8-K

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: AUGUST 22, 2003

Commission File Number: 1-10711

WORLDWIDE RESTAURANT CONCEPTS, INC.

(Exact name of Registrant as specified in its charter)

DELAWARE
(State or other jurisdiction of
incorporation or organization) 95-4307254
(I.R.S. Employer Identification No.)

15301 VENTURA BLVD., BUILDING B, SUITE 300
SHERMAN OAKS, CA 91403
(Address of principal executive offices)

(818) 662-9800
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name or former address, if changed since last report)

ITEM 7(c). EXHIBITS

      99.1     Press release dated August 22, 2003.

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

     On August 22, 2003, Worldwide Restaurant Concepts, Inc. issued a press release announcing its financial results for the first fiscal quarter ended July 20, 2003. A copy of the release is attached as Exhibit 99.1 and incorporated by reference herein.

     This Report on Form 8-K is being furnished pursuant to Item 12, Results of Operations and Financial Condition. The information furnished is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

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.

WORLDWIDE RESTAURANT CONCEPTS, INC.

Date: August 22, 2003 By: /s/ A. Keith Wall
A. Keith Wall
Vice President and CFO

INDEX TO EXHIBITS

EXHIBIT NUMBER	DESCRIPTION
99.1	PRESS RELEASE DATED AUGUST 22, 2003.

EX-99.1 3 e15565ex99_1.txt PRESS RELEASE Exhibit 99.1 Worldwide Restaurant Concepts, Inc. Announces First Quarter Fiscal 2004 Results HIGHLIGHTS: * Revenue growth of 15.0 percent over the prior year, or $10.1 million for the quarter * Strong same store sales trend continues for international operations, with KFC up 10.0 percent and Australian Sizzlers up 8.6 percent compared to the prior year * Net income increase of $0.3 million, or 9.1 percent over the prior year SHERMAN OAKS, Calif., Aug. 22 /PRNewswire-FirstCall/ -- Worldwide Restaurant Concepts, Inc. (NYSE: SZ) today reported financial results for the first quarter ended July 20, 2003. For the first quarter, the Company reported revenues of $77.8 million, an increase of 15.0 percent over the $67.7 million in the comparable period in fiscal 2003. Net income for the first quarter was $3.6 million, or $0.12 per diluted share, compared to net income of $3.3 million, or $0.12 per diluted share, in the same period a year ago. Revenue increases resulting from continued same store sales growth at the Company's KFC and international Sizzlers, six new Pat & Oscar's opened in the past year, and strengthening of the Australian dollar exchange rate, more than offset the decline in domestic same store sales. Net income for the quarter increased by 9.1 percent compared to the prior year, as pressure on domestic operating margins stemming from weaker than anticipated domestic same store sales was offset by a foreign exchange gain of $1.0 million. Despite the increase in net income, diluted earnings per share were flat to prior year at $0.12 due to dilution from a higher average share price during the quarter and the impact of the outstanding options issued to members of the Australian management team. International Operations Continue Growth Trend International operations generated another strong quarter of same store sales growth. The KFC division posted its ninth consecutive quarter of growth, with a first quarter same store sales increase of 10.0 percent, while Sizzler Australia reported same store sales growth of 8.6 percent compared to the prior year. "This has been another quarter of strong promotions for our international operations. At Sizzler Australia, we launched new variations of our successful salad bar add-on promotion, and at KFC, the strategy of promoting a mix of high end, multi-person bundles as well as sandwiches and complete meals for individual diners continues to drive increases in our guest counts," said Charles Boppell, President and Chief Executive Officer of Worldwide Restaurant Concepts. Domestic operations experienced soft sales during the first quarter. Same store sales declined by 3.4 percent at Pat & Oscar's and 1.5 percent for combined company-owned and franchised domestic Sizzler locations. "We're still feeling the impact of domestic economic uncertainty, but we believe we're beginning to gain sales momentum at both Sizzler and Pat & Oscar's. Same store sales at Pat & Oscar's were positive for the last period of the first quarter, as we've benefited from the return to San Diego of some of the troops that had been deployed in Iraq. We also introduced a new dessert during the quarter, Apple Pizza Pie. This new product contributed to an increase in our check average and is the start of our plans to introduce new items to the Pat & Oscar's menu," commented Mr. Boppell. "At Sizzler, we launched a new advertising campaign during the quarter in conjunction with our $9.99 rib promotion. It features a new character called the 'Try It Guy' and a more aggressive message to encourage new guests to experience the Sizzler difference. We expect this branding message to increase awareness, and we'll support it with high-value offers, such as five lunch entrees for under $5," concluded Mr. Boppell. Initiatives For Growth The Company remains focused on its growth strategy of investing in existing and new restaurants. Sizzler USA has completed the site selection process for the next phase of testing of an updated interior and exterior remodel package, and permitting has been completed at three northern California locations. Two company-owned restaurants in northern California have previously been remodeled to feature pale yellow walls and light wood tones and they continue to outperform the non-remodeled restaurants. Based on these results, testing of this remodel package was extended to Australia, where one remodel was completed during the quarter. "We're committed to our strategy of investing in our brands through updating and expanding our facilities. For Sizzler USA, this will take the form of remodels, while at Pat & Oscar's, we anticipate increasing our restaurant count by 30 to 40 percent during fiscal 2004. So far, we've signed leases on three southern California sites, with one location in each of the Inland Empire area and in Orange County, and our first location in Ventura County, just north of Los Angeles," commented Mr. Boppell. Since the end of the quarter, the Company borrowed an additional $20.0 million in Australian dollars from Westpac in Australia and repatriated the funds for use in domestic development activities. "We've taken advantage of high exchange rates and low interest rates to increase our borrowing from Westpac under an existing credit facility. This funding will provide ample capital for the expansion of our company-owned Pat & Oscar's over the next several years," said Mr. Boppell. Sizzler New York Market Update The Company recently announced that it began a program to transition the ownership of its eleven company-owned restaurants in the New York area to franchisees and other third parties. To date, the Company has completed the sale of one restaurant to an existing franchisee and is currently in the final stages of negotiation on two transactions involving six additional locations that will add a new franchisee to the Sizzler system. The transition is expected to be complete in the next nine to twelve months. Investor Conference Call Worldwide Restaurant Concepts will be holding an investor conference call today at 11:00 a.m. ET to discuss the Company's financial and operational results. Investors will have the opportunity to listen to the conference call over the Internet at www.wrconcepts.com or www.companyboardroom.com . To listen to the live call, please go to either web site at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay, also at www.wrconcepts.com and www.companyboardroom.com , will be available shortly after the call. About Worldwide Restaurant Concepts Worldwide Restaurant Concepts, Inc. operates, franchises or joint ventures 318 Sizzler(R) restaurants worldwide, 111 KFC(R) restaurants primarily located in Queensland, Australia, and 21 Pat & Oscar's(R) restaurants. Additional information about the Company can be found at www.wrconcepts.com . Certain statements contained in this document may contain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may include but are not limited to statements regarding: (i) continuing growth in revenues and earnings; (ii) commencement of construction on three additional remodels at Sizzler USA; (iii) the opening of new Pat & Oscar's restaurants at a pace of 30 to 40 percent unit growth in fiscal 2004; (iv) the introduction of new menu items at Pat & Oscar's; and (v) the transitioning of Company-owned Sizzler locations in the New York area to franchisees and other third parties. Worldwide Restaurant Concepts cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected in the forward looking statements contained herein. Such factors include, but are not limited to: (a) the Company's ability to implement its strategic plan and manage its costs and expenses; (b) the ability to design marketing and product initiatives resulting in same store sales growth; (c) the availability of capital to upgrade the facilities at its domestic Sizzler(R) locations and build new Pat & Oscar's restaurants; (d) Pat & Oscar's ability to acquire a sufficient number of suitable sites to increase restaurant count by 30 to 40 percent during fiscal 2004; (e) the Company's ability to develop new Pat & Oscar's menu items that are accepted by guests; (f) the Company's ability to identify new and existing franchisees and other third parties to purchase New York area restaurants; (g) economic conditions, both generally and as they affect the restaurant industry in particular; and (h) other risks as detailed from time to time in the Company's SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Annual Reports on Form 10-K. For further information please contact: Keith Wall, Vice President and CFO, or Kim Forster, Vice President, Planning, both of Worldwide Restaurant Concepts, Inc., +1-818-662-9800; or Linda Chien, General Information, +1-310-407-6547, or Tricia Ross, Investor/Analyst, +1-310-407-6540, both of FRB|Weber Shandwick, for Worldwide Restaurant Concepts, Inc. WORLDWIDE RESTAURANT CONCEPTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE TWELVE WEEKS ENDED JULY 20, 2003 AND JULY 21, 2002 (Unaudited) (In thousands, except per share data) July 20, July 21, 2003 2002 Revenues Restaurant sales $75,767 $65,683 Franchise revenues 2,053 2,004 Total revenues 77,820 67,687 Costs and Expenses Cost of sales 25,555 22,259 Labor and related expenses 20,498 18,187 Other operating expenses 18,665 15,611 Depreciation and amortization 2,625 2,171 General and administrative expenses 5,408 5,649 Total operating costs 72,751 63,877 Operating income 5,069 3,810 Interest expense 552 632 Investment income 108 191 Income before income taxes and minority interest 4,625 3,369 Minority interest expense 2 -- Income before income taxes 4,623 3,369 Provision for income taxes 1,070 112 Net income $3,553 $3,257 Basic earnings per share $0.13 $0.12 Diluted earnings per share $0.12 $0.12 WORLDWIDE RESTAURANT CONCEPTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands) July 20, April 30, ASSETS 2003 2003 Current Assets: Cash and cash equivalents $19,589 $26,303 Restricted cash 6,533 2,050 Receivables, net of an allowance of $711 at July 20, 2003 and $695 at April 30, 2003 3,010 2,560 Inventories 4,477 4,448 Deferred income taxes 2,382 2,382 Prepaid expenses and other current assets 2,804 2,205 Assets related to restaurants held for sale 4,006 4,026 Total current assets 42,801 43,974 Property and equipment, net 68,598 67,998 Long-term notes receivable (including $200 of related party receivables at July 20, 2003 and April 30, 2003), net of an allowance of $56 at July 20, 2003 and April 30, 2003 797 828 Deferred income taxes 10,158 9,985 Goodwill, net 23,636 23,636 Intangible assets, net of accumulated amortization of $868 at July 20, 2003 and $799 at April 30, 2003 2,178 2,162 Other assets 1,013 1,065 Total assets $149,181 $149,648 WORLDWIDE RESTAURANT CONCEPTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except par values) July 20, April 30, LIABILITIES AND STOCKHOLDERS' EQUITY 2003 2003 Current Liabilities: Current portion of long-term debt $7,017 $6,844 Accounts payable 12,744 14,119 Other current liabilities 22,886 23,529 Income taxes payable 2,719 3,108 Total current liabilities 45,366 47,600 Long-term debt, net of current portion 17,278 18,431 Deferred gains and revenues 9,644 9,715 Pension liability 13,205 13,326 Total liabilities 85,493 89,072 Minority interest 113 127 Stockholders' Equity: Preferred stock, authorized 1,000 shares, $5 par value; no shares issued and outstanding -- -- Common stock, authorized 50,000 shares, $0.01 par value; issued and outstanding 29,318 and 27,318 shares and 29,232 and 27,232 shares at July 20, 2003 and April 30, 2003, respectively 293 292 Additional paid-in capital 280,173 280,001 Accumulated deficit (201,654) (205,207) Treasury stock at cost, 2,000 shares at July 20, 2003 and at April 30, 2003 (4,135) (4,135) Accumulated other comprehensive loss (11,102) (10,502) Total stockholders' equity 63,575 60,449 Total liabilities and stockholders' equity $149,181 $149,648 SOURCE Worldwide Restaurant Concepts, Inc. /CONTACT: Keith Wall, Vice President and CFO, or Kim Forster, Vice President, Planning, both of Worldwide Restaurant Concepts, Inc., +1-818-662-9800; or Linda Chien, General Information, +1-310-407-6547, or Tricia Ross, Investor/Analyst, +1-310-407-6540, both of FRB|Weber Shandwick, for Worldwide Restaurant Concepts, Inc./ /Web site: http://www.wrconcepts.com / (SZ) CO: Worldwide Restaurant Concepts, Inc. ST: California IN: RST FOD REA SU: ERN CCA -----END PRIVACY-ENHANCED MESSAGE-----

EX-99.1

                                                                    Exhibit 99.1

                Worldwide Restaurant Concepts, Inc. Announces
                      First Quarter Fiscal 2004 Results

     HIGHLIGHTS:

     * Revenue growth of 15.0 percent over the prior year, or $10.1 million
       for the quarter

     * Strong same store sales trend continues for international operations,
       with KFC up 10.0 percent and Australian Sizzlers up 8.6 percent
       compared to the prior year

     * Net income increase of $0.3 million, or 9.1 percent over the prior year

    SHERMAN OAKS, Calif., Aug. 22 /PRNewswire-FirstCall/ -- Worldwide
Restaurant Concepts, Inc. (NYSE: SZ) today reported financial results for the
first quarter ended July 20, 2003.
    For the first quarter, the Company reported revenues of $77.8 million, an
increase of 15.0 percent over the $67.7 million in the comparable period in
fiscal 2003.  Net income for the first quarter was $3.6 million, or $0.12 per
diluted share, compared to net income of $3.3 million, or $0.12 per diluted
share, in the same period a year ago.  Revenue increases resulting from
continued same store sales growth at the Company's KFC and international
Sizzlers, six new Pat & Oscar's opened in the past year, and strengthening of
the Australian dollar exchange rate, more than offset the decline in domestic
same store sales.  Net income for the quarter increased by 9.1 percent
compared to the prior year, as pressure on domestic operating margins stemming
from weaker than anticipated domestic same store sales was offset by a foreign
exchange gain of $1.0 million.  Despite the increase in net income, diluted
earnings per share were flat to prior year at $0.12 due to dilution from a
higher average share price during the quarter and the impact of the
outstanding options issued to members of the Australian management team.

    International Operations Continue Growth Trend
    International operations generated another strong quarter of same store
sales growth.  The KFC division posted its ninth consecutive quarter of
growth, with a first quarter same store sales increase of 10.0 percent, while
Sizzler Australia reported same store sales growth of 8.6 percent compared to
the prior year.
    "This has been another quarter of strong promotions for our international
operations. At Sizzler Australia, we launched new variations of our successful
salad bar add-on promotion, and at KFC, the strategy of promoting a mix of
high end, multi-person bundles as well as sandwiches and complete meals for
individual diners continues to drive increases in our guest counts," said
Charles Boppell, President and Chief Executive Officer of Worldwide Restaurant
Concepts.
    Domestic operations experienced soft sales during the first quarter.  Same
store sales declined by 3.4 percent at Pat & Oscar's and 1.5 percent for
combined company-owned and franchised domestic Sizzler locations.  "We're
still feeling the impact of domestic economic uncertainty, but we believe
we're beginning to gain sales momentum at both Sizzler and Pat & Oscar's.
Same store sales at Pat & Oscar's were positive for the last period of the
first quarter, as we've benefited from the return to San Diego of some of the
troops that had been deployed in Iraq.  We also introduced a new dessert
during the quarter, Apple Pizza Pie.  This new product contributed to an
increase in our check average and is the start of our plans to introduce new
items to the Pat & Oscar's menu," commented Mr. Boppell.  "At Sizzler, we
launched a new advertising campaign during the quarter in conjunction with our
$9.99 rib promotion.  It features a new character called the 'Try It Guy' and
a more aggressive message to encourage new guests to experience the Sizzler
difference.  We expect this branding message to increase awareness, and we'll
support it with high-value offers, such as five lunch entrees for under
$5," concluded Mr. Boppell.

    Initiatives For Growth
    The Company remains focused on its growth strategy of investing in
existing and new restaurants.  Sizzler USA has completed the site selection
process for the next phase of testing of an updated interior and exterior
remodel package, and permitting has been completed at three northern
California locations.  Two company-owned restaurants in northern California
have previously been remodeled to feature pale yellow walls and light wood
tones and they continue to outperform the non-remodeled restaurants.  Based on
these results, testing of this remodel package was extended to Australia,
where one remodel was completed during the quarter.
    "We're committed to our strategy of investing in our brands through
updating and expanding our facilities.  For Sizzler USA, this will take the
form of remodels, while at Pat & Oscar's, we anticipate increasing our
restaurant count by 30 to 40 percent during fiscal 2004.  So far, we've signed
leases on three southern California sites, with one location in each of the
Inland Empire area and in Orange County, and our first location in Ventura
County, just north of Los Angeles," commented Mr. Boppell.
    Since the end of the quarter, the Company borrowed an additional
$20.0 million in Australian dollars from Westpac in Australia and repatriated
the funds for use in domestic development activities.  "We've taken advantage
of high exchange rates and low interest rates to increase our borrowing from
Westpac under an existing credit facility.  This funding will provide ample
capital for the expansion of our company-owned Pat & Oscar's over the next
several years," said Mr. Boppell.

    Sizzler New York Market Update
    The Company recently announced that it began a program to transition the
ownership of its eleven company-owned restaurants in the New York area to
franchisees and other third parties.  To date, the Company has completed the
sale of one restaurant to an existing franchisee and is currently in the final
stages of negotiation on two transactions involving six additional locations
that will add a new franchisee to the Sizzler system.  The transition is
expected to be complete in the next nine to twelve months.

    Investor Conference Call
    Worldwide Restaurant Concepts will be holding an investor conference call
today at 11:00 a.m. ET to discuss the Company's financial and operational
results.  Investors will have the opportunity to listen to the conference call
over the Internet at www.wrconcepts.com or www.companyboardroom.com .  To
listen to the live call, please go to either web site at least fifteen minutes
early to register, download, and install any necessary audio software.  For
those who cannot listen to the live broadcast, a replay, also at
www.wrconcepts.com and www.companyboardroom.com , will be available shortly
after the call.

    About Worldwide Restaurant Concepts
    Worldwide Restaurant Concepts, Inc. operates, franchises or joint ventures
318 Sizzler(R) restaurants worldwide, 111 KFC(R) restaurants primarily located
in Queensland, Australia, and 21 Pat & Oscar's(R) restaurants.  Additional
information about the Company can be found at www.wrconcepts.com .

    Certain statements contained in this document may contain forward-looking
statements that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.  These statements may include but
are not limited to statements regarding: (i) continuing growth in revenues and
earnings; (ii) commencement of construction on three additional remodels at
Sizzler USA; (iii) the opening of new Pat & Oscar's restaurants at a pace of
30 to 40 percent unit growth in fiscal 2004; (iv) the introduction of new menu
items at Pat & Oscar's; and (v) the transitioning of Company-owned Sizzler
locations in the New York area to franchisees and other third parties.

    Worldwide Restaurant Concepts cautions that these statements are qualified
by important factors that could cause actual results to differ materially from
those reflected in the forward looking statements contained herein.  Such
factors include, but are not limited to: (a) the Company's ability to
implement its strategic plan and manage its costs and expenses; (b) the
ability to design marketing and product initiatives resulting in same store
sales growth; (c) the availability of capital to upgrade the facilities at its
domestic Sizzler(R) locations and build new Pat & Oscar's restaurants; (d) Pat
& Oscar's ability to acquire a sufficient number of suitable sites to increase
restaurant count by 30 to 40 percent during fiscal 2004; (e) the Company's
ability to develop new Pat & Oscar's menu items that are accepted by guests;
(f) the Company's ability to identify new and existing franchisees and other
third parties to purchase New York area restaurants; (g) economic conditions,
both generally and as they affect the restaurant industry in particular; and
(h) other risks as detailed from time to time in the Company's SEC reports,
including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
Annual Reports on Form 10-K.

    For further information please contact: Keith Wall, Vice President and
CFO, or Kim Forster, Vice President, Planning, both of Worldwide Restaurant
Concepts, Inc., +1-818-662-9800; or Linda Chien, General Information,
+1-310-407-6547, or Tricia Ross, Investor/Analyst, +1-310-407-6540, both of
FRB|Weber Shandwick, for Worldwide Restaurant Concepts, Inc.



               WORLDWIDE RESTAURANT CONCEPTS, INC. AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
            FOR THE TWELVE WEEKS ENDED JULY 20, 2003 AND JULY 21, 2002
                                   (Unaudited)
                      (In thousands, except per share data)

                                                    July 20,       July 21,
                                                      2003           2002
    Revenues
      Restaurant sales                               $75,767        $65,683
      Franchise revenues                               2,053          2,004

      Total revenues                                  77,820         67,687

    Costs and Expenses
      Cost of sales                                   25,555         22,259
      Labor and related expenses                      20,498         18,187
      Other operating expenses                        18,665         15,611
      Depreciation and amortization                    2,625          2,171
      General and administrative expenses              5,408          5,649

      Total operating costs                           72,751         63,877

      Operating income                                 5,069          3,810

      Interest expense                                   552            632
      Investment income                                  108            191

    Income before income taxes
     and minority interest                             4,625          3,369
      Minority interest expense                            2             --

    Income before income taxes                         4,623          3,369
    Provision for income taxes                         1,070            112

    Net income                                        $3,553         $3,257

    Basic earnings per share                           $0.13          $0.12

    Diluted earnings per share                         $0.12          $0.12



               WORLDWIDE RESTAURANT CONCEPTS, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                                  (in thousands)

                                                    July 20,       April 30,
                     ASSETS                           2003           2003

    Current Assets:
      Cash and cash equivalents                      $19,589        $26,303
      Restricted cash                                  6,533          2,050
      Receivables, net of an allowance
       of $711 at July 20, 2003 and $695
       at April 30, 2003                               3,010          2,560
      Inventories                                      4,477          4,448
      Deferred income taxes                            2,382          2,382
      Prepaid expenses and other current assets        2,804          2,205
      Assets related to restaurants held for sale      4,006          4,026
        Total current assets                          42,801         43,974

    Property and equipment, net                       68,598         67,998

    Long-term notes receivable (including
     $200 of related party receivables
     at July 20, 2003 and April 30, 2003),
     net of an allowance of $56 at
     July 20, 2003 and April 30, 2003                    797            828
    Deferred income taxes                             10,158          9,985

    Goodwill, net                                     23,636         23,636
    Intangible assets, net of accumulated
     amortization of $868 at July 20, 2003
     and $799 at April 30, 2003                        2,178          2,162
    Other assets                                       1,013          1,065
        Total assets                                $149,181       $149,648



               WORLDWIDE RESTAURANT CONCEPTS, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)
                        (in thousands, except par values)

                                                     July 20,      April 30,
         LIABILITIES AND STOCKHOLDERS' EQUITY          2003           2003

    Current Liabilities:
      Current portion of long-term debt               $7,017         $6,844
      Accounts payable                                12,744         14,119
      Other current liabilities                       22,886         23,529
      Income taxes payable                             2,719          3,108

        Total current liabilities                     45,366         47,600

      Long-term debt, net of current portion          17,278         18,431

      Deferred gains and revenues                      9,644          9,715

      Pension liability                               13,205         13,326

        Total liabilities                             85,493         89,072

    Minority interest                                    113            127

    Stockholders' Equity:

      Preferred stock, authorized 1,000 shares,
       $5 par value; no shares issued and
       outstanding                                        --             --
      Common stock, authorized 50,000 shares,
       $0.01 par value; issued and outstanding
       29,318 and 27,318 shares and 29,232 and
       27,232 shares at July 20, 2003 and
       April 30, 2003, respectively                      293            292
      Additional paid-in capital                     280,173        280,001
      Accumulated deficit                           (201,654)      (205,207)
      Treasury stock at cost, 2,000 shares at
       July 20, 2003 and at April 30, 2003            (4,135)        (4,135)
      Accumulated other comprehensive loss           (11,102)       (10,502)
        Total stockholders' equity                    63,575         60,449
        Total liabilities and
         stockholders' equity                       $149,181       $149,648


SOURCE  Worldwide Restaurant Concepts, Inc.
    /CONTACT:  Keith Wall, Vice President and CFO, or Kim Forster,
Vice President, Planning, both of Worldwide Restaurant Concepts, Inc.,
+1-818-662-9800; or Linda Chien, General Information, +1-310-407-6547, or
Tricia Ross, Investor/Analyst, +1-310-407-6540, both of FRB|Weber Shandwick,
for Worldwide Restaurant Concepts, Inc./
    /Web site:  http://www.wrconcepts.com /
    (SZ)

CO:  Worldwide Restaurant Concepts, Inc.
ST:  California
IN:  RST FOD REA
SU:  ERN CCA