Net earnings for the year rose 38.3% to $14.6 million compared with $10.5 million last year, while diluted earnings per share increased to $2.82 from $2.05. The company recorded a non-taxable gain of $4.4 million in the third quarter of this year from life insurance proceeds realized upon the death of chairman Jack C. Maier. Excluding that gain, earnings for the year were $10.1 million or $1.96 per diluted share, down 3.9% from last year.
For the twelve-week fourth quarter of the fiscal year, revenue rose 3.8% to $65.6 million from $63.2 million last year. Earnings increased by 6.1%, rising to $2.8 million from $2.6 million, and diluted earnings per share were 54 cents versus 51 cents per share last year.
Same-store sales for the company's Big Boy restaurants increased 1.3% for the year, marking the eighth consecutive annual same-store sales increase. Same-store sales for the company's Golden Corral restaurants declined 6% for the year, after declining 10.6% in the fourth quarter.
"We believe a reduction of consumer discretionary spending power impacted our sales during the fourth quarter," said president and chief executive officer Craig F. Maier in response to the Golden Corral same-store sales loss.
At the end of the fiscal year, Frisch operated 88 Big Boys and 30 Golden Corrals. In June, the company opened its first restaurant in Pennsylvania. Construction on three other Golden Corrals is also under way, one of which will mark the company's entry into the West Virginia market. All restaurants operated by the company are located in various regions of Ohio, Indiana, Kentucky and Pennsylvania. Plans are in place to expand Golden Corral operations into certain parts of Michigan and West Virginia.
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