Item 5. Other Events
In a press release issued on November 17, 1997, Outback Steakhouse, Inc.
(the "Company") announced that it would take a pre-tax charge to its fourth
quarter earnings of approximately $27,000,000 to write down certain value
impaired assets. The write down is required under Statement of Financial
Accounting Standards No. 121 and will reduce earnings by approximately $0.36
per share.
Item 7. Financial Statements and Exhibits
Exhibit
Number Description
[S] [C]
99.1 Press release, dated November 17, 1997 (filed herewith).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
OUTBACK STEAKHOUSE, INC.
DATED: November 17, 1997 By:/s/ Joseph J. Kadow
Joseph J. Kadow, Vice President
NEWS . . . Contact: Robert S. Merritt
November 17, 1997 (813) 282-1225
FOR IMMEDIATE RELEASE
OUTBACK STEAKHOUSE, INC.
TO TAKE $27 MILLION ASSET WRITE DOWN
Tampa, Florida, November 17, 1997 -- Outback Steakhouse, Inc.
(NASDAQ:OSSI) today announced that it would take a pre-tax charge to its
fourth quarter earnings of approximately $27,000,000 to write down certain
value impaired assets. The write down is required under Statement of
Financial Accounting Standards No. 121 and will reduce earnings by
approximately $0.36 per share.
The Company said that the write down primarily relates to its Carrabba's
Italian Grill restaurant properties. The Company also said that while nine of
the 68 Carrabba's Italian Grills had been closed, it intends to continue
developing the concept in markets where it has demonstrated success.
In making the announcement, Chris Sullivan, the Company's Chief
Executive Officer, said "We have made significant progress in the development
of the Carrabba's concept this year. This step will allow us to focus on the
continuing growth in successful markets. Carrabba's development will continue
at a pace of 8-10 restaurants in 1998."
In addition to its Carrabba's Italian Grills, Outback Steakhouse, Inc.
operates 426 domestic and 7 international Outback Steakhouses. The Company
intends to open an additional 75-85 Outback Steakhouses in 1998.
