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OUTBACK STEAKHOUSE, INC. REPORTS 78 PERCENT FIRST QUARTER PROFIT INCREASE

 TAMPA, Fla., April 21 /PRNewswire/ -- Outback Steakhouse, Inc. (NASDAQ: OSSI) today reported that net income for the three months ended March 31, 1993 was $4,897,200, equal to $0.18 per share, compared with $2,744,800, or $0.11 per share, for the same period in 1992. Revenues for the quarter increased by 74 percent, to $59,182,700, as compared with $33,984,700, during the same quarter last year.
 In making the announcement, Chris Sullivan, the company's chief executive officer, stated, "We are happy to report another strong quarterly operating performance. Same-store sales posted another double digit gain -- 11.6 percent despite severe weather during March -- and new restaurants continue to open at outstanding sales levels." Sullivan also said year to year commodity cost pressure was more than offset by volume gains resulting in a net margin improvement for the quarter.
 System-wide restaurant sales increased by 92 percent, to $70,682,200 during the quarter as compared with the same quarter in 1992.
 The company also announced that the anticipated mergers with three former joint venture partners and the consummation of a new joint venture to develop Carrabba's restaurants were completed during March.
 The Outback Steakhouse restaurant system includes 101 restaurants operated in 16 states.
 OUTBACK STEAKHOUSE, INC.
 STATEMENTS OF OPERATIONS
 (in thousands, except for per share data)
 Three Months Ended
 March 31,
 1993 1992
 REVENUES $59,182.7 $33,984.7
 COSTS AND EXPENSES:
 Cost of Revenues 22,707.7 12,875.7
 Restaurant operating expense 24,716.3 14,284.5
 General & administrative 2,914.6 1,784.3
 Total costs and expenses 50,338. 209.8
 INCOME BEFORE ELIMINATION OF
 MINORITY PARTNERS' INTEREST 9,394.4 5,250.0
 ELIMINATION OF MINORITY
 PARTNERS' INTEREST 1,509.6 789.8
 INCOME BEFORE PROVISION FOR
 INCOME TAXES 7,884.8 4,460.2
 PROVISION FOR INCOME TAXES 2,987.6 1,715.4
 NET INCOME $ 4,897.2 2,744.8
 EARNINGS PER SHARE $0.18 $0.11
 WEIGHTED SHARES OUTSTANDING 27,256.8 25,381.5
 SYSTEM-WIDE REVENUES:
 Company-owned restaurants $58,503.5 $33,879.8
 Franchised restaurants 12,178.7 2,930.8
 Total $70,682.2 $36,810.6
 -0- 4/21/93
 /CONTACT: Robert S. Merritt of Outback Steakhouse, 813-282-1225/
 (OSSI)


CO: Outback Steakhouse, Inc. ST: Florida IN: LEI SU: ERN

AW-JB -- FL003 -- 8540 04/21/93 09:22 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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