Friendly Net Revenues Sees Frost

Friendly Ice Cream Corporation reports that the firm's first quarter 2007 results declined by $3.1 million or down by 2.5% of $122.6 million. Comparable unit sales for franchised units decreased 4.6%. The company opened one new franchise restaurant in the first quarter.

George M. Condos, President and Chief Executive Officer, said, 'Since joining the Company in January 2007, I have visited a number of restaurants and have spoken to employees, franchisees and guests. My observations from these visits have resulted in the development of numerous initiatives to re-energize the Friendly's brand by improving the quality of our menu and guest experience and by creating a more contemporary environment within our restaurants.