HIGHLIGHTS: SHERMAN OAKS, Calif., Sept. 16 /PRNewswire-FirstCall/
-- Worldwide Restaurant Concepts, Inc. (NYSE:SZ) today reported
financial results for the first quarter ended July 24, 2005. The
Company reported revenues of $86.3 million for the first quarter of
fiscal 2006, an increase of 5.3 percent from the $82.0 million
reported in the prior year period. Net income for the 2006 first
quarter was $1.9 million, or $0.06 per diluted share, compared to
net income of $0.5 million, or $0.02 per diluted share, in the same
period a year ago. The strengthening of the Australian dollar
compared to last year contributed $4.1 million to 2006 first
quarter revenue and $0.3 million to net income. Merger Transaction
Continues to Move Forward. Special Meeting Announced. On August 22,
2005, the Company announced a special meeting, on September 21,
2005, to consider and vote upon the proposed merger between
affiliates of Pacific Equity Partners and Worldwide Restaurant
Concepts. The Company and Pacific Equity Partners continue to
finalize the steps necessary to completing the merger transaction.
"Our first quarter restaurant operations continued the strong
momentum of the fourth quarter," commented Chuck Boppell, President
and CEO of Worldwide Restaurant Concepts. "Sizzler USA ended the
quarter with strong results thanks to two successful promotions:
Steak and Lobster, as well as, the Ultimate Sizzlin' Trio; Pat
& Oscar's continues to focus on recovering its momentum after
the food-borne illness incident of last year, and our Australian
subsidiary continues to deliver solid results. We are happy with
all our divisions this quarter," continued Mr. Boppell.
"Additionally, the merger transaction is moving ahead as planned.
We have mailed our proxy and have announced the special meeting in
September," added Mr. Boppell. Rob Koczkar, Managing Director of
Pacific Equity Partners, echoed Mr. Boppell's comments. "We are
pleased that the shareholders will soon be able to vote on this
merger and look forward to finalizing this transaction by the end
of September," added Mr. Koczkar. About Worldwide Restaurant
Concepts Worldwide Restaurant Concepts, Inc. operates, franchises
or joint ventures 310 Sizzler(R) restaurants worldwide, 112 KFC(R)
restaurants located primarily in Queensland, Australia, and 21 Pat
& Oscar's(R) restaurants. Additional information about the
Company can be found at http://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) improving revenues and earnings; and (ii) completion of the
pending merger transaction. 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
complete the proposed merger transaction; (b) economic conditions,
both generally and as they affect the restaurant industry in
particular; and (c) 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.
AT THE COMPANY: Keith Wall Liz Baskerville Vice President and CFO
Director, Planning (818) 662-9800 (818) 662-9800 AT Financial
Relations Board: Laurie Berman Tricia Ross General Information
Investor/Analyst Contact (310) 854-8315 (617) 520-7064 [tables to
follow] WORLDWIDE RESTAURANT CONCEPTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE TWELVE WEEKS
ENDED JULY 24, 2005 AND JULY 25, 2004 (Unaudited) (In thousands,
except per share data) July 24, July 25, 2005 2004 Revenues
Restaurant sales, net $84,038 $79,874 Franchise revenues 2,292
2,078 Total revenues 86,330 81,952 Costs, expenses and other Cost
of sales (excluding depreciation and amortization reflected below)
28,768 27,618 Labor and related expenses 22,077 21,596 Other
operating expenses 20,006 20,153 Depreciation and amortization
2,799 2,805 General and administrative expenses 8,184 7,077 Total
operating costs, expenses and other 81,834 79,249 Operating income
4,496 2,703 Interest expense 292 734 Investment income, net 186 124
Income before income taxes and minority interest 4,390 2,093
Provision for income taxes 1,822 1,164 Minority interest expense
708 440 Net income $1,860 $489 Basic earnings per share $0.07 $0.02
Diluted earnings per share $0.06 $0.02 WORLDWIDE RESTAURANT
CONCEPTS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE
SHEETS (Unaudited) (in thousands) July 24, April 30, ASSETS 2005
2005 Current Assets: Cash and cash equivalents $36,232 $34,379
Restricted cash 5,341 5,330 Receivables, net of an allowance of
$451 at July 24, 2005 and $437 at April 30, 2005 3,933 2,760
Inventories 5,477 5,670 Deferred income taxes 5,485 5,485 Prepaid
expenses and other current assets 3,522 4,371 Assets related to
restaurants held for sale 2,232 2,232 Total current assets 62,222
60,227 Property and equipment, net 67,190 68,729 Long-term notes
receivable, net (including $151 related party receivables at July
24, 2005 and $160 at April 30, 2005) 1,426 1,460 Deferred income
taxes 6,971 7,192 Goodwill 1,723 1,723 Intangible assets, net of
accumulated amortization of $1,354 at July 24, 2005 and $1,322 at
April 30, 2005 2,223 2,278 Other assets 536 925 Total assets
$142,291 $142,534 WORLDWIDE RESTAURANT CONCEPTS, INC. AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in
thousands, except par value) July 24, April 30, LIABILITIES AND
STOCKHOLDERS' EQUITY 2005 2005 Current Liabilities: Current portion
of long-term debt $7,021 $7,077 Accounts payable 17,590 16,426
Other current liabilities 27,849 29,630 Income taxes payable 3,831
4,327 Total current liabilities 56,291 57,460 Long-term debt, net
of current portion 6,461 7,496 Deferred gains, rent and landlord
incentives 18,602 18,917 Pension liability 13,668 13,817 Total
liabilities 95,022 97,690 Minority interest 32,533 32,028
Stockholders' Equity: Preferred, authorized 1,000 shares, $5 par
value; no shares issued or outstanding -- -- Common, authorized
50,000 shares, $0.01 par value; issued and outstanding 29,880 and
27,880 shares and 29,880 and 27,880 shares at July 24, 2005 and
April 30, 2005, respectively 299 299 Additional paid-in capital
256,238 256,066 Accumulated deficit (224,176) (226,036) Treasury
stock, 2,000 shares at July 24, 2005 and at April 30, 2005, at cost
(4,135) (4,135) Accumulated other comprehensive loss (13,490)
(13,378) Total stockholders' equity 14,736 12,816 Total liabilities
and stockholders' equity $142,291 $142,534 DATASOURCE: Worldwide
Restaurant Concepts, Inc. CONTACT: Keith Wall, Vice President and
CFO, or Liz Baskerville, Director, Planning, both of Worldwide
Restaurant Concepts, Inc., +1-818-662-9800; or General Information,
Laurie Berman, +1-310-854-8315, or Investor/Analyst, Tricia Ross,
+1-617-520-7064, both of Financial Relations Board, for Worldwide
Restaurant Concepts, Inc. Web site: http://www.wrconcepts.com/
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