TAMPA OSI Restaurant Partners Inc. restated some past financial results on Wednesday, and also filed a preliminary proxy statement in anticipation of a shareholder meeting to vote on the pending $3.2 billion buyout of OSI by an investor group of Bain Capital Partners LLC, Catterton Management Co. LLC and OSI management.
The investor group, now called Kangaroo Holdings Inc., encouraged shareholders to vote in favor of the $40-per-share buyout price first agreed upon in November. The date for the special meeting of shareholders is pending.
As for the accounting issues, OSI restated results to correct accounting errors related to unearned revenues from gift card sales, as well as to shore up other accounting issues surrounding minority interests in certain Carrabba’s Italian Grill restaurants.
OSI, which operates or franchises more than 1,380 restaurants under the Outback Steakhouse, Carrabba’s and seven additional brands, said its accounting adjustments resulted in earnings for the second quarter ended June 30 of $28.8 million, or 38 cents per share, down from previously reported results for that period of $29.5 million, or 39 cents a share.
