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 26, 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 July 26, 2010, the Company issued a press release announcing its financial results for fiscal year 2010, which ended June 1, 2010.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

Exhibit 99.1 – Press release issued by the Company on July 26, 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 July 26, 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

Frisch’s Reports Fiscal 2010 Results

FOR IMMEDIATE RELEASE

Cincinnati, OH—July 26, 2010, Frisch’s Restaurants, Inc. (NYSE Amex: FRS) reported sales of $292,872,174 for the fiscal year ended June 1, 2010. Revenues declined $4,988,777, or 1.7%. Net earnings for the year declined 6.7% to $9,998,931 compared to $10,720,855 last year. Diluted earnings per share decreased to $1.93 per share, from $2.08 per share last year.

For the fourth quarter of fiscal 2010, revenue declined 0.1% to $71,118,878 from $71,201,746 for the fourth quarter of last year. Net earnings declined 10.3% to $2,618,339 compared to $2,920,254 in last year’s fourth quarter. Earnings per share were $.51 compared to $.56 last year.

Craig F. Maier, President and Chief Executive Officer, said, “Same store sales at our Big Boy Restaurants declined 1.6%, marking the end of a twelve year consecutive run of same store sales increases. For the fourth quarter, Big Boy same store sales declined 2.7%.”

Maier added, “Our Golden Corral restaurants posted a same store sales decrease of 2.9% during the year despite a sales improvement of 0.7% in the last quarter of the year.”

During the first half of the fiscal year, low commodity prices provided unusually low food costs, and as a result, even with reduced sales, earnings were up versus the prior year. As the Company entered calendar 2010, the combination of inclement weather and the return of more normal costs for food had a negative impact on results for the second half of the year. The decreases in same store sales in both concepts, along with higher commodity pricing, are challenges as the new fiscal year begins.

During the year, the Company opened four new Big Boy restaurants, one of which replaced an older facility. As of June 1, 2010, Frisch’s operated 35 Golden Corral restaurants and 91 company-owned Big Boy restaurants, and there were an additional 25 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, 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

(In thousands, except per share data)

	Year ended						(unaudited) Quarter ended
	June 1, 2010			June 2, 2009			June 1, 2010			June 2, 2009
Sales	$	292,872		$	297,861		$	71,119		$	71,202
Cost of sales
Food and paper		99,651			105,860			24,481			24,383
Payroll and related		97,919			97,678			23,596			23,415
Other operating costs		64,988			66,083			15,400			15,657
		262,558			269,621			63,477			63,455
Gross profit		30,314			28,240			7,642			7,747
Administrative and advertising		15,127			14,638			3,694			3,701
Franchise fees and other revenue		(1,266	)		(1,282	)		(296	)		(312	)
Gains on sale of assets		—			(1,163	)		—			(47	)
Litigation settlement		—			(890	)		—			—
Operating profit (loss)		16,453			16,937			4,244			4,405
Interest expense		1,748			2,000			393			455
Earnings (loss) before income tax		14,705			14,937			3,851			3,950
Income taxes		4,706			4,216			1,233			1,030
NET EARNINGS (LOSS)	$	9,999		$	10,721		$	2,618		$	2,920
Earnings (loss) per share (EPS) of common stock:
Basic net earnings (loss) per share	$	1.96		$	2.10		$	.51		$	.57
Diluted net earnings (loss) per share	$	1.93		$	2.08		$	.51		$	.56
Diluted average shares outstanding		5,192			5,164			5,163			5,177
Depreciation included above	$	14,085		$	13,691		$	3,373		$	3,216
Opening expense included above	$	768		$	585		$	349		$	10

Frisch’s Restaurants, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEET

(In thousands of dollars)

	June 1, 2010		June 2, 2009
Assets
Current assets
Cash and equivalents	$	647	$	899
Receivables		1,534		1,549
Inventories		5,959		6,531
Other current assets		2,249		2,480
		10,389		11,459
Property and equipment		168,699		157,638
Other assets
Goodwill & other intangible assets		1,459		1,548
Property held for sale and land investments		3,682		3,218
Deferred income taxes and other		5,024		3,113
		10,165		7,879
	$	189,253	$	176,976
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	10,558	$	8,038
Accrued expenses		9,641		11,555
Other		8,342		8,418
		28,541		28,011
Long-term obligations
Long-term debt		23,795		21,962
Other long-term obligations		16,823		12,626
		40,618		34,588
Shareholders’ equity		120,094		114,377
	$	189,253	$	176,976