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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) November 21, 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 the attached press release regarding the sale of the Clarion
Riverview Hotel to Remington Hotel Corporation. The transaction was completed on
November 21, 2000.
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SIGNATURE
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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 November 22, 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. Ellen Geron, CTC
(513) 559-5202 (937) 434-2700
FOR IMMEDIATE RELEASE
Frisch's Restaurants, Inc. Agrees to Sell
Its Clarion Riverview Hotel
Cincinnati, OH--November 15, 2000--Frisch's Restaurants, Inc. (Amex: FRS)
announced today that it had reached a definitive agreement to sell the Company's
Clarion Riverview Hotel to Remington Hotel Corporation for $12,000,000. The
contract is subject to certain contingencies and conditions, but it is
anticipated that the transaction will close within the next week.
"As we have previously stated, our board of directors 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 are proud of
the accomplishments we have achieved with our award winning hotel properties,
but believe we will be better positioned to add value for our shareholders by
concentrating on our restaurant operations. We are very pleased that an
outstanding hotel operator such as Remington will be serving the Cincinnati
market."
Maier further commented that the Company will initially use the proceeds from
the sale of the hotel to repay debt. The Company has also received considerable
interest in the other hotel it is trying to sell, the Quality Hotel Central in
Norwood, Ohio. "While we have not yet signed a contract to sell Central, we have
received a number of proposals from potential buyers. We are pursuing the best
of these potential buyers and still believe we will dispose of Central before
fiscal year end."
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 seven Golden
Corral restaurants and intends to own and operate a total of 41 in the
Cincinnati, Cleveland, Dayton, Louisville and Toledo markets. In addition, the
Company operates the two hotels mentioned above in metropolitan Cincinnati where
it is based. Frisch's has recorded positive net earnings for all 40 years the
Company has been public and has paid 159 consecutive quarterly dividends.
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.
