Frisch's Restaurants Inc. (FRS) announced that its board declared a special one-time dividend of $9.50 per share payable on September 14, 2012, to shareholders of record at the close of business on August 31, 2012.
The company noted that the total amount of the special dividend payment will be about $46.9 million based on the present number of shares outstanding and is expected to be funded from the Company's excess cash on hand.
The company said that after payment of the special dividend, it expects to have sufficient cash and borrowing capacity to execute its strategy of growing its Big Boy concept including new stores, existing store renovations, ongoing investments in the productivity of its food production facilities and its recently announced share repurchase program.
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