Monday, Landry's Restaurants Inc. (LNY) reported a wider net loss for the third quarter compared to the same period last year, hurt by Hurricane related charges.
The company posted a net loss of $17.1 million or $1.12 per share, wider than a loss of $4.3 million or $0.25 per share in the prior year quarter.
Loss from continuing operations for the third quarter widened to $7.7 million or $0.50 per share from $3.1 million or $0.17 per share in the year-ago quarter.
The result for the latest quarter included non-cash impairment charges of $12.0 million or $0.79 per share, after-tax, primarily related to Hurricane Ike.
Excluding items, earnings per share from continuing operations were $0.29, down from $0.31 in the previous year quarter.
On average, 3 analysts polled by First Call/Thomson Financial expected the company to earn $0.35 per share for the third quarter. Analysts' estimate typically exclude special items.
Revenues from continuing operations for the third quarter declined to $289.7 million from $295.8 million in the same quarter of last year. The result included $60.6 million from the Golden Nugget properties.
The company noted that its revenues were adversely impacted by an estimated $7.8 million, due to four named storms, Eduard, Gustav, Hannah and Ike.
For the nine-month period of 2008, the company reported a net loss of $1.7 million or $0.11 per share, compared to net earnings of $24.7 million or $1.21 per share in the previous year period.
Earnings from continuing operations were $8.9 million or $0.57 per share, compared to $29.3 million or $1.44 per share in the prior year period.
Revenues from continuing operations increased to $890.2 million from $882.5 million in the preceding year period.
LNY is currently trading at $11.18, down 51 cents or 4.36%.
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