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 27, 2009

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 October 27, 2009, the Company issued a press release announcing its financial results for the 1^st quarter of fiscal year 2010, which ended September 22, 2009.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

 Exhibit 99.1 – Press release issued by the Company on October 27, 2009 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 27, 2009
	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

Vice President-Finance and CFO

Frisch’s Restaurants, Inc.

(513) 559-5202

www.frischs.com

Frisch’s Reports Higher Earnings in First Quarter

FOR IMMEDIATE RELEASE

Cincinnati, OH—October 27, 2009, Frisch’s Restaurants, Inc. (NYSE Amex: FRS) reported significantly higher earnings for its 16-week fiscal first quarter ended September 22, 2009. Net earnings for the quarter increased 37.4% to $2,987,665 compared to $2,175,060 last year. Diluted earnings per share increased to $.57 per share, from $.42 per share last year. Revenues declined slightly to $88,982,102 from $89,881,631 for last year’s first quarter.

Craig F. Maier, President and Chief Executive Officer, said, “Same store sales at our Big Boy Restaurants decreased 0.1% in our fiscal first quarter. Even though Big Boy sales declined slightly, the cost of food declined to a point that earnings improved significantly.”

Maier added, “Also on the bright side, our Golden Corral restaurants continued to post improved earnings during the first quarter. This marks the third straight quarter of positive earnings for our Golden Corrals. The higher earnings came despite a same store sales decline of 2.4%.”

The increase in earnings for the quarter can mostly be attributed to a drop in food cost as commodity prices have drifted lower throughout much of 2009. The earnings improvement was also helped by lower utility costs and payroll expense; although payroll related items such as medical plan and pension expenses rose to offset the reduction in payrolls.

The Company did not open any restaurants in the first quarter. Frisch’s operates 88 company-owned Big Boy restaurants and there are an additional 26 franchised Big Boy restaurants operated by licensees. The Company also operates 35 Golden Corral restaurants.

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.

The Company owns the trademark “Frisch’s” and has exclusive, irrevocable ownership of the rights to the “Big Boy” trademark, trade name and service marks 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 (unaudited)

(In thousands, except per share data)

	Sixteen Weeks ended
	Sept. 22, 2009			Sept. 23, 2008
Sales	$	88,982		$	89,882
Cost of sales
Food and paper		30,274			33,273
Payroll and related		29,705			29,597
Other operating costs		20,017			20,439
		79,996			83,309
Gross profit		8,986			6,573
Administrative and advertising		4,454			4,438
Franchise fees and other revenue		(392	)		(401	)
(Gains) losses on sale of assets		—			(1,116	)
Operating profit		4,924			3,652
Interest expense		531			589
Earnings before income tax		4,393			3,063
Income taxes		1,405			888
NET EARNINGS	$	2,988		$	2,175
Earnings per share (EPS) of common stock:
Basic net earnings per share	$	.59		$	.43
Diluted net earnings per share	$	.57		$	.42
Diluted average shares outstanding		5,224			5,181
Depreciation included above	$	4,221		$	4,085
Opening expense included above	$	14		$	329

Frisch’s Restaurants, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEET

(In thousands of dollars)

	September 22, 2009		June 2, 2009
	(unaudited)
Assets
Current assets
Cash and equivalents	$	1,965	$	899
Receivables		1,405		1,549
Inventories		5,007		6,531
Other current assets		3,236		2,480
		11,613		11,459
Property and equipment		160,931		157,638
Other assets
Goodwill & other intangible assets		1,522		1,548
Property held for sale and land investments		3,645		3,218
Deferred income taxes and other		3,642		3,113
		8,809		7,879
	$	181,353	$	176,976
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	10,620	$	8,038
Accrued expenses		8,546		11,555
Other		9,007		8,418
		28,173		28,011
Long-term obligations
Long-term debt		23,310		21,962
Other long-term obligations		13,349		12,626
		36,659		34,588
Shareholders’ equity		116,521		114,377
	$	181,353	$	176,976