OSI Osiris Acquisition Corp

TAMPA, Fla., Oct. 25 /PRNewswire-FirstCall/ -- OSI Restaurant Partners, Inc. (NYSE:OSI) today announced that it is delaying its third quarter earnings release because it has preliminarily determined that its liability for unearned revenue for unredeemed gift cards and certificates as of September 30, 2006 is understated by an estimated $20,000,000 to $40,000,000. The Company is currently reviewing its unearned revenue account and believes the understatement of this liability is an accumulation of amounts for all periods within which gift cards and certificates were sold. Gift certificate sales began in the early 1990's and increased commensurate with the Company's growth in restaurants over the ensuing years. The Company is determining which specific accounting periods have been affected and whether it will be required to restate prior period financial statements. The Company intends to announce its third quarter earnings as soon as possible, but not later than the date of filing of the Company's third quarter Form 10-Q. IMPORTANT NOTE: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements include the Company's current expectation of the consequences of the understatement of the Company's unearned revenue account, including the estimated amount of the understatement, the possibility that the Company will be required to restate its financial statements and its expectation of when it will announce third quarter earnings. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including the risk that the amount of the understatement is determined to be greater than estimated, that a restatement or any other accounting consequence materially impacts the Company's financial statements and that unforeseen events could further delay the Company's third quarter earnings announcement. The results of this review may affect the Company's assessment of its internal controls. Except to the limited extent required by law, the Company undertakes no obligation to update publicly any forward-looking statements. DATASOURCE: OSI Restaurant Partners, Inc. CONTACT: Dirk Montgomery, or Lisa Hathcoat, +1-813-282-1225, both of OSI Restaurant Partners, Inc. Web site: http://www.osirestaurantpartners.com/

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