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Letter to the editor

Talk of the bay: 2007 results less than appetizing for Shells chain

By Times Staff
Published March 11, 2008

Rising food costs and the sluggish U.S. economy have been hard on many sit-down restaurant chains. But few have fared as poorly as Shells Seafood Restaurants. The 23-store Tampa chain says its revenue fell nearly 22 percent in the fourth quarter to $7.6-million, while sales at stores open at least 18 months fell 18 percent. Those figures translated into a quarterly loss of $2.3-million, or 10 cents per share. For Leslie Christon, above, the Shells CEO who arrived nearly five years ago to attempt a turnaround, reviving the once-popular chain has proved frustrating. Christon, who held management positions Red Lobster, El Chico, On the Border and Sutton Place Gourmet, could not come up with a winning formula at Shells. Interim president Warren Nelson, who replaced Christon in late February, called 2007 a "challenging year."

Bank stock analyst zones in on Florida

Bank stock analyst Richard Bove of Lutz plans to focus more of his attention on small Florida bank stocks. The impetus for his decision? Miami-based Ladenburg Thalmann Financial Services is acquiring Punk, Ziegel & Co., the New York-based specialty investment company that employs Bove. Ladenberg wants to sell its investment banking services to smaller regional banks raising capital or seeking merger partners. Bove says he looks forward to reconnecting with Florida banks. "The opportunities are enormous in this sector now," he said.

Seminoles putting brand on own beef

The Seminole Tribe of Florida has a new product to go with cigarettes, swamp buggy tours and, of course, gambling: its own brand of beef. The tribe has raised cattle for generations and ships about 5,000 live6-month-old calves a year to buyers in Florida. Now, an American Indian-owned company in Wichita, Kan., is processing cattle from the Seminoles and other tribes for sale under the Seminole Tribe of Florida brand. Beef carrying the tribe's logo will be sold in Indian casino restaurants in Florida and Connecticut, hotel chains and U.S. military bases. But not yet in your local grocery.

[Last modified March 10, 2008, 22:57:13]