UPDATE 1-Landry's posts Q3 profit; to restate first-half results

* Q3 EPS $0.41 vs loss/shr $1.06 last yr

* Q3 rev falls 5 pct to $276.6 mln

* Says to restate Q1, Q2 results

* Says restatement will have no effect on cash flow

Nov 6 (Reuters) - Landry's Restaurants Inc (LNY.N) posted a third-quarter profit, helped partly by lower costs, and said it will restate its first- and second-quarter results to adjust for non-controlling interests in its T-Rex subsidiary.

For the third quarter, net income available to the company's common stockholders was $6.7 million, or 41 cents a share, compared with a loss of $17.1 million, $1.06 a share, a year earlier. Excluding items, it earned 2 cents a share.

Revenue from continuing operations fell 5 percent to $276.6 million.

Two analysts on average expected the company to post a loss of 18 cents a share, before items, on revenue of $264.3 million, according to Thomson Reuters I/B/E/S.

Landry's said it will amend the results of the first two quarters of 2009 as it did not properly consider the accreted value of its redeemable non-controlling interests in T-Rex in its determination of net income available to the company's common stockholders.