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Form 8-K Management Transition
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align=center><BR>&nbsp;</DIV>
<DIV
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align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>UNITED
STATES</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>SECURITIES
AND EXCHANGE COMMISSION</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</FONT></DIV>
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align=left><BR></DIV>
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align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>FORM
8-K</STRONG></FONT></DIV>
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align=center><BR></DIV>
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align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>CURRENT
REPORT</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><STRONG>PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934</STRONG></FONT></DIV>
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align=left><BR></DIV>
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align=left><BR></DIV>
<DIV
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align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Date of
Report (Date of earliest event reported) </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>March
7, 2005</STRONG></FONT></DIV>
<DIV
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align=center><BR></DIV>
<DIV
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align=center><BR></DIV>
<DIV
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align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman"><STRONG>OUTBACK
STEAKHOUSE, INC.</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT></DIV>
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<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=middle width="12%">&nbsp;</TD>
    <TD vAlign=top align=middle width="17%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>Delaware</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=middle width="2%">&nbsp;</TD>
    <TD vAlign=top align=middle width="16%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>1-15935</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=middle width="2%">&nbsp;</TD>
    <TD vAlign=top align=middle width="17%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>59-3061413</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=middle width="13%">&nbsp;</TD></TR>
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    <TD vAlign=top align=middle width="17%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(State
      or other jurisdiction of incorporation)</FONT></DIV></TD>
    <TD vAlign=top align=middle width="2%">&nbsp;</TD>
    <TD vAlign=top align=middle width="16%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(Commission
      File Number)</FONT></DIV></TD>
    <TD vAlign=top align=middle width="2%">&nbsp;</TD>
    <TD vAlign=top align=middle width="17%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(I.R.S.
      Employer</FONT></DIV>
      <DIV
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      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Identification
      No.)</FONT></DIV></TD>
    <TD vAlign=top align=middle width="13%">&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
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align=left><BR></DIV>
<DIV
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align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>2202
North West Shore Boulevard, Suite 500, Tampa, Florida
33607</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(Address
of principal executive offices) (Zip Code)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Registrant's
telephone number, including area code </FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>(813)
282-1225</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&nbsp;</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>Not
applicable</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(Former
name or former address, if changed since last report)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
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align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</FONT></DIV>
<DIV
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align=left><BR></DIV>
<DIV
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align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings"><STRONG>o</STRONG></FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;<FONT
face=Wingdings>r<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;</FONT></FONT></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: -18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings"><STRONG>o</STRONG></FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;<FONT
face=Wingdings>r<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;</FONT></FONT></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting</FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: -18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings"><STRONG>o</STRONG></FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;<FONT
face=Wingdings>r<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;</FONT></FONT></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: -18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings"><STRONG>o</STRONG></FONT><FONT
id=TAB2 style="COLOR: black; LETTER-SPACING: 27pt">&nbsp;<FONT
face=Wingdings>r<FONT id=TAB2
style="LETTER-SPACING: 9pt">&nbsp;</FONT></FONT></FONT><FONT
style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left>&nbsp;</DIV><BR>
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style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
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style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
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style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
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align=justify>
<DIV
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align=justify><BR>&nbsp;</DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
    width="12%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>Item&nbsp;5.02
      (b) and (c)</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top width="63%">
      <DIV
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      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>Departure
      of Directors or Principal Officers; Election of Directors; Appointment of
      Principal Officers</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=left width="3%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top width="63%">
      <DIV
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      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
    <TD vAlign=top align=left width="3%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">On
      March 7, 2005, Chris T. Sullivan, resigned as Chief Executive Officer of
      Outback Steakhouse, Inc. (&#8220;the Company&#8221;), and Robert&nbsp;D. Basham
      resigned as Chief Operating Officer of the Company, effective immediately.
      The Board of Directors elected A. William Allen III, formerly President of
      West Coast Concepts for the Company, as Chief Executive Officer. The Board
      elected Paul E. Avery, formerly the Company&#8217;s President, as Chief
      Operating Officer. Mr. Sullivan will remain as Chairman of the Board and
      Mr. Basham will become Vice-Chairman.</FONT></DIV></TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Mr.
      Allen, 45, has been in the restaurant industry for 26 years and has been
      associated with the Company since 1999 as the President of Fleming&#8217;s Prime
      Steakhouse and Wine Bar, which he co-founded. In 2002, he took on the
      additional responsibility of overseeing the operation of the Company&#8217;s
      Roy&#8217;s restaurants. In 2004, he was promoted to the President of West Coast
      Concepts and has been involved with the development of the Company&#8217;s
      latest joint venture, Paul Lee&#8217;s Chinese Kitchen.</FONT></DIV></TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">As
      disclosed in the September 10, 2004 Form 8-K filing, the Company acquired
      an additional 39% ownership interest in the Outback/Fleming&#8217;s, LLC, the
      joint venture that operates Fleming&#8217;s Prime Steakhouse and Wine Bars, from
      its partners, FPSH Limited Partnership and AWA III Steakhouses, Inc., for
      $39,000,000, effective September 1, 2004. Mr. Allen is the majority owner
      and president of AWA III Steakhouses, Inc., which sold the Company a 9.75%
      interest in the LLC. Mr. Allen continues to own a 2.5% interest in the LLC
      through AWA III Steakhouses, Inc.</FONT></DIV></TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">&nbsp;</TD>
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  <TR>
    <TD vAlign=top align=left width="12%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top width="63%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Mr.
      Avery, 45, has been in the restaurant industry for over 20 years and has
      been with the Company since 1989 when he started as the Managing Partner
      of one of the Company&#8217;s first Outback Steakhouse restaurants. He became
      Director of Operations in 1990, Senior Vice President of Operations in
      1993, and President of the Outback Steakhouse concept in 1997. He was
      promoted to Company President in 2004 when he took on the additional
      responsibility of overseeing the operations of three of the Company&#8217;s
      other mid-scale casual dining concepts.</FONT></DIV></TD>
    <TD vAlign=top align=left width="3%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">During
      2001 and 2002, Mr. Avery invested in 10 limited partnerships, each of
      which owns and operates a Carrabba&#8217;s restaurant as a franchisee of
      Carrabba&#8217;s and in which Carrabba&#8217;s owns a 45% interest as a general
      partner. In 2004, Mr.&nbsp;Avery received distributions from these
      Carrabba&#8217;s partnerships in the aggregate amount of $41,615. In 2003, Mr.
      Avery invested (i) $81,395 in two limited partnerships, each of which owns
      and operates one Bonefish Grill restaurant as a franchisee of Bonefish
      Grill, Inc. (&#8220;Bonefish&#8221;), a subsidiary of the Company, and in which
      Bonefish owns a 45% interest as general partner; (ii) $109,000 in eleven
      limited partnerships, each of which owns and operates a Bonefish Grill
      restaurant and of which Bonefish or Bonefish Grill of Florida, LLC is the
      sole general partner and majority owner; and (iii) $40,000 in one
      unaffiliated limited partnership which owns and operates one Bonefish
      Grill restaurant as a franchisee of Bonefish. In 2002, Mr.&nbsp;Avery
      invested (i) $81,395 in two limited partnerships, each of which owns and
      operates one Bonefish Grill restaurant as a franchisee of Bonefish and in
      which Bonefish owns a 45% interest as general partner; and (ii) $87,500 in
      an unaffiliated limited partnership which owns and operates one Bonefish
      Grill restaurant as a franchisee of Bonefish. In 2004, Mr. Avery received
      distributions from these Bonefish partnerships in the aggregate amount of
      $85,313.95.</FONT></DIV></TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top width="63%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">As
      of the date of this filing, the Company has not finalized an employment
      agreement with Mr. Allen. It is anticipated Mr. Allen&#8217;s employment
      agreement will contain the following provisions. Mr. Allen&#8217;s employment
      agreement will have a 10 year term. Mr. Allen&#8217;s base salary is $750,000
      per year, plus certain other incentives and benefits, including a one time
      signing bonus of $2&nbsp;MM in consideration of his employment, which is
      to be paid on May 1, 2005. Mr. Allen is also eligible to receive an annual
      bonus based on the Company meeting its objective and subjective
      operational goals. If the operational goals for the year are met,
      Mr.&nbsp;Allen is entitled to earn a bonus of up to $1&nbsp;MM for that
      calendar year. Mr.&nbsp;Allen will receive 450,000 shares of restricted
      stock subject to the following time and performance vesting schedule:
      (i)&nbsp;135,000 shares will vest as of December&nbsp;31, 2009, and an
      additional 45,000 shares will vest if the market capitalization of the
      Company exceeds an established target as of December&nbsp;31, 2009;
      (ii)&nbsp;135,000 shares as of December 31, 2011, and an additional 45,000
      shares will vest if the market capitalization of the Company exceeds an
      established target as of December 31, 2011; and (iii) the balance of the
      shares as of December 31, 2014. Vesting on each vesting date is contingent
      on Mr. Allen being employed as Chief Executive Officer of the Company on
      the respective vesting dates.</FONT></DIV></TD>
    <TD vAlign=top align=left width="3%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
      Company and Mr. Avery intend to enter into an employment agreement on
      terms substantially similar to Mr. Avery&#8217;s existing employment agreement,
      as filed as Exhibit 10.19 to the Company&#8217;s 2003 Form 10-K and more fully
      described in the Company&#8217;s 2004 Proxy Statement. Mr. Avery&#8217;s base salary
      is approximately $600,000 per year, plus certain other incentives and
      benefits. Mr. Avery is also eligible to receive quarterly bonuses based on
      the Company meeting its objective and subjective operational goals. If the
      operational goals for a specific quarter are met, Mr.&nbsp;Avery is
      entitled to earn a bonus of up to $400,000 for that calendar quarter and a
      year end bonus of up to 25% of each quarterly bonus.</FONT></DIV></TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">&nbsp;</TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">&nbsp;</TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top width="63%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">This
      Form 8-K will be amended when additional employment agreement information
      is available.</FONT></DIV></TD>
    <TD vAlign=top align=left width="3%">&nbsp;</TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify><BR></DIV>
<DIV></DIV></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=justify>&nbsp;</DIV>
<DIV id=PGBRK style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
<DIV id=FTR>
<DIV id=GLFTR style="WIDTH: 100%" align=left><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV>
<DIV id=PN style="PAGE-BREAK-AFTER: always">
<DIV style="WIDTH: 100%; TEXT-ALIGN: center"><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt" face="Times New Roman"></FONT></DIV>
<DIV style="WIDTH: 100%; TEXT-ALIGN: center">
<HR color=#000000 noShade SIZE=2>
</DIV></DIV>
<DIV id=HDR>
<DIV id=GLHDR style="WIDTH: 100%" align=right><FONT
style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman"></FONT></DIV></DIV></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top align=left
    width="12%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>Item&nbsp;9.01&nbsp;</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="64%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>Financial
      Statements and Exhibits</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="12%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="64%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top width="12%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="64%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(c)
      Exhibits </FONT></DIV></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=top width="12%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>Exhibit
      No.</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="64%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
  <TR>
    <TD vAlign=top width="12%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG></FONT></DIV></TD>
    <TD vAlign=top align=left width="2%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG></STRONG></FONT>&nbsp;</DIV></TD>
    <TD vAlign=top align=left width="64%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top align=middle width="12%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">99.1</FONT></DIV></TD>
    <TD vAlign=top align=left width="2%">&nbsp;</TD>
    <TD vAlign=top align=left width="64%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Management
      Transition Press Release dated March 8,
2005</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><FONT
style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>SIGNATURE</STRONG></FONT></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=center><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top width="78%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has duly caused this report to </FONT></DIV>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=justify><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">be&nbsp;signed
      on its behalf by the undersigned hereunto duly
  authorized.</FONT></DIV></TD></TR></TABLE></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV
style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
align=left><BR></DIV>
<DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%">
  <TR>
    <TD vAlign=top align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
    <TD vAlign=center align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></DIV></TD>
    <TD vAlign=center align=middle width="34%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>OUTBACK
      STEAKHOUSE, INC.</STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=middle width="34%" colSpan=2>
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=center><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(Registrant)</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="4%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="29%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="4%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="29%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&nbsp;Date:&nbsp;&nbsp;March
      11, 2005</FONT></DIV></TD>
    <TD vAlign=center align=left width="22%">&nbsp;</TD>
    <TD vAlign=center align=left width="4%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">By:</FONT></DIV></TD>
    <TD style="BORDER-BOTTOM: black thin solid" vAlign=center align=left
    width="29%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><STRONG>/s/
      Joseph J. Kadow </STRONG></FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="4%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="29%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Joseph
      J. Kadow</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="4%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="29%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Senior
      Vice President, Secretary and</FONT></DIV></TD></TR>
  <TR>
    <TD vAlign=top align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="22%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="4%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"></FONT>&nbsp;</DIV></TD>
    <TD vAlign=center align=left width="29%">
      <DIV
      style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"
      align=left><FONT
      style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">General
      Counsel </FONT></DIV></TD></TR></TABLE></DIV>
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<DIV></DIV><BR>&nbsp;</DIV>
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Form 8-K Management Transition
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
Date of
Report (Date of earliest event reported)
March
7, 2005
OUTBACK
STEAKHOUSE, INC.
(Exact
name of registrant as specified in its charter)
Delaware
1-15935
59-3061413
(State
      or other jurisdiction of incorporation)
(Commission
      File Number)
(I.R.S.
      Employer
Identification
      No.)
2202
North West Shore Boulevard, Suite 500, Tampa, Florida
33607
(Address
of principal executive offices) (Zip Code)
Registrant's
telephone number, including area code
(813)
282-1225
Not
applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
r
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
r
Soliciting
material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
r
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
r
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 5.02
      (b) and (c)
Departure
      of Directors or Principal Officers; Election of Directors; Appointment of
      Principal Officers
On
      March 7, 2005, Chris T. Sullivan, resigned as Chief Executive Officer of
      Outback Steakhouse, Inc. ("the Company"), and Robert D. Basham
      resigned as Chief Operating Officer of the Company, effective immediately.
      The Board of Directors elected A. William Allen III, formerly President of
      West Coast Concepts for the Company, as Chief Executive Officer. The Board
      elected Paul E. Avery, formerly the Company's President, as Chief
      Operating Officer. Mr. Sullivan will remain as Chairman of the Board and
      Mr. Basham will become Vice-Chairman.
Mr.
      Allen, 45, has been in the restaurant industry for 26 years and has been
      associated with the Company since 1999 as the President of Fleming's Prime
      Steakhouse and Wine Bar, which he co-founded. In 2002, he took on the
      additional responsibility of overseeing the operation of the Company's
      Roy's restaurants. In 2004, he was promoted to the President of West Coast
      Concepts and has been involved with the development of the Company's
      latest joint venture, Paul Lee's Chinese Kitchen.
As
      disclosed in the September 10, 2004 Form 8-K filing, the Company acquired
      an additional 39% ownership interest in the Outback/Fleming's, LLC, the
      joint venture that operates Fleming's Prime Steakhouse and Wine Bars, from
      its partners, FPSH Limited Partnership and AWA III Steakhouses, Inc., for
      $39,000,000, effective September 1, 2004. Mr. Allen is the majority owner
      and president of AWA III Steakhouses, Inc., which sold the Company a 9.75%
      interest in the LLC. Mr. Allen continues to own a 2.5% interest in the LLC
      through AWA III Steakhouses, Inc.
Mr.
      Avery, 45, has been in the restaurant industry for over 20 years and has
      been with the Company since 1989 when he started as the Managing Partner
      of one of the Company's first Outback Steakhouse restaurants. He became
      Director of Operations in 1990, Senior Vice President of Operations in
      1993, and President of the Outback Steakhouse concept in 1997. He was
      promoted to Company President in 2004 when he took on the additional
      responsibility of overseeing the operations of three of the Company's
      other mid-scale casual dining concepts.
During
      2001 and 2002, Mr. Avery invested in 10 limited partnerships, each of
      which owns and operates a Carrabba's restaurant as a franchisee of
      Carrabba's and in which Carrabba's owns a 45% interest as a general
      partner. In 2004, Mr. Avery received distributions from these
      Carrabba's partnerships in the aggregate amount of $41,615. In 2003, Mr.
      Avery invested (i) $81,395 in two limited partnerships, each of which owns
      and operates one Bonefish Grill restaurant as a franchisee of Bonefish
      Grill, Inc. ("Bonefish"), a subsidiary of the Company, and in which
      Bonefish owns a 45% interest as general partner; (ii) $109,000 in eleven
      limited partnerships, each of which owns and operates a Bonefish Grill
      restaurant and of which Bonefish or Bonefish Grill of Florida, LLC is the
      sole general partner and majority owner; and (iii) $40,000 in one
      unaffiliated limited partnership which owns and operates one Bonefish
      Grill restaurant as a franchisee of Bonefish. In 2002, Mr. Avery
      invested (i) $81,395 in two limited partnerships, each of which owns and
      operates one Bonefish Grill restaurant as a franchisee of Bonefish and in
      which Bonefish owns a 45% interest as general partner; and (ii) $87,500 in
      an unaffiliated limited partnership which owns and operates one Bonefish
      Grill restaurant as a franchisee of Bonefish. In 2004, Mr. Avery received
      distributions from these Bonefish partnerships in the aggregate amount of
      $85,313.95.
As
      of the date of this filing, the Company has not finalized an employment
      agreement with Mr. Allen. It is anticipated Mr. Allen's employment
      agreement will contain the following provisions. Mr. Allen's employment
      agreement will have a 10 year term. Mr. Allen's base salary is $750,000
      per year, plus certain other incentives and benefits, including a one time
      signing bonus of $2 MM in consideration of his employment, which is
      to be paid on May 1, 2005. Mr. Allen is also eligible to receive an annual
      bonus based on the Company meeting its objective and subjective
      operational goals. If the operational goals for the year are met,
      Mr. Allen is entitled to earn a bonus of up to $1 MM for that
      calendar year. Mr. Allen will receive 450,000 shares of restricted
      stock subject to the following time and performance vesting schedule:
      (i) 135,000 shares will vest as of December 31, 2009, and an
      additional 45,000 shares will vest if the market capitalization of the
      Company exceeds an established target as of December 31, 2009;
      (ii) 135,000 shares as of December 31, 2011, and an additional 45,000
      shares will vest if the market capitalization of the Company exceeds an
      established target as of December 31, 2011; and (iii) the balance of the
      shares as of December 31, 2014. Vesting on each vesting date is contingent
      on Mr. Allen being employed as Chief Executive Officer of the Company on
      the respective vesting dates.
The
      Company and Mr. Avery intend to enter into an employment agreement on
      terms substantially similar to Mr. Avery's existing employment agreement,
      as filed as Exhibit 10.19 to the Company's 2003 Form 10-K and more fully
      described in the Company's 2004 Proxy Statement. Mr. Avery's base salary
      is approximately $600,000 per year, plus certain other incentives and
      benefits. Mr. Avery is also eligible to receive quarterly bonuses based on
      the Company meeting its objective and subjective operational goals. If the
      operational goals for a specific quarter are met, Mr. Avery is
      entitled to earn a bonus of up to $400,000 for that calendar quarter and a
      year end bonus of up to 25% of each quarterly bonus.
This
      Form 8-K will be amended when additional employment agreement information
      is available.
Item 9.01
Financial
      Statements and Exhibits
(c)
      Exhibits
Exhibit
      No.
99.1
Management
      Transition Press Release dated March 8,
2005
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      has duly caused this report to
be signed
      on its behalf by the undersigned hereunto duly
  authorized.
OUTBACK
      STEAKHOUSE, INC.
(Registrant)
Date:  March
      11, 2005
By:
/s/
      Joseph J. Kadow
Joseph
      J. Kadow
Senior
      Vice President, Secretary and
General
      Counsel