Landry's Restaurants posted a fourth-quarter net loss of $6.6 million last year, compared to a net loss of $8.4 million in 2006, the Houston company announced yesterday. However, fourth-quarter revenue totaled $280.5 million in 2007, up from $272 million in 2006.
Landry's blamed its soft fourth-quarter results on weaker sales, costlier financing and expenses related to its 2006 sale of Joe's Crab Shack. (JCS Holdings in mid-February filed a lawsuit against Landry's claiming it was coerced into overpaying for Joe's Crab Shack.)
For all of 2007, Landry's recorded a net gain of $18.1 million, up from a net loss of $21.8 million in 2006. Revenue reached $1.17 billion last year, inching up from $1.11 billion the previous year.
Landry's operates several restaurants chains, including Landry's Seafood House and Chart House, and the Golden Nugget Hotel and Casino in Las Vegas and Laughlin, Nev.
In late January, Landry's President CEO Tilman Fertitta submitted a bid to take the company private. The $1.3 billion deal, including debt, is being reviewed by a special committee of Landry's board.
