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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) March 14, 2000
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FRISCH'S RESTAURANTS, INC.
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(Exact name of registrant as specified in its charter)
OHIO
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(State or other jurisdiction of incorporation or organization)
1-7323 31-0523213
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(Commission File Number) (I.R.S. Employer Identification No.)
2800 GILBERT AVENUE, CINCINNATI, OHIO 45206
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 513-961-2660
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Item 5. Other Events.
See attached press release.
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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.
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(registrant)
DATE March 20, 2000
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BY /s/ DONALD H. WALKER
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Donald H. Walker
Vice President - Finance and
Principal Financial Officer
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Company Contact:
Donald H. Walker Bill Roberts, CTC
Vice President-Finance and CFO (937) 434-2700
Frisch's Restaurants, Inc. Ken Paneral, CTC
(513) 559-5202 (847) 729-8521
FOR IMMEDIATE RELEASE
Frisch's Restaurants, Inc. Announces Plan to Divest Hotel Operations
Cincinnati, OH--March 14, 2000--Frisch's Restaurants, Inc. (Amex: FRS) announced
today that its Board of Directors has authorized management to develop a plan to
divest the Company's Clarion Riverview Hotel and the Quality Central Hotel.
"After considerable evaluation of our hotel operations, our board of directors
has determined that it is in the best interest of the Company to focus on our
core restaurant businesses," stated Craig F. Maier, President and Chief
Executive Officer. "We have taken every measure to maximize the returns on our
award winning hotel properties, including the renovation and re-flagging of the
Riverview Hotel to penetrate a more upscale market. We are proud of the
accomplishments we have achieved with our hotels, but saw that they would not
realize the returns we are generating from our restaurants."
Maier further commented that the Company will initially use the proceeds from
the sale of the hotels to repay debt and ultimately reinvest the funds in its
Big Boy and Golden Corral restaurants concepts. Book value of the two hotels is
approximately $14,000,000. The Company expects to receive at least that amount
net of expenses on the transaction.
Frisch's Restaurants, Inc. operates 88 family-style restaurants under the name
of Frisch's Big Boy in Indiana, Kentucky and Ohio and licenses another 38
restaurants to other Big Boy operators. The Company also operates five Golden
Corral restaurants and intends to own and operate 25 in the Cincinnati,
Louisville and Dayton markets. In addition, the Cincinnati-based Company
operates two high-rise hotels with banquet facilities and dining rooms in
metropolitan Cincinnati. Frisch's has recorded positive net earnings for all 39
years the Company has been public and declared its 157th consecutive quarterly
cash dividend today.
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.
