Friendly Ice Cream Corporation

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International Guild of Hospitality & Restaurant Managers

Friendly Ice Cream Corporation (FICC) and its consolidated subsidiaries (collectively, Friendly's) are owners and operators of 393 restaurants and franchisers of 161 full-service restaurants and six non-traditional units, as of December 31, 2001. The Company also manufactures a complete line of packaged frozen desserts distributed through more than 3,500 supermarkets and other retail locations in 17 states. Friendly's offers its customers a unique dining experience by serving a variety of high-quality, reasonably-priced breakfast, lunch and dinner items, as well as its signature frozen desserts, in a fun and casual neighborhood setting. Friendly's was founded in 1935.

Friendly's restaurants target families with children, and adults who desire a reasonably priced meal in a full-service setting. The Company's menu offers a broad selection of freshly prepared foods, which appeal to customers throughout all dayparts. The menu features over 100 items comprised of a broad selection of breakfast, lunch, dinner and afternoon and evening snack items. Breakfast items include specialty omelettes and breakfast combinations featuring eggs, pancakes and bacon or sausage. Lunch and dinner items include a line of wrap sandwiches, entree salads, soups, super-melts, specialty burgers, appetizers including quesadillas, mozzarella cheese sticks and Fronions, and stir-fry, chicken, pot pie, tenderloin steak and seafood entrees. Entree selections are complemented by Friendly's premium frozen desserts, including soft serve, the Fribble, the Company's signature thick shake, Happy Ending Sundaes, Candy Shoppe Sundaes, the Wattamelon Roll and Towering Mug beverages. The Company's frozen desserts are an important component of the Company's snack daypart.

Through dedicated carryout areas, Friendly's restaurants offer the Company's full line of frozen desserts, including soft serve ice cream products introduced in 1999, and certain of its food menu items. Reserved parking is available at many of the Company's freestanding restaurants to facilitate quick carryout service. Approximately 14% of the Company's average freestanding restaurant revenues are derived from its carryout business with a significant portion of these sales occurring during the afternoon and evening snack periods. In addition, approximately 3% of revenues come from sales of packaged frozen desserts in display cases within its restaurants.

In 1989, the Company extended its premium packaged frozen dessert line from its restaurants into retail locations. The Company offers a branded product line that includes approximately 60 half-gallon varieties featuring premium ice cream shop flavors and unique sundae combinations, frozen yogurt, low fat ice cream and sherbet. Specialty flavors include Royal Banana Split, Cappuccino Dream and Caramel Fudge Nut Blast. Proprietary products include the Jubilee Roll, Wattamelon Roll and Friendly's branded ice cream cakes and pies. The Company also licenses from Hershey the right to feature certain candy brands including Almond Joy, Mr. Goodbar, Reese's Pieces, Reese's Peanut Butter Cups and York Peppermint Patties on packaged sundae cups.

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