Landry’s Restaurants Inc. (Houston) announced record revenues and higher restaurant level margins for its fourth quarter and fiscal year ended Dec. 31, 2004.
The restaurant retailer said it successfully executed an $850 million refinancing in the fourth quarter structured to allow management to aggressively pursue growth opportunities in the restaurant, entertainment and gaming industries, and announced a definitive agreement to purchase the Golden Nugget Hotel and Casino in downtown Las Vegas.
Revenues for the quarter were up 2.2 percent and net earnings gained 720 percent.
“The continued strong income generated by the company has affirmed the tax benefits associated with the Rainforest Cafe acquisition,” said cfo Rick Liem.
Revenues for the year were up 9 percent. Same-store sales for the year were flat. Net earnings were up 48 percent.
The company ended fiscal 2004 with 297 full-service restaurants and several hospitality and limited service outlets, primarily under the trade names Joe’s Crab Shack, Landry’s Seafood House, The Crab House, Charley’s Crab, Chart House seafood restaurants, the Rainforest Cafe and Saltgrass Steak House restaurants.