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Landry's Posts Profit On Insurance Gain

HOUSTON (AP) -- National restaurant, hotel and casino company Landry's Restaurants Inc. said Monday it swung to a profit in the fourth quarter, boosted by a gain from insurance proceeds.

For the period ended Dec. 31, the company reported net income of $4.6 million, or 30 cents per share, compared with a loss of $6.6 million, or 41 cents per share, in the year-ago quarter.

Results included a gain of $11.5 million from insurance proceeds that offsets charges taken in the third quarter related to Hurricane Ike. Year-ago results included a $5 million loss from discontinued operations.

Excluding items, earnings from continuing operations were 30 cents per share in the most recent quarter, compared with a loss of 10 cents a year ago.

Analysts surveyed by Thomson Reuters forecast earnings of 11 cents per share, on average.

Revenue declined 9 percent to $253.7 million from $277.9 million.

Same-store restaurant sales dropped 4.7 percent during the quarter. Same-store sales are a key indicator of restaurant performance because they measure growth at existing locations rather than newly opened ones.

For the full year, Landry's net income fell to $2.9 million, or 19 cents per share, from $18.1 million, or 93 cents per share, in 2007.

Revenue slipped 1 percent to $1.14 billion from $1.16 billion.

Shares jumped 59 cents, or 12.9 percent, to $5.15 in morning trading.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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