Back in May when I last wrote on Landry's (NYSE:LNY), the company was floundering with minimal growth. Now, following the release of its third-quarter results, its stock has moved higher by more than 7% in recent trading. With our lobster-turned-investing cracker in hand, let's find the meat of the excitement.

The enterprise has a bevy of concepts, offering consumers a wide variety of looks that would make Dennis Rodman's hairstylist envious. The list of its restaurant ideas is long, but necessarily distinguished in terms of customer recognition. Exceptions are franchises like Joe's Crab Shack and Rainforest Cafe, two of the more identifiable names that they operate. The company is also into other facilities ranging from marinas to hotels to casinos.

How did this motley group fare in the latest period? Its top line continues to just barely sport a pulse, growing revenues by a mere 1.6% to $319.5 million. Landry's leadership pointed to hurricanes Rita and Katrina as the reason for the tough results, explaining that 66 of its 309 restaurants were adversely affected for approximately 10 days as a result of the storms.

This may be a compelling reason for Landry's to consider increasing its foothold in other parts of the country and thereby better absorbing the impact from its Gulf region units. The problem is that expansion costs money and Landry's balance sheet of $154.2 million in cash and marketable securities is already significantly outweighed by long-term debt of $814.1 million. With a more restrictive balance sheet, the company will have to be creative and selective as it pursues its growth strategy to expand core units like Joe's Crab Shack and Saltgrass Steak House.

And how successful has Landry's been lately in fulfilling its plan? That's a good question. Neither its annual 10-K nor quarterly 10-Q filings provide a breakdown of its various franchises, including unit growth and the respective performance of each. With this info not readily available, it's difficult for shareholders to track the fundamental performance of a company in which they have ownership.

What we do know is that Landry's net income declined to $16 million from $20.8 million in the comparable period a year ago. Increased interest expense associated with last year's debt refinancing is the reason for the decrease.

The market is likely applauding the news that its Gold Nugget casino & hotel acquisition will be coming on line faster than anticipated. Perhaps Landry's has hit the jackpot with its newest acquisition, but given the above-mentioned problems, a wait-and-see approach makes sense.

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Fool contributor Jeremy MacNealy does not own shares of any companies mentioned.