Outback, Carrabba's owner takes big loss
OSI Restaurant Partners LLC -- the Tampa parent that owns such restaurant chains as Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse & Wine Bar, Roy’s and Cheeseburger in Paradise -- on Monday reported heavy losses for the last quarter of 2008 and the entire year due to the weaker economy and cutbacks by consumers eating at restaurants. OSI lost $506.4 million in the quarter ended Dec. 31, 2008, compared with a $23.5 million loss in the same quarter of 2007. And for all of 2008, it lost $739.4 million compared with $22.6 million in 2007. (Outback photo by Steve Hasel of the St. Petersburg Times.)
As previewed last week, OSI's heavy 2008 losses include aggregate goodwill and intangible asset impairment charges of $482.4 million and $650.5 million for the three months and year ended Dec. 31, 2008, respectively. Revenues for the quarter decreased by 10.2 percent to $928.3 million compared with $1.03 billion during the same quarter last year. For the year, revenues decreased by 4.9 percent to $3.96-billion compared with $4.17 billion for the same period in 2007.
Monday's earnings appear in a filing by OSI with the Securities and Exchange Commission.
-- Robert Trigaux, Times Business Columnist