Landry's Restaurants, Inc. Reports Third Quarter 2005 Financial Results
Revenues for the three months ended September 30, 2005, totaled $319.5 million, as compared to $314.4 million a year earlier.
Revenues for the three months ended September 30, 2005, totaled $319.5 million, as compared to $314.4 million a year earlier. Net interest expense associated with the Company's $850 million refinancing in the fourth quarter of 2004 in preparation for the Golden Nugget acquisition was $9.3 million in the third quarter 2005, compared to only $3.2 million in the third quarter of 2004. Net earnings for the quarter were $16.0 million, compared to $20.8 million reported last year. Earnings per share (diluted) for the quarter were $0.73, compared to $0.74 reported last year. Same store sales for the Company's restaurants were down approximately 0.9% for the quarter.
Revenues for the quarter were adversely impacted by two substantial hurricanes, Katrina and Rita. Katrina essentially destroyed one restaurant in Biloxi, MS and resulted in closing two restaurants in New Orleans through the end of the quarter. Hurricane Rita resulted in the evacuation of approximately 58% of the entire population of eight gulf coast counties surrounding Houston, Texas and impacted the revenues of 66 restaurants for a period of approximately ten days. The combined revenue loss for these two storms during the third quarter is estimated to be between $5.0 million and $5.5 million. Revenue losses continued in the fourth quarter from remaining closed stores and Hurricane Wilma with an estimated impact of $1.8 million to $2.2 million through October 30, 2005.
Revenues for the nine months ended September 30, 2005, totaled $926.0 million, as compared to $907.7 million a year earlier. Net interest expense for the nine months ended September 30, 2005 was $26.5 million, compared to $9.3 million for the same period in 2004. Net earnings for the nine months were $40.9 million, compared to $53.5 million reported last year. Earnings per share (diluted) for the nine months were $1.75, compared to $1.88 in the prior year.
"We are pleased at being able to deliver $0.73 earnings per share; diluted, despite the extraordinary events affecting the consumer in our largest markets. We are also excited at closing the Golden Nugget acquisition on September 27, 2005, much sooner than originally expected. We have already begun the restaurant conversions and expect to be operating our concepts in the Las Vegas and Laughlin properties by early 2006," said Mr. Tilman Fertitta, Chairman, President and Chief Executive Officer.
Mr. Rick Liem, Senior Vice President and Chief Financial Officer added, "We maintained solid margins despite revenue losses from the hurricanes. While the Company carries adequate insurance, the unique aspect of lost revenue over such a large number of units with no property damage also impacted our earnings by an estimated $0.06 per share; diluted."
The Company operated 309 restaurants primarily under the trade names Joe's Crab Shack, Landry's Seafood House, Chart House, Rainforest Cafe, Saltgrass Steak House as well as other businesses including hotels, marinas, amusements, retail and the Golden Nugget Hotels and Casinos in Las Vegas and Laughlin, Nevada at September 30, 2005.
Revenues for the quarter were adversely impacted by two substantial hurricanes, Katrina and Rita. Katrina essentially destroyed one restaurant in Biloxi, MS and resulted in closing two restaurants in New Orleans through the end of the quarter. Hurricane Rita resulted in the evacuation of approximately 58% of the entire population of eight gulf coast counties surrounding Houston, Texas and impacted the revenues of 66 restaurants for a period of approximately ten days. The combined revenue loss for these two storms during the third quarter is estimated to be between $5.0 million and $5.5 million. Revenue losses continued in the fourth quarter from remaining closed stores and Hurricane Wilma with an estimated impact of $1.8 million to $2.2 million through October 30, 2005.
Revenues for the nine months ended September 30, 2005, totaled $926.0 million, as compared to $907.7 million a year earlier. Net interest expense for the nine months ended September 30, 2005 was $26.5 million, compared to $9.3 million for the same period in 2004. Net earnings for the nine months were $40.9 million, compared to $53.5 million reported last year. Earnings per share (diluted) for the nine months were $1.75, compared to $1.88 in the prior year.
"We are pleased at being able to deliver $0.73 earnings per share; diluted, despite the extraordinary events affecting the consumer in our largest markets. We are also excited at closing the Golden Nugget acquisition on September 27, 2005, much sooner than originally expected. We have already begun the restaurant conversions and expect to be operating our concepts in the Las Vegas and Laughlin properties by early 2006," said Mr. Tilman Fertitta, Chairman, President and Chief Executive Officer.
Mr. Rick Liem, Senior Vice President and Chief Financial Officer added, "We maintained solid margins despite revenue losses from the hurricanes. While the Company carries adequate insurance, the unique aspect of lost revenue over such a large number of units with no property damage also impacted our earnings by an estimated $0.06 per share; diluted."
The Company operated 309 restaurants primarily under the trade names Joe's Crab Shack, Landry's Seafood House, Chart House, Rainforest Cafe, Saltgrass Steak House as well as other businesses including hotels, marinas, amusements, retail and the Golden Nugget Hotels and Casinos in Las Vegas and Laughlin, Nevada at September 30, 2005.