened our second new Big Boy restaurant that utilizes our new building design last week. In addition, we now have eleven Golden Corrals open, and three more are under construction, two of which will mark our entry into northeastern Ohio. We are extremely pleased with the performance of both of our concepts.”
At the end of the fiscal year, Frisch’s Restaurants, Inc. operated 86 family-style restaurants under the name of Frisch’s Big Boy in Indiana, Kentucky and Ohio and licensed another 36 restaurants to other Big Boy operators. The Company also owns and operates eleven Golden Corral restaurants in greater Cincinnati and Dayton, Ohio and Louisville, Kentucky with plans to develop 30 more through 2007 in the Cincinnati, Dayton, Louisville, Cleveland and Toledo markets. Frisch’s has recorded positive net earnings for all 41 years the Company has been public and paid its 162nd consecutive quarterly cash dividend last week.
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.
- Contact:
- Bill Roberts, CTC
- (937) 434-2700
- Wayne Buckhout, CTC
- (937) 434-2700
Frisch’s Restaurants, Inc. and Subsidiaries
CONSOLIDATED STATEMENT OF EARNINGS
(In thousands, except per share data)
Year Ended Quarter Ended
June 3, May 28, June 3, May 28,
2001 2000 2001 2000
Sales $187,465 $165,847 $ 49,409 $ 40,788
Other 2,564 1,353 353 353
Total revenue 190,029 167,200 49,762 41,141
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By GlobalData Cost of sales
Food and paper 62,696 54,621 16,756 13,563
Payroll and related 64,826 57,287 17,181 13,920
Other operating costs 38,074 34,230 9,956 7,720
165,596 146,138 43,893 35,203
Administrative and
advertising 10,285 9,225 2,331 2,319
Impairment of
long-lived assets 1,549 — — —
Interest 2,607 2,411 602 649
Total costs and
expenses 180,037 157,774 46,826 38,171
Earnings from
continuing operations
before income tax 9,992 9,426 2,936 2,970
Income taxes 3,435 3,351 896 1,156
Earnings from
continuing operations 6,557 6,075 2,040 1,814
Income from discontinued
operations (net of
applicable tax) 430 70 (57) 278
Gain on disposal of
discontinued operations
(net of applicable tax) 699 — 159 —
Earnings from
discontinued operations 1,129 70 102 278
Net earnings $ 7,686 $ 6,145 $ 2,142 $ 2,092
Diluted net earnings
per share of common
stock:
Continuing
operations $ 1.27 $ 1.08 $ .40 $ .34
Discontinued operations .22 .01 .02 .04
$ 1.49 $ 1.09 $ .42 $ .38
Diluted average
shares outstanding 5,144 5,658 5,089 5,412
Depreciation included
above $ 8,599 $ 9,621 $ 2,016 $ 1,920
Opening expense included
above $ 1,900 $ 984 $ 913 $ 32
Frisch’s Restaurants, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEET
(In thousands of dollars)
June 3, May 28,
2001 2000
Assets
Current assets
Cash and equivalents $ 280 $ 565
Receivables 1,465 1,234
Inventories 3,602 3,737
Hotel assets held for sale – net — 13,737
Other current assets 1,619 1,505
6,966 20,778
Property and equipment 88,419 73,901
Other assets
Goodwill 741 745
Property held for sale and land investments 3,142 4,092
Other 9,042 8,263
12,925 13,100
$108,310 $107,779
Liabilities and shareholders’ equity
Current liabilities
Accounts payable $ 8,870 $ 7,377
Accrued expenses 5,994 6,278
Other 3,068 4,067
17,932 17,722
Long-term obligations
Long-term debt 23,679 26,330
Other long-term obligations 10,253 9,560
33,932 35,890
Shareholders’ equity 56,446 54,167
$108,310 $107,779
