OUTBACK STEAKHOUSE OF FLORIDA, INC.
SALARIED EMPLOYEES 401(K) PLAN AND TRUST
Financial Statements and Supplemental Schedules
as of and for the Years Ended December 31, 1995 and 1994
and Independent Auditors' Report
OUTBACK STEAKHOUSE OF FLORIDA, INC.
SALARIED EMPLOYEES 401(K) PLAN AND TRUST
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TABLE OF CONTENTS
Page
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INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits
as of December 31, 1995 and 1994 2
Statements of Changes in Net Assets Available
for Benefits for the Years Ended December 31,
1995 and 1994 3
Notes to Financial Statements 4
SUPPLEMENTAL SCHEDULES:
Item 27a - Schedule of Assets Held for Investment
Purposes as of December 31, 1995 9
Item 27d - Schedule of Reportable Transactions
for the Year Ended December 31, 1995 10
Schedules not filed herewith are omitted because
of the absence of conditions under which they are
required
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<PAGE> 1
<AUDIT-REPORT>
DELOITTE & TOUCHE LLP
Certified Public Accountants
Suite 1200
201 East Kennedy Boulevard
Tampa, Florida 33602-5821
Telephone: (813) 273-8300
INDEPENDENT AUDITORS' REPORT
To the Participants of the
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
We have audited the accompanying statements of net assets
available for benefits of the Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust (the "Plan") as of
December 31, 1995 and 1994 and the related statements of changes
in net assets available for benefits for the years then ended.
These financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the net assets
available for benefits of the Plan as of December 31, 1995 and
1994, and the changes in net assets available for benefits for
the years then ended in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion
on the basic financial statements taken as a whole. The
supplemental schedules of assets held for investment purposes as
of December 31, 1995 and reportable transactions for the year
ended December 31, 1995, are presented for the purpose of
additional analysis and are not a required part of the basic
financial statements but are supplementary information required
by the Department of Labor's Rules and Regulations for Reporting
and Disclosure under the Employee Retirement Income Security Act
of 1974. These schedules are the responsibility of the Plan's
management. The supplemental schedules have been subjected to
the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in
all material respects in relation to the basic financial
statements taken as a whole.
<AUDITOR>
/s/ DELOITTE & TOUCHE LLP
Tampa, Florida
April 5, 1996
</AUDIT-REPORT>
<PAGE 2>
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OUTBACK STEAKHOUSE OF FLORIDA, INC.
SALARIED EMPLOYEES 401(k) PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
ASSETS 1995 1994
<S> <C> <C>
INVESTMENTS, AT FAIR VALUE:
Mutual Funds $1,204,488 $360,221
Outback Stock Fund 900,812 197,388
Money Market Fund 230,035 170,172
Loans to Participants 97,553 12,007
NET ASSETS AVAILABLE FOR BENEFITS $2,432,888 $739,788
</TABLE>
See accompanying notes to financial statements.
<PAGE 3>
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OUTBACK STEAKHOUSE OF FLORIDA, INC.
SALARIED EMPLOYEES 401(k) PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEARS ENDED DECEMBER 31, 1995 AND 1994
<CAPTION>
1995 1994
<S> <C> <C>
ADDITIONS TO NET ASSETS AVAILABLE
FOR BENEFITS ATTRIBUTED TO:
Investment income (loss):
Interest and dividend income $ 41,886 $ 8,545
Net appreciation (depreciation)
in fair value of investments 301,317 (35,317)
Total investment income (loss) 343,203 (26,772)
Contributions:
Participants' 1,149,739 602,295
Participants' rollovers 252,495 168,949
Total contributions 1,402,234 771,244
TOTAL ADDITIONS 1,745,437 744,472
DEDUCTIONS FROM NET ASSETS AVAILABLE FOR
BENEFITS ATTRIBUTED TO:
Benefits paid to participants 28,616
Administrative expenses 23,721 4,684
TOTAL DEDUCTIONS 52,337 4,684
NET INCREASE IN NET ASSETS AVAILABLE
FOR BENEFITS 1,693,100 739,788
NET ASSETS AVAILABLE FOR BENEFITS:
BEGINNING OF YEAR 739,788
END OF YEAR $2,432,888 $739,788
</TABLE>
See accompanying notes to financial statements.
<PAGE 4>
OUTBACK STEAKHOUSE OF FLORIDA, INC.
SALARIED EMPLOYEES 401(K) PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
1. DESCRIPTION OF THE PLAN
The following description of the Outback Steakhouse of
Florida, Inc. Salaried Employees 401(k) Plan and Trust
(the "Plan"), provides only general information.
Participants should refer to the Plan agreement for a more
complete description of the Plan's provisions.
General - The Plan is a defined contribution plan
established by Outback Steakhouse of Florida Inc. (the
"Company") as of January 1, 1994. The Plan covers
eligible salaried employees of the Company. It is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 ("ERISA"). The trustee of the Plan
is Investors Fiduciary Trust Company (the "Trustee").
Eligibility - Salaried employees, excluding highly
compensated, union and leased employees, who have reached
the age of 18, are eligible to participate in the Plan.
Contributions - Participants may contribute from 1% to 20%
of their pre-tax annual compensation and may change this
contribution percentage at anytime. Contributions to the
plan are limited by any contributions made to a
participant's Employer Stock Option Plan Account.
Participants are permitted to make rollover contributions
and/or transfer assets directly to the Plan from other
qualified plans. Contributions of nonperiodic deferrals
such as bonuses may also be made subject to limitations of
the Plan. Total participant contributions are subject to
limitations imposed by the Internal Revenue Service. The
Company may contribute additional amounts at the option of
the Company's board of directors. No contributions were
made by the Company during the years ended December 31,
1995 and 1994.
Vesting - Participants are immediately vested in their
contributions, including rollovers, plus actual earnings
thereon. Vesting in the Company's discretionary
contribution, plus actual earnings thereon, is based on
years of credited service. A participant is not vested in
any employer contributions until they have achieved five
years of credited service to the Company, at which time
they will be 100 percent vested.
Participant Accounts - Each participant's account is
credited with the participant's contributions, a pro-rata
share of Plan earnings and any employer contributions.
Plan earnings are allocated based upon the participant's
account balance. The benefit to which a participant is
entitled is the benefit that can be provided from the
participant's vested account.
Forfeitures - Forfeitures are allocated to participants as
additional employer contributions.
Payment of Benefits - Upon termination of service due to
death, disability or retirement, a participant may elect
to have his or her benefits paid in the form of a lump sum
cash payment. In addition, under very limited
circumstances, a participant may receive a financial
hardship distribution. A maximum of four such withdrawals
are permitted annually. At December 31, 1995 and 1994,
there were no benefits due to participants.
<PAGE> 5
Participant Loans - Loans are available to active
participants who maintain an account balance under the
Plan provided that the minimum loan amount is $1,000.
Such loans are collateralized by each respective
participant's account and interest and principal payments
are credited to the participant's account according to the
then current investment choices. All loans are subject to
repayment via payroll deductions over a maximum period of
five years. The interest for loans will be determined as
of the first day of each calendar quarter and will be at
an interest rate commensurate with local prevailing rates
determined by the Trustee.
Plan Termination - Although it has not expressed any
intention to do so, the Company has the right under the
Plan to terminate the Plan subject to the provisions of
ERISA. In the event of Plan termination, participants
will become 100 percent vested in their accounts.
Administrative Expenses - All expenses incurred in
connection with the Plan's administration are paid by the
Plan.
Tax Status - The Internal Revenue Service has determined
and informed the Company by a letter dated September 27,
1995, that the Plan, as then designed, was in compliance
with the applicable requirements of the Internal Revenue
Code (IRC). The Plan has been amended since receiving the
determination letter. However, the Plan administrator
believes that the Plan is designed and is currently being
operated in compliance with the applicable requirements of
the IRC. Therefore, no provision for income taxes has
been included in the Plan's financial statements.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting - The accompanying financial
statements of the Plan are prepared under the accrual
method of accounting.
Investments - Investments in mutual funds and Company
stock are recorded on the trade date and carried at their
quoted market value. The money market fund is recorded at
cost, which approximates fair value.
Payment of Benefits - Benefits are recorded when paid.
<PAGE> 6
3. INVESTMENTS
The Trustee invests all contributions, as well as earnings
thereon, pursuant to the terms of the Plan. The Trustee
has custody of all assets in the funds.
Market value at December 31, 1995 and 1994 of those
investments that represent 5% or more of the Plan's net
assets as of the end of each respective Plan year is as
follows:
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1995 1994
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Investments at fair value as
determined by quotedmarket prices:
Mutual Funds:
Fidelity Balanced Fund $257,174 $ 70,581
Janus Fund 491,983 132,477
T. Rowe Price International Fund 455,331 157,163
Outback Stock Fund 900,812 197,388
Investment at estimated fair value:
Money Market - Invesco Stable Value Fund 230,035 170,172
Other 97,553 12,007
Total Investments $2,432,888 $739,788
</TABLE>
The Plan's investments, (including investments bought and
sold as well as held during the year) appreciated in value
by $301,317 in the aggregate during the year ended
December 31, 1995, and depreciated in value by $35,317 in
the aggregate during the year ended December 31, 1994, as
shown below.
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Year Ended December 31,
1995 1994
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Net change in fair value of investments:
Mutual funds $ 96,814 $(10,397)
Outback stock fund 204,503 (24,920)
Net appreciation (depreciation) $301,317 $(35,317)
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<PAGE 7>
4. SCHEDULE OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS BY
SEPARATE FUND:
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Year Ended December 31, 1995
Outback Fidelity T. Rowe Price Invesco
Stock Balanced Janus International Stable Value Participant
Fund Fund Fund Fund Fund Loans TOTAL
<S> <C> <C> <C> <C> <C> <C> <C>
ADDITIONS TO NET ASSETS AVAILABLE
FOR BENEFITS ATTRIBUTED TO:
Investment income:
Interest and dividend income $ 7,559 $ 15,454 $ 6,402 $ 9,280 $ 3,191 $ 41,886
Net appreciation in fair value
of investments $204,503 14,532 52,441 29,841 301,317
Total investment income 204,503 22,091 67,895 36,243 9,280 3,191 343,203
Contributions:
Participants' 378,249 156,430 260,564 257,924 96,572 1,149,739
Participants' rollovers 112,887 30,206 26,036 47,068 36,298 252,495
Total contributions 491,136 186,636 286,600 304,992 132,870 1,402,234
TOTAL ADDITIONS 695,639 208,727 354,495 341,235 142,150 3,191 1,745,437
DEDUCTIONS FROM NET ASSETS AVAILABLE
FOR BENEFITS ATTRIBUTED TO:
Benefits paid to participants 6,987 5,273 4,294 5,464 6,598 28,616
Administrative expenses 7,773 3,016 5,214 4,755 2,963 23,721
TOTAL DEDUCTIONS 14,760 8,289 9,508 10,219 9,561 52,337
TRANSFERS 22,545 (13,845) 14,519 (32,848) (72,726) 82,355
NET INCREASE IN NET ASSETS AVAILABLE
FOR BENEFITS 703,424 186,593 359,506 298,168 59,863 85,546 1,693,100
NET ASSETS AVAILABLE FOR BENEFITS:
BEGINNING OF YEAR 197,388 70,581 132,477 157,163 170,172 12,007 739,788
END OF YEAR $900,812 $257,174 $491,983 $455,331 $230,035 $97,553 $2,432,888
<PAGE> 8
ADDITIONS TO NET ASSETS AVAILABLE
FOR BENEFITS ATTRIBUTED TO:
Investment income (loss):
Interest and dividend income $ 817 $ 2,540 $ 1,447 3,292 $ 449 $ 8,545
Net depreciation in fair value
of investments $(24,920) (2,191) (2,940) (5,266) (35,317)
Total investment (loss) income (24,920) (1,374) (400) (3,819) 3,292 449 (26,772)
Contributions:
Participants' 181,503 71,218 127,880 153,052 68,642 602,295
Participants' rollovers 29,239 15,844 15,844 14,397 93,625 168,949
Total contributions 210,742 87,062 143,724 167,449 162,267 771,244
TOTAL ADDITIONS 185,822 85,688 143,324 163,630 165,559 449 744,472
DEDUCTIONS FROM NET ASSETS AVAILABLE
FOR BENEFITS ATTRIBUTED TO -
Administrative expense (1,451) (523) (870) (1,030) (810) (4,684)
TRANSFERS 13,017 (14,584) (9,977) (5,437) 5,423 11,558
NET INCREASE IN NET ASSETS
AVAILABLE FOR BENEFITS 197,388 70,581 32,477 157,163 170,172 12,007 739,788
NET ASSETS AVAILABLE FOR BENEFITS:
END OF YEAR $197,388 $ 70,581 $132,477 $157,164 $170,172 $12,007 $ 739,788
</TABLE>
<PAGE 9>
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OUTBACK STEAKHOUSE OF FLORIDA, INC.
SALARIED EMPLOYEES 401(k) PLAN AND TRUST
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
Party in Description of
Interest Description of Asset Investment Cost Current Value
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Yes Outback Stock Fund Common stock $ 727,300 $ 900,812
No Invesco Stable Value Fund Money market 230,035 230,035
No Fidelity Balanced Fund Pooled mutual 244,881 257,174
No Janus Fund Pooled mutual 453,014 491,983
No T. Rowe Price International Fund Pooled mutual 444,274 455,331
Loans to Participants 1-5 years, 7.25%-
9% interest rate 97,553 97,553
$2,197,057 $2,432,888
</TABLE>
Employer Identification Number: 59-3061413
Plan Number: 002
<PAGE 10>
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OUTBACK STEAKHOUSE OF FLORIDA, INC.
SALARIED EMPLOYEES 401(k) PLAN AND TRUST
ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS
AS DEFINED BY SECTION 2520.103-6 OF THE DEPARTMENT OF LABOR'S
RULES AND REGULATIONS FOR REPORTING AND DISCLOSURE
UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974
YEAR ENDED DECEMBER 31, 1995
<CAPTION>
Current Value
of Asset on
Purchase Sales Cost of Transaction Gain/
Identity of Party Involved Description of Asset Price Price Asset Date (Loss)
<S> <C> <C> <C> <C> <C> <C>
Series of transactions-
Investors Fiduciary Trust Company Outback Stock Fund $599,774 $599,774 $599,774
$100,852 96,925 100,852 $3,297
Investors Fiduciary Trust Company Fidelity Balanced Fund 202,872 202,872 202,872
30,810 30,390 30,810 420
Investors Fiduciary Trust Company Janus Fund 348,517 348,517 348,517
31,654 30,822 31,654 832
Investors Fiduciary Trust Company T. Rowe Price International Fund 338,667 338,667 338,667
63,248 64,662 63,248 (1,414)
Investors Fiduciary Trust Company Invesco Stable Value Fund 178,319 178,319 178,319
118,458 118,458 118,458
Single transactions-
Investors Fiduciary Outback Stock Fund 68,932 68,932 68,932
</TABLE>
Employer Identification Number: 59-3061413
Plan Number: 002
<PAGE 11>
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange
Act of 1934, the Plan Administrator has duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
PLAN ADMINISTRATOR
OUTBACK STEAKHOUSE OF FLORIDA, INC.
By: /s/ Chris T. Sullivan
Chris T. Sullivan, Chairman
Dated: July 15, 1996
