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Outback Steakhouse Inc (OSI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2005

Osi Restaurant Partners, Llc

HISTORY TOOLS
CIK: 874691

     
Exhibit 99.1
       
NEWS…
                           
Contact:
Dirk Montgomery
February 14, 2006
                                              
Lisa Hathcoat
FOR IMMEDIATE RELEASE
                                               
(813) 282-1225

OUTBACK STEAKHOUSE, INC.
REPORTS FOURTH QUARTER AND FULL YEAR RESULTS AND
AUTHORIZES ADDITIONAL SHARE REPURCHASE PROGRAM

Tampa, Florida, February 14 --- Outback Steakhouse, Inc. (NYSE: OSI) today reported that net income for the three months ended December 31, 2005 was $28,106,000, equal to $0.37 per share (diluted), compared with $37,599,000 or $0.49 per share (diluted) for the same period in 2004. Excluding hurricane and impairment charges, fourth quarter diluted earnings per share on an adjusted basis was $0.46 in 2005 and $0.50 in 2004. A reconciliation of reported and adjusted results is included in the following tables. Revenues for the quarter increased by 11.6% to $918,311,000 compared with $822,668,000 during the same quarter last year.

“During the fourth quarter Outback showed marginal top line improvement from the prior quarter and we were pleased with continued growth in sales and profit from our other concepts.  We also took additional steps to optimize our portfolio, including the agreement in principle to sell our interest in Paul Lee’s Chinese Kitchen,” stated Bill Allen, the Company’s Chief Executive Officer.

Year-to-Date Results and Other Information:

·  
For the year ended December 31, 2005, net income was $149,601,000, equal to $1.95 per share (diluted) compared with $156,057,000 or $2.01 per share (diluted) for the same period in 2004. Excluding hurricane and impairment charges, diluted earnings per share for the year on an adjusted basis increased to $2.13 in 2005 from $2.07 in 2004. A reconciliation of reported and adjusted results is included in the following tables.
·  
The Company also announced planned changes to its managing partner compensation program (more fully described in the Company’s September 2005 Form 10-Q and 2004 Form 10-K). Upon completion of each five-year term of employment, the managing partner and chef partner of each domestic restaurant have historically been issued stock options determined by a formula based on a multiple of the cash flows distributed from their interest. During the first quarter of 2006, all managing partners will be given an opportunity to elect participation in a new Partner Equity Program (“PEP” or the “Plan”). This new Plan will be effective for all new managing partner employment agreements signed after March 1, 2006 and will replace the issuance of stock options with a deferred compensation program.
·  
On February 13, 2006, the Company's Board of Directors authorized the repurchase of an additional 1,500,000 shares. As a result of this authorization, the Company has the ability to repurchase up to 3,000,000 shares under authorized plans in addition to repurchasing shares on a regular basis to offset shares issued as a result of stock option exercises.
 
 
The following information was filed by Osi Restaurant Partners, Llc on Wednesday, February 15, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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