The restaurant chain saw revenues increase 2.2% to$259.8 million compared to $254.1 million a yearearlier, while earnings jumped to $12.3 million, or 47cents per diluted share, compared to $1.5 million, or5 cents per diluted share for 2003 – representing aneightfold increase.
The earnings per share was more than double what WallStreet expected the local restaurateur to earn.According to Thomson First Call, analysts expected 22cents per share.
Landry's got a boost from $18.5 million income taxbenefit related to its 2004 acquisition of RainforestCafé. The one-time benefit helped to offset a $16.6million expense related to the company's $850 million refinancing, which was executed to assist the purchase of Golden Nugget Hotel and Casino in Downtown Las Vegas.
For 2005, the owner and operator of Joe's Crab Shack,Landry's Seafood House and The Crab House amongothers, expects earnings to be $2 per share. Analystshad forecast seven cents more, but Landry's says that additional interest expense related to refinancing and the extended closing required to obtain a gaming license in Nevada will impact earnings.
Landry's says that it anticipates earning 28 to 29cents in the first quarter, 77 cents to 78 cents inthe second quarter, 76 to 77 cents in the thirdquarter and 17 to 18 cents in the fourth quarter. Thecompany adds that it does not expect any benefit fromthe Golden Nugget acquisition until 2006. It forecaststhat it will earn $2.50 to $2.60 per share in 2006.
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