Business & Finance

Sizzler International Announces Expansion of Share Repurchase Program

May 10th, 2001

Sizzler International Inc. (NYSE:SZ) today announced that its board of directors has authorized the repurchase of up to an additional 500,000 shares of Sizzler outstanding common stock.

"The board's action is a reflection of the confidence that the board and our management have in the company's operating fundamentals and growth prospects. It's our belief that our current stock price does not give full value to the strategic growth plan that we have in place and continue to successfully execute," said Charles Boppell, president and CEO of Sizzler International Inc. "We plan to invest in both our businesses and our stock, and believe that these investments will enhance shareholder value," concluded Boppell.

The company expects to repurchase shares from time to time on the open market and/or in privately negotiated transactions, subject to market factors and other conditions. Through the fiscal year ended April 29, 2001, the company had repurchased approximately 1.4 million of the 1.5 million shares previously authorized by the board.
 

About Sizzler
Sizzler International Inc. operates, franchises or joint ventures 347 Sizzler(R) restaurants worldwide, in addition to 106 KFC(R) restaurants primarily located in Queensland, Australia, and 11 Pat & Oscar's restaurants.
 

Forward Looking Statements
Certain statements contained in this document may be deemed under federal securities laws to be forward-looking, including statements regarding (i) the company's ability to successfully execute its strategic growth plan; (ii) the enhancement of shareholder value; and (iii) general economic conditions as they may affect the securities markets. Sizzler intends that such statements be subject to the safe-harbor applicable to forward-looking statements under such laws.