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OUTBACK STEAKHOUSE, INC. ANNOUNCES 190 PERCENT INCREASE IN FOURTH QUARTER EARNINGS

 OUTBACK STEAKHOUSE, INC. ANNOUNCES 190 PERCENT INCREASE
 IN FOURTH QUARTER EARNINGS
 TAMPA, Fla., Feb. 11 /PRNewswire/ -- Outback Steakhouse, Inc. (NASDAQ: OSSI) today reported net income for the three months ended Dec. 31, 1991, of $1,775,300, equal to $.17 per share, compared with $610,600, or $.07 per share, an increase of 190 percent over the same quarter last year.
 For the year ended Dec. 31, net income increased 122 percent to $5,225,000, or $.52 per share, compared with $2,352,700, or $.28 per share for the year-earlier period.
 In making the announcement, Chris Sullivan, the company's chairman, said, "Once again, quarterly results were ahead of our expectations as a result of better-than-expected same-store sales gains of about 7 percent, combined with continued favorable commodity prices." Sullivan also said that "initial sales volumes in several of the restaurants opened in the fourth quarter substantially exceeded expectations."
 Sales of company-owned restaurants during the three-month period increased by 116 percent, to $17,001,000, as compared with $7,895,000 for the year-earlier period. For the full year, sales from company-owned restaurants totaled $54,649,000 as compared with $24,548,000 for the year-earlier period.
 System-wide restaurant sales were $91,017,000 for the year ended Dec. 31, 1991, as compared with $34,381,000 during the previous year. The company currently operates 50 restaurants in eight states.
 OUTBACK STEAKHOUSE, INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except for per share data)
 Three Months Ended Year Ended
 Dec. 31, Dec. 31,
 1991 1990 1991 1990
 REVENUES $17,221.3 $7,977.0 $55,218.8 $24,811.4
 COSTS AND EXPENSES:
 Cost of revenues 6,513.1 3,047.0 21,094.4 9,535.3
 Restaurant operating
 expense 7,282.0 3,336.8 23,065.2 9,885.7
 General
 & administrative 989.2 536.5 3,365.3 1,551.4
 (Income) from
 operations of
 unconsolidated
 affiliates (550.5) (48.5) (1,394.2) (278.4)
 Total costs and
 expenses 14,233.8 6,871.8 46,130.7 20,694.0
 INCOME FROM
 OPERATIONS 2,987.5 1,105.2 9,088.1 4,117.4
 NONOPERATING INCOME
 (EXPENSE)
 Interest income 165.6 39.0 413.9 217.6
 Interest expense (12.6) (37.2) (164.5) (117.1)
 Total nonoperating
 income and (expense) 153.0 1.8 249.4 100.5
 INCOME BEFORE
 ELIMINATION OF MINORITY
 PARTNERS' INTEREST
 AND INCOME TAXES 3,140.5 1,107.0 9,337.5 4,217.9
 ELIMINATION OF
 MINORITY PARTNERS'
 INTEREST 277.3 125.4 910.2 435.4
 INCOME BEFORE
 PROVISION FOR
 INCOME TAXES 2,863.2 981.6 8,427.3 3,782.5
 PROVISION FOR
 INCOME TAXES 1,087.9 371.0 3,203.3 1,429.8
 NET INCOME $1,775.3 $610.6 $5,225.0 $2,352.7
 EARNINGS PER
 COMMMON SHARE $0.17 $0.07 $0.52 $0.28
 WEIGHTED SHARES
 OUTSTANDING 10,867.1 8,722.8 10,053.4 8,543.0
 SYSTEM-WIDE
 REVENUES:
 Company-owned
 restaurants $17,001.0 $7,895.0 $54,649.0 $24,548.0
 Development joint
 venture
 restaurants 7,845.0 1,480.0 23,311.0 3,372.0
 Franchised
 restaurants 4,132.0 2,363.0 13,057.0 6,461.0
 Total $28,978.0 $11,738.0 $91,017.0 $34,381.0
 -0- 2/11/92
 /CONTACT: Robert S. Merritt of Outback Steakhouse, 813-282-1225/
 (OSSI) CO: Outback Steakhouse, Inc. ST: Florida IN: LEI SU: ERN


BN-AW -- FL003 -- 8781 02/11/92 11:49 EST
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Date:Feb 11, 1992
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