Sizzler Cuts Board Down to 7 Members

Sizzler International Inc., operator of Sizzler and KFC restaurants, will reduce the size of its board following efforts to downsize and reorganize its business. Sizzler, based in Culver City, said its board voted to cut the number of members to seven from 10 and accept the resignations of three. Those resigning include H. Wallace Merryman, a former chairman and 29-year veteran of the board; Peter H. Dailey, chairman of closely held Enniskerry Financial Ltd. who served eight years on the board; and Carol A. Scott, a UCLA marketing professor who joined the board in 1993. Sizzler said the new board reflects a 2-year-old reorganization plan that reduced the size of the company. Sizzler, which had revenue of $226.3 million for the year ended May 2, began restructuring after increased competition in the steakhouse segment of the industry forced it to file for bankruptcy protection in 1996. Fiscal fourth-quarter net income was $2.5 million, or 9 cents per share, compared with $2.3 million, or 8 cents, a year ago. Revenue for the quarter declined to $54.6 million from $56.2 million. Sizzler operates, franchises or has joint ventures with 346 Sizzler and 101 KFC restaurants in the U.S. and Australia. Its shares rose 19 cents to close at $2.19 on the NYSE.