Cheesecake Factory net income drops 16%

Cheesecake Factory Inc., which delayed its earnings results while investigating stock option grants, said third-quarter profit fell 16% as fewer customers ate at its restaurants.

Net income declined to $18.1 million, or 23 cents a share, from $21.7 million, or 27 cents, a year earlier. Sales for the three months that ended Oct. 3 rose 11% to $325.3 million, the Calabasas Hills-based company said.