OSI loss sets back 2010 profits

Despite earning $853 million in third quarter revenues — up 1.3% over the year — OSI Restaurant Partners LLC lost $7.7 million over the three months ended Sept. 30.

Still, 2010 has been a better year than the one before it. In the third quarter of 2009, OSI lost $20.2 million. And in the first nine months of last year, the company lost $24.1 million.

Even with the restaurant company's most recent loss, OSI has still turned an $8.9 million profit in the first nine months of 2010.

"We made good progress this quarter against our 2010 key objectives of revitalizing top line, elevating organizational effectiveness and accelerating continuous productivity to fund growth,” said Liz Smith, CEO at OSI. “We were pleased with our comparable-store sales growth across all of our major concepts.”

OSI Restaurant Partners LLC manages a portfolio of restaurant brands in 49 states and in 23 countries that includes Outback Steakhouse, Carrabba's Italian Grill, and Bonefish Grill.