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OSI Restaurant records $81.4 million EBITDA, expects stable cash flow
By Aleesia Forni
Columbus, Ohio, Aug. 12 - OSI Restaurant Partners, LLC reported an adjusted EBITDA of $81.4 million in the most recent three months, up 8.7% from the same period of 2010, the company reported in its second quarter fiscal 2011 earnings conference call.
Company officials attributed the increase in part to benefits from efficiency improvements.
"We continue to see market share growth at all four of our core concepts, with solid profit growth above 2010," said Dirk Montgomery, chief financial officer of OSI, during the call.
Montgomery also said he is pleased with the company's ability to maintain stable cash flow, while investing for long term growth.
Challenges mentioned by company officials were increased investments to drive long-range growth, increased commodity cost pressure, and the performance in the second half of 2010 setting a higher base for comparisons.
"We feel confident in our ability to maintain stable cash flow on an annual basis in 2011 versus 2010, while investing for long term sustainable growth, assuming we meet productivity and share growth for the year," Montgomery said.
Due to renovations within its flagship Outback Steakhouse chain, the company expects $150 million to $160 million in capital spending during 2011, up from a previous estimate of between $125 million and $150 million.
"We will continue to take a conservative liquidity strategy and focus on ensuring that our investments generate acceptable returns and are necessary to enable growth," Montgomery said.
The company also said it has a number of options at its disposal to successfully refinance debt at sister company Private Restaurant Properties, LLC which will mature in June 2012.
The company also reported net income of $5.6 million, compared to last year's second quarter net income of $17.6 million.
OSI is a Tampa, Fla., holding company for casual dining restaurants.
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