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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report: November 11, 1999
(Date of earliest event reported)
Sizzler International, Inc.
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(Exact name of Registrant as specified in its charter)
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<S> <C> <C>
Delaware 1-10711 95-4307254
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(State of Incorporation) (Commission File No.) (IRS Employer Identification Number)
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6101 West Centinela Avenue, Suite 200, Culver City, CA 90230
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(Address of principal executive offices, including zip code)
(310) 568-0135
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On November 11, 1999 Sizzler International, Inc. (the "Registrant") issued
a press release announcing authorization by the Board of Directors to repurchase
up to 1.5 million shares of Sizzler comon stock, which press release is filed
herewith as Exhibit 99.1 and incorporated herein by this reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit No. Description
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99.1 Press Release dated November 11, 1999.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunder duly authorized.
Sizzler International, Inc.
By: /s/ Steven R. Selcer
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Name: Steven R. Selcer
Title: Vice President and
Chief Financial Officer
Dated: November 12, 1999
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EXHIBIT 99.1
NEWS SIZZLER INTERNATIONAL, INC.
BULLETIN 6101 W. Centinela Ave., Suite 200
Culver City, CA 90230
(310) 568-0135
NYSE: SZ
FROM:
[LOGO OF FRB]
FOR FURTHER INFORMATION:
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AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
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Steven Selcer Paul Goodson Moira Conlon Marjorie Ornston
Vice President and CFO General Information Investor/Analyst Contact Media Contact
(310) 568-0135 (310) 442-0599 (310) 442-0599 (310) 442-0599
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FOR IMMEDIATE RELEASE
Thursday, November 11, 1999
SIZZLER BOARD OF DIRECTORS AUTHORIZES REPURCHASE
OF UP TO 1.5 MILLION SHARES OF COMMON STOCK
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Repurchase program latest measure taken to enhance long-term shareholder value
CULVER CITY, CA--November 11, 1999--Sizzler International, Inc. (NYSE: SZ) today
announced that its Board of Directors has authorized the repurchase of up to 1.5
million shares of Sizzler common stock.
The Company expects that the repurchase program will be conducted from time to
time on the open market or in negotiated transactions, depending upon market
conditions, applicable securities regulations and other factors. Sizzler has
approximately 28 million shares of common stock outstanding.
"We believe our stock price does not adequately reflect the full value of our
current business, nor the strong growth we are already beginning to create with
our new strategic direction," said President and Chief Executive Officer Charles
Boppell. "We have begun the execution of our strategic plan, which includes an
aggressive series of steps to
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enhance Sizzler's financial and operating performance. The first of these -
improvements in the quality of our meats and new cooking methods and seasonings
- - is already being rolled out. Our store remodeling program has just begun, and
should begin providing results early next year. Our sale/lease back and other
related transactions are underway. Through these transactions, we anticipate
repatriating approximately $40 million of cash that we will use to implement
several key aspects of our strategic plan. As we have recently discussed, we are
continuing to evaluate potential acquisitions that could be accretive to
earnings within two or three years. Finally, we have nearly completed our new
management team, which has strong experience in the restaurant industry and is
incentivised to boost value for our shareholders."
Steven Selcer, newly appointed Vice President and Chief Financial Officer,
added: "We believe that underlying business and market fundamentals currently
support a share repurchase initiative. Sizzler's stock, like that of many other
small-cap companies, has not kept pace with the appreciation in value of the
broader market. Furthermore, our stock remains undervalued relative to our
restaurant industry peers. We believe that the improvements we have already
made, together with our efforts detailed in our strategic plan to promote
Sizzler's long-term growth -- in combination with the repurchase of
shares -- will significantly enhance shareholder value."
About Sizzler
Sizzler International, Inc. operates, franchises or joint ventures 347 Sizzler
restaurants worldwide, in addition to the 101 KFC restaurants in Queensland,
Australia.
Certain statements contained in this document may be deemed to be forward-
looking statements under federal securities laws, and Sizzler intends that such
forward-looking statements be subject to the safe-harbor created thereby. Such
forward-looking statements include, but are not limited to (i) Sizzler's ability
to continue producing growth in its sales and earnings; (ii) Sizzler's ability
to successfully implement all of the elements of its strategic plan; (iii)
Sizzler's ability to complete an acquisition; (iv) consumer response to the
changes being implemented by Sizzler at the restaurant level; and (v) the
completion of certain sale-leaseback and other financing transactions. Sizzler
cautions that these statements are qualified by important factors that could
cause actual results to differ materially from those reflected by the forward-
looking statements contained herein. Such factors include, but are not limited
to, (a) exchange rate fluctuations and other financial market changes that could
affect Sizzler's revenues and earnings; (b) the failure of Sizzler's newly
remodeled stores and/or new food offerings to offer a commercially acceptable
dining experience; (c) the failure of Sizzler's management to identify and
complete an acquisition that meets the company's criteria, (d) other risks as
detailed from time to time in Sizzler's SEC reports, including Quarterly Reports
on Form 10Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K; and
(e) lack of or weakness in demand for Australian commercial properties and other
factors adversely affecting Sizzler's ability to successfully complete a sale-
leaseback.
For more information on Sizzler International, Inc. via facsimile at no cost,
simply call 1-800-PRO-INFO and dial client code "SZ."
