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| FRS > SEC Filings for FRS > Form 8-K on 6-Mar-2009 | All Recent SEC Filings |
6-Mar-2009
Other Events
Frisch's Restaurants, Inc. ("Frisch's") reported today that it received a check for $640,000 representing full and final payment of the arbitration award in its long-standing case against Fortney & Weygandt, Inc., ("Fortney"), the general contractor that constructed a Golden Corral Restaurant for Frisch's in Canton, Ohio in 2001, which Frisch's demolished in 2002 due to defective construction work by Fortney. Please see the section entitled "ITEM 1. LEGAL PROCEEDINGS of PART II - OTHER INFORMATION" in Frisch's Form 10-Q for the fiscal quarter ended December 16, 2008 for further information about this arbitration.
In addition to the cash received, Frisch's will record an additional gain of $250,000 to reverse a liability that had represented Fortney's claim against Frisch's for the outstanding construction contract balance, that was eliminated when the award was made final.
Based on the foregoing, Frisch's will include $890,000 in pretax income in its financial statements for the third quarter that will end March 10, 2009.
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