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OUTBACK STEAKHOUSE REPORTS 145 PERCENT INCREASE IN SECOND QUARTER PROFITS

 OUTBACK STEAKHOUSE REPORTS 145 PERCENT INCREASE
 IN SECOND QUARTER PROFITS
 TAMPA, Fla., July 24 /PRNewswire/ -- Outback Steakhouse, Inc. (NASDAQ: OSSI) today reported that net income for the three months ended June 30, 1992 was $2,835,700, equal to $.23 cents per share, compared with $1,156,800 or $.12 per share for the same period in 1991. For the six month period ended June 30, net income was $5,337,300, equal to $.44 per share compared with $2,060,900, or $.22 per share for the same period in 1991.
 In making the announcement, Chris Sullivan, the company's chairman and chief executive officer, said, "We continue to benefit from better than expected comparable store sales growth -- just under 10 percent during the second quarter -- and very strong starts in restaurants opened in new markets. The company opened 11 new restaurants during the second quarter," Sullivan said.
 Revenues for the quarter were $28,888,500, as compared with $14,929,500 during the same quarter last year, an increase of 94 percent. For the six month period, revenues grew to $53,604,400, as compared with $26,182,200 for the same period in 1991. System-wide sales grew by 109 percent, to $45,181,800, for the quarter and by 113 percent, to $81,992,400, for the six month period ended June 30 as compared with the respective period last year.
 The Outback Steakhouse system includes 66 restaurants operating in 12 states.
 OUTBACK STEAKHOUSE, INC.
 STATEMENTS OF OPERATIONS
 (in thousands, except for per share data)
 Three Months Six Months
 ended ended
 June 30, June 30,
 1992 1991 1992 1991
 REVENUES $28,888.5 $14.929.5 $53,604.4 $26,182.2
 COSTS AND EXPENSES:
 Cost of Revenues 11,019.6 5,818.3 20,311.3 10,071.2
 Restaurant
 operating expense 11,904.5 6,229.2 22,126.8 10,935.8
 General &
 administrative 1,680.9 864.4 3,158.8 1,593.4
 (Income) from
 operations of
 unconsolidated
 affiliates (641.6) (161.5) (1,273.9) (302.0)
 Total costs and
 expenses 23,963.4 12,750.4 44,323.0 22,298.4
 INCOME FROM
 OPERATIONS 4,925.1 2,179.1 9,281.4 3,883.8
 NON-OPERATING INCOME
 (EXPENSE)
 Interest income 337.3 9.1 624.5 29.5
 Interest expense (12.5) (68.8) (30.6) (117.0)
 Total non-operating
 income (expense) 324.8 (59.7) 593.9 (87.5)
 INCOME BEFORE ELIMINATION
 OF MINORITY PARTNERS'
 INTEREST 5,249.9 2,119.4 9,875.3 3,796.3
 ELIMINATION OF MINORITY
 PARTNERS' INTEREST 676.2 253.7 1,266.8 472.2
 INCOME BEFORE PROVISION
 FOR INCOME TAXES 4,573.7 1,865.7 8,608.5 3,324.1
 PROVISION FOR
 INCOME TAXES 1,738.0 708.9 3,271.2 1,263.2
 NET INCOME $ 2,835.7 $ 1,156.8 $ 5,337.3 $ 2,060.9
 EARNINGS PER SHARE $ 0.23 $ 0.12 $ 0.44 $ 0.22
 WEIGHTED SHARES
 OUTSTANDING 12,242.4 9,673.2 12,114.2 9,589.6
 SYSTEM-WIDE SALES:
 Company-owned
 restaurants $28,610.3 $14,838.5 $53,154.6 $26,012.0
 Development joint
 venture restaurants 9,194.4 4,015.5 16,548.4 6,893.0
 Franchised
 restaurants 7,377.1 2,735.0 12,289.4 5,609.0
 Total $45,181.8 $21,589.0 $81,992.4 $38,514.0
 -0- 7/24/92
 /CONTACT: Robert S. Merritt of Outback Steakhouse, 813-282-1225/
 (OSSI) CO: Outback Steakhouse, Inc. ST: Florida IN: LEI SU: ERN


JB-AW -- FL002 -- 2868 07/24/92 07:31 EDT
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Date:Jul 24, 1992
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