8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 18, 2004

FRISCH’S RESTAURANTS, INC.

(Exact name of registrant as specified in its charter)

OHIO	1-7323	31-0523213
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2800 GILBERT AVENUE, CINCINNATI, OHIO	45206
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code 513-961-2660

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Disclosure.

On October 18, 2004, the Company issued a press release announcing its financial results for the quarter ended September 19, 2004.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1 – Press release issued by the Company on October 18, 2004 is filed herewith..

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	FRISCH’S RESTAURANTS, INC.
	(registrant)
DATE October 18, 2004
	BY	/s/ Donald H. Walker
		Donald H. Walker
		Vice President - Finance and Principal Financial Officer

EX-99.1

Exhibit 99.1

Company Contact:

Donald H. Walker	Bill Roberts, CTC
Vice President-Finance and CFO	(937) 434-2700
Frisch’s Restaurants, Inc.	Wayne Buckhout, CTC
(513) 559-5202	(937) 434-2700

Frisch’s Reports Record Sales in First Quarter

FOR IMMEDIATE RELEASE

Cincinnati, OH—October 18, 2004, Frisch’s Restaurants, Inc. (Amex: FRS) reported record sales for the 16-week first quarter ended September 19, 2004. Revenues rose 9.1% to $84,485,018 from $77,403,045 for last year’s first quarter. Net earnings for the quarter declined 11.8% to $2,898,671 compared to $3,288,021 last year. Diluted earnings per share decreased to $.56 per share, from $.65 per share last year.

Craig F. Maier, President and Chief Executive Officer, said, “While same store sales at our Big Boy Restaurants increased 0.6% in our fiscal first quarter, and in 27 of our last 28 quarters, those gains have been smaller over the last several months. Several other restaurant operators in the family dining segment of the foodservice industry have experienced a similar trend of soft same store sales increases.”

Maier added, “Our Golden Corral restaurants posted same store sales declines of 4.5% during our fiscal first quarter. We expect same store sales for our Golden Corral restaurants to improve as we complete development of our planned restaurants in each market, reducing the ‘sister-store’ effect that occurs when our new restaurants attract volume from our nearby existing restaurants.

During the quarter, the company opened one new Big Boy restaurant in Louisville, for a total of 120 company-owned and franchised Big Boys in our territory. A new Golden Corral restaurant opened during the quarter in Cleveland and an additional restaurant opened in Toledo on the first day of the second quarter. One more Golden Corral restaurant is scheduled to open near Mansfield, Ohio in November. When it is completed, Frisch’s will have 29 Golden Corral Restaurants and 89 Big Boy restaurants in operation.

Lower earnings for the quarter can be attributed to both softer sales and to higher food cost caused by continuing increases in commodity prices, including significant increases in meat and dairy prices. Net earnings per share were favorably impacted by credits to earnings for reductions of insurance claims reserves in both the 2005 and 2004 first quarter. For fiscal 2005, the credit amounted to $.08 per share. In last year’s first quarter, the credit was $.09 per share.

Maier added that the overall outlook for the company remains positive. Frisch’s continues to search for new growth opportunities, including the possibility of developing a third restaurant concept.

Frisch’s Restaurants, Inc. is a regional company that operates and licenses others to operate full service family-style restaurants under the name of Frisch’s Big Boy, and operates grill buffet-style restaurants under the name Golden Corral under certain licensing agreements. All restaurants currently operated by the Company are located in various regions of Ohio, Kentucky and Indiana. The Company owns the trademark “Frisch’s” and has exclusive, irrevocable ownership of the rights to the “Big Boy” trademark, trade name and service mark in the states of Kentucky and Indiana, and in most of Ohio and Tennessee. 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. 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)

	Sixteen Weeks ended
	Sept. 19, 2004		Sept. 21, 2003
Revenue
Sales	$	84,062	$	77,037
Other		423		366
Total revenue		84,485		77,403
Costs and expenses
Cost of sales
Food and paper		29,414		26,206
Payroll and related		27,993		25,887
Other operating costs		17,554		15,559
		74,961		67,652
Administrative and advertising		4,325		3,958
Interest		806		734
Total costs and expenses		80,092		72,344
Earnings before income taxes		4,393		5,059
Income taxes		1,494		1,771
Net earnings	$	2,899	$	3,288
Earnings per share (EPS) of common stock:
Basic net earnings per share	$	.58	$	.66
Diluted net earnings per share	$	.56	$	.65
Diluted average shares outstanding		5,159		5,068
Depreciation included above	$	3,489	$	3,328
Opening expense included above	$	723	$	434

Frisch’s Restaurants, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEET

(In thousands of dollars)

	Sept. 19, 2004 (unaudited)		May 30, 2004
Assets
Current assets
Cash and equivalents	$	557	$	294
Receivables		2,010		1,766
Inventories		4,471		4,382
Other current assets		3,575		3,101
		10,613		9,543
Property and equipment		141,722		135,720
Other assets
Goodwill & other intangible assets		2,117		1,864
Property held for sale and land investments		2,294		2,309
Other		7,468		7,412
		11,879		11,585
	$	164,214	$	156,848
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	13,840	$	13,380
Accrued expenses		7,120		8,238
Other		10,001		8,486
		30,961		30,104
Long-term obligations
Long-term debt		39,777		35,227
Other long-term obligations		12,083		12,050
		51,860		47,277
Shareholders’ equity		81,393		79,467
	$	164,214	$	156,848