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): July 23, 2007

FRISCH’S RESTAURANTS, INC.

(Exact name of registrant as specified in its charter)

OHIO	001-07323	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 July 23, 2007, the Company issued a press release announcing its financial results for the year ended May 29, 2007.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1– Press release issued by the Company on July 23, 2007 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 July 23, 2007
	BY	/s/ Donald H. Walker
		Donald H. Walker Vice President - Finance and Principal Financial Office

EX-99.1

Exhibit 99.1

Company Contact:

Donald H. Walker

Vice President-Finance and CFO

Frisch’s Restaurants, Inc.

(513) 559-5202

Frisch’s Reports Results for Fiscal 2007

FOR IMMEDIATE RELEASE

Cincinnati, OH—July 23, 2007, Frisch’s Restaurants, Inc. (Amex: FRS) reported sales of $289,934,367 for its fiscal year that ended May 29, 2007, slightly less than last year’s record level of $290,967,866. Last year included the benefit of two extra days of sales that were added to the fourth quarter to effect a change in the Company’s year end. Net earnings for the year rose 1% to $9,267,556 compared to $9,159,765 last year. Diluted earnings per share for both years were $1.78 as there were slightly more equivalent shares outstanding in fiscal 2007 than last year.

For the fourth quarter of fiscal 2007, sales declined 3% to $67,965,988 from $70,222,125 compared to last year’s fourth quarter. Net earnings declined 15% to $2,272,333 from $2,669,265. Diluted earnings per share were to $.43 compared to $.52 last year.

Craig F. Maier, President and Chief Executive Officer, said, “Same store sales at our Big Boy Restaurants rose for the tenth consecutive year. Also, for the first time ever, our average annual same store sales exceeded $2,000,000 per location. We are very proud of both of these records and have every intention of extending them.”

Maier added, “Our Golden Corral restaurants posted a same store sales decline of 2% for the fiscal year. We continue to look for ways to improve the unit volumes in our Golden Corrals.”

The higher earnings for the year can be attributed to a strong first half that did not carry over to the second half when harsh winter weather, higher gasoline prices and an increase in the Ohio minimum wage all worked against the Company.

During the fiscal year, the Company closed five Big Boy restaurants, while two were opened. In addition, three new Big Boys were under construction at year end. No new Golden Corrals were opened during the year, and one was under construction at year end. Frisch’s operates 34 Golden Corral restaurants and 87 company-owned Big Boy restaurants, and there are an additional 28 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, Dayton, Toledo and Cleveland, Ohio, Louisville, Kentucky and Pittsburgh, Pennsylvania. The Company has development rights to expand the Golden Corral operation into markets in Columbus, Ohio, northern Indiana and southern Michigan.

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. 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

(In thousands, except per share data)

	Year ended						(unaudited) Twelve weeks ended
	May 29, 2007			May 30, 2006			May 29, 2007			May 30, 2006
Sales	$	289,934		$	290,968		$	67,966		$	70,222
Cost of sales
Food and paper		101,401			102,106			24,188			24,789
Payroll and related		95,501			96,098			22,097			23,128
Other operating costs		64,043			64,338			15,298			15,622
		260,945			262,542			61,583			63,539
Gross profit		28,989			28,426			6,383			6,683
Administrative and advertising		14,301			13,976			3,124			2,817
Franchise fees and other revenue		(1,253	)		(1,250	)		(288	)		(289	)
(Gains) losses on sale of assets		(250	)		(568	)		—			(174	)
Operating profit		16,191			16,268			3,547			4,329
Interest expense		2,672			2,771			626			667
Earnings before income tax		13,519			13,497			2,921			3,662
Income taxes		4,251			4,337			649			993
NET EARNINGS	$	9,268		$	9,160		$	2,272		$	2,669
Earnings per share (EPS) of common stock:
Basic net earnings per share	$	1.82		$	1.81		$	.44		$	.53
Diluted net earnings per share	$	1.78		$	1.78		$	.43		$	.52
Diluted average shares outstanding		5,215			5,160			5,278			5,158
Depreciation included above	$	13,644		$	13,125		$	3,231		$	3,239
Opening expense included above	$	538		$	1,415		$	297		$	35

Frisch’s Restaurants, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEET

(In thousands of dollars)

	May 29, 2007		May 30, 2006
Assets
Current assets
Cash and equivalents	$	321	$	815
Receivables		1,406		1,538
Inventories		6,376		4,792
Other current assets		2,915		4,918
		11,018		12,063
Property and equipment		159,287		154,370
Other assets
Goodwill & other intangible assets		1,957		2,125
Property held for sale and land investments		3,721		3,078
Other		3,276		3,647
		8,954		8,850
	$	179,259	$	175,283
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	12,354	$	10,330
Accrued expenses		9,235		9,640
Other		15,262		10,613
		36,851		30,583
Long-term obligations
Long-term debt		25,009		30,992
Other long-term obligations		9,529		13,027
		34,538		44,019
Shareholders’ equity		107,870		100,681
	$	179,259	$	175,283