Frisch’s declares special dividend

Business
By Mark Fisher
July 30, 2012
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Frisch’s Restaurants Inc. announced Monday morning that its board of directors declared a special one-time dividend of $9.50 per share, the result of the chain’s recent sale of its Golden Corral business unit. The dividend is payable Sept. 14, to shareholders of record as of Aug. 31.

The special dividend payment will cost the company about $46.9 million is expected to be funded from the company’s excess cash on hand, Frisch’s officials said in a news release.

“The recent sale of our Golden Corral business unit presented us with a unique opportunity to return cash to our shareholders while maintaining a strong capital structure that supports our future growth,” said Craig F. Maier, Frisch’s president and CEO.

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About the Author

Mark Fisher, a 1981 graduate of Ohio State University and a 1976 graduate of Beavercreek High School, is a third-generation Dayton-area resident who has worked for the Dayton Daily News since 1983. He covered higher education and K-12 education accountability issues for nearly 20 years before taking over the food and dining beat in 2006.