<PAGE> 1
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
(Amendment No. )
Filed by Registrant [X]
Filed by a Party other than the Registrant [ ]
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)
(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12
Frisch's Restaurants, Inc.
- --------------------------------------------------------------------------------
(Name of Registrant as Specified In Its Charter)
- --------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[ ] $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), 14a-6(i)(2) or
Item 22(a)(2) of Schedule 14A.
[ ] $500 per each party to the controversy pursuant to Exchange Act
Rule 14a-6(i)(3).
[ ] Fee computed on the table below per Exchange Act Rules 14a-6(i)(4) and
0-11.
1) Title of each class of securities to which transaction applies:
------------------------------------------------------------------------
2) Aggregate number of securities to which transaction applies:
------------------------------------------------------------------------
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee
is calculated and state how it was determined):
4) Proposed maximum aggregate value of transaction:
------------------------------------------------------------------------
5) Total fee paid:
------------------------------------------------------------------------
[X] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
------------------------------------------------------------------------
2) Form, Schedule or Regisration Statement No:
------------------------------------------------------------------------
3) Filing Party:
------------------------------------------------------------------------
4) Date Filed:
------------------------------------------------------------------------
<PAGE> 2
October 1, 1996
Dear Fellow Shareholder:
We wrote to you last week seeking your Support at our upcoming annual meeting
which will be held on October 7, 1996. The good news we told you about is in the
enclosed press release. EARNINGS HAVE IMPROVED FOR THE THIRD CONSECUTIVE QUARTER
thanks to the actions which have been taken by your Board and management. WE ARE
ON THE RIGHT TRACK!
We want your vote so that we can continue to deliver favorable results. You are
urged to support you Board's nominees by voting for them today. If you have not
voted or if you have voted a Wolverine Proxy Blue Card, PLEASE RETURN THE
ENCLOSED WHITE PROXY CARD IMMEDIATELY. Only your latest proxy card counts.
If you hold shares through a bank or broker, please contact your account
representative and tell him (her) to vote the WHITE proxy card immediately.
Thank you for your continued support.
Jack C. Maier, Chairman of the Board
IF YOU HAVE ANY QUESTIONS, PLEASE CALL GEORGESON & COMPANY, OUR PROXY SOLICITOR:
1-800-223-2064
<PAGE> 3
Summary: Significantly higher
earnings and slightly
lower sales reported by
Frisch's Restaurants,
Inc. (ASE) for first
quarter
Company Contact:
Donald H. Walker
Treasurer
(513) 559-5202
FOR IMMEDIATE RELEASE
- ---------------------
Cincinnati, Ohio. October 1, 1996..................................
Significantly higher earnings and slightly lower sales were reported by
Frisch's Restaurants, Inc. (American Stock Exchange, Inc.) for the sixteen week
first quarter ended September 22, 1996.
Craig F. Maier, President and Chief Executive Officer, reported that
net earnings increased 61.7% to $1,426,799 or $.21 per share from $882,475 or
$.13 per share last year. Total revenue for the first quarter declined 1.8% to
$51,729,778 from $52,665,979 a year ago. The Company expects to report higher
earnings as the year progresses.
Mr. Maier stated that higher payroll expense due to tight labor
markets continue to put pressure on margins. However, increased labor costs
were more than offset by improved operating costs, particularly in workers'
compensation and other insurance expense as the result of programs developed by
management over
<PAGE> 4
several years. Earnings were also helped by lower opening expenses due to a
reduction in new restaurant construction.
He noted that same store sales showed a modest increase. However, total
revenue declined due to the loss of revenue from the Company's former Hardees
operation which was sold last year. Three new Big Boy restaurants were opened
during the quarter, two of which replaced existing units. At the end of the
quarter Frisch's operated 104 Big Boy restaurants and two Quality Hotels.
# # # #
<PAGE> 5
Frisch's Restaurants, Inc. and Subsidiaries
CONSOLIDATED STATEMENT OF EARNINGS
(UNAUDITED)
<TABLE>
<CAPTION>
Sixteen Weeks Ended
-------------------------
September 22, September 17,
1996 1995
----------- -----------
<S> <C> <C>
Revenue $51,284,261 $52,206,975
Other 445,517 459,004
----------- -----------
Total revenue 51,729,778 52,665,979
Costs and expenses
Costs of sales
Food and paper 16,218,678 16,503,309
Payroll and related 16,854,329 18,334,137
Other operating costs 12,658,085 12,961,011
----------- -----------
45,731,092 47,798,457
General and Administrative 1,835,338 1,532,900
Advertising 1,251,028 1,303,635
Interest 699,521 733,512
----------- -----------
Total costs and expenses 49,516,979 51,368,504
----------- -----------
Earnings before income taxes 2,212,799 1,297,475
Income taxes 786,000 415,000
----------- -----------
NET EARNINGS $ 1,426,799 $ 882,475
=========== ===========
Net earnings per share $.21 $.13
==== ====
Depreciation above $ 3,131,999 $ 3,165,587
=========== ===========
Opening expense above $ 204,169 $ 489,454
=========== ===========
Weighted average shares 6,882,609 6,882,609
=========== ===========
</TABLE>
