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EXHIBIT 99.1
NEWS BULLETIN [SIZZLER LOGO]
FROM: 6101 W. Centinela Ave., Suite 200
THE FINANCIAL RELATIONS BOARD Culver City, CA 90230
----------------------------- (310)568-0135
BSMG WORLDWIDE NYSE: SZ
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AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
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Steven R. Selcer Kim Forster Haris Tajyar Moira Conlon
Vice President and CFO Vice President, Planning General Information Investor/Analyst Contact
(310) 568-0135 (310) 568-0135 (310) 442-0599 (310) 442-0599
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FOR IMMEDIATE RELEASE
Wednesday, August 30, 2000
SIZZLER ANNOUNCES COMPLETION OF OSCAR'S ACQUISITION
CULVER CITY, CA--AUGUST 30, 2000--SIZZLER INTERNATIONAL, INC. (NYSE: SZ)
announced at its annual shareholder meeting today that it has completed the
previously announced acquisition of 82% of San Diego based Oscar's, a successful
and rapidly growing 9 unit restaurant company in Southern California and
Phoenix.
"We are very enthusiastic about this acquisition, and looking forward to
expanding the Oscar's revenue by at least 30% this year," said Charles Boppell,
President and CEO of Sizzler International. "In its second year, we expect the
acquisition will be accretive to Sizzler's earnings. Since the initial
announcement of the acquisition, Oscar's has opened a new restaurant in Mira
Mesa, CA, and we expect two others to open late this year or early 2001. Over
the long-term, we believe Oscar's will prove to be an important growth vehicle
for Sizzler."
Oscar's sales increased more than 20% during the first half of 2000, fueled by a
12% increase in same store sales. In 1999, Oscar's generated more than $22
million in revenues and EBIDTA of $3.6 million. Oscar's restaurants offer a full
menu of award-winning gourmet pizzas, baby back ribs, barbecue chicken, and
other items that have gained favorable reviews in such periodicals as Nation's
Restaurant News, Chain leader, and in The San Diego Union Tribune. In addition,
Oscar's was voted "Best Pizza" by San Diego station KFMB, Channel 8's Unknown
Eater for three years in a row, and was awarded "Best Pizza" by the city of
Temecula as well.
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Sizzler International, Inc.
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ABOUT SIZZLER
Sizzler International, Inc. operates, franchises or joint ventures 348 Sizzler
restaurants worldwide, in addition to the 102 KFC restaurants in Queensland,
Australia.
Certain statements contained in this document may be deemed to be
forward-looking statements under federal securities laws. These include
statements regarding (1) the rate of anticipated increases in Oscar's revenue
(2) when the transaction is expected to be accretive to Sizzler's earnings; and
(3) the future timing of the opening of additional Oscar's locations. Sizzler
cautions that these statements are qualified in their entirety 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) the continued success of Oscar's food
offerings; (b) the ability of management to grow revenue and manage expenses as
anticipated; (c) the ability to successfully identify, acquire and develop
additional locations for Oscar's restaurants and (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.
