USA: Sizzler announces completion of Oscar's acquisition
Sizzler International, Inc. (NYSE:SZ) announced at its annual shareholder meeting today that it has completed the previously announced acquisition of 82% of San Diego based Oscar's, a successful and rapidly growing 9 unit restaurant company in Southern California and Phoenix. "We are very enthusiastic about this acquisition, and looking forward to expanding the Oscar's revenue by at least 30% this year," said Charles Boppell, President and CEO of Sizzler International. "In its second year, we expect the acquisition will be accretive to Sizzler's earnings. Since the initial announcement of the acquisition, Oscar's has opened a new restaurant in Mira Mesa, Calif., and we expect two others to open late this year or early 2001. Over the long-term, we believe Oscar's will prove to be an important growth vehicle for Sizzler." Oscar's sales increased more than 20% during the first half of 2000, fueled by a 12% increase in same store sales. In 1999, Oscar's generated more than $22 million in revenues and EBITDA of $3.6 million. Oscar's restaurants offer a full menu of award-winning gourmet pizzas, baby back ribs, barbecue chicken, and other items that have gained favorable reviews in such periodicals as Nation's Restaurant News, Chain leader, and in The San Diego Union Tribune. In addition, Oscar's was voted "Best Pizza" by San Diego station KFMB, Channel 8's Unknown Eater for three years in a row, and was awarded "Best Pizza" by the city of Temecula as well.
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