A national restaurant, hospitality and entertainment company engaged in the ownership and operation of casual dining restaurants under the names of Rainforest Cafe, Landry's Seafood House, Charley's Crab and The Chart House etc.
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If you want to enjoy great food and play games with hospitality Landry’s is the place to be at. Landry's Restaurants, Inc. is a diversified restaurant hospitality and entertainment company engaged in the ownership and operation of full-service, casual dining restaurants. The company’s portfolio of brands consists of Rainforest Cafe, Saltgrass Steak House, Landry's Seafood House, The Crab House, Charley's Crab and The Chart House. The company offers concepts ranging from upscale steak and seafood restaurants to casual theme-based restaurants.
The company recently completed the sale of 120 Joe’s Crab Shack units for $192MM. The performance of Joe’s had been deteriorating over the last two years, with the recent two quarters being the worse of them. The concept posted a negative 8% same-store sales in third quarter of 2006 due to which the positive performance shown by the other concepts of the company was masked. The removal of Joe’s from Landry’s will ultimately help the company to refocus on the its other concepts, which are doing quite well. The other concepts posted a same-store sales growth of 3% in the recent quarter. The company has applied majority of its proceeds from the Joe’s sale in reducing its debt, which will improve the leverage position of the company and will help to increase free cash flows.
Landry’s is slowly transitioning itself from being only a restaurant company to an entertainment company with focus on restaurant, gaming and hospitality. In line with this approach the company has acquired the Golden Nugget casinos in Las Vegas, which is showing a steady growth and has given Landry a better competitive position in the market. Additionally, focused approach on only performing concepts will help the company reap benefits in the future and is expected to reward the shareholders with higher returns.
Seafood restaurant operator Landry's Restaurants Inc. has recently raised its bid to acquire steakhouse Smith & Wollensky Restaurant Group Inc. to $9.75 a share, or about $84 million, topping a rival bid by Patina Restaurant Group. The company had previously made an unsolicited offer to acquire Smith & Wollensky for $64.4 million, or $7.50 per share but it was forced to raise its bid when the steakhouse chain agreed to be acquired by Patina Restaurant Group LLC for $79.5 million, or $9.25 a share in cash. Smith & Wollensky Restaurant Group operates its namesake restaurants as well as Maloney & Porcelli's, Post House, Park Avenue Cafe and Quality Meats.The company has recently reported a 5.6% rise in the income from continuing operations for the fourth quarter for the fiscal 2006. For fiscal 2006, revenues from continuing operations advanced 26.4% to $1.1 billion from $897.5 million in the previous year. Never-the-less the company announced that it will take an $8.6 million charge to correct previously disclosed stock option accounting errors. Despite of this it is expected that the fiscal 2007 will see an upswing in the revenues as well as profit of the company. Moreover if the Smith & Wollensky bid goes about as planned the new entity is expected to beneficial for the stock holders of both the company’s. Given Landry’s ability to consummate the transaction without a financing contingency, it is expected that the company being acquired will seriously consider its offer. Backing on all the above facts the shares of the company are expected to surge up in the coming months.