HOUSTON Landry's Restaurants Inc. reported Friday it was unable to timely file with regulators its fiscal 2006 fourth-quarter and full-year financial results because of a pending review of stock option granting policies.
The company said it expects to restate its historical financial statements since 2001, and although a review is not yet complete, the aggregate non-cash charges over the 14-year period it has granted stock options could range between $6.0 million and $8.0 million.
Landry's did report that fourth-quarter revenue from continuing operations increased 5.6-percent to $275.7 million. Continuing operations excludes the Joe's Crab Shack restaurants sold in November 2006. Landry's currently operates about 200 restaurants under the Landry's Seafood House, Chart House, Rainforest Cafe, Saltgrass Steak House and other brands, as well as hotels, marinas, retail sites and the Golden Nugget Hotels and Casinos. It also is bidding for the Smith & Wollensky restaurant chain.
Revenues from continuing operations for the full year 2006 increased 26.4 percent to $1.1 billion. The jump was aided by revenues from the September 2005 acquisition of the Golden Nugget Hotels and Casinos.
Regarding the company's stock option review, it said it did not "uncover any evidence of any intentional backdating or other wrongdoing."