-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ef+6zNGuE8RbR50m6xIuRhwCPoxF09xMYX2n1SnHX6uBHleP5rCgQmzwEt6hsTTJ u6JofMmEm6dIxTcru4IDJA== 0000898430-02-000040.txt : 20020413 0000898430-02-000040.hdr.sgml : 20020413 ACCESSION NUMBER: 0000898430-02-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20010920 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORLDWIDE RESTAURANT CONCEPTS INC CENTRAL INDEX KEY: 0000870760 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 954307254 STATE OF INCORPORATION: DE FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10711 FILM NUMBER: 2502222 BUSINESS ADDRESS: STREET 1: 6101 W CENTINELA AVE STREET 2: STE 200 CITY: CULVER CITY STATE: CA ZIP: 90230 BUSINESS PHONE: 3105680135 FORMER COMPANY: FORMER CONFORMED NAME: COLLINS FOODS INC DATE OF NAME CHANGE: 19600201 FORMER COMPANY: FORMER CONFORMED NAME: SIZZLER INTERNATIONAL INC DATE OF NAME CHANGE: 19930315 8-K 1 d8k.txt FORM 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: September 20, 2001 (Date of earliest event reported) 1-10711 ------- (Commission File No.) Worldwide Restaurant Concepts, Inc. ----------------------------------- (Exact name of Registrant as specified in its charter) Delaware 95-4307254 -------- ---------- (State or other jurisdiction of incorporation) (IRS Employer Identification Number) 15301 Ventura Blvd., Building B. Suite 300, Sherman Oaks, CA. 91403 ------------------------------------------------------------------- (Address of principal executive offices, including zip code) (818)662-9800 -------------- (Registrant's telephone number, including area code) ITEM 5. OTHER EVENTS On September 20, 2001, the Company issued a press release announcing the opening of twelfth Pat & Oscar's(SM) restaurant. On November 19, 2001, the Company issued a press release announcing the opening of thirteenth Pat & Oscar's(SM) restaurant. On November 20, 2001, the Company issued a press release announcing the second quarter fiscal year 2002 results. On December 19, 2001, the Company issued a press release announcing the opening of the fourteenth Pat & Oscar's(SM) restaurant. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS Exhibit No. Description - ----------- ----------- 99.1 Press Release dated September 20, 2001. 99.2 Press Release dated November 19, 2001. 99.3 Press Release dated November 20, 2001. 99.4 Press Release dated December 19, 2001. 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. By: /s/ A. Keith Wall -------------------------- Name: A. Keith Wall Title: President and CEO EX-99.1 3 dex991.txt PRESS RELEASE DATED SEP 20, 2001 Exhibit 99.1 N E W S B U L L E T I N FROM: [LOGO] W O R L D W I D E ------------------------------------ The Financial Relations Board R E S T A U R A N T C O N C E P T S - ----------------------------- B S M G W O R L D W I D E 6101 W. Centinela Ave., Suite 200 Culver City, CA 90230 (310) 568-0135 NYSE: SZ - -------------------------------------------------------------------------------- AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD: Charles Boppell Kim Forster Haris Tajyar Tricia Ross President and CEO Vice President, Planning General Information Investor Contact (310) 568-0135 (310) 568-0135 (310) 442-0599 (310) 442-0599 - ----------------------------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE Thursday, September 20, 2001 WORLDWIDE RESTAURANT CONCEPTS, INC. ANNOUNCES OPENING OF TWELFTH PAT & OSCAR'S RESTAURANT CULVER CITY, CA--September 20, 2001--Worldwide Restaurant Concepts, Inc. (NYSE: SZ) announced today the opening of the twelfth Pat & Oscar'sSM restaurant. The restaurant is located in Carmel Valley, California and is the seventh restaurant to open in San Diego County. "We're very pleased with our progress in opening new Pat & Oscar's restaurants. Since we acquired the concept last year, the division has now added four new restaurants and is on track to add three to four more before the current fiscal year ends in April 2002. All of these new units have met our sales expectations and we're optimistic that Carmel Valley will be a strong contributor. Although we have seen some softness in sales at existing restaurants near newly opened locations, it's been our experience that this is a temporary phenomenon," said Charles Boppell, President and CEO of Worldwide Restaurant Concepts. "When we announced the acquisition just over a year ago, we anticipated that Pat & Oscar's would be accretive to earnings in its second year. Our expectations were exceeded when Pat & Oscar's was accretive to earnings last quarter, after barely one full year in our system. The continued expansion of the Pat & Oscar's concept is a key element of our growth strategy and will make the concept a major contributor to our revenue and profitability in the years to come," concluded Mr. Boppell. About Worldwide Restaurant Concepts Worldwide Restaurant Concepts, Inc, formerly known as Sizzler International Inc., operates, franchises or joint ventures 344 Sizzler(R) restaurants worldwide, 105 KFC(R) restaurants primarily located in Queensland, Australia, and 12 Pat & Oscar's restaurants. Certain statements contained in this document may be deemed to be forward- looking statements under federal securities law. These include statements regarding (i) the continuing popularity of Pat & Oscar's restaurants; and (ii) the timing of the opening of and financial performance of future Pat & Oscar's restaurants. Worldwide Restaurant Concepts 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 continuing popularity of Pat & Oscar's food offerings; (b) the ability to successfully identify, acquire and develop additional locations for Pat & Oscar's restaurants; and (c) other risks as detailed from time to time in Worldwide Restaurant Concepts' SEC reports, including Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and Annual Reports on Form 10-K. EX-99.2 4 dex992.txt PRESS RELEASE DATED NOV 19, 2001 Exhibit 99.2 N E W S B U L L E T I N RL: [LOGO] FROM: W O R L D W I D E -------------------------------- R E S T A U R A N T C O N C E P T S FRB WEBER SHANDWICK FINANCIAL COMMUNICATIONS 15301 Ventura Blvd., Bldg B, Suite 300 Sherman Oaks, CA 91403 (818) 662-9800 NYSE: SZ - ---------------------------------------------------------------------------------------------------------------------------- FOR FURTHER INFORMATION AT THE COMPANY: AT FRB WEBER SHANDWICK: Keith Wall Kim Forster James Hoyne Tricia Ross Vice President and CFO Vice President, Planning General Information Investor/Analyst Contact (818) 662-9800 (818) 662-9800 (310) 996-7463 (310) 996-7454 - ----------------------------------------------------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE November 19, 2001 WORLDWIDE RESTAURANT CONCEPTS, INC. ANNOUNCES OPENING OF THIRTEENTH PAT & OSCAR'S(SM) RESTAURANT SHERMAN OAKS, CA--November 19, 2001--Worldwide Restaurant Concepts, Inc. (NYSE: SZ) today announced the opening of a new Pat & Oscar's restaurant, located in the Oceanside/Carlsbad area of San Diego County. This brings the total number of Pat & Oscar's to thirteen and marks the second opening in the Company's 2002 fiscal year. "We're continuing to execute our strategy of expanding Pat & Oscar's in San Diego and neighboring counties in Southern California. We've now added five new restaurants since we acquired the concept last year, and are on track to add an additional two units in the next six months," said Charles Boppell, President and CEO of Worldwide Restaurant Concepts. "We're particularly proud that we've been able to grow the top line and also deliver at the bottom line. As we previously announced, Pat & Oscar's was accretive to earnings in the first quarter after barely one full year in our system," concluded Mr. Boppell. About Worldwide Restaurant Concepts Worldwide Restaurant Concepts, Inc., formerly known as Sizzler International, Inc., operates, franchises or joint ventures 341 Sizzler(R) restaurants worldwide, 107 KFC(R) restaurants primarily located in Queensland, Australia, and 13 Pat & Oscar's(SM) restaurants. To the extent that certain statements contained in this document may be deemed under federal securities laws to be forward-looking statements, Worldwide Restaurant Concepts intends that they be subject to the safe-harbor applicable to forward-looking statements under such laws. EX-99.3 5 dex993.txt PRESS RELEASE DATED NOV 20, 2001 Exhibit 99.3 NEWS BULLETIN RF: [LOGO FROM: WRC] FRB|WEBER SHANDWICK WORLDWIDE FINANCIAL COMMUNICATIONS ------------------- RESTAURANT CONCEPTS 15301 Ventura Blvd., Bldg B, Suite 300 Sherman Oaks, CA 91403 (818) 662-9800 NYSE: SZ - ------------------------------------------------------------------------------------------------------------------------ FOR FURTHER INFORMATION: AT THE COMPANY: AT FRB|Weber Shandwick: Keith Wall Kim Forster James Hoyne Tricia Ross Vice President and CFO Vice President, Planning General Information Investor/Analyst Contact (818) 662-9800 (818) 662-9800 (310) 996-7463 (310) 996-7454 - ------------------------------------------------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE November 20, 2001 WORLDWIDE RESTAURANT CONCEPTS, INC. ANNOUNCES SECOND QUARTER FISCAL 2002 RESULTS HIGHLIGHTS: . Second quarter revenues increase to $59.9 million from $54.6 million. . Excluding impact of decline in the Australian dollar, revenues would have been $62.7 million, an increase of 14.7%. . Revenue growth primarily due to increased contribution from Pat & Oscar's subsidiary and increase in same store sales of 7.9% for Sizzler Australia and 3.7% for KFC. . Net income increases 14.5% for the quarter. . Overall performance continues to be impacted by weakness in U.S. and Australian economies and weakness in the Australian dollar. . 12/th/ Pat & Oscar's opened during the quarter. . Pat & Oscar's, acquired last year, is accretive to earnings for second consecutive quarter. SHERMAN OAKS, CA--November 20, 2001--Worldwide Restaurant Concepts, Inc. (NYSE: SZ) today reported financial results for the second quarter of fiscal 2002 ended October 14, 2001. The Company reported revenues of $59.9 million for the quarter, an increase of 9.7% over the $54.6 million reported in the comparable period in fiscal 2001. Net income for the quarter increased 14.5%, to $355,000, or $0.01 per diluted share, compared with net income of $310,000, or $0.01 per diluted share in the same period a year ago. This increase is the result of the Company's continued focus on top line growth while maintaining cost controls. These results were achieved in spite of continued weakness in the U.S. and Australian economies and a 9.1% decline in the Australian dollar from last year. Excluding the effect of the exchange rate decline, revenues would have been $62.7 million, an increase of 14.7%. For the six months ended October 14, 2001, the Company reported revenues of $121.2 million, a 10.9% increase from revenues of $109.3 million in the same period last year. Worldwide Restaurant Concepts reported net income of $2.0 million, or $0.07 per diluted share, a decline of 36.4% from net income of $3.2 million, or $0.11 per diluted share, reported in the year-ago period. "In the weeks both before and after September 11th, we've operated in a tough economic environment. Domestic and international consumers are experiencing increasing uncertainty about the economy, their jobs, and their security. Against this backdrop, we're very pleased to have increased our quarterly net income by over 14.0%. We've been able to do this by running promotions and selectively testing new products that offer great value to the consumer. This translated into a 7.9% increase in same store sales for Sizzler Australia and a 3.7% increase for KFC," said Charles Boppell, President and CEO of Worldwide Restaurant Concepts, Inc. "We've combined these initiatives with our continued effort to manage expenses and generate strong returns on our investments in our operations." The Company's investments have included the addition of new restaurants, at both Pat & Oscar's and KFC, and the installation of MenuLink, a restaurant system for managing inventories, purchasing and labor scheduling. The Company's domestic operations were more directly affected by the events of September 11th and the economic slowdown. Although Sizzler USA reported a 0.7% decline in same store sales for the second quarter, this represents a significant improvement over the decline of 3.2% reported in the first quarter, and can be attributed to marketing and promotional initiatives that focused on delivering value to our customers. Pat & Oscar's reported a 1.8% decline in same store sales, which was the caused by the economic environment, which resulted in fewer catering orders, and cannibalization of certain mature store sales by recently opened restaurants. Pat & Oscar's on Track with Growth and Profitability The increase in second quarter revenues is largely due to the increased contribution from the Company's Pat & Oscar's division. The division was acquired midway during the second quarter of fiscal 2001 and has since been expanded from eight to twelve restaurants. For the second consecutive quarter, the division was accretive to the Company's earnings and is expected to be accretive for the full fiscal year. "We've now marked the one year anniversary of the Pat & Oscar's acquisition and we're pleased to have achieved several major milestones. We opened our twelfth restaurant during the quarter, giving us a 50% increase from the base of eight restaurants just a year ago. At the same time, we've reduced prime costs from 64.7% a year ago to 59.5% in the second quarter. We expect to end the current fiscal year with fifteen restaurants and continue the improvements in our margins," said Mr. Boppell. Update on Share Repurchase Program During the second quarter, the Company purchased approximately 493,000 shares under the previously announced stock repurchase program. This brings the total shares repurchased under that program to 2.0 million, the amount authorized by the Company's Board of Directors. Outlook for Fiscal 2002 "We're very pleased with the success of our promotional efforts in attracting customers in this tough business environment and of our ability to bring these sales down to the bottom line by managing costs. We plan to continue these efforts throughout this fiscal year and this gives a cautious optimism for the coming quarters," concluded Mr. Boppell. Investor Conference Call Worldwide Restaurant Concepts will be holding an investor conference call to discuss the Company's financial and operational results today at 11:00 a.m. EST. ___ Investors will have the ___ opportunity to listen to the conference call over the Internet at www.streetevents.com. To listen to the live call, please go to the 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 will be available shortly after the call. About Worldwide Restaurant Concepts Worldwide Restaurant Concepts, Inc., formerly known as Sizzler International, Inc., operates, franchises or joint ventures 341 Sizzler(R)restaurants worldwide, 107 KFC(R)restaurants primarily located in Queensland, Australia, and 13 Pat & Oscar'sSM restaurants. 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 Act of 1995. These statements may include but are not limited to, statements regarding: (i) continuing growth in revenues and earnings; (ii) further expansion of the Pat & Oscar's division; (iii) Pat &Oscar's profitability in the third and fourth quarters and the fiscal year as a whole; and (iv) continued improvement in Sizzler USA sales. 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 Company's ability to continue to support the expansion of additional Pat & Oscar's units, minimize any cannibalization, and identify suitable new sites; (c) whether Sizzler USA can continue to attract customers with its new food offerings; (d) the Company's ability to achieve further cost savings at Pat & Oscar's; (e) general economic conditions, including recovery from the adverse consequences of the September 11th attacks; and (f) 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. [tables to follow] WORLDWIDE RESTAURANT CONCEPTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE TWELVE WEEKS ENDED OCT 14, 2001 AND OCT 15, 2000 (In thousands, except per share data)
Oct 14, Oct 15, 2001 2000 - ------------------------------------------------------------------------------ ---------------- ----------------- (Unaudited) (Unaudited) Revenues Restaurant sales $ 58,025 $ 52,454 Franchise revenues 1,918 2,183 - ------------------------------------------------------------------------------ ---------------- ----------------- Total revenues 59,943 54,637 - ------------------------------------------------------------------------------ ---------------- ----------------- Costs and Expenses Cost of sales 19,866 18,733 Labor and related expenses 16,687 15,029 Other operating expenses 14,480 12,761 Depreciation and amortization 2,198 2,109 General and administrative expenses 5,300 4,917 - ------------------------------------------------------------------------------ ---------------- ----------------- Total operating costs 58,531 53,549 - ------------------------------------------------------------------------------ ---------------- ----------------- Interest expense 1,052 933 Investment income (440) (452) - ------------------------------------------------------------------------------ ---------------- ----------------- Total costs and expenses 59,143 54,030 - ------------------------------------------------------------------------------ ---------------- ----------------- Income before provision for income taxes 800 607 - ------------------------------------------------------------------------------ ---------------- ----------------- Provision for income taxes 445 297 - ------------------------------------------------------------------------------ ---------------- ----------------- Net income $ 355 $ 310 ============================================================================== ================ ================= Basic and diluted earnings per share $ 0.01 $ 0.01 ============================================================================== ================ =================
WORLDWIDE RESTAURANT CONCEPTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE TWENTY-FOUR WEEKS ENDED OCT 14, 2001 AND OCT 15, 2000 (In thousands, except per share data)
Oct 14, Oct 15, 2001 2000 - ------------------------------------------------------------------------------ ------------------- ------------------ (Unaudited) (Unaudited) Revenues Restaurant sales $ 117,298 $ 104,766 Franchise revenues 3,917 4,529 - ------------------------------------------------------------------------------ ------------------ ----------------- Total revenues 121,215 109,295 - ------------------------------------------------------------------------------ ------------------ ----------------- Costs and Expenses Cost of sales 40,067 37,676 Labor and related expenses 33,586 29,263 Other operating expenses 28,754 24,692 Depreciation and amortization 4,358 3,914 General and administrative expenses 10,777 9,229 - ------------------------------------------------------------------------------ ------------------ ----------------- Total operating costs 117,542 104,774 - ------------------------------------------------------------------------------ ------------------ ----------------- Interest expense 2,171 1,680 Investment income (912) (1,012) Gain on Sale of Assets (412) - - ------------------------------------------------------------------------------ ------------------ ----------------- Total costs and expenses 118,389 105,442 - ------------------------------------------------------------------------------ ------------------ ----------------- Income before provision for income taxes 2,826 3,853 - ------------------------------------------------------------------------------ ------------------ ----------------- Provision for income taxes 807 678 - ------------------------------------------------------------------------------ ------------------ ----------------- Net income $ 2,019 $ 3,175 ============================================================================== ================== ================= Basic and diluted earnings per share $ 0.07 $ 0.11 ============================================================================== ================== =================
WORLDWIDE RESTAURANT CONCEPTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
October 14, April 30, ASSETS 2001 2001 - --------------------------------------------------------------------- -------------- -------------- (Unaudited) (Audited) Current Assets: Cash and cash equivalents $ 18,399 $ 9,997 Restricted cash 3,339 7,852 Receivables, net of reserves of $739 at October 14, 2001 and $965 at April 30, 2001 2,911 2,464 Inventories 4,116 4,211 Current tax asset 3,680 3,324 Prepaid expenses and other current assets 2,417 2,554 - -------------------------------------------------------------------------- --------------- ---------------- Total current assets 34,862 30,402 - -------------------------------------------------------------------------- --------------- ---------------- Property and equipment, net 60,023 60,011 Property held for sale, net 3,864 3,996 Long-term notes receivable, net of reserves of $3 at October 14, 2001 and $17 at April 30, 2001 833 994 Deferred income taxes 2,397 2,425 Goodwill, net of accumulated amortization of $659 at October 14, 2001 and $659 at April 30, 2001 19,562 19,491 Intangible assets, net of accumulated amortization of $967 at October 14, 2001 and $913 at April 30, 2001 2,220 2,208 Other assets 2,669 3,035 - -------------------------------------------------------------------------- --------------- ---------------- Total assets $ 126,430 $ 122,562 ========================================================================== =============== ================
WORLDWIDE RESTAURANT CONCEPTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
October 14, April 30, LIABILITIES AND STOCKHOLDERS' INVESTMENT 2001 2001 - -------------------------------------------------------------------------- --------------- ---------------- (Unaudited) (Audited) Current Liabilities: Current portion of long-term debt $ 4,627 $ 5,597 Accounts payable 10,045 9,078 Other current liabilities 11,934 9,626 Income taxes payable 1,544 1,870 - -------------------------------------------------------------------------- --------------- ---------------- Total current liabilities 28,150 26,171 - -------------------------------------------------------------------------- --------------- ---------------- Long-term debt, net of current portion 25,217 24,085 Deferred gains and revenues 8,074 8,307 Pension liability 9,289 9,482 Stockholders' Investment: Capital stock - Preferred, authorized 1,000,000 shares, $5 par value; no shares issued - - Common, authorized 50,000,000 shares, $0.01 par value; outstanding 27,205,005 shares at October 14, 2001 and 27,744,799 shares at April 30, 2001 293 291 Additional paid-in capital 279,880 279,846 Accumulated deficit (215,027) (217,046) Treasury stock, 2,000,000 shares at October 14, 2001 and 1,363,800 shares at April 30, 2001, at cost (4,135) (3,189) Accumulated other comprehensive loss (5,311) (5,385) - -------------------------------------------------------------------------- --------------- ---------------- Total stockholders' investment 55,700 54,517 - -------------------------------------------------------------------------- --------------- ---------------- Total liabilities and stockholders' investment $ 126,430 $ 122,562 ========================================================================== =============== ================
EX-99.4 6 dex994.txt PRESS RELEASE DATED DEC 19, 2001 Exhibit 99.4 N E W S B U L L E T I N FROM: [LOGO] W O R L D W I D E FRB|WEBER SHANDWICK ----------------- FINANCIAL COMMUNICATIONS R E S T A U R A N T C O N C E P T S 15301 Ventura Blvd., Bldg B, Suite 300 Sherman Oaks, CA 91403 (818) 662-9800 NYSE: SZ - -------------------------------------------------------------------------------- FOR FURTHER INFORMATION: AT THE COMPANY: AT FRB|WEBER SHANDWICK: Keith Wall Kim Forster James Hoyne Tricia Ross Vice President and CFO Vice President, Planning General Information Investor/Analyst Contact (818) 662-9800 (818) 662-9800 (310) 996-7463 (310) 996-7454 - ----------------------------------------------------------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE December 19, 2001 WORLDWIDE RESTAURANT CONCEPTS, INC. ANNOUNCES OPENING OF 14/TH/ PAT & OSCAR'S(SM) SHERMAN OAKS, CA--December 19, 2001--Worldwide Restaurant Concepts, Inc. (NYSE: SZ) today announced the opening of the 14/th/ Pat & Oscar's restaurant. The restaurant is located in Ontario at the Ontario Mills mall, a major regional shopping mall and outlet complex in Southern California. "This is our third restaurant opening of the fiscal year and we're steadily widening Pat & Oscar's geographic presence in Southern California. Ontario Mills marks our furthest expansion northeast of San Diego County and the next step in our expansion of the brand throughout Southern California," said Charles Boppell, President and CEO of Worldwide Restaurant Concepts. "We have been very pleased with the guest response as we've expanded and plan to leverage our growing brand awareness by opening 4 to 5 more restaurants next fiscal year," concluded Mr. Boppell. About Worldwide Restaurant Concepts Worldwide Restaurant Concepts, Inc., formerly known as Sizzler International, Inc., operates, franchises or joint ventures 337 Sizzler(R) restaurants worldwide, 107 KFC(R) restaurants primarily located in Queensland, Australia, and 14 Pat & Oscar's(SM) restaurants. To the extent that certain statements contained in this document may be deemed under federal securities laws to be forward-looking statements, Worldwide Restaurant Concepts intends that they be subject to the safe-harbor applicable to forward-looking statements under such laws. -----END PRIVACY-ENHANCED MESSAGE-----