OSI Osiris Acquisition Corp

Outback Steakhouse, Inc. Provides Additional Information Regarding Restatement of Financial Reports TAMPA, Fla., Oct. 27 /PRNewswire-FirstCall/ -- Outback Steakhouse, Inc. today said that it was providing additional information regarding the restatements of its financial reports as announced by the Company on Thursday, October 23, 2003. In that statement, the Company announced that it would restate prior periods' financial statements to reflect a compensation accounting model for its operating partner programs as compared with a partnership accounting model previously used by the Company. As a result of the change, distributions of partnership cash flow paid to general managers and area operating partners will be treated as compensation expense instead of minority interest. In addition, the Company's purchase of partnership interests from area operating partners will be treated as compensation expense instead of being recorded as an intangible asset. The following comparative data shows the restated information compared to the historical information as previously reported. STATEMENTS OF OPERATIONS (in thousands, except for per share data) Year Ended December 31, 2002 As Originally Adjusted Reported for Restatement Change REVENUES Restaurant sales $2,342,826 $2,342,826 $-- Other revenues 19,280 19,280 -- TOTAL REVENUES 2,362,106 2,362,106 -- COSTS AND EXPENSES: Cost of sales 858,737 858,737 -- Labor & other related 572,229 572,229 -- Other restaurant operating 476,697 476,697 -- Distribution expense to employee partners -- 54,920 54,920 Partner buyout stock compensation expense -- 4,499 4,499 Depreciation & amortization 75,691 73,294 (2,397) General & administrative 89,868 89,868 -- Provision for impaired assets and restaurant closings 5,281 5,281 -- Income from operations of unconsolidated affiliates (6,180) (6,029) 151 Total costs and expenses 2,072,323 2,129,496 57,173 INCOME FROM OPERATIONS 289,783 232,610 (57,173) OTHER INCOME (EXPENSE), NET (3,322) (3,322) -- INTEREST INCOME 2,529 2,529 -- INTEREST EXPENSE (1,317) (1,317) -- INCOME BEFORE ELIMINATION OF MINORITY PARTNERS' INTEREST AND INCOME TAXES 287,673 230,500 (57,173) ELIMINATION OF MINORITY PARTNERS' INTEREST 39,546 (966) (40,512) INCOME BEFORE PROVISION FOR INCOME TAXES 248,127 231,466 (16,661) PROVISION FOR INCOME TAXES 87,341 80,636 (6,705) INCOME BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE 160,786 150,830 (9,956) CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE (NET OF TAXES) (4,422) (740) 3,682 NET INCOME $ 156,364 $150,090 $(6,274) Basic earnings per common share Income before cumulative effect of a change in accounting principle $2.10 $1.97 $(0.13) Cumulative effect of a change in accounting principle (net of taxes) (0.06) (0.01) 0.05 Net income $2.04 $1.96 $(0.08) Basic weighted average number of common shares outstanding 76,734 76,734 Diluted earnings per common share Income before cumulative effect of a change in accounting principle $2.03 $1.90 $(0.13) Cumulative effect of a change in accounting principle (net of taxes) (0.06) (0.01) 0.05 Net income $1.97 $1.89 $(0.08) Diluted weighted average number of common shares outstanding 79,312 79,312 STATEMENTS OF OPERATIONS (in thousands, except for per share data) Six Months Ended June 30, 2003 As Originally Adjusted Reported for Restatement Change REVENUES Restaurant sales $1,330,797 $1,330,797 $-- Other revenues 10,142 10,142 -- TOTAL REVENUES 1,340,939 1,340,939 -- COSTS AND EXPENSES: Cost of sales 481,187 481,187 -- Labor & other related 327,151 327,151 -- Other restaurant operating 277,647 277,647 -- Distribution expense to employee partners -- 31,032 31,032 Partner buyout stock compensation expense -- 2,690 2,690 Depreciation & amortization 41,783 40,511 (1,272) General & administrative 47,478 47,478 -- Income from operations of unconsolidated affiliates (2,995) (2,939) 56 Total costs and expenses 1,172,251 1,204,757 32,506 INCOME FROM OPERATIONS 168,688 136,182 (32,506) OTHER INCOME (EXPENSE), NET (590) (590) -- INTEREST INCOME 973 973 -- INTEREST EXPENSE (777) (777) -- INCOME BEFORE ELIMINATION OF MINORITY PARTNERS' INTEREST AND INCOME TAXES 168,294 135,788 (32,506) ELIMINATION OF MINORITY PARTNERS' INTEREST 26,051 2,112 (23,939) INCOME BEFORE PROVISION FOR INCOME TAXES 142,243 133,676 (8,567) PROVISION FOR INCOME TAXES 50,070 46,399 (3,671) NET INCOME $92,173 $87,277 $(4,896) Basic earnings per common share $1.22 $1.15 $(0.07) Basic weighted average number of common shares outstanding 75,576 75,576 Diluted earnings per common share $1.18 $1.11 $(0.07) Diluted weighted average number of common shares outstanding 78,324 78,324 DATASOURCE: Outback Steakhouse, Inc. CONTACT: Robert S. Merritt or Lisa Hathcoat, both of Outback Steakhouse, +1-813-282-1225 Web site: http://www.outback.com/ Company News On-Call: http://www.prnewswire.com/comp/673313.html x

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