<TABLE>
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT
OF 1934
For the fiscal year end December 31, 1998
------------------------------------------
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______ to ______
Commission file number ____________
A. Full title of the plan and the address of the plan,
if different from that of the issuer named below:
B. Name of issuer of the securities held pursuant to the plan
and the address of its principal executive office:
OUTBACK STEAKHOUSE OF FLORIDA, INC.
SALARIED EMPLOYEES 401(k) PLAN AND TRUST
Report on Audits of Financial Statements
for the year ended December 31, 1998
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
TABLE OF CONTENTS
- --------------------------------------------------------------------------
Page(s)
Reports of Independent Certified Public Accountants 1-2
Financial Statements:
Statements of Net Assets Available for Benefits
as of December 31, 1998 and 1997 3
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31, 1998 4
Notes to Financial Statements 5-11
Supplemental Schedules:
Line 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1998 12
Line 27b - Schedule of Loans or Fixed Income Obligations
as of December 31, 1998 13
Line 27c - Schedule of Leases in Default or Classified
as Uncollectible for the year ended
December 31, 1998 14
Line 27d - Schedule of Reportable Transactions for the
year ended December 31, 1998 15-16
Line 27e - Schedule of Non-exempt Transactions for the
year ended December 31, 1998 17
Report of Independent Certified Public Accountants
To the Participants and Administrator of the
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
In our opinion, the accompanying statement of net assets available for
benefits and the related statement of changes in net assets available for
benefits present fairly, in all material respects, the net assets
available for benefits of the Outback Steakhouse of Florida, Inc. Salaried
Employees 401(k) Plan and Trust (the "Plan") at December 31, 1998, and the
changes in net assets available for benefits for the year ended December 31,
1998, in conformity with generally accepted accounting principles. 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 audit. We conducted our audit of these statements in accordance with
generally accepted auditing standards, which 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, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for the
opinion expressed above.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules listed in the
table of contents 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 supplemental schedules are the responsibility of the Plan's
management. The supplemental schedules have been subjected to the auditing
procedures applied in the audit 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.
/s/PricewaterhouseCoopers LLP
Tampa, Florida
June 18, 1999
1
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 statement 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, 1997. This financial
statement is the responsibility of the Plan's management. Our responsibility
is to express an opinion on this financial statement based on our audit.
We conducted our audit 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 audit provides a
reasonable basis for our opinion.
In our opinion, the financial statement referred to above presents fairly,
in all material respects, the net assets available for benefits of the Plan
as of December 31, 1997, in conformity with generally accepted accounting
principles.
/s/ Deloitte & Touche LLP
Tampa, Florida
June 22, 1998
2
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Statements of Net Assets Available for Benefits
as of December 31, 1998 and 1997
<S> <C> <C>
1998 1997
Assets
Investments, at fair value:
Mutual funds $ 7,732,721 $4,645,267
Outback stock fund 2,312,051 1,492,284
Investments, at quoted value:
Money market fund 673,430 452,447
Participant loans 774,767 535,895
------------ ----------
11,492,969 7,125,893
Receivables:
Participant contributions 195,378 -
----------- ----------
Net assets available for benefits $11,688,347 $7,125,893
=========== ==========
The accompanying notes are an integral part of these financial statements.
3
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Statement of Changes in Net Assets Available for Benefits
for the year ended December 31, 1998
Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments $ 1,595,008
Interest and dividend income 358,122
-----------
1,953,130
-----------
Contributions:
Participant 3,204,708
Participant rollovers 3,872
-----------
3,208,580
------------
Total additions 5,161,710
-----------
Deductions from net assets attributed to:
Benefits paid to participants 564,715
Administrative expenses 34,541
-----------
Total deductions 599,256
-----------
Net increase 4,562,454
Net assets available for benefits:
Beginning of year 7,125,893
-----------
End of year $11,688,347
===========
The accompanying notes are an integral part of these financial statements.
4
<PAGE>
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,
Inc. (the "Company") as of January 1, 1994. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). The
trustee of the Plan was Investors Fiduciary Trust Company, through September 30,
1998. Effective October 1, 1998, all assets of the Plan were transferred to
Merrill Lynch 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, as defined
by the Plan.
Contributions
Each year participants may contribute from 1% to 20% of their pre-tax annual
compensation and may change this contribution percentage prior to any pay period
interval throughout the Plan year. Contributions to the Plan are limited by any
contributions made to a participant's Employees' Stock Ownership Plan account.
Participants may also contribute amounts representing distributions from other
qualified defined benefit or contribution plans. Contributions of non-periodic
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 Code. Additional amounts may be contributed at the discretion
of the Company's board of directors. No contributions were made by the Company
during the year ended December 31, 1998.
Participant Accounts
Each participant's account is credited with the participant's contributions, a
prorata share of the Plan's 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.
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. Participants are vested 100% in employer contributions after they
achieve five years of credited service with the Company.
5
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Notes to Financial Statements, Continued
- ---------------------------------------------------------------
1. Description of the Plan, continued:
Investment Options
Upon enrollment in the Plan, a participant may direct his/her contributions
in 1% increments in eight investment options as of December 31, 1998.
* Merrill Lynch S&P 500 Index Fund - Non-diversified mutual fund whose
investment objective is to provide investment results, that before
expenses, seek to replicate the total return of a securities index
that has been selected as a proxy for the performance of a selected
market segment.
* AIM International Equity Fund - Long-term growth of capital by
investing in a diversified portfolio of international equity
securities considered to have strong earnings momentum.
* Merrill Lynch Capital Fund - Seeking highest total investment return
consistent with prudent risk through a fully managed investment
portfolio, utilizing equity, debt (including money market) and
convertible securities. The Fund's portfolio may, at any given time,
be invested substantially in equity securities, corporate bonds or
money market securities.
* State Street Research Alpha Fund - Long-term growth of capital in
common stocks that offer above-average dividend yields.
* PIMCO Total Return Admin Fund - Intermediate-term portfolio of
investment grade fixed income securities.
* Merrill Lynch Fundamental Growth Fund - Long-term growth of capital
by investing in a portfolio of equity securities, placing particular
emphasis on companies that have exhibited above average earnings
growth.
* Outback Stock Fund - Invests entirely in common stock of Outback
Steakhouse, Inc.
* Merrill Lynch Retirement Preservation Trust Fund - Seeking current
income, preservation of capital, and liquidity available from
investing in a diversified portfolio of short-term money market
securities.
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 with a
maximum of $50,000 or 50% of the participant's vested account balance.
Such loans are collateralized by each respective participant's account
with interest and principal payments being 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, except for the purchase of a primary residence, for which the
period is 15 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 as determined by the Trustee.
6
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Notes to Financial Statements, Continued
- -----------------------------------------------------------------------------
1. Description of the Plan, continued:
Payment of Benefits
Upon termination of service due to death, disability or retirement, a
participant may elect to receive a lump sum cash payment or installment
payments payable in cash or in kind over a period not to exceed the
participant's expected future lifetime or the joint expected future lifetime
of the participant and spouse. In addition, under very limited circumstances,
a participant may receive a financial hardship distribution, in accordance
with the Plan agreement. A maximum of four such withdrawals are permitted
annually.
Forfeiture Accounts
Forfeitures are allocated to participants as additional employer
contributions.
2. Summary of Significant Accounting Policies:
Basis of Accounting
The financial statements of the Plan are prepared under the accrual method of
accounting.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets, liabilities, and changes therein,
and disclosure of contingent assets and liabilities. Actual results could
differ from those estimates.
Investment Valuation and Income Recognition
The Plan's 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. Participant loans are valued
at cost, which approximates fair value.
Net realized and unrealized appreciation (depreciation) is recorded in the
accompanying statement of changes in net assets available for benefits as net
appreciation in fair value of investments.
Purchases and sales of securities are recorded on a trade-date basis.
Interest income is recorded on the accrual basis. Dividends are recorded on
the ex-dividend date.
Administrative Expenses
All expenses incurred in connection with the Plan's administration are paid
by the Plan.
Benefits Paid to Participants
Benefits paid to participants are recorded when paid.
7
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Notes to Financial Statements, Continued
- -----------------------------------------------------------------------------
3.Investments:
The fair value of investments at December 31, 1998 and 1997 are as
follows:
<S> <C> <C>
1998 1997
--------- --------
Investments, at fair value as determined
by quoted market prices:
Mutual funds:
Merrill Lynch S&P 500 Index Fund $ 3,988,964* $ -
AIM International Equity Fund 1,749,462* -
Merrill Lynch Capital Fund 1,328,262* -
Invesco Total Return Fund - 917,900*
Janus Fund - 1,927,469*
T. Rowe Price International Fund - 1,256,057*
Other 666,033 543,841
Outback Stock Fund 2,312,051* 1,492,284*
Investments, at quote value:
Merrill Lynch Retirement Preservation Trust Fund 673,430* -
Invesco Stable Value Fund - 452,447*
Participant Loans 774,767* 535,895*
----------- ----------
Total investments $11,492,969 $7,125,893
=========== ==========
* Represents investments that individually comprise 5% or more of net assets
available for benefits at December 31, 1998 and 1997.
During the year ended December 31, 1998, the Plan's investments (including
gains and losses on investments bought and sold, as well as held during the
year) appreciated in value, as follows:
Mutual funds $ 922,119
Outback stock fund 672,889
----------
$1,595,008
==========
8
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Notes to Financial Statements, Continued
- -------------------------------------------------------------------------------------------------------
4. Statements of Net Assets Available for Benefits by Fund:
December 31, 1998
------------------------------------------------------------------------------------------------------
Merrill Merrill
Merrill AIM Inter- Merrill State PIMCO Lynch Fun- Lynch
Lynch national Lynch Street Total damental Outback Retirement Partici-
S&P 500 Equity Capital Research Return Growth Stock Preservation pant
Index Fund Fund Fund Alpha Fund Admin Fund Fund Fund Trust Fund Loans Total
Investments, at fair value:
Mutual funds $3,988,964 $1,749,462 $1,328,262 $568,420 $ 94,229 $ 3,384 $ -$ - $ - $ 7,732,721
Outback Stock Fund - - - - - - 2,312,051 - - 2,312,051
Investments, at quoted value:
Money market fund - - - - - - - 673,430 - 673,430
Participant loans - - - - - - - - 774,767 774,767
---------- ---------- ---------- -------- --------- -------- ---------- -------- ------- -----------
3,988,964 1,749,462 1,328,262 568,420 94,229 3,384 2,312,051 673,430 774,767 11,492,969
Receivables:
Participant contributions 71,945 31,524 27,007 20,487 4,310 638 28,794 10,673 - 195,378
---------- ---------- ---------- -------- --------- -------- ---------- -------- ------- -----------
Net assets available
for benefits $4,060,909 $1,780,986 $1,355,269 $588,907 $ 98,539 $ 4,022 $2,340,845 $684,103 $774,767 $11,688,347
========== ========== ========== ======== ========= ======== ========== ======== ======== ===========
December 31, 1997
------------------------------------------------------------------------------------------------------
Franklin Franklin PIMCO Invesco
Invesco Small Vanguard Mutual Total Retirement
T.Rowe Price Total Cap Index Qualified Return Outback Stable Partici-
Janus International Return Growth 500 Z Admin Stock Value pant
Fund Stock Fund Fund Fund Fund Fund Fund Fund Fund Loans Total
Investments,
at fair value:
Mutual funds $1,927,469 $1,256,057 $917,900 $256,770 $168,933 $111,234 $ 6,904 $ - $ - $ - $4,645,267
Outback Stock Fund - - - - - - - 1,492,284 - - 1,492,284
Investments, at
quoted value:
Money market fund - - - - - - - - 452,447 - 452,447
Participant loans - - - - - - - - - 535,895 535,895
---------- --------- -------- -------- -------- -------- ------- --------- -------- -------- ----------
Net assets available
for benefits $1,927,469 $1,256,057 $917,900 $256,770 $168,933 $111,234 $ 6,904 $1,492,284 $452,447 $535,895 $7,125,893
========== ========== ======== ======== ======== ======== ======= ========== ======== ======== ==========
9
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Notes to Financial Statements, Continued
- -------------------------------------------------------------------------------------------------------
4. Statements of Changes in Net Assets Available for Benefits by Fund, Continued:
Year Ended December 31, 1998
PIMCO
Merrill State Total Merrill Merrill Lynch
Merrill Lynch AIM Inter- Lynch Street Return Lynch Retirement
S&P 500 national Capital Research Admin Fundamental Outback Preservation
Index Fund Equity Fund Fund Alpha Fund Fund Growth Fund Stock Fund Trust Fund
Additions to net
assets attributed to:
Investment income:
Net appreciation
(depreciation)
in fair value
of investments $ 530,524 $ 244,680 $ 106,982 $ 60,858 $ (2,172) $ - $ 672,889 $ -
Interest and
dividend income 188,809 30,583 30,765 3,218 6,319 4 1,831 9,290
---------- ---------- ---------- -------- -------- ------- ---------- -----------
719,333 275,263 137,747 64,076 4,147 4 674,720 9,290
---------- ---------- ---------- -------- -------- ------- ---------- -----------
Contributions:
Participant 276,841 131,615 105,602 69,486 51,980 898 559,483 45,989
Participant rollovers 968 - 968 968 - - 968 -
---------- ---------- ---------- -------- -------- ------- ---------- -----------
277,809 131,615 106,570 70,454 51,980 898 560,451 45,989
---------- ---------- ---------- -------- -------- ------- ---------- -----------
Total additions 997,142 406,878 244,317 134,530 56,127 902 1,235,171 55,279
---------- ---------- ---------- -------- -------- ------- ---------- -----------
Deductions from net
assets attributed to:
Benefits paid to
participants (1,333) (396) (1,064) (150) (263) - (146,054) (21,754)
Administrative expenses - - - - (345) - (7,581) -
---------- ---------- ---------- -------- -------- ------- ---------- -----------
Total deductions (1,333) (396) (1,064) (150) (608) - (153,635) (21,754)
---------- ---------- ---------- -------- -------- ------- ---------- -----------
Transfers 3,065,100 1,374,504 1,112,016 454,527 36,116 3,120 (232,975) 650,578
---------- ---------- ---------- -------- -------- ------- ---------- -----------
Net increase(decrease) 4,060,909 1,780,986 1,355,269 588,907 91,635 4,022 848,561 684,103
Net assets available
for benefits:
Beginning of year - - - - 6,904 - 1,492,284 -
---------- ---------- ---------- -------- -------- ------- ---------- -----------
End of year $ 4,060,909 $1,780,986 $1,355,269 $588,907 $ 98,539 $ 4,022 $2,340,845 $ 684,103
============== ========== ========== ======== ========= ======== ========== ===========
10
Invesco Franklin Vanguard Franklin Invesco
T. Rowe Price Total Small Cap Index Mutual Retirement
Participant Janus International Return Growth 500 Qualified Stable Value
Loans Fund Stock Fund Fund Fund Fund Z Fund Fund TOTAL
$ - $129,435 $ (40,552) $ 4,957 $(75,015) $ (6,376) $(31,202) $ - $1,595,008
32,892 7,348 42 20,147 6 3,310 876 22,682 358,122
- --------- -------- -------- ------- -------- ------- ------- ------- ---------
32,892 136,783 (40,510) 25,104 (75,009) (3,066) (30,326) 22,682 1,953,130
- --------- -------- -------- ------- -------- ------- ------- ------- ---------
- 671,353 461,953 333,009 107,492 117,086 78,992 192,929 3,204,708
- - - - - - - - 3,872
- --------- -------- -------- ------- -------- ------- ------- ------- ---------
- 671,353 461,953 333,009 107,492 117,086 78,992 192,929 3,208,580
- --------- -------- -------- ------- -------- ------- ------- ------- ---------
32,892 808,136 421,443 358,113 32,483 114,020 48,666 215,611 5,161,710
- --------- -------- -------- ------- -------- ------- ------- ------- ---------
(21,500) (109,967) (86,713) (84,638) (9,670) (15,937) (12,306) (52,970) (564,715)
- (9,460) (5,434) (4,864) (1,037) (1,347) (673) (3,800) (34,541)
- --------- -------- -------- ------- -------- ------- ------- ------- ---------
(21,500) (119,427) (92,147) (89,502) (10,707) (17,284) (12,979) (56,770) (599,256)
- --------- -------- -------- ------- -------- ------- ------- ------- ---------
227,480(2,616,178)(1,585,353) (1,186,511)(278,546) (265,669) (146,921) (611,288) -
- --------- --------- -------- --------- -------- ------- ------- ------- ---------
238,872(1,927,469)(1,256,057) (917,900)(256,770) (168,933) (111,234) (452,447) 4,562,454
535,895 1,927,469 1,256,057 917,900 256,770 168,933 111,234 452,447 7,125,893
- --------- --------- ---------- ------- -------- ------- ------- ------- ---------
$ 774,767$ - $ - $ - $ - $ - $ - $ - $11,688,347
========= ========= ========== ======== ======== ======== ========= ======== ===========
10
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Notes to Financial Statements, Continued
- -----------------------------------------------------------------------------
5. Related Party Transactions
Certain Plan investments are shares of Company stock and, therefore, these
transactions qualify as party-in-interest.
Fees paid during the year for legal, accounting, actuarial and other
professional services rendered by parties-in-interest were based on customary
and reasonable rates for such services.
6. Plan Termination
Although the Company has not expressed any intent to do so, it has the right
under the Plan agreement to terminate the Plan subject to the provisions of
ERISA. In the event of Plan termination, participants will become 100% vested
in their accounts.
7. 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.
Effective October 1, 1998, the Plan changed trustees to Merrill Lynch Trust
Company at which time the Plan amended its Plan document based on a
"prototype plan" the Trustee offers. The Internal Revenue Service has
determined that the Trustees "prototype plan" is in compliance with the
applicable requirements of the IRC. As of the date of these financial
statements, the Plan has not yet filed for a new tax determination letter.
8. Concentrations of Credit Risk:
Financial instruments which potentially subject the Plan to concentrations of
credit risk consist of the Plan's investments. Plan participants have the
option to invest in eight different investment options.
11
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Line 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1998
- -----------------------------------------------------------------------------
Party in Identity of issue, borrower, Description of Current
interest lessor, or similar party investment Cost value
- -------- --------------------------- -------------- --------- -----------
No Merrill Lynch S&P 500 Mutual Fund
Index Fund $3,463,016 $ 3,988,964
No AIM International Equity Fund Mutual Fund 1,507,410 1,749,462
No Merrill Lynch Capital Fund Mutual Fund 1,221,689 1,328,262
No State Street Research Alpha Mutual Fund
Fund 509,956 568,420
No PIMCO Total Return Admin Mutual Fund
Fund 98,900 94,229
No Merrill Lynch Fundamental Mutual Fund
Growth Fund 3,385 3,384
---------- -----------
6,804,356 7,732,721
Yes Outback Stock Fund Common Stock 1,545,889 2,312,051
No Merrill Lynch Retirement Money Market
Preservation Trust Fund Fund 673,430 673,430
No Participant Loans Loans with interest
rates ranging from
7.25% to 9% fully
amortized payment
schedule - 774,767
---------- -----------
$9,023,675 $11,492,969
========== ===========
12
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Line 27b - Schedule of Loans or Fixed Income Obligations
as of December 31, 1998
- -----------------------------------------------------------------------------
The Plan has executed no transactions as described under Line 27b as of December
31, 1998.
13
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Line 27c - Schedule of Leases in Default or Classified as Uncollectible
for the year ended December 31, 1998
- -----------------------------------------------------------------------------
The Plan has executed no transactions as described under Line 27c for the year
ended December 31, 1998.
14
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Line 27d- Schedule of Reportable Transactions
for the year ended December 31, 1998
- -----------------------------------------------------------------------------
Current Value
Identity of Party Number of Purchase Selling Cost of of Asset on Net
Involved Description of Asset Transactions Price Price Asset Transaction Date Gain/(Loss)
- ---------------------- -------------------- ------------ -------- ---------- --------- -------------- -----------
Investors Fiduciary Franklin Small Cap 98 $ 246,533 $ - $ 246,533 $ - $ -
Trust Company Growth Fund 61 - 428,288 503,303 428,288 (75,015)
Investors Fiduciary Invesco Total 100 452,658 - 452,658 - -
Trust Company Return Fund 140 - 1,375,514 1,370,558 1,375,514 4,956
Investors Fiduciary Janus Fund 119 896,121 - 896,121 - -
Trust Company 160 - 2,953,025 2,823,589 2,953,025 129,436
Investors Fiduciary Franklin Mutual 102 185,906 - 185,906 - -
Trust Company Qualified Z Fund 42 - 262,831 297,140 262,831 (34,309)
Investors Fiduciary T. Rowe Price Inter- 98 524,753 - 524,753 - -
Trust Company national Stock Fund 158 - 1,740,258 1,780,804 1,740,258 (40,546)
Investors Fiduciary Vanguard Index 140 378,373 - 378,373 - -
Trust Company 500 Fund 51 - 540,564 547,306 540,564 (6,742)
Investors Fiduciary Invesco Retirement 92 326,374 - 326,374 - -
Trust Company Stable Value Fund 133 - 778,822 778,822 778,822 -
Investors Fiduciary Outback Stock Fund 86 624,852 - 624,852 - -
Trust Company 161 - 2,002,496 2,117,130 2,002,496 (114,634)
Investors Fiduciary Participant Loans 79 480,644 - 480,644 - -
Trust Company 54 - 1,016,539 1,016,539 1,016,539 -
Investors Fiduciary Invesco Retirement 1 - 762,029 763,866 762,029 (1,837)
Trust Company Stable Value Fund
Investors Fiduciary Janus Fund 1 - 2,563,186 2,472,000 2,563,186 91,186
Trust Company
15
Current Value
Identity of Party Number of Purchase Selling Cost of of Asset on Net
Involved Description of Asset Transactions Price Price Asset Transaction Date Gain/(Loss)
- ---------------------- -------------------- ------------ ---------- ---------- --------- -------------- -----------
Investors Fiduciary T. Rowe Price Inter- 1 $ - $1,388,798 $1,452,449 $1,388,798 $ (63,651)
Trust Company national Stock Fund
Investors Fiduciary Vanguard Index 1 - 484,033 491,998 484,033 (7,965)
Trust Company 500 Fund
Investors Fiduciary Invesco Total 1 - 1,113,916 1,113,916 1,113,916 -
Trust Company Return Fund
Investors Fiduciary Outback Stock Fund 1 - 1,484,557 1,664,714 1,484,557 (180,157)
Trust Company
Investors Fiduciary Participant Loans 1 - 577,820 577,820 577,820 -
Trust Company
Merrill Lynch Outback Stock Fund 19 1,597,873 - 1,597,873 - -
Trust Company
Merrill Lynch Merrill Lynch Retirement 29 696,022 - 696,022 - -
Trust Company Preservation Trust Fund
Merrill Lynch AIM International 16 1,527,030 - 1,527,030 - -
Trust Company Equity Fund
Merrill Lynch State Street Research 15 543,433 - 543,433 - -
Trust Company Alpha Fund
Merrill Lynch Merrill Lynch Captial 14 1,229,526 - 1,229,526 - -
Trust Company Fund
Merrill Lynch Merrill Lynch S&P 500 20 3,498,699 - 3,498,699 - -
Trust Company Index Fund
16
<PAGE>
Outback Steakhouse of Florida, Inc.
Salaried Employees 401(k) Plan and Trust
Line 27e - Schedule of Non-Exempt Transactions
for the year ended December 31, 1998
- -----------------------------------------------------------------------------
The Plan has executed no transactions as described under Line 27e for the year
ended December 31, 1998.
17
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: June 29, 1999
18
</TABLE>
