Landry’s 4Q, 2009 results slip

By

SeafoodSource staff

Published on
March 10, 2010

Landry’s Restaurants on Thursday unveiled its fourth-quarter and 2009 results.

The Houston-based company posted a loss of USD 35.6 million (EUR 26.1 million) in the fourth quarter, compared to a profit of USD 4.6 million during the same period in 2008, while its revenue fell 3 percent to USD 245.3 million (EUR 179.5 million).

For all of 2009, Landry’s lost USD 16.2 million (EUR 11.9 million), compared to a profit of USD 2.9 million in 2008, while its revenue dropped 7 percent to USD 1.06 billion (EUR 775.8 million).

Landry’s CEO Tilman Fertitta is trying to take the company private by acquiring all outstanding shares he doesn’t already own in a deal valued at USD 1.2 billion. The transaction, which requires shareholder approval, is expected to be complete by mid-year.

Landry’s operates several seafood chains, including Landry’s Seafood House, Charley’s Crab and The Chart House, as well as the Golden Nugget Hotel & Casino in Las Vegas and Laughlin, Nev.

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