NEW YORK (Thomson Financial) - Shares of Frisch's Restaurants Inc. rose
Tuesday after the company said its board has approved the buyback of up to
500,000 of its common shares.
The authorization is for the next two years.
Frisch, a Cincinnati-based restaurant chain operator, said it didn't believe
the value of the company was reflected in the share price.
"The earnings potential and relative equity value in comparison to book
value of the stock makes it one of the best investments the company can make at
this time. This action by our board of directors reflects the confidence it has
in the future earnings capability of Frisch's," Craig F. Maier, the company's
president and CEO, said in a statement.
Shares of Frisch rose 5% to $20 on Tuesday on a volume of 22,000 shares. The
company's 30-day average volume is 3,951 shares.
Ryan Vlastelica
rv/vj
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|