8-K

FORM 8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 28, 2003

CHECKERS DRIVE-IN RESTAURANTS, INC.

(Exact name of registrant as specified in charter)

DELAWARE	0-19649	58-1654960
(State or other	(Commission	(IRS Employer
jurisdiction of	File Number)	Identification No.)

4300 WEST CYPRESS STREET, SUITE 600, TAMPA FLORIDA	33607
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (813) 283-7000

NOT APPLICABLE

(Former name or former address, if changed since last report)

Item 5. OTHER EVENTS.

On May 28, 2003, Checkers Drive-In Restaurants, Inc. issued a press release naming Keith E. Sirois as President and Chief Executive Officer, a copy of which is included as Exhibit 99.1.

Item 7. FINANCIAL STATEMENTS AND EXHIBITS.

Exhibit No.	Description
99.1	Press Release, dated May 28, 2003, announcing the appointment of Keith E. Sirois as President and Chief Executive Officer.
99.2	Power Point Presentation, presented at the annual meeting of the shareholders on May 28, 2003.

Item 9. REGULATION FD DISCLOSURE.

The following information is being furnished under Item 9: On May 28, 2003, Checkers Drive-In Restaurants, Inc. held its annual meeting and presented certain financial information pursuant to a Power Point Presentation, a copy of which Presentation is included as Exhibit 99.2.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CHECKERS DRIVE-IN RESTAURANTS, INC.
By:	/s/    Brian R. Doster
Name:    Brian R. Doster Title:    Vice President, Corporate Counsel and Secretary

Dated: May 28, 2003

EX-99.1

Exhibit 99.1

CHECKERS DRIVE-IN RESTAURANTS, INC.

4300 West Cypress Street, Suite 600 * Tampa, FL 33607 * (813) 283-7000 * (813) 283-7001

CONTACT:	Kim Francis
	MARC Public Relations
	412/562-1186

Checkers Drive-In Restaurants, Inc. Appoints Keith E. Sirois President and CEO

TAMPA, FL—May 28, 2003—Checkers Drive-In Restaurants, Inc. (NASDAQ: CHKR), the nation’s largest double drive-thru chain, today announced that the Company’s Board of Directors has appointed Keith E. Sirois to the role of President and CEO, effective immediately. The announcement was made today at the Company’s annual shareholders’ meeting in Tampa, Florida.

“More than just bringing 25 years of experience in the food service industry, Keith demonstrates the management and leadership skills we desire to drive our double drive-thru business. Whether dealing with franchisees, corporate operations, our people or new development, Keith brings the track record and commitment to generate the positive results and the vision for Checkers^® and Rally’s^® that we were seeking,” said Peter O’Hara, Chairman of the Board of Directors of Checkers Drive-In Restaurants, Inc.

Mr. O’Hara continued: “Checkers Drive-In Restaurants, Inc. continues competing successfully in the quick service category, with increased Company same-store sales, low debt, and attractive franchising opportunities. I am confident that Keith will lead Checkers/Rally’s to even greater success, and I congratulate him on his appointment.”

Mr. Sirois was named Interim CEO of Checkers Drive-In Restaurants, Inc. on May 1, 2003, and he has served as Vice President of Franchise Operations at Checkers since 1999 after joining Checkers in August of 1996. For more than 25 years, Mr. Sirois has held management and leadership positions with food service corporations, and his responsibilities have included: P&L; G & A; real estate; and human resources as well as operational disciplines.

In accepting the position of CEO, Mr. Sirois said, “I am excited to become President and CEO of this great Company, and I thank the Board, as well as the franchisees, my officer team and all the corporate employees of Checkers and Rally’s, for their continuing support. Checkers and Rally’s double drive-thru restaurants meets the needs of today’s ‘on-the-go’ consumers, and we have the right financials, operations, marketing strategies and, most importantly, the franchisees and staff in place to take this Company to a successful future. Checkers Drive-In Restaurants is a strong, highly competitive brand in the fast food category, and I am looking forward to a promising future and growth of our brands.”

About Checkers Drive-In Restaurants, Inc.

As of March 24, 2003, Checkers Drive-In Restaurants, Inc. and its franchisees own 398 Checkers^® operating primarily in the Southeastern United States and 380 Rally’s^® operating primarily in the Midwestern United States. Checkers is headquartered in Tampa, Florida. For more information about the Company, please visit www.checkers.com

Except for historical information, this announcement contains “forward-looking” and “Safe Harbor” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. These forward-looking and Safe Harbor statements reflect management’s expectations based upon currently available information and data; however, actual results are subject to future events and uncertainties, which could cause actual results to materially differ from those projected in these statements. Further information regarding factors that could affect the company’s financial and other results is included in the company’s Forms 10Q and 10K, filed with the Securities and Exchange Commission.

EX-99.2

Exhibit 99.2

Checkers Drive-In Restaurants, Inc.

Annual Shareholders Meeting

May 28, 2003

Financial Overview

Year 2002 Highlights:

Same Store Sales Flattened Over 2001 Levels: Rolled Over 2001 SSSG of 11.6% (industry + 1.5%). 2002 Very Competitive Environment (Burger Wars). Company focused on profit margin vs. topline sales.

Restaurant Operating Margins Improved:

Cost of Sales (food/paper and labor) decreased 235 basis points. Went from 64.8% down to 62.5%.

Net Income:

$1.7mm loss after $12.6mm non-cash charge offs.

Charge-Off Objectives:

Finalize Turnaround Phase in 2002. Set the foundation for future profitability.

Impairment Charges ($7.4mm):

Wrote down the book value of selected stores lagging the Company’s turn-around projections. Positioned Company for future growth opportunities.

Restaurant Closure Charge ($5.2mm):

Restaurant closure reserve charge taken on 39 vacant properties to reserve 100% of all future lease payment

obligations. Eliminated potential on-going reserve charges in 2003.

The Bottom Line:

Net Income vs. Adjusted Net Income: Net Income: used when reporting public financial statements under GAAP. Adjusted Net Income: Internally defined term by management to help track the true economic performance of the Company.

Adjusted Net Income** Reconciliation	1999		2000		2001	2002
Net Income (Loss)	(25,888	)	2,342		4,335	(1,706	)
Add:
Impairment of long-lived assets	22,271		629		1,170	7,420
Loss from restaurant closures	3,780		633		573	5,196
Loss (Gain) from the early extinguishment of debt	(849	)	229		0	0
Subtract:
Gain on sales of assets	2,616		307		985	789
Franchise fees and other income	2,424		4,009		713	400
Net Adjustments:	20,162		(2,825	)	45	11,427
Adjusted Net Income	(5,726	)	(483	)	4,380	9,721
% Change =>						122	%

** Adjusted Net Income—Considered by management a reflection of the true economic performance of the Company.

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Balance Sheet:

Total cash increased 71% or $7.5mm to $18.1mm. Total debt decreased 16% or $5.9mm to $31.0mm. Approved for $15mm line of credit for developing new stores.

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First Quarter—2003:

Q1 2003 Highlights:

Same Store Sales Growth 6.4%—quick service industry SSG% down 2.5%. Restaurant Operating Margins Improved from 14.7% to 15.8% or +110 basis points. Net Income Improved—from $2.7mm to $3.2mm or 20. 8%. Margin—from 6.6% to 7.5% or +90 basis points.

Q1 2003 Performance Drivers:

Technology:

New point of sale (POS) systems. New drive-thru timers. New enterprise reporting system.

Human Capital:

Leadership—involved and passionate. On-going training. Creative and fun incentives.

Marketing:

Creative, distinct and consistent. Utilizes TV in nearly 85% of our markets. Capitalizes on the human fact ‘You Gotta Eat”.