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): January 11, 2011

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 January 11, 2011, the Company issued a press release announcing its financial results for the second quarter of fiscal year 2011, which ended December 14, 2010.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

Exhibit 99.1 – Press release issued by the Company on January 11, 2011 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	January 11, 2011
		BY	/s/    Donald H. Walker
			Donald H. Walker
			Vice President and Chief Financial Officer,
			Principal Financial Officer and
			Principal Accounting 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 Sales and Earnings in the Second Quarter of Fiscal 2011

FOR IMMEDIATE RELEASE

Cincinnati, OH—January 11, 2011, Frisch’s Restaurants, Inc. (NYSE Amex: FRS) reported higher earnings for its 12-week fiscal second quarter ended December 14, 2010. Net earnings for the quarter increased 4.9% to $2,484,877 compared to $2,369,217 last year. Diluted earnings per share increased to $.49 per share, from $.46 per share last year. Sales increased 4.1% to $70,651,447 from $67,898,586 in last year’s second quarter.

For the first half of fiscal 2011, sales were $163,577,281 rising 4.3% from $156,880,688 for the first half of last year. Earnings decreased 1.7% to $5,266,156 from $5,356,882. Diluted earnings per share declined a penny to $1.02 from $1.03 last year.

Craig F. Maier, President and Chief Executive Officer, said, “Total Big Boy sales increased 5.3%, as new store openings continued to push sales higher in the quarter. Same store sales at our Big Boy Restaurants decreased 1.1% in the second quarter, due in part to the impact of new stores opening near existing restaurants.”

Maier added, “Our Golden Corral restaurants posted a same store sales increase of 1.4% during the second quarter. The national marketing campaigns of Golden Corral continue to drive our sales gains.”

The increase in earnings for the quarter resulted from a lower effective income tax rate, which also added to net earnings for the first half of the year. Operating earnings were down throughout the first half of the year as a result of higher new store opening costs and increases in the cost of food sold.

The Company has opened four new Big Boy restaurants since the beginning of the fiscal year, including two in the second quarter. Frisch’s operates 95 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)

	Twenty-eight weeks ended						Twelve weeks ended
	December 14, 2010			December 15, 2009			December 14, 2010			December 15, 2009
Sales	$	163,577		$	156,881		$	70,651		$	67,899
Cost of sales
Food and paper		56,080			53,076			24,100			22,802
Payroll and related		54,382			52,485			23,617			22,781
Other operating costs		36,797			35,203			15,534			15,186
		147,259			140,764			63,251			60,769
Gross profit		16,318			16,117			7,400			7,130
Administrative and advertising		8,805			7,962			3,992			3,507
Franchise fees and other revenue		(696	)		(688	)		(296	)		(296	)
Operating profit		8,209			8,843			3,704			3,919
Interest expense		849			965			375			434
Earnings before income tax		7,360			7,878			3,329			3,485
Income taxes		2,134			2,521			844			1,116
NET EARNINGS	$	5,226		$	5,357		$	2,485		$	2,369
Earnings per share (EPS) of common stock:
Basic net earnings per share	$	1.03		$	1.05		$	.49		$	.46
Diluted net earnings per share	$	1.02		$	1.03		$	.49		$	.46
Diluted average shares outstanding		5,112			5,211			5,098			5,196
Depreciation included above	$	8,287		$	7,436		$	3,725		$	3,215
Opening expense included above	$	916		$	226		$	368		$	212

Frisch’s Restaurants, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEET

(In thousands of dollars)

	December 14, 2010 (unaudited)		June 1, 2010
Assets
Current assets
Cash and equivalents	$	341	$	647
Receivables		1,410		1,534
Inventories		5,994		5,959
Other current assets		3,407		2,249
		11,152		10,389
Property and equipment		171,108		168,699
Other assets
Goodwill & other intangible assets		1,277		1,459
Property held for sale and land investments		4,269		3,682
Deferred income taxes and other		4,245		5,024
		9,791		10,165
	$	192,051	$	189,253
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	11,323	$	10,558
Accrued expenses		9,978		9,641
Other		8,706		8,342
		30,007		28,541
Long-term obligations
Long-term debt		22,140		23,795
Other long-term obligations		17,371		16,823
		39,511		40,618
Shareholders’ equity		122,533		120,094
	$	192,051	$	189,253