UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP ( ) Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instructions 1(b). 1. Name and Address of Reporting Person Gannon, John Timothy 2202 North Westshore Boulevard, 5th Floor Tampa, Florida 33607 United States 2. Issuer Name and Ticker or Trading Symbol Outback Steakhouse, Inc. OSI 3. IRS or Social Security Number of Reporting Person (Voluntary) 4. Statement for Month/Year 03/20/03 5. If Amendment, Date of Original (Month/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) (X) Director (X) 10% Owner (X) Officer (give title below) ( ) Other (specify below) Senior Vice President 7. Individual or Joint/Group Filing (Check Applicable Line) (X) Form filed by One Reporting Person ( ) Form filed by More than One Reporting Person ___________________________________________________________________________________________________________________________________ Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect | | Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership | | | | | Beneficially |(D)or | | | | | | | A/| | Owned at |Indir | | | Date |Code|V| Amount | D | Price | End of Month |ect(I)| | ___________________________________________________________________________________________________________________________________| Common Stock, par value $.0|- |- |-|- |- |- |7,441,075(1) |I |(2) | 1 | | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|03/20/|S |-|2,400 |D |$34.98 | | | | 1 |03 | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|03/20/|S |-|1,600 |D |$34.97 | | | | 1 |03 | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|03/20/|S |-|3,000 |D |$34.92 | | | | 1 |03 | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|03/20/|S |-|3,000 |D |$34.08 | | | | 1 |03 | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|03/21/|S |-|2,000 |D |$35.10 | | | | 1 |03 | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|03/21/|S |-|300 |D |$35.16 | | | | 1 |03 | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|03/21/|S |-|1,700 |D |$35.15 | | | | 1 |03 | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|03/21/|S | |600 |D |$35.05 | | | | 1 |03 | |-| | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|03/21/|S | |2,400 |D |$35.02 | | | | 1 |03 | |-| | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| Common Stock, par value $.0|03/21/|S |-|3,000 |D |$34.91 |625,000(1) |D | | 1 |03 | | | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| ___________________________________________________________________________________________________________________________________ Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned | ___________________________________________________________________________________________________________________________________| 1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of| Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect | |or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial | |cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership | |Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | | |Deriva- | | | |Date |Expir| | |ficially |Ind| | |tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| | |Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | | |rity |Date |Code|V| Amount | |ble | | | |Month |(I)| | ___________________________________________________________________________________________________________________________________| Forward Sale Contract |(3) |11/05|J(3)|-|1 - |A,D|11/05|11/05|Common Stock|350,000|(3) |1(1) |D |- | (right to sell) | |/01 | | | | |/03 |/03 | | | | | | | -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | ___________________________________________________________________________________________________________________________________| Explanation of Responses: (1) Represents number of shares beneficially owned immediately after the reported transaction. (2) Owned by Multi-Venture Partners, Ltd., a Nevada limited partnership ("MVP"), of which Mr. Gannon is a Limited Partner. (3) On November 5, 2001, the reporting person entered into a pre-paid forward sales contract. Upon the termination date, November 5, 2003, the reporting person will deliver up to 350,000 shares of common stock, based on the closing price of the common stock on that date. At the reporting person's option, he may deliver an amount in cash equal to the value of common stock to be delivered. The reporting person received proceeds of $8,911,000 pursuant to the contract. SIGNATURE OF REPORTING PERSON Joseph J. Kadow, Attorney-in-Fact DATE 03/21/03