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): August 1, 2003

LANDRY’S RESTAURANTS, INC.

(Exact name of registrant as specified in its charter)

DELAWARE	0-22150	76-0405386
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1500 West Loop South

Houston, TX 77027

(Address of principal executive offices)

Registrant’s telephone number, including area code: (713) 850-1010

N/A

(Former name or former address, if changed since last report.)

ITEM 7.    FINANCIAL STATEMENTS AND EXHIBITS

(c)    Exhibits.

*99.1 The press release of Landry’s Restaurants, Inc.’s (“Landry’s”) dated July 31, 2003, announcing the results for the second quarter of 2003.

* Furnished herewith.

ITEM 9.    REGULATION FD DISCLOSURE.

This Current Report on Form 8-K is being furnished pursuant to Item 12 – “Results of Operations and Financial Condition” in accordance with SEC Final Rule Release No. 33-8216 to disclose the press release issued by the Registrant on July 31, 2003.

On July 31, 2003, Landry’s issued a press release announcing its financial results for the second quarter ended June 30, 2003. A copy of the press release is attached to this Current Report as Exhibit 99.1.

The information, including exhibit attached hereto, in this Current Report is being furnished and shall not be deemed “filed” for the purposes of the Securities Exchange Act of 1934. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing.

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.

Dated: August 1, 2003	Landry’s Restaurants, Inc.
	By:	/s/    Tilman J. Fertitta
		Tilman J. Fertitta Chairman, President and CEO

EXHIBIT INDEX

Exhibits.

Exhibit Number	Title of Document
*99.1	Press  Release dated July 31, 2003 announcing Landry’s second quarter 2003.

2

EX-99.1

EXHIBIT 99.1

[LANDRY’S RESTAURANTS LETTERHEAD]

1510 West Loop South Ÿ Houston, Texas 77027 Ÿ Main 713/850-1010 Ÿ Exec. 713-386-7000 Ÿ Fax 713/386-7070

LANDRY’S RESTAURANTS, INC. (“LNY”/NYSE) REPORTS

SECOND QUARTER 2003 FINANCIAL RESULTS

Houston, Texas (July 31, 2003)

Landry’s Restaurants, Inc. (the “Company”), the second largest operator of casual dining seafood restaurants announced its earnings for the second quarter ended June 30, 2003.

Revenues for the three months ended June 30, 2003, totaled $300 million, as compared to $231.9 million a year earlier. Net earnings for the quarter were $16.9 million, compared to $15.0 million reported last year. Included in the 2003 earnings is an asset impairment charge of $1.1 million, net of tax, or a reduction to earnings of approximately $0.04 per share resulting from the termination of a Crab House restaurant lease in Florida. Excluding the 2003 asset impairment charge, earnings per share (diluted) adjusted for the quarter were $0.64. Earnings per share (diluted) for the quarter were $0.60, compared to $0.56 reported last year. Same store sales for the Company’s restaurants were down approximately 2% for the quarter. However, same store sales for the Company were a positive nearly 3% in the month of July 2003.

Revenues for the six months ended June 30, 2003, totaled $549.5 million, as compared to $424.1 million a year earlier. Net earnings for the six months were $25.0 million, compared to $21.2 million reported last year. Earnings per share—(diluted) for the six months were $0.89, or $0.93 adjusted excluding the 2003 asset impairment charge, compared to $0.85 reported last year.

The Company operated 279 restaurants at June 30, 2003 primarily under the trade names Joe’s Crab Shack, Landry’s Seafood House, The Crab House, Charley’s Crab, Chart House seafood restaurants, the Rainforest Cafe and Saltgrass Steak House restaurants.

Earnings per share adjusted for the asset impairment charge is not a generally accepted accounting principles (“GAAP”) measurement and is presented solely as a supplemental disclosure because the Company believes that it is a widely used measure of operating performance in the restaurant industry.

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, positive same store sales, availability and pricing of financing, 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 a representation by us or any other person that our objectives and plans will be achieved.

CONTACT: Tilman J. Fertitta Chairman, President and C.E.O. or Paul S. West ExecutiveVice President and    C.F.O.

LANDRY'S RESTAURANTS, INC.

UNAUDITED CONDENSED INCOME STATEMENTS (000'S)

	FOR THE QUARTER ENDED 30-Jun-03					FOR THE QUARTER ENDED 30-Jun-02					FOR THE SIX MONTHS ENDED 30-Jun-03					FOR THE SIX MONTHS ENDED 30-Jun-02
REVENUES	$	299,890		100.0	%	$	231,938		100.0	%	$	549,472		100.0	%	$	424,108		100.0	%
COST OF SALES		87,447		29.2	%		66,443		28.6	%		160,769		29.3	%		121,844		28.7	%
LABOR		86,654		28.9	%		64,743		27.9	%		161,201		29.3	%		120,024		28.3	%
OTHER RESTAURANT OPERATING EXPENSES		71,370		23.8	%		56,786		24.5	%		132,569		24.1	%		106,697		25.2	%
RESTAURANT LEVEL PROFIT	$	54,419		18.1	%	$	43,966		19.0	%	$	94,933		17.3	%	$	75,543		17.8	%
GENERAL & ADMINISTRATIVE		12,010		4.0	%		10,937		4.7	%		23,682		4.3	%		20,459		4.8	%
PRE-OPENING COSTS		1,550		0.5	%		576					5,218		0.9	%		1,858
DEPRECIATION & AMORTIZATION (1)		13,710	(1)	4.6	%		11,338	(2)	4.9	%		24,905	(1)	4.5	%		21,223	(2)	5.0	%
TOTAL OPERATING INCOME	$	27,149		9.1	%	$	21,115		9.1	%	$	41,128		7.5	%	$	32,003		7.5	%
OTHER EXPENSE (INCOME)		2,648		0.9	%		(689	)(2)				4,858		0.9	%		1,238	(2)
INCOME BEFORE TAXES		24,501		8.2	%		21,804		9.4	%		36,270		6.6	%		30,765		7.3	%
TAX PROVISION		7,595					6,759					11,244					9,537
NET INCOME	$	16,906				$	15,045				$	25,026				$	21,228
EARNINGS PER SHARE—(basic)	$	0.61	(1)			$	0.58				$	0.91	(1)			$	0.88
AVERAGE SHARES—(basic)		27,540					26,000					27,600					24,100
EARNINGS PER SHARE—(diluted)	$	0.60	(1)			$	0.56				$	0.89	(1)			$	0.85
AVERAGE SHARES—(diluted)		28,300					27,000					28,250					25,100

NOTES:

    (1) Includes asset impairment charge of $1.5 million pre-tax in 2003, or $0.04 per share, after tax.

    (2) Included in such amounts are as follows:

                Depreciation and amortization—asset impairment of $1.7 million for the 2nd quarter ($2.2 million year-to-date) for an                 operating restaurant

                Other expense (income)—additional income recorded of $1.6 million for vendor settlement and gain on asset.

LANDRY’S RESTAURANTS, INC.

CONDENSED UNAUDITED BALANCE SHEETS

($ in Millions except per share amounts)

	June 30, 2003		Dec. 31, 2002
	(unaudited)
Cash & Equivalents	$	13.9	$	13.9
Other Current Assets		76.6		78.8
Total Current Assets		90.5		92.7
Property & Equipment, Net		924.8		830.9
Other Assets		9.1		9.4
Total Assets	$	1,024.4	$	933.0
Current Liabilities	$	153.7	$	148.4
Credit Line		255.7		189.4
Other Non-current		28.4		28.1
Total Liabilities		437.8		365.9
Total Stockholders’ Equity		586.6		567.1
Total Liabilities & Equity	$	1,024.4	$	933.0
Net Book Value per share	$	21.27	$	20.42