Tilman Fertitta

May 17, 2010 4:58 PM

Quarterly revenues grew slightly at Landry’s Restaurants Inc. (LNY) but the company still showed an operating loss of $0.09 a share compared to a profit last year of $0.07 a share in the first quarter.

Officially, however, because of a number of special items that included gains on repurchased debt and a loss on interest rate swaps, the company reported net income of $14.3 million or $0.87 per share. Last year, the company reported a profit of $7.1 million or $0.37 per share.

The company explained that it had increased its marketing and promotional activity but the expenses incurred reduced the profit margin during the reporting period.

Continuing to run the company that includes the Golden Nugget properties in downtown Las Vegas and in Laughlin, Nevada is Tilman Fertitta, who currently owns 55 percent of the outstanding stock. He previously offered to acquire the outstanding shares he doesn’t already own for $14.75 each but has since raised the offer to $21 per share.

The share price in recent weeks has traded in the range of $21 to $24.

Fertitta’s offer has not been acted upon by the board of directors and the shareholders.