<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended: Commission File Number:
March 31, 1998 0-19334
-------------- -------
OUTBACK STEAKHOUSE, INC.
---------------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 59-3061413
------------------------------- -----------------------------------
(State or other jurisdiction of (IRS Employer Identification Number)
incorporation or organization)
550 North Reo Street, Suite 200
Tampa, FL 33609
---------------------------------------------------
(Address of principal executive offices) (Zip Code)
(813) 282-1225
---------------------------------------------------
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No .
--- ----
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. As of May 8, 1998, there
were 48,997,992 shares of Common Stock, $.01 par value outstanding.
1
<PAGE>
PART I: FINANCIAL INFORMATION
OUTBACK STEAKHOUSE, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
March 31, December 31,
ASSETS 1998 1997
CURRENT ASSETS --------- -----------
Cash and cash equivalents.............. $ 36,036 $ 39,817
Inventories............................ 20,189 20,196
Assets held for disposal............... 4,681 4,681
Other current assets................... 15,431 15,557
-------- --------
Total current assets................ 76,337 80,251
PROPERTY, FIXTURES AND EQUIPMENT, NET.... 469,737 459,069
INVESTMENTS IN AND ADVANCES TO
UNCONSOLIDATED AFFILIATES,.NET........ 7,399 7,685
DEFERRED INCOME TAXES.................... 7,893 8,143
OTHER ASSETS............................. 37,499 37,632
-------- --------
$598,865 $592,780
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable....................... $ 21,548 $ 23,726
Sales taxes payable.................... 7,539 7,252
Accrued expenses....................... 32,196 24,011
Unearned revenue....................... 8,565 25,086
Income taxes payable................... 10,715
Current portion of long-term debt...... 638 715
-------- --------
Total current liabilities........... 81,201 80,790
LONG-TERM DEBT............................ 43,783 68,276
OTHER LONG-TERM LIABILITIES 4,500 4,500
-------- --------
Total liabilities................... 129,484 153,566
INTEREST OF MINORITY PARTNERS IN -------- --------
CONSOLIDATED PARTNERSHIPS............. 5,404 4,497
-------- --------
STOCKHOLDERS' EQUITY
Common stock, $0.01 par value, 200,000 and
100,000 shares authorized; 49,544 and 49,250
shares issued; and 48,808 and 48,514 out-
standing as of March 31, 1998 and December
31, 1997, respectively................ 495 492
Additional paid-in capital............. 163,654 156,655
Retained earnings...................... 313,728 291,470
-------- --------
477,877 448,617
Less treasury stock, 736 shares at March
31, 1998 and December 31, 1997, at cost (13,900) (13,900)
-------- --------
Total stockholders' equity........... 463,977 434,717
-------- --------
$598,865 $592,780
======== ========
See notes to unaudited consolidated financial statements.
2
<PAGE>
OUTBACK STEAKHOUSE, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands except per share data, unaudited)
Three Months Ended
March 31,
----------------------
1998 1997
-------- --------
REVENUES.......................... $324,004 $271,037
COSTS AND EXPENSES: -------- --------
Cost of revenues................. 125,183 103,820
Labor and other related.......... 75,105 64,274
Other restaurant operating....... 70,071 60,058
General & administrative......... 12,641 10,292
(Income) loss from operations of
unconsolidated affiliates....... (112) 205
-------- --------
282,888 238,649
-------- --------
INCOME FROM OPERATIONS 41,116 32,388
INTEREST EXPENSE.................. (706) (437)
INCOME BEFORE ELIMINATION OF MINORITY ------ --------
PARTNERS'INTEREST AND INCOME TAXES 40,410 31,951
ELIMINATION OF MINORITY
PARTNERS'INTEREST................ 5,741 4,882
INCOME BEFORE PROVISION -------- --------
FOR INCOME TAXES................. 34,669 27,069
PROVISION FOR INCOME TAXES ....... 12,411 9,880
-------- --------
NET INCOME ....................... $ 22,258 $ 17,189
======== ========
BASIC EARNINGS PER COMMON SHARE... $ 0.46 $ 0.36
======== ========
BASIC WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING........ 48,649 48,022
======== ========
DILUTED EARNINGS PER COMMON SHARE. $ 0.45 $ 0.35
======== ========
DILUTED WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING........ 49,869 48,708
======== ========
See notes to unaudited consolidated financial statements.
3
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OUTBACK STEAKHOUSE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Three Months Ended
March 31,
1998 1997
Cash flows from operating activities: ---------- --------
Net income.................................. $ 22,258 $ 17,189
Adjustments to reconcile net income to
cash provided by operating activities:
Depreciation.............................. 9,165 7,598
Amortization.............................. 2,722 3,696
Minority partners' interest in
consolidated partnerships' income........ 5,741 4,882
(Income) loss from unconsolidated affiliates.. (112) 205
Change in assets and liabilities:
Decrease (increase) in inventories........ 7 (1,894)
Decrease (increase) in other current assets 2,848 (3,478)
Decrease in deferred income tax asset..... 250
Increase in other assets.................. (3,927) (4,237)
Increase (decrease) in accounts payable,
sales taxes payable, and accrued expenses 6,294 (5,095)
Increase in income taxes payable.......... 12,161 7,259
Decrease in unearned revenue.............. (16,521) (9,702)
Increase in other long-term liabilities... 2,000
Increase in deferred income tax liability 459
------- -------
Net cash provided by operating activities. 40,886 18,882
Cash flows used in investing activities: ------- -------
Capital expenditures....................... (19,833) (24,947)
Payments from unconsolidated affiliates.... 928 2,025
Distributions to unconsolidated affiliates. (198) (71)
Investments in and advances to
unconsolidated affiliates................. (332) (678)
------- -------
Net cash used in investing activities...... (19,435) (23,671)
------- -------
Cash flows provided by (used in) financing activities:
Adjustments from stock transactions........ 5,556 1,002
Proceeds from issuance of long-term debt... 4,798
Proceeds from minority partners'
contributions............................. 150 400
Distributions to minority partners
and shareholders.......................... (6,368) (5,168)
Repayments of long-term debt............... (24,570) (248)
Net cash provided by (used in) financing ------- -------
activities................................ (25,232) 784
------- -------
Net decrease in cash and cash equivalents.. (3,781) (4,005)
Cash and cash equivalents at beginning
of period................................. 39,817 15,661
------- -------
Cash and cash equivalents at end of period. $ 36,036 $ 11,656
======== ========
See notes to unaudited consolidated financial statements.
4
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OUTBACK STEAKHOUSE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
Three Months Ended
March 31,
-------------------
1998 1997
-------- ---------
Supplemental disclosure of cash flow information:
Cash paid for interest.................. $ 902 $ 605
Cash paid for income taxes.............. 1,787 938
See notes to unaudited consolidated financial statements.
5
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OUTBACK STEAKHOUSE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. Basis of Presentation
The accompanying unaudited consolidated financial statements have been
prepared by the Outback Steakhouse, Inc. (the "Company") pursuant to the
rules and regulations of the Securities and Exchange Commission. Accordingly,
they do not include all of the information and footnotes required by
generally accepted accounting principles for complete financial statements.
In the opinion of the Company, all adjustments (consisting only of normal
recurring entries) necessary for the fair presentation of the Company's
results of operations, financial position and cash flows for the periods
presented have been included.
The results of operations for the interim periods are not necessarily
indicative of the results to be expected for the full year.
It is suggested that these Financial Statements be read in conjunction
with the Financial Statements and financial notes thereto included in the
Company's 1997 Annual Report.
6
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2. Other Current Assets
Other current assets consisted of the following (in thousands):
March 31, December 31,
1998 1997
----------- -----------
Deposits (including income tax deposits) $ 3,314 $ 2,251
Accounts receivable................ 4,512 6,466
Prepaid expenses................... 6,417 6,034
Other current assets............... 1,188 806
-------- --------
$ 15,431 $ 15,557
======== ========
3. Property, Fixtures and Equipment
Property, fixtures and equipment consisted of the following (in
thousands):
March 31, December 31,
1998 1997
------------ -----------
Land.............................. $101,458 $ 99,774
Buildings & building improvements. 200,774 193,667
Furniture & fixtures.............. 51,120 49,484
Equipment......................... 114,432 112,537
Leasehold improvements............ 89,274 87,624
Construction in progress.......... 14,629 8,768
Accumulated depreciation.......... (101,950) (92,785)
-------- --------
$469,737 $459,069
======== ========
4. Other Assets
Other assets consisted of the following (in thousands):
March 31, December 31,
1998 1997
----------- -----------
Preopening costs, net............. $ 5,117 $ 6,640
Intangible assets, net(including liquor
licenses)...................... 28,070 27,307
Other assets...................... 4,312 3,685
-------- -------
$ 37,499 $ 37,632
======== ========
7
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5. Long-term Debt
Long-term debt consisted of the following (in thousands):
March 31, December 31,
1998 1997
---------- ------------
Notes payable to banks, collateralized
by various items including stock,
investment securities, property fixtures
and equipment, interest at rates ranging
from 8.825% to 9.9% at March 31, 1998... $ 1,066 $ 1,127
Note payable to corporation, collateralized
by real estate, interest at 9.0%. ....... 318 344
Other notes payable, unsecured, interest
rates ranging from 5.36% to 7.99%. ...... 1,235 1,160
Revolving line of credit interest ranging
from 6.31% to 6.59% at March 31, 1998
(see below)........................ ..... 41,802 66,360
------ ------
44,421 68,991
Less current portion 638 715
------ ------
Long-term debt $43,783 $68,276
======= =======
The Company has an unsecured revolving line of credit which permits
borrowing up to a maximum of $125,000,000 at rates ranging from 50 to 75
basis points over the 30, 60, 90 or 120 day London Interbank Offered Rate
("LIBOR") (5.69% to 5.75% at March 31, 1998). At March 31, 1998 the unused
portion of the revolving line of credit was $83,198,000. The line matures
in June 1999.
The Company has a $7,500,000 unsecured line of credit bearing
interest at rates ranging from 50 to 75 basis points over LIBOR.
Approximately $4,552,000 of the line of credit is committed for the
issuance of letters of credit, at March 31, 1998, $695,000 of which is to
secure loans made by the bank to certain franchisees.
The Company is the guarantor on an unsecured line of credit which
permits borrowing of up to $25,000,000, maturing in March 2002, for one
of its franchisees. At March 31, 1998 the balance on the line of credit
was $5,870,000.
8
<PAGE>
6. Accrued Expenses
Accrued expenses consisted of the following (in thousands):
March 31, December 31,
1998 1997
--------- -----------
Accrued payroll................... $ 8,145 $ 4,907
Accrued advertising............... 11,633 5,527
Accrued rent...................... 999 1,403
Accrued insurance................. 4,554 4,985
Accrued ESOP contribution......... 502 174
Accrued property taxes............ 3,788 3,921
Other accrued expenses............ 2,575 3,094
------- -------
$32,196 $24,011
======= =======
9
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OUTBACK STEAKHOUSE, INC.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations
The following table sets forth, for the periods indicated, (i) the
percentages which the items in the Company's Consolidated Statements of
Income bear to total revenues or restaurant sales as indicated, and (ii)
selected operating data:
Three Months Ended
March 31,
------------------
1998 1997
------- --------
REVENUES................................ 100.0% 100.0%
COSTS AND EXPENSES:
Cost of sales (1)...................... 39.0 38.6
Labor and other related (1)............ 23.4 23.9
Other restaurant operating (1) ........ 21.8 22.3
General & administrative............... 3.9 3.8
(Income)Loss from operations of
unconsolidated affiliates............. 0.1
Total costs and expenses........... 87.3 88.1
---- ----
INCOME FROM OPERATIONS.................. 12.7 12.0
INTEREST EXPENSE........................ (0.2) (0.2)
INCOME BEFORE ELIMINATION OF ---- ----
MINORITY PARTNERS' INTEREST
AND INCOME TAXES...................... 12.5 11.8
ELIMINATION OF MINORITY PARTNERS'
INTEREST.............................. 1.8 1.8
---- ----
INCOME BEFORE PROVISION FOR INCOME TAXES 10.7 10.0
PROVISION FOR INCOME TAXES.............. 3.8 3.7
---- ----
NET INCOME.............................. 6.9% 6.3%
==== ====
System-wide sales (millions of dollars):
Outback Steakhouse restaurants
Company owned ........................ $ 291 $ 248
Domestic franchised................... 57 41
International franchised.............. 11 1
--- ----
Total............................... 359 290
--- ----
Carrabba's Italian Grills
Company owned ........................ 30 21
Joint venture ........................ 7 6
--- ---
Total............................... 37 27
--- ---
System-wide total....................... $ 396 $ 317
====== =====
(1) As a percentage of restaurant sales.
10
<PAGE>
Results of Operations (continued)
Three Months Ended
March 31,
------------------
1998 1997
-------- -------
Number of restaurants (at end
of the period):
Outback Steakhouse
Company owned ............................ 378 327
Domestic franchised....................... 75 56
International franchised.................. 17 3
--- ---
Total................................... 470 386
=== ===
Carrabba's Italian Grills
Company owned ............................ 49 43
Joint venture ............................ 12 13
--- ---
Total................................... 61 56
--- ---
System-wide total........................... 531 442
=== ===
11
<PAGE>
Three months ended March 31, 1998 and 1997
Revenues. Total revenues increased by 19.5% to $324,004,000 during
the first quarter of 1998 as compared with $271,037,000 in the same period in
1997. The increase was attributable to the opening of new restaurants after
March 31, 1997, menu price increases in May and September 1997 totaling 2.1%,
and per store revenue increases during the quarter of 3.9% and 12.5% at
Outback Steakhouse and Carrabba's Italian Grills, respectively.
Costs and expenses. Cost of restaurant sales, consisting of food
and beverage costs, increased in the first quarter of 1998, to 39.0% of
restaurant sales as compared with 38.6% in the same period in 1997. The
increase was attributable to commodity cost increases in produce, shrimp,
and dairy products, partially offset by a slight decrease in meat costs and
higher menu prices.
Labor and other related expenses include all direct and indirect
labor costs incurred in restaurant operations. Labor expenses decreased in
the first quarter of 1998 to 23.4% of restaurant sales, as compared with
23.9% in the same period in 1997. The decrease resulted from higher
per store revenues at Outback Steakhouse and Carrabba's Italian Grills
during the quarter, partially offset by higher hourly wage rates resulting
from an increase in the Federal minimum wage and a competitive labor market.
Other restaurant operating expenses include all other unit-level
operating costs, the major components of which are operating supplies, rent,
repairs and maintenance, advertising expenses, utilities, depreciation and
amortization and other occupancy costs. A substantial portion of these
expenses are fixed or indirectly variable. As a percentage of restaurants
sales, these costs decreased to 21.8% in the first quarter of 1998 as
compared to 22.3% in the same quarter of 1997. The decrease resulted from
higher per store revenues at Outback Steakhouse and Carrabba's Italian
Grills during the quarter. The decrease was partially offset by higher
advertising spending in the first quarter of 1998.
General and administrative costs increased by $2,349,000 to
$12,641,000 in the first quarter of 1998 as compared with $10,292,000 in the
same period in 1997. This increase resulted from an additional staffs employed
to manage Outback Steakhouse international franchising operations and
Carrabba's Italian Grills, and an increase in overall administrative costs
associated with operating additional Outback Steakhouses.
12
<PAGE>
(Income)Loss from operations of unconsolidated affiliates
represents the Company's portion of the income or loss from Carrabba's
Italian Grills operated as development joint ventures. Income from
development joint ventures was $112,000 in the first quarter of 1998 as
compared with a loss of $205,000 in the same period in 1997. This increase
was attributable to an increase in per store revenues and improved operating
margins.
Income from operations. As a result of the increase in revenues,
the changes in the relationship between revenues and expenses discussed above
and the opening of new restaurants, income from operations increased by
$8,728,000 to $41,116,000, in the first quarter of 1998 as compared with
$32,388,000 in the same period in 1997.
Interest expense, net. Net interest expense was $706,000 during the
first quarter of 1998 as compared with $437,000 in the same period in 1997.
The period to period change in interest expense resulted from changes in
borrowing needs as funds were expended to finance the construction of
new restaurants. Since fewer new restaurants were built, less interest was
capitalized during the quarter.
Elimination of minority partners' interests. The costs included in
this line item represent the portion of income from operations included in
consolidated operating results attributable to the ownership interests of
restaurant managers and joint venture partners in Company owned restaurants.
As a percentage of revenues, these costs were 1.8% in both the first quarters
of 1998 and 1997.
Provision for income taxes. The provision for income taxes in both
quarters reflected expected income taxes due at federal statutory rates and
state income tax rates, net of the federal benefit. The effective income tax
rate was 35.8% and 36.5% during the first quarters of 1998 and 1997,
respectively.
Net income and earnings per share. Net income for the first quarter
of 1998 was $22,258,000 as compared with net income of $17,189,000 in the
same period in 1997. Diluted earnings per share increased to $0.45 during the
first quarter of 1998 as compared with diluted earnings per share of $0.35
for the same period in 1997. Basic earnings per share increased to $0.46
during the first quarter of 1998 as compared with basic earnings per share of
$0.36 for the same period in 1997.
13
<PAGE>
Liquidity and Capital Resources
The following table presents a summary of the Company's cash flows
and capital expenditures for the periods indicated.
Year Ended Three Months Ended
December 31, March 31,
1997 1998 1997
Net cash provided by ----------- ----------- ---------
operating activities $123,624 $40,886 $18,882
Net cash used in investing
Activities (111,546) (19,435) (23,671)
Net cash (used in) provided
by financing activities 12,078 (25,232) 784
Net increase(decrease) in cash -------- --------- --------
and cash equivalents $ 24,156 $( 3,781) $( 4,005)
======== ========= ========
The Company requires capital principally for the development of new
Company owned and joint venture restaurants. Capital expenditures totaled
approximately $115,213,000 for the year ended December 31, 1997 and $19,833,000
and $24,947,000 during the first quarters of 1998 and 1997, respectively. The
Company either leases its restaurants under operating leases for periods
ranging from five to twenty years or purchases land and buildings where it is
cost effective. The Company anticipates that 80% to 90% of the Company owned
restaurants to be opened in 1998 will be free-standing units.
At March 31, 1998, the Company had two unsecured lines of credit
totaling $132,500,000. Approximately $4,552,000 is committed for the issuance
of letters of credit, some of which are to secure loans made by the bank to
certain franchisees, and $41,802,000 has been drawn by the Company to finance
capital expenditures. The Company expects that its capital requirements
through the end of 1998 will be met by cash flows from operations and
advances on its line of credit. See Note 5 of Notes to Unaudited Consolidated
Financial Statements.
The Company is the guarantor of an unsecured line of credit that permits
borrowing of up to $25,000,000 for one of its franchisees. At March 31, 1998,
the borrowings totaled approximately $5,870,000. See Note 5 of Notes to
Unaudited Consolidated Financial Statements.
Recently Issued Financial Accounting Standards
In June 1997, the Financial Accounting Standards Board ("FASB")
issued Statements of Financial Accounting Standards ("SFAS") No. 130,
"Reporting Comprehensive Income." SFAS No. 130 requires disclosures of
comprehensive income including per-share amounts in addition to the existing
income statements. Comprehensive income is defined as the change in equity
during a period from transactions and other events, excluding changes resulting
from investments by owners (e.g., supplemental stock offerings) and
distributions
14
<PAGE>
to owners (e.g., dividends). This Statement is effective for
Financial Statement periods beginning after December 15, 1997. As of March 31,
1998, there are no items requiring separate disclosure in accordance with this
statement.
In June 1997, the FASB issued SFAS No. 131 "Disclosures
about Segments of an Enterprise and Related Information." SFAS No. 131 requires
disclosures of certain information about operating segments and about
products and services, geographic areas in which the Company operates, and
their major customers. This Statement is effective for Financial Statements
for periods beginning after December 15, 1997. In the initial year of
application, comparative information for earlier years is to be presented.
This Statement need not be applied to interim periods in the initial year of
its application, but comparative information for interim periods
in the initial year of application is to be reported in Financial Statements
for interim periods in the second year of application.
In April 1998, the Accounting Standards Executive Committee of the
American Institute of Certified Public Accountants issued Statement of
Position 98-5, "Reporting on the Costs of Start-Up Activities" ("SOP 98-5").
The SOP 98-5 requires such costs to be expensed as incurred and to report
the initial adoption as a cumulative effect of a change in accounting
principle. SOP 98-5 is effective for fiscal years beginning after December
15, 1998.
Forward Looking Statements
The Company notes that a variety of factors could cause the actual
results and experience to differ from the anticipated results referred to in
the previous paragraphs. The Company's forward looking statements regarding
its development schedule for new restaurant openings are subject to a number
of risk factors including:
(i) Ability to secure appropriate real estate sites at
acceptable prices;
(ii) Ability to obtain all required governmental permits
including zoning approvals and liquor licenses on a
timely basis;
(iii) Impact of government moratoriums or approval
processes which could result in significant delays;
(iv) Ability to secure all necessary contractors and
sub-contractors;
(v) Union activities such as picketing and hand billing
which could delay construction; and
(vi) Weather and acts of God beyond the Company's
control resulting in construction delays.
15
<PAGE>
OUTBACK STEAKHOUSE, INC.
PART II: OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
27a - Financial Data Schedules (for SEC use only)
27b - Financial Data Schedules (for SEC use only)
(b) Reports on Form 8-K
There were no reports filed on Form 8-K during
the quarter ended March 31, 1998.
16
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf of the
undersigned thereunto duly authorized.
OUTBACK STEAKHOUSE, INC.
Date: May 14, 1998 By: /s/ Robert S. Merritt
Robert S. Merritt
Senior Vice President,
Finance (Principal Financial
and Accounting Officer)
17
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> MAR-31-1998
<CASH> 36,036
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 20,189
<CURRENT-ASSETS> 76,337
<PP&E> 571,687
<DEPRECIATION> 101,950
<TOTAL-ASSETS> 598,865
<CURRENT-LIABILITIES> 81,201
<BONDS> 43,783
0
0
<COMMON> 495
<OTHER-SE> 463,482
<TOTAL-LIABILITY-AND-EQUITY> 598,865
<SALES> 321,120
<TOTAL-REVENUES> 324,004
<CGS> 125,183
<TOTAL-COSTS> 270,359
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 706
<INCOME-PRETAX> 34,669
<INCOME-TAX> 12,411
<INCOME-CONTINUING> 22,258
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 22,258
<EPS-PRIMARY> 0.46
<EPS-DILUTED> 0.45
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 11,656
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 18,531
<CURRENT-ASSETS> 42,475
<PP&E> 485,583
<DEPRECIATION> 70,475
<TOTAL-ASSETS> 487,619
<CURRENT-LIABILITIES> 66,385
<BONDS> 52,321
0
0
<COMMON> 480
<OTHER-SE> 360,150
<TOTAL-LIABILITY-AND-EQUITY> 487,619
<SALES> 268,824
<TOTAL-REVENUES> 271,037
<CGS> 103,820
<TOTAL-COSTS> 228,152
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 437
<INCOME-PRETAX> 27,069
<INCOME-TAX> 9,880
<INCOME-CONTINUING> 17,189
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 17,189
<EPS-PRIMARY> 0.36
<EPS-DILUTED> 0.35
</TABLE>
