-----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, FdgV3lJXXRtRfc1JT78EfPlHSfjCaVWQlC9G5zQtLuvcKDDgF/Xwo/kXn6vqz6Ph Rky4JiDq81vMOK0H/0CnGg== 0000898430-99-004414.txt : 19991206 0000898430-99-004414.hdr.sgml : 19991206 ACCESSION NUMBER: 0000898430-99-004414 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991201 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIZZLER INTERNATIONAL 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: SEC FILE NUMBER: 001-10711 FILM NUMBER: 99768378 BUSINESS ADDRESS: STREET 1: 6101 WEST CENTINELA AVEUNU STREET 2: SUITE 200 CITY: CULVER CITY STATE: CA ZIP: 90230 BUSINESS PHONE: 3108272300 FORMER COMPANY: FORMER CONFORMED NAME: COLLINS FOODS INC DATE OF NAME CHANGE: 19600201 8-K 1 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: December 1, 1999 (Date of earliest event reported) Sizzler International, Inc. ------------------------------- (Exact name of Registrant as specified in its charter) Delaware 1-10711 95-4307254 -------- ------- ---------- (State of Incorporation) (Commission File No.) (IRS Employer Identification Number) 6101 West Centinela Avenue, Suite 200, Culver City, CA 90230 ------------------------------------------------------------ (Address of principal executive offices, including zip code) (310) 568-0135 -------------- (Registrant's telephone number, including area code) ITEM 5. OTHER EVENTS On December 1, 1999 Sizzler International, Inc. (the "Registrant") issued a press release with respect to its having entered into contracts for the sale and leaseback of 49 of its Australian Sizzler and KFC properties, 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 - ----------- ----------- 99.1 Press Release dated December 1, 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 ------------------------------ Name: Steven R. Selcer Title: Vice President and Chief Financial Officer Dated: December 3, 1999 EX-99.1 2 PRESS RELEASE EXHIBIT 99.1 SIZZLER INTERNATIONAL, INC. NEWS BULLETIN 6101 W. Centinela Ave., Suite 200 Culver City, CA 90230 (310) 568-0135 FROM: NYSE: SZ FRB - -------------------------------------------------------------------------------- The Financial Relations Board, Inc. FOR FURTHER INFORMATION: AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD: 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 - ----------------------------------------------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE Wednesday, December 1, 1999 SIZZLER INTERNATIONAL ENTERS INTO CONTRACTS TO MONETIZE 49 OF 67 PROPERTIES SCHEDULED FOR SALE LEASEBACK $28 Million to be Available for Capital Re-deployment Highlights of the Transaction . 49 parcels contracted thus far . Net proceeds of $28 million (U.S.) expected . 18 additional parcels being marketed to raise additional $7 million (U.S.) . Capital to be invested in restaurant remodeling and repositioning, and acquisitions CULVER CITY, CA - December 1, 1999 - Sizzler International, Inc. (NYSE: SZ), today announced that it has entered into contracts to sell 49 of its Australian Sizzler and KFC restaurants, representing the first tranche of its plans to monetize 67 of its Australian properties under a sale-leaseback financing plan. The Company is marketing the remaining 18 properties and expects to have them contracted by the end of its current fiscal year, which ends April 30, 2000. "Our sale leaseback transaction is strategically very important for Sizzler," remarked Charles Boppell, President and CEO. "The monetization of these assets will simultaneously enable us to maximize our return on assets while providing us with capital for carrying out our growth plans." Sizzler expects to repatriate approximately $28 million in net proceeds sometime in early 2000 following the closing of the transactions. The Company estimates the net proceeds from its remaining 18 Australian properties will be approximately $7 million. In total, Sizzler expects to repatriate approximately $40 million in net proceeds from the sale of its Australian properties and an increase in its Australian debt facility. Commenting on Sizzler's plans for the investment of the sale and leaseback proceeds, Boppell said, "We intend to pursue a three-pronged strategy over the next two years. We have already begun to improve the quality of the food we serve and have increased our investment in our training programs. Over the next 18 months, we will be remodeling most of the Sizzler restaurants in our system, updating the decor and bringing it in line with our new quality grill concept. Finally, we plan to complete an acquisition of a restaurant concept that has been proven successful in a variety of locations, and that can be expanded with the application of our expertise and capital. As part of our financial strategy, we have also recently announced our intention to buy back up to 1.5 million shares of Sizzler common stock, which we consider to be significantly undervalued." About Sizzler Sizzler International, Inc. operates, franchises or joint ventures 344 Sizzler restaurants worldwide, in addition to 101 KFC restaurants in Queensland, Australia. The company operates 65 of its U.S. Sizzler locations and 31 Australian locations. The company franchises 187 Sizzler locations in the U.S. and 61 locations internationally. The company is listed on the New York Stock Exchange under ticker symbol SZ. 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 deploy the capital obtained from the sale leaseback transaction in a way that produces gains in revenues, net income, and shareholder value; (ii) Sizzler's ability to successfully implement all of the elements of its strategic plan; (iii) Sizzler's ability to complete an acquisition; and (iv) positive consumer response to the changes being implemented by Sizzler at the restaurant level. 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 locate and close on an acquisition candidate that meets the company's criteria, 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. For more information on Sizzler International, Inc. via facsimile at no cost, simply call 1-800-PRO-INFO and dial client code "SZ." # # # -----END PRIVACY-ENHANCED MESSAGE-----