Wednesday, October 20, 2010

No Love For Landrys

Chances of CEO Tilman Fertitta raising his bid to take Landrys Restaurants in isolation got even slimmer Thursday after the association reported a net loss for the fourth quarter.The Houston grill user pronounced it lost $35.6 million, or $2.20 per share, compared with a distinction of $4.6 million, or twenty-eight cents per share, in the year-ago duration when the association benefited from an $11.5 million word remuneration stemming from Hurricane Ike. The majority new quarterly waste embody a $23.3 million debt refinancing charge, and an one more seductiveness responsibility of $8.1 million, that the association says relates to "substantially higher seductiveness rates compared with the new financing."emailprintreprintnewslettercommentssharedel.icio.usDigg It!yahooFacebookTwitterRedditrssforbes:http://www.forbes.com/2010/03/11/landrys-restaurants-dining-markets-equities-rainforest-cafe-buyout.html?partner=yahoobuzzSales for the duration finale Dec. 31 dipped 3% to $245.3 million but still surpassed estimates of analysts polled by Thomson Reuters, who expected sales of $241.8 million. However, same-store sales, a magnitude of expansion at stores open at slightest one year, forsaken 5% in the quarter.On headlines of the quarterly loss, shares of Landrys fell 84 cents, or 4%, to $19.98.In Nov Fertitta, arch senior manager of Landry"s, voiced his goal to squeeze the superfluous superb shares of Landrys for $14.75 per share in money and take the association private. Though Fertitta now owns 55.1% of Landrys superb shares, the understanding is still tentative shareholder and regulatory approval. According to C.L. King and Associates researcher Michael Gallo, "The weaker formula have it less expected that Mr. Feritittas bid will increase." Given the actuality that he already as choosing by casting votes control, Gallo says he would not be astounded if Fertitta walked afar from the understanding altogether.
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