Frisch's Restaurants Q1 Profit Increases - Quick Facts

(RTTNews) - Frisch's Restaurants Inc. (FRS) reported that its net earnings in its fiscal 2015 first quarter ended September 23, 2014 increased to $2.62 million or $0.51 per share from $1.91 million or $0.38 per share in the comparable quarter last year. The increase in earnings was primarily due to higher restaurant operating income of $167,258 and a $1.405 million gain from the sale of a restaurant that was closed in July 2014, offset in part by an impairment charge of $418,300 in the carrying value of property held for sale.

Quarterly revenue was $62.58 million, a 2.2 percent increase over the $61.24 million reported in the prior year's first quarter.

Same store sales were up 1.8 percent in the first quarter of fiscal 2015 while overall sales increased 2.2 percent over the first quarter of fiscal 2014 as a result of a new restaurant opening in the prior year offset in part by the closure of an existing unit in July of this year.