Just weeks before its acquisition by private-equity fund NRD Partners I is expected to be complete, fourth-quarter comp sales at Frisch’s Restaurants Inc. increased 2.5 percent year over year, the family restaurant company said Friday.
Frisch’s Q4 revenues decreased 6.2 percent year over year to $50.2 million, which company executives attributed to the shorter quarter in 2015, which was 12 weeks long, compared to 13 weeks in 2014. Disregarding the impact of the additional week, revenues for the quarter increased 1.3 percent.
The company’s net income for the fiscal year was $9.9 million, a 5 percent increase from 2014.
"Our restaurants had an excellent year and achieved especially strong results in the fourth quarter,” said Frisch’s CEO Craig Maier. “We appreciate all the hard work of our people who made these results possible. It is a further testament to their achievements that the company reported a profit every year since going public in 1960, which allowed the company to pay a cash dividend to our shareholders every quarter over that 55 year period."
Frisch’s is a holdover of the Big Boy system of restaurants, which originally allowed franchisees to localize their units by adding an operator’s name before the brand. It once operated as Frisch’s Big Boy but since dropped the latter half of the name.
The restaurant group has been run by the Maier family since Craig’s grandfather opened the first unit in 1939. Shareholders are expected to approve its acquisition by NRD Partners on Aug. 24.