The Tampa-based parent of Outback Steakhouse, returned to profitability in 2010. OSI Restaurant Partners Inc., a privately-held collection of five casual dining chains on Thursday reported net income of $27.8 million for the year, up from a $54 million loss in 2009.
Sales inched up 1 percent to $3.628 billion in 2010, and improved at each of its chains as the year went on. In the quarter ended Dec. 31, sales in stores open more than a year rose 2.4 percent at Outback, 5.4 percent at Carrabba's Italian Grill, 9.3 percent at Bonefish Grill and 18.4 percent at Fleming's Prime Steakhouse and Wine Bar. The company does not report the performance of its Roy's chain.
The company said it "made progress" improving profitability and overcoming a sales slump that plagues the upper-middle end of the casual dining industry.
The company also reported that Liz Smith, hired as chief executive in 2009, earned $4.8 million in 2010 and is eligible for a $15 million incentive bonus if the company becomes a publicly-traded stock again.