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FRS > SEC Filings for FRS > Form 10-Q on 12-Apr-2013All Recent SEC Filings

Show all filings for FRISCHS RESTAURANTS INC | Request a Trial to NEW EDGAR Online Pro

Form 10-Q for FRISCHS RESTAURANTS INC


12-Apr-2013

Quarterly Report


ITEM 2. MANAGEMENT'S DISCUSSION and ANALYSIS of FINANCIAL CONDITION and RESULTS of OPERATIONS
SAFE HARBOR STATEMENT under the PRIVATE SECURITIES LITIGATION REFORM ACT of 1995 Forward-looking statements are contained in this Form 10-Q, including this Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A). Such statements may generally express management's expectations with respect to its plans, or its assumptions and beliefs concerning future developments and their potential effect on the Company. There can be no assurances that such expectations will be met or that future developments will not conflict with management's current beliefs and assumptions, which are inherently subject to risks and other uncertainties. Factors that could cause actual results and performance to differ materially from anticipated results that may be expressed or implied in forward-looking statements are included in, but not limited to, the discussion in "Risk Factors" found in this Form 10-Q under Part II, Item 1A. and as set forth in Part I, Item 1A. of the Company's Annual Report on Form 10-K for the fiscal year ended May 29, 2012.
Sentences that contain words such as "should," "would," "could," "may," "plan(s)," "anticipate(s)," "project(s)," "believe(s)," "will," "expect(s)," "estimate(s)," "intend(s)," "continue(s)," "assumption(s)," "goal(s)," "target(s)" and similar words (or derivatives thereof) are generally used to distinguish "forward-looking statements" from historical or present facts. All forward-looking information in this MD&A is provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of all risk factors. Except as may be required by law, the Company disclaims any obligation to update any of the forward-looking statements that may be contained in this MD&A. This MD&A should be read in conjunction with the Consolidated Financial Statements and accompanying notes included elsewhere in this Form 10-Q and in the Company's Annual Report on Form 10-K for the year ended May 29, 2012. The Company has no off-balance sheet arrangements other than operating leases that are entered from time to time in the ordinary course of business. The Company does not use special purpose entities.
CORPORATE OVERVIEW
Frisch's Restaurants, Inc. and Subsidiaries (Company) is a regional company that operates full service family-style restaurants under the name "Frisch's Big Boy." As of March 5, 2013, 95 Frisch's Big Boy restaurants were owned and operated by the Company, located in various regions of Ohio, Kentucky and Indiana. The Company also licenses 25 Frisch's Big Boy restaurants to other operators who pay franchise and other fees to the Company.
The Company's Third Quarter of Fiscal 2013 consists of the 12 weeks ended March 5, 2013. It compares with the 12 weeks ended March 6, 2012, which constituted the Third Quarter of Fiscal 2012. The First Three Quarters of Fiscal 2013 consists of the 40 week period that ended March 5, 2013. It compares with the 40 week period that ended March 6, 2012, which constituted the First Three Quarters of Fiscal 2012. The 12 week third quarter of each fiscal year is usually a disproportionately smaller share (than other quarters) of annual revenue and net earnings because it spans most of the winter season from mid-December through early March. References to Fiscal Year 2013 refer to the 52 week year that will end on May 28, 2013. References to Fiscal Year 2012 refer to the 52 week year that ended May 29, 2012.
At the beginning of Fiscal Year 2012, the Company operated a second business segment, which consisted of 35 grill buffet style "Golden Corral" restaurants, which had been licensed to the Company by Golden Corral Corporation (GCC). The Company closed six of the Golden Corral restaurants in August 2011 due to issues with under performance, which resulted in a non-cash pretax charge of $4,000,000 for impairment of long-lived assets that was recorded in the First Quarter of Fiscal 2012. Additional non-cash pretax impairment charges associated with the six restaurant closings in August 2011 were subsequently recorded during Fiscal Year 2012: a) $94,000 in the Third Quarter of Fiscal 2012 (based on a contract that was accepted on one of the properties that was for less than the original estimate of its fair value) and b) $294,000 was recorded in the Fourth Quarter of Fiscal 2012 to reflect revised opinions of value on the remaining properties, which had been received from real estate brokers.
In May 2012, the remaining 29 Golden Corrals were sold to GCC. Results for the Golden Corral segment for the Third Quarter and First Three Quarters of Fiscal 2012 are presented as discontinued operations.
The following table recaps the earnings or loss components of the Company's Consolidated Statements of Earnings.


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