Landry's Income Up in Second Quarter
Landry's Restaurants, of Houston, Texas, announced its second quarter income totaled $14 million, up from $9.2 million last year. Revenues from continuing operations reached $311.4 million, up more than $3 million from 2007.
"Results for the second quarter were encouraging given the difficult economic circumstances," says Rick Liem, Landry's executive VP and CFO. "Both our restaurant hospitality group and our Golden Nugget properties generated higher EBITADA in the current quarter than they did last year."
Same-store sales for the company's restaurants were negative 2.5 percent for the quarter. Interest expenses were up $6 million to $20 million due to additional borrowings associated with refinancing the Golden Nugget properties.
Landry's is also continuing to work with Chairman, President and CEO Tilman Fertitta's company Fertitta Holdings, to complete a merger it entered into June 16. In April, Fertitta, who owns 39 percent of the company and is trying to take it private, offered to buyout Landry's at $21 a share.