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SIZZLER INTERNATIONAL INC. ANNOUNCES EARNINGS

 LOS ANGELES, Aug. 24 /PRNewswire/ -- Sizzler International Inc. (NYSE: SZ) reported higher earnings for the first quarter of the new fiscal year.
 For the 12 weeks ended July 25, 1993, net income was $4.0 million, or 14 cents per share. This compares to a net loss of 31 cents per share in the first quarter last year, due to the establishment of a reserve related to the closure of underperforming Sizzler restaurants and the costs of developing the company's new full-service restaurant concept, Buffalo Ranch. The 14 cents per share represents a 26 percent increase over last year's first quarter operating earnings of 11 cents per share. This increase is the result of substantial improvement in U.S. operations. First quarter revenues were $118.2 million, as compared to $122.7 million last year.
 "We are most pleased by the sales of this quarter, because each month was an improvement over the one before. In July, we experienced our first year-over-year increase in average U.S. restaurant sales since June 1991. We believe this quarter's trend means that our new family focused positioning and marketing programs which focus on the U.S. marketplace are right on target," said Sizzler President and Chief Executive Officer Dick Bermingham.
 "During the first quarter, we introduced the Family Program in four of our domestic markets. It has been a very successful launch, even in markets where the tough economy and competition have hit our restaurants. We think this is only the beginning. Our Family Program rollout will be complete late in the second quarter. As the program expands and evolves, we anticipate continued sales increases," he said.
 "We are committed to being the premier family restaurant -- the kind of restaurant people visit again and again because it is fun and exceeds their expectations for quality and value," he said.
 The initial phase of the Family Program features the Just For Kids Bar, a kid-sized extension of Sizzler's famous salad bar. A Kids Host or Hostess is also a special part of the program giving parents an opportunity to relax and enjoy their visit to Sizzler.
 The board of directors declared the regular quarterly cash dividend of 4 cents per share, payable Oct. 12, 1993, to shareholders of record Sept. 28, 1993.
 Sizzler International Inc. operates or licenses 699 Sizzler restaurants worldwide, consisting of 276 company-operated, four joint- ventured and 419 franchised restaurants. In addition, the company operates 80 Kentucky Fried Chicken restaurants in Queensland, Australia, and five Buffalo Ranch restaurants in the western United States.
 SIZZLER INTERNATIONAL INC.
 Summary of Results
 Consolidated Statements of Income
 (Unaudited)
 (Dollars in thousands, except per share data)
 For the 12 weeks ended Pct. Increase
 July 25, 1993 July 26, 1992 (Decrease)
 Systemwide sales $246,150 $254,327 (3.2) pct.
 Revenues $118,196 $122,742 (3.7) pct.
 Net income (loss) $3,955 ($9,096)(a) 143.5 pct.
 Net income (loss) per
 common share $0.14 ($0.31)(a) 145.2 pct.
 Common and common
 equivalent shares 29,158,000 29,212,000 (0.2) pct.
 Common shares,
 assuming full
 dilution 29,172,000 29,212,000 (0.1) pct.
 (a) Includes an after-tax reserve of $12.2 million, 42 cents per share, related to the closure of underperforming Sizzler restaurants and the costs of developing Buffalo Ranch restaurants.
 -0- 8/24/93
 /CONTACT: Christopher R. Thomas, executive VP of Sizzler International, 310-827-2300/
 (SZ)


CO: Sizzler International Inc. ST: California IN: LEI SU: ERN DIV

JB-JL -- LA029 -- 5600 08/24/93 16:58 EDT
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Publication:PR Newswire
Date:Aug 24, 1993
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