Outback Steakhouse, Inc. Reports First Quarter Results

Apr 23, 2001, 01:00 ET from Outback Steakhouse, Inc.

    TAMPA, Fla., April 23 /PRNewswire Interactive News Release/ --
 Outback Steakhouse, Inc. (NYSE:   OSI) today reported that net income for the
 three months ended March 31, 2001, was $37,887,000, equal to $0.49 per share
 (diluted), compared with $35,766,000 or $0.45 per share (diluted) for the same
 period in 2000.  Revenues for the quarter increased by 12% to $521,253,000,
 compared with $464,797,000 during the same quarter last year.  System-wide
 sales grew by 13% to $641,000,000, during the quarter as compared with the
 same quarter in 2000.
     The Company also reported that comparable store sales for the first
 quarter of 2001 increased by approximately 2.3% and 8.6% for domestic Outback
 Steakhouses and Carrabba's Italian Grills, respectively, compared to the first
 quarter of 2000.  Average unit volumes for all domestic Outback Steakhouses
 and Carrabba's Italian Grills increased by approximately 1.7% and 8.7%,
 respectively, compared to the first quarter of 2000.
     The Company will conduct a conference call today at 4:30 p.m. Eastern Time
 to discuss its financial results for the first quarter ended March 31, 2001.
 The discussion will be carried live on the Internet and can be accessed via
 the Company's Web site at www.outback.com under the Investor Relations tab.
 Replay of the conference call via the Internet will be available at this
 location for two weeks.
     The Company operates 684 Outback Steakhouses, 83 Carrabba's Italian Grills
 and five Fleming's Prime Steakhouse and Wine Bars, six Roy's, one Zazarac and
 one Lee Roy Selmon's in 49 states and 15 countries internationally.
 
 
                            Outback Steakhouse, Inc.
                            STATEMENTS OF OPERATIONS
                   (in thousands, except for per share data)
 
 
                                                       Three Months ended
                                                            March 31,
     REVENUES                                            2001           2000
      Restaurant sales                               $516,654       $460,974
      Other revenues                                    4,599          3,823
      Total revenues                                  521,253        464,797
     COSTS AND EXPENSES:
      Cost of sales                                   195,124        171,699
      Labor & other related                           122,990        107,689
      Other restaurant operating                      101,143         88,350
      Depreciation and amortization                    15,968         13,727
      General & administrative                         19,633         18,429
      (Income) from operations
       of unconsolidated affiliates                   (1,001)          (367)
        Total costs and expenses                      453,857        399,527
     INCOME FROM OPERATIONS                            67,396         65,270
     OTHER INCOME (EXPENSE), NET                        (864)          (593)
     INTEREST INCOME                                    1,222            823
     INCOME BEFORE ELIMINATION OF
      MINORITY PARTNERS' INTEREST
      AND INCOME TAXES                                 67,754         65,500
     ELIMINATION OF MINORITY
      PARTNERS' INTEREST                                9,106          9,877
     INCOME BEFORE PROVISION FOR
      INCOME TAXES                                     58,648         55,623
     PROVISION FOR INCOME TAXES                        20,761         19,857
     NET INCOME                                       $37,887        $35,766
 
     BASIC EARNINGS PER SHARE                           $0.50          $0.46
     BASIC WEIGHTED SHARES OUTSTANDING                 76,539         77,622
 
     DILUTED EARNINGS PER SHARE                         $0.49          $0.45
     DILUTED WEIGHTED SHARES OUTSTANDING               77,755         79,345
 
     SYSTEM-WIDE RESTAURANT SALES
     Outback Steakhouses
       Company-owned - domestic and international    $456,000       $416,000
       Domestic franchised and joint venture           87,000         77,000
       International franchised and joint venture      21,000         16,000
         Total                                        564,000        509,000
     Carrabba's Italian Grills
       Company-owned                                   48,000         42,000
       Joint venture                                   16,000         11,000
         Total                                         64,000         53,000
     Other
         Total                                         13,000          3,000
 
     System-wide total                               $641,000       $565,000
 
 
     RESTAURANTS IN OPERATION AS OF MARCH 31:            2001           2000
     Outback Steakhouses
       Company-owned - domestic and international         531            485
       Domestic franchised and joint venture              109             97
       International franchised and joint venture          42             32
         Total                                            682            614
     Carrabba's Italian Grills
       Company-owned                                       60             56
       Joint venture                                       21             16
         Total                                             81             72
     Fleming's Prime Steakhouse and Wine Bars
       Company-owned                                        3              3
       Joint venture                                        2            ---
         Total                                              5              3
     Roy's
       Company-owned                                        1            ---
       Joint venture                                        5            ---
         Total                                              6            ---
     Zazarac
       Company-owned                                        1            ---
     Lee Roy Selmon's
       Company-owned                                        1            ---
 
     System-wide total                                    776            689
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X86832350
 
 

SOURCE Outback Steakhouse, Inc.
    TAMPA, Fla., April 23 /PRNewswire Interactive News Release/ --
 Outback Steakhouse, Inc. (NYSE:   OSI) today reported that net income for the
 three months ended March 31, 2001, was $37,887,000, equal to $0.49 per share
 (diluted), compared with $35,766,000 or $0.45 per share (diluted) for the same
 period in 2000.  Revenues for the quarter increased by 12% to $521,253,000,
 compared with $464,797,000 during the same quarter last year.  System-wide
 sales grew by 13% to $641,000,000, during the quarter as compared with the
 same quarter in 2000.
     The Company also reported that comparable store sales for the first
 quarter of 2001 increased by approximately 2.3% and 8.6% for domestic Outback
 Steakhouses and Carrabba's Italian Grills, respectively, compared to the first
 quarter of 2000.  Average unit volumes for all domestic Outback Steakhouses
 and Carrabba's Italian Grills increased by approximately 1.7% and 8.7%,
 respectively, compared to the first quarter of 2000.
     The Company will conduct a conference call today at 4:30 p.m. Eastern Time
 to discuss its financial results for the first quarter ended March 31, 2001.
 The discussion will be carried live on the Internet and can be accessed via
 the Company's Web site at www.outback.com under the Investor Relations tab.
 Replay of the conference call via the Internet will be available at this
 location for two weeks.
     The Company operates 684 Outback Steakhouses, 83 Carrabba's Italian Grills
 and five Fleming's Prime Steakhouse and Wine Bars, six Roy's, one Zazarac and
 one Lee Roy Selmon's in 49 states and 15 countries internationally.
 
 
                            Outback Steakhouse, Inc.
                            STATEMENTS OF OPERATIONS
                   (in thousands, except for per share data)
 
 
                                                       Three Months ended
                                                            March 31,
     REVENUES                                            2001           2000
      Restaurant sales                               $516,654       $460,974
      Other revenues                                    4,599          3,823
      Total revenues                                  521,253        464,797
     COSTS AND EXPENSES:
      Cost of sales                                   195,124        171,699
      Labor & other related                           122,990        107,689
      Other restaurant operating                      101,143         88,350
      Depreciation and amortization                    15,968         13,727
      General & administrative                         19,633         18,429
      (Income) from operations
       of unconsolidated affiliates                   (1,001)          (367)
        Total costs and expenses                      453,857        399,527
     INCOME FROM OPERATIONS                            67,396         65,270
     OTHER INCOME (EXPENSE), NET                        (864)          (593)
     INTEREST INCOME                                    1,222            823
     INCOME BEFORE ELIMINATION OF
      MINORITY PARTNERS' INTEREST
      AND INCOME TAXES                                 67,754         65,500
     ELIMINATION OF MINORITY
      PARTNERS' INTEREST                                9,106          9,877
     INCOME BEFORE PROVISION FOR
      INCOME TAXES                                     58,648         55,623
     PROVISION FOR INCOME TAXES                        20,761         19,857
     NET INCOME                                       $37,887        $35,766
 
     BASIC EARNINGS PER SHARE                           $0.50          $0.46
     BASIC WEIGHTED SHARES OUTSTANDING                 76,539         77,622
 
     DILUTED EARNINGS PER SHARE                         $0.49          $0.45
     DILUTED WEIGHTED SHARES OUTSTANDING               77,755         79,345
 
     SYSTEM-WIDE RESTAURANT SALES
     Outback Steakhouses
       Company-owned - domestic and international    $456,000       $416,000
       Domestic franchised and joint venture           87,000         77,000
       International franchised and joint venture      21,000         16,000
         Total                                        564,000        509,000
     Carrabba's Italian Grills
       Company-owned                                   48,000         42,000
       Joint venture                                   16,000         11,000
         Total                                         64,000         53,000
     Other
         Total                                         13,000          3,000
 
     System-wide total                               $641,000       $565,000
 
 
     RESTAURANTS IN OPERATION AS OF MARCH 31:            2001           2000
     Outback Steakhouses
       Company-owned - domestic and international         531            485
       Domestic franchised and joint venture              109             97
       International franchised and joint venture          42             32
         Total                                            682            614
     Carrabba's Italian Grills
       Company-owned                                       60             56
       Joint venture                                       21             16
         Total                                             81             72
     Fleming's Prime Steakhouse and Wine Bars
       Company-owned                                        3              3
       Joint venture                                        2            ---
         Total                                              5              3
     Roy's
       Company-owned                                        1            ---
       Joint venture                                        5            ---
         Total                                              6            ---
     Zazarac
       Company-owned                                        1            ---
     Lee Roy Selmon's
       Company-owned                                        1            ---
 
     System-wide total                                    776            689
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X86832350
 
 SOURCE  Outback Steakhouse, Inc.