Worldwide Restaurant Concepts, Inc. Announces Delay in Filing 10-Q and Rescheduling of Preliminary Earnings Release and Investor
March 21 2005 - 9:18PM
PR Newswire (US)
Worldwide Restaurant Concepts, Inc. Announces Delay in Filing 10-Q
and Rescheduling of Preliminary Earnings Release and Investor
Conference Call SHERMAN OAKS, Calif., March 21
/PRNewswire-FirstCall/ -- Worldwide Restaurant Concepts, Inc.
(NYSE:SZ) today announced that it would delay the filing of its
third quarter 10-Q, for the quarter ending February 6, 2005, due to
its on-going review of lease accounting procedures. As such, the
Company today filed a Form 12b-25 with the Securities and Exchange
Commission indicating this delay. The Company, with its independent
auditors and in consultation with its audit committee, is
thoroughly assessing its lease accounting and amortization
practices, in light of the recent restatements made by many other
restaurant and retail companies under various items of
authoritative accounting literature. The Company has not yet made a
final determination as to whether any adjustments will be made as a
cumulative adjustment in the third quarter of fiscal year 2005 or
as a restatement of historical financial statements, although the
Company does not expect any such adjustments to impact the amount
of revenues or cash balances previously reported. Preliminary
financial results for the third quarter of fiscal 2005 will be
released over the news wires before the market opens on Thursday,
March 24, 2005 and the Company will hold its investor conference
call on Thursday, March 24, 2005 at 8:00 AM PT / 11:00 AM ET. The
call will feature Charles Boppell, President and CEO of the
Company, and Keith Wall, CFO, in a discussion of preliminary fiscal
2005 third quarter financial results and operating developments.
The public will have the opportunity to listen to the live
conference call by dialing 877-810-6712 (706-643-1972 for
international callers) or via the Internet through the Company's
Web site at http://www.wrconcepts.com/ or through
http://www.fulldisclosure.com/. For those who cannot listen to the
live broadcast, a replay of the webcast will be available shortly
after the call. About Worldwide Restaurant Concepts Worldwide
Restaurant Concepts, Inc. operates, franchises or joint ventures
309 Sizzler(R) restaurants worldwide, 112 KFC(R) restaurants
primarily located in Queensland, Australia, and 22 Pat &
Oscar's(R) restaurants. To the extent that certain statements
contained in this document may be deemed under federal securities
laws to be forward-looking statements, Worldwide Restaurant
Concepts intends that they be subject to the safe-harbor applicable
to forward-looking statements under such laws. 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 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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