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): April 13, 2010

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 April 13, 2010, the Company issued a press release announcing its financial results for the 3^rd quarter of fiscal year 2010, which ended March 9, 2010.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1 – Press release issued by the Company on April 13, 2010 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	April 13, 2010
		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 Fiscal 2010 Third Quarter Results

FOR IMMEDIATE RELEASE

Cincinnati, OH—April 12, 2010, Frisch’s Restaurants, Inc. (NYSE Amex: FRS) reported lower earnings for its 12-week fiscal third quarter ended March 9, 2010. Net earnings for the quarter decreased 40.6% to $2,023,710 compared to $3,409,754 last year. Diluted earnings per share declined to $.39 per share, from $.66 per share last year. Last year’s third quarter included a credit of $889,579 (before taxes) for the final settlement of a long-running legal issue. Sales declined 4.2% to $64,872,608 from $67,684,513 in last year’s third quarter.

For the first three quarters of fiscal 2010, sales were $221,753,296 falling 2.2% from $226,659,205 for the first three quarters of last year. Earnings decreased to $7,380,592 from $7,800,601. Diluted earnings per share fell to $1.42 from $1.51 last year.

Craig F. Maier, President and Chief Executive Officer, said, “Same store sales at our Big Boy Restaurants decreased 3.4% in the third quarter. Record snowfalls for February hit our primary markets, driving down customer traffic in our restaurants.”

Maier added, “Our Golden Corral restaurants posted a same store sales decline of 6.4% during the third quarter. The severe winter weather had an even stronger negative impact on our Golden Corral sales. Despite the lower sales, our Golden Corrals managed to post their fifth straight quarter of positive earnings.”

Excluding the settlement of last year’s legal issue, the decrease in normal operating earnings for the quarter can mostly be attributed to the decline in sales. Restaurant management did a very good job of reducing the impact of the weather by closely watching food and payroll costs during the heavy snows.

While the Company did not open any Big Boy restaurants in the third quarter, construction began or was ongoing on three new restaurants during the twelve weeks. Frisch’s operates 89 company-owned Big Boy restaurants and there are an additional 25 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)

	Forty weeks ended						Twelve weeks ended
	March 9, 2010			March 10, 2009			March 9, 2010			March 10, 2009
Sales	$	221,753		$	226,659		$	64,873		$	67,685
Cost of sales
Food and paper		75,170			81,477			22,095			23,730
Payroll and related		74,323			74,263			21,838			22,116
Other operating costs		49,588			50,425			14,385			14,556
		199,081			206,165			58,318			60,402
Gross profit		22,672			20,494			6,555			7,283
Administrative and advertising		11,434			10,937			3,471			3,190
Franchise fees and other revenue		(971	)		(969	)		(282	)		(277	)
Gains on sale of assets		—			(1,116	)		—			—
Litigation settlement		—			(890	)		—			(890	)
Operating profit		12,209			12,532			3,366			5,260
Interest expense		1,355			1,545			390			458
Earnings before income tax		10,854			10,987			2,976			4,802
Income taxes		3,473			3,186			952			1,392
NET EARNINGS	$	7,381		$	7,801		$	2,024		$	3,410
Earnings per share (EPS) of common stock:
Basic net earnings per share	$	1.45		$	1.53		$	.40		$	.67
Diluted net earnings per share	$	1.42		$	1.51		$	.39		$	.66
Diluted average shares outstanding		5,203			5,160			5,185			5,146
Depreciation included above	$	10,712		$	10,475		$	3,276		$	3,210
Opening expense included above	$	419		$	575		$	193		$	44

Frisch’s Restaurants, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEET

(In thousands of dollars)

	March 9, 2010		June 2, 2009
	(unaudited)
Assets
Current assets
Cash and equivalents	$	2,421	$	899
Receivables		1,725		1,549
Inventories		6,002		6,531
Other current assets		2,920		2,480
		13,068		11,459
Property and equipment		164,691		157,638
Other assets
Goodwill & other intangible assets		1,479		1,548
Property held for sale and land investments		3,675		3,218
Deferred income taxes and other		4,646		3,113
		9,800		7,879
	$	187,559	$	176,976
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	11,655	$	8,038
Accrued expenses		9,183		11,555
Other		8,735		8,418
		29,573		28,011
Long-term obligations
Long-term debt		23,554		21,962
Other long-term obligations		14,433		12,626
		37,987		34,588
Shareholders’ equity		119,999		114,377
	$	187,559	$	176,976