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Frisch's Reports Record Sales and Earnings in First Quarter FOR IMMEDIATE RELEASE Cincinnati, OH-October 22, 2002, Frisch's Restaurants, Inc. (Amex: FRS) reported record sales and earnings for the 16-week first quarter ended September 22, 2002. Revenues rose 11% to $70,104,270 from $63,156,351 for last year's first quarter. Net earnings for the quarter rose 46.9% to $2,917,193 compared to $1,986,366 last year. Diluted earnings per share increased to $.58 per share, from $.39 per share last year. Craig F. Maier, President and Chief Executive Officer, said, "First quarter same store sales at our Big Boy restaurants increased more than 2.7%. This marks the twentieth consecutive quarter of same store sales increases in our Big Boy restaurants. In addition, Golden Corral remains on track with a total of eighteen restaurants opened in four markets. Two more Golden Corrals are under construction and are scheduled to open in November 2002 and January 2003." Net earnings per share in the first quarter were impacted by a few unusual transactions. A credit of $.09 per share was recorded for the reversal of the remaining portion of a liability that was accrued in 2001 as an impairment of assets charge related to the closing of a former Big Boy restaurant. However, the impairment credit was effectively offset by charges totaling $.09 per share related to property and equipment write-offs. Frisch's Restaurants, Inc. is a regional company that operates and licenses others to operate full service family-style restaurants under the name of Frisch's Big Boy, and operates grill buffet-style restaurants under the name Golden Corral under certain licensing agreements. All restaurants currently operated by the Company are located in various regions of Ohio, Kentucky and Indiana. The Company owns the trademark "Frisch's" and has exclusive, irrevocable ownership of the rights to the "Big Boy" trademark, trade name and service mark in the states of Kentucky and Indiana, and in most of Ohio and Tennessee. The Company has reported a profit every year since going public in 1960, and paid cash dividends to shareholders every quarter over the same period. 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. Other recent press releases issued by the Company are available by visiting the News Room at CTC Inc.
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