This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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 This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs