Attached files
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8-K - 8-K - FRISCHS RESTAURANTS INC | d387899d8k.htm |
EX-99.1 - EX-99.1 - FRISCHS RESTAURANTS INC | d387899dex991.htm |
Exhibit 99.2
FOR IMMEDIATE RELEASE
Company Contact:
Mark R. Lanning
Vice President-Finance and CFO
Frischs Restaurants, Inc.
2800 Gilbert Avenue
Cincinnati, OH 45206
(513) 559-5200
www.frischs.com
investor.relations@frischs.com
Frischs Restaurants, Inc. Declares
Special Dividend of $9.50 per share
FOR IMMEDIATE RELEASE
CINCINNATI, Ohio July 30, 2012 Frischs Restaurants, Inc. (NYSE MKT: FRS), announced today that the Board of Directors declared a special one-time dividend of $9.50 per share payable on September 14, 2012, to shareholders of record at the close of business on August 31, 2012. The total amount of the special dividend payment will be approximately $46.9 million based on the present number of shares outstanding and is expected to be funded from the Companys excess cash on hand. After payment of the special dividend, the Company expects to have sufficient cash and borrowing capacity to execute its strategy of growing its Big Boy concept including new stores, existing store renovations, ongoing investments in the productivity of its food production facilities and its recently announced share repurchase program.
Craig F. Maier, President and Chief Executive Officer, said, The recent sale of our Golden Corral business unit presented us with a unique opportunity to return cash to our shareholders while maintaining a strong capital structure that supports our future growth. This special dividend underscores our board of directors commitment to deliver superior returns to our shareholders.
About Frischs Restaurants, Inc.
Frischs is a regional company that operates full service family-style restaurants under the name Frischs Big Boy. All Big Boy restaurants are currently located in various regions of Ohio, Kentucky and Indiana.
The Company owns the trademark Frischs 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 Frischs 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.
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 companys filings with the Securities and Exchange Commission.
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