991135 Sizzler Authorizes Repurchase of StockNovember 15, 1999Culver City, CA - Sizzler International Inc. announced that its Board of Directors has authorized the repurchase of up to 1.5 million shares of Sizzler common stock. The Company expects that the repurchase program will be conducted from time to time on the open market or in negotiated transactions, depending upon market conditions, applicable securities regulations and other factors. Sizzler has approximately 28 million shares of common stock outstanding. “We believe our stock price does not adequately reflect the full value of our current business, nor the strong growth we are already beginning to create with our new strategic direction,” said President and Chief Executive Officer Charles Boppell. “We have begun the execution of our strategic plan, which includes an aggressive series of steps to enhance Sizzler's financial and operating performance. The first of these - improvements in the quality of our meats and new cooking methods and seasonings - is already being rolled out. Our store remodeling program has just begun, and should begin providing results early next year. Our sale/lease back and other related transactions are underway. Through these transactions, we anticipate repatriating approximately $40 million of cash that we will use to implement several key aspects of our strategic plan. As we have recently discussed, we are continuing to evaluate potential acquisitions that could be accretive to earnings within two or three years. Finally, we have nearly completed our new management team, which has strong experience in the restaurant industry and is incentivised to boost value for our shareholders.” Steven Selcer, newly appointed Vice President and Chief Financial Officer, added: “We believe that underlying business and market fundamentals currently support a share repurchase initiative. Sizzler's stock, like that of many other small-cap companies, has not kept pace with the appreciation in value of the broader market. Furthermore, our stock remains undervalued relative to our restaurant industry peers. We believe that the improvements we have already made, together with our efforts detailed in our strategic plan to promote Sizzler's long-term growth -- in combination with the repurchase of shares -- will significantly enhance shareholder value.”
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