-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DHWgzUpVKnlpwZn0nFWRUjnNh6qKZ8gDmGzHPdctyM37ANlZDxgzh8oyCCGC/TR3 gPRnucYkOnC5VtX0UoQFPw== 0000899243-02-001085.txt : 20020416 0000899243-02-001085.hdr.sgml : 20020416 ACCESSION NUMBER: 0000899243-02-001085 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20020415 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LANDRYS RESTAURANTS INC CENTRAL INDEX KEY: 0000908652 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 740405386 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15531 FILM NUMBER: 02610044 BUSINESS ADDRESS: STREET 1: 1400 POST OAK BLVD STREET 2: STE 1010 CITY: HOUSTON STATE: TX ZIP: 77056 BUSINESS PHONE: 7138501010 FORMER COMPANY: FORMER CONFORMED NAME: LANDRYS SEAFOOD RESTAURANTS INC DATE OF NAME CHANGE: 19930706 8-K 1 d8k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 15, 2002 LANDRY'S RESTAURANTS, INC. (Exact name of registrant as specified in its charter) Delaware 000-22150 74-0405386 (State or other jurisdiction (Commission File Number) (IRS Employer of incorporation) Identification No.) 1510 West Loop South, Suite 800 Houston, Texas, 77027 (Address of principal executive offices) (713) 850-1010 (Registrant's telephone number, including area code) INFORMATION TO BE INCLUDED IN THE REPORT ITEM 5. OTHER EVENTS On April 15, 2002, Landry's Restaurants, Inc. issued a press release announcing its earnings for the first quarter of 2002. The press release is attached as Exhibit 99.1 to this Form 8-K. ITEM 7. EXHIBITS (c) Exhibits. *99.1 Landry's Restaurants, Inc. Press Release Issued April 15, 2002. ________________________ * Filed herewith. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. LANDRY'S RESTAURANTS, INC. By: /s/ Tilman J. Fertitta ------------------------------- Tilman J. Fertitta, Chairman of the Board, President and Chief Executive Officer DATED: April 15, 2002 3 EX-99.1 3 dex991.txt PRESS RELEASE EXHIBIT 99.1 LANDRY'S RESTAURANTS, INC. PRESS RELEASE ISSUED APRIL 15, 2002 Monday April 15, 7:03 am Eastern Time Press Release SOURCE: Landry's Restaurants, Inc. Landry's Restaurants, Inc. ('LNY'/NYSE) Reports First Quarter 2002 Revenues of $192 Million and Earnings Per Share of $0.27, Up 59% HOUSTON, April 15 /PRNewswire-FirstCall/ -- Landry's Restaurants, Inc. (the "Company"), the second largest operator of casual dining seafood restaurants announced its earnings for the first quarter ended March 31, 2002. Revenues for the three months ended March 31, 2002 totaled $192.2 million, as compared to $176.0 million a year earlier. Net earnings for the quarter were $6.2 million, compared to $3.7 million reported last year. Earnings per share (diluted) for the quarter were $0.27, compared to $0.17 reported last year. Same store sales for the Company's seafood restaurants rose approximately 2.6% for the quarter. According to Tilman J. Fertitta, Chairman, President and CEO, "Our favorable results were attributable primarily to positive same store sales at the Joe's Crab Shack concept, lower seafood commodity prices, the strong financial performance of the Rainforest Cafe restaurants, and the successful integration of the Muer's seafood restaurants acquisition." Paul S. West, Vice President - Finance and CFO added, "Seafood prices are at some of the lowest levels that we have seen in years." The Company operated 213 restaurants at March 31, 2002 primarily under the trade names Joe's Crab Shack, Landry's Seafood House, The Crab House, Rainforest Cafe and Charley's Crab. This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Our forward-looking statements are subject to risks and uncertainty, including without limitation, our ability to continue our expansion strategy, ability to make projected capital expenditures, as well as general market conditions, competition, and pricing. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of the assumptions could be inaccurate, and, therefore, we cannot assure you that these forward-looking statements will prove to be accurate. In light of the significant uncertainties inherent in our forward-looking statements, the information contained herein should not be regarded as representation by us or any other person that our objectives and plans will be achieved. LANDRY'S RESTAURANTS, INC. UNAUDITED CONSOLIDATED INCOME STATEMENTS (000'S except per share amounts) FOR THE QUARTER ENDED FOR THE QUARTER ENDED MARCH 31, 2002 MARCH 31, 2001 REVENUES $192,170 100.0% $175,955 100.0% COST OF SALES 55,401 28.8% 52,055 29.6% LABOR 55,282 28.8% 51,692 29.4% OTHER RESTAURANT OPERATING EXPENSES 49,910 26.0% 45,302 25.7% RESTAURANT LEVEL PROFIT $ 31,577 16.4% $ 26,906 15.3% GENERAL & ADMINISTRATIVE 9,522 5.0% 9,035 5.1% PRE-OPENING COSTS 1,282 1,082 DEPRECIATION & AMORTIZATION 9,886 5.1% 8,602 4.9% TOTAL OPERATING INCOME $ 10,887 5.7% $ 8,187 4.7% OTHER EXPENSE (INCOME) 1,926 2,825 INCOME Before Taxes 8,961 5,362 TAX PROVISION 2,778 1,662 NET INCOME $ 6,183 $ 3,700 EARNINGS PER SHARE - (Basic) $ 0.28 $ 0.17 AVERAGE SHARES - (Basic) 22,150 21,500 EARNINGS PER SHARE - (Diluted) $ 0.27 $ 0.17 AVERAGE SHARES - (Diluted) 23,200 22,040 EBITDA $ 20,773 $16,789 EBITDA PER SHARE $ 0.90 $ 0.76 LANDRY'S RESTAURANTS, INC. CONDENSED UNAUDITED BALANCE SHEETS ($ in Millions except per share amounts) MARCH 31, DEC. 31, 2002(1) 2001 (UNAUDITED) Cash & Equivalents $ 20.1 $ 31.1 Other Current Assets 63.8 63.0 Total Current Assets 83.9 94.1 Property & Equipment, Net 629.0 587.8 Other Assets 10.1 8.3 Total Assets $723.0 $690.2 Current Liabilities $111.5 $100.1 Credit Line 186.2 175.0 Other Non-current 22.9 21.4 Total Liabilities 320.6 296.5 Total Stockholders' Equity 402.4 393.7 Total Liabilities & Equity $723.0 $690.2 Net Book Value per share $18.07 $17.90 ------------ (1) Reflects preliminary purchase accounting for the acquisition of C.A. Muer, Inc. SOURCE: Landry's Restaurants, Inc. -----END PRIVACY-ENHANCED MESSAGE-----