Printer Friendly

OUTBACK STEAKHOUSE REPORTS 115 PERCENT INCREASE IN FOURTH QUARTER PROFITS

 TAMPA, Fla., Feb. 8 /PRNewswire/ -- Outback Steakhouse, Inc. (NASDAQ: OSSI) today reported that net income for the three months ended Dec. 31, 1992 was $4,035,000, equal to 16 cents per share, compared with $1,878,200 or 8 cents per share for the same period in 1991. For the year ended Dec. 31, 1992, net income was $12,500,900 equal to 51 cents per share, compared with $5,467,500 or 26 cents per share for the same period in 1991.
 In making the announcement, Chris Sullivan, the company's chairman, said, "We continue to benefit financially from very strong same-store sales gains -- which were 15.1 percent in the fourth quarter and 11.6 percent for the full year."
 Revenues for the quarter were $38,166,400 compared with $19,876,900 for the same quarter last year, an increase of 92 percent. For the year, revenues grew to $123,983,500, compared with $62,211,500 for 1991. System-wide sales grew by 120 percent to $63,797,000, for the quarter and by 115 percent, to,?345,000, for the full year as compared with the respective periods last year.
 The Outback Steakhouse restaurant system includes 88 restaurants operated in 17 states.
 OUTBACK STEAKHOUSE, INC.
 STATEMENTS OF OPERATIONS
 (in thousands, except for per share data)
 Three Months Twelve Months
 ended ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 REVENUES $38,166.4 $19,876.9 $123,983.5 $62,211.5
 COSTS AND EXPENSES:
 Cost of Revenues 14,550.3 7,523.0 47,391.4 23,760.6
 Restaurant
 operating expense 15,664.5 8,490.5 50,994.2 26,200.1
 General &
 administrative 2,641.7 1,056.7 7,492.5 3,617.1
 (Income) from
 operations of
 unconsolidated
 affiliates (825.5) (381.9) (2,855.4) (914.5)
 Total costs and
 expenses 32,031.0 16,688.3 103,022.7 52,663.3
 INCOME FROM
 OPERATIONS 6,135.4 3,188.6 20,960.8 9,548.2
 NON-OPERATING INCOME
 Interest income 502.8 155.0 1,416.8 414.8
 Interest expense --- (12.6) (34.5) (145.9)
 Total non-operating
 income 502.8 142.4 1,382.3 268.9
 INCOME BEFORE ELIMINATION
 OF MINORITY PARTNERS'
 INTEREST 6,638.2 3,331.0 22,343.1 9,817.1
 ELIMINATION OF MINORITY
 PARTNERS' INTEREST 989.7 301.8 3,040.0 998.7
 INCOME BEFORE PROVISION
 FOR INCOME TAXES 5,648.5 3,029.2 19,303.1 8,818.4
 PROVISION FOR
 INCOME TAXES 1,613.5 1,151.0 6,802.2 3,350.9
 NET INCOME $ 4,035.0 $ 1,878.2 $12,500.9 $ 5,467.5
 EARNINGS PER SHARE $ 0.16 $ 0.08 $ 0.51 $ 0.26
 WEIGHTED SHARES
 OUTSTANDING 24,998.7 23,902.3 24,692.7 20,915.8
 SYSTEM-WIDE SALES:
 Company-owned
 restaurants $37,657.0 $19,608.0 $122,539.0 $61,593.0
 Development joint
 venture restaurants 9,363.0 5,178.0 36,166.0 16,307.0
 Franchised
 restaurants 16,777.0 4,175.0 36,640.0 13,100.0
 Total $63,797.0 $28,961.0 $195,345.0 $91,000.0
 -0- 2/8/93
 /CONTACT: Robert S. Merritt of Outback Steakhouse, 813-282-1225/
 (OSSI)


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

JJ-JB -- FL010 -- 4343 02/08/93 17:56 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 8, 1993
Words:570
Previous Article:PLM PROMOTES HORNER TO SENIOR V.P. INTERNATIONAL DIVISION
Next Article:THE NEW YORK TIMES COMPANY REPORTS FOURTH-QUARTER AND YEAR-END RESULTS
Topics:


Related Articles
OUTBACK STEAKHOUSE REPORTS 145 PERCENT INCREASE IN SECOND QUARTER PROFITS
OUTBACK STEAKHOUSE REPORTS 105 PERCENT INCREASE IN THIRD QUARTER PROFITS
OUTBACK STEAKHOUSE, INC. REPORTS 78 PERCENT FIRST QUARTER PROFIT INCREASE
OUTBACK STEAKHOUSE, INC. REPORTS 78 PERCENT INCREASE IN SECOND QUARTER PROFITS
OUTBACK STEAKHOUSE REPORTS 40% FIRST QUARTER PROFIT INCREASE
OUTBACK STEAKHOUSE, INC. REPORTS 36% INCREASE IN THIRD QUARTER EARNINGS
OUTBACK STEAKHOUSE REPORTS 33% FIRST QUARTER PROFIT INCREASE
OUTBACK STEAKHOUSE, INC. REPORTS 27% INCREASE IN SECOND QUARTER PROFITS
Outback Steakhouse, Inc. Expects First Quarter Earnings Shortfall

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters