Luby's Reports Third Quarter Fiscal 2019 Results
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Luby's Reports Third Quarter Fiscal 2019 Results

HOUSTON, July 15, 2019 // PRNewswire // - Luby's, Inc. (NYSE: LUB) ("Luby's") today announced unaudited financial results for its twelve-week third quarter fiscal 2019 referred to as "third quarter." Comparisons in this earnings release are for the third quarter compared to third quarter fiscal 2018.

Third Quarter Key Metrics

  • Same-store sales decreased 4.0%
  • Culinary Contract Services sales increased by 14% to $7.6 million, up from $6.6 million and segment profit increased $0.2 million with margins above 10%
  • Five company owned Fuddruckers restaurants were re-franchised.
  • Loss from continuing operations of $5.3 million compared to loss of $14.1 million in the third quarter fiscal 2018
  • Store level profit as a percent of restaurant sales was 10.2%, up from 8.5% -- a 170 basis points improvement (see non-GAAP reconciliation below)
  • Adjusted EBITDA decreased $0.3 million (see non-GAAP reconciliation below)

Chris Pappas, President and CEO, commented, "Our turn-around plan is two-fold: establishing appropriate cost structures for our business and growing guest traffic and sales. We continue to make progress in efficiently managing restaurant-level costs, resulting in a store level profit improvement, despite the decline in same-store sales in the third quarter. However, we recognize that our turn-around depends on growing guest traffic and sales. While our same-store sales have not yet achieved the improvement we are striving for, we do see a number of positive developments based on our recent efforts and initiatives aimed at growing guest traffic. For instance, at our cafeteria brand, guest traffic has continually trended better throughout the current fiscal year. At both of our core brands, we are providing menu price points that offer compelling everyday value options starting in the $7.00 to $9.00 range, while still including additional premium offerings at higher price points. This value orientation is helping to improve our guest traffic trends and will be central to growing sales.

Our culinary contract services business added seven net new locations compared to last year, which are generating incremental sales and profit. This continues to be a terrific segment of our business with significant growth potential. We continue to pursue new clients for our signature offering. In our Fuddruckers franchise system, we made solid progress on our plans to transition to a primarily franchise model outside our core Houston, Texas market: five locations in the San Antonio market transitioned from company-operated restaurants to franchise-operated locations.

Through the leadership of our chief operating officer, Todd Coutee, the re-alignment of team members into the right positions is substantially complete in restaurant operations. The restaurant leadership team and the entire organization are fully focused on increasing guest traffic by driving restaurant and guest service initiatives to delight our guests. We are putting all the pieces in place so that when we turn the corner and return to sales growth, we are better positioned for future profitability."

2019 Same-Store Sales Year-Over-Year Comparison

 

Q1

2019

Q2

2019

Q3

2019

YTD

2019

Luby's Cafeterias

(3.0)%

(2.2)%

(3.1)%

(2.8)%

Fuddruckers

(11.2)%

(5.3)%

(6.1)%

(8.0)%

Combo locations (1)

(11.1)%

(7.1)%

(4.8)%

(8.1)%

Cheeseburger in Paradise

(0.6)%

(3.1)%

(4.4)%

(2.6)%

Total same-store sales (2)

(5.5)%

(3.3)%

(4.0)%

(4.4)%

 

(1)

Combo locations consist of a side-by-side Luby's Cafeteria and Fuddruckers Restaurant at one property location.

(2)

 Luby's includes a restaurant's sales results into the same-store sales calculation in the quarter after that store has been open for six complete consecutive quarters. In the third quarter, there were 74 Luby's Cafeterias locations, 43 Fuddruckers locations, all six Combo locations, and one Cheeseburger in Paradise location that met the definition of same-stores.

Third Quarter Restaurant Sales:
($ thousands)

Restaurant Brand

Q3

2019

Q3

2018

Change

($)

Change

(%)

Luby's Cafeterias

$

45,062

 

$

49,067

 

$

(4,005)

 

(8.2)

%

Fuddruckers

15,312

 

20,622

 

(5,310)

 

(25.7)

%

Combo locations

4,591

 

4,821

 

(230)

 

(4.8)

%

Cheeseburger in Paradise

778

 

3,293

 

(2,515)

 

(76.4)

%

Other Revenue

(132)

 

 

(132)

   

Total Restaurant Sales

$

65,611

 

$

77,803

 

$

(12,192)

 

(15.7)

%

 

Note:  Luby's Cafeterias store count reduced from 80 at Q3 2018 start to 74 at Q3 2019 end; Fuddruckers store count reduced from 61 at Q3 2018 start to 43 at Q3 2019 end; Combo location count at six (12 restaurants) at Q3 2018 start and at Q3 2019 end; Cheeseburger in Paradise store count reduced from seven at Q3 2018 start to one at Q3 2019 end.

  • Luby's Cafeterias sales decreased $4.0 million versus the third quarter fiscal 2018, due to the closure of six locations over the prior year and a 3.1% decrease in Luby's same-store sales. The decrease in same-store sales was the result of a 1.2% decrease in guest traffic and a 2.0% decrease in average spend per guest. 

  • Fuddruckers sales at company-owned restaurants decreased $5.3 million versus the third quarter fiscal 2018, due to 18 restaurant closings and a 6.1% decrease in same-store sales. The decrease in same-store sales was the result of a 8.7% decrease in guest traffic, partially offset by a 2.8% increase in average spend per guest. 

  • Combo location sales decreased $0.2 million, or 4.8%, versus third quarter fiscal 2018. 

  • Cheeseburger in Paradise sales decreased $2.5 million. The decrease in sales is related to reducing operations to a single store compared to operating seven locations in the third quarter fiscal 2018. 

  • Loss from continuing operations was $5.3 million, or $0.18 per diluted share, compared to a loss of $14.1 million, or $0.47 per diluted share, in the third quarter fiscal 2018. 

  • Store level profit, defined as restaurant sales plus vending revenue less cost of food, payroll and related costs, other operating expenses, and occupancy costs, was $6.7 million, or 10.2% of restaurant sales, in the third quarter compared to $6.6 million, or 8.5% of restaurant sales, in the third quarter fiscal 2018. The improvement in store level profit, despite a decline in same-store sales, was the result of effective cost management in several areas. Food costs as percent of restaurant sales decreased as we focused on a return to "classic favorites" with favorable food costs. Our restaurant supplies expense and repairs and maintenance expense continued to experience significant reductions over prior year as these areas remained areas of opportunity for cost management. We also continue to effectively manage our hourly labor costs on a per store basis through efficient restaurant staffing. Store level profit is a non-GAAP measure, and reconciliation to loss from continuing operations is presented after the financial statements. 

  • Culinary Contract Services revenue increased by $0.9 million to $7.6 million with 32 operating locations during the third quarter. New locations contributed the bulk of the revenue increase. Culinary Contract Services profit margin increased to 10.3% of Culinary Contract Services sales in the third quarter compared to 8.1% in the third quarter fiscal 2018. 

  • Selling, general and administrative expenses increased $0.9 million. Included in this increase is additional marketing and advertising spending of $0.6 million as we commit to investments in our digital media efforts. Also included in the net increase is approximately $1.2 million increase in professional fees related to information technology, accounting and other functions. Of the $1.2 million increase, $0.7 million relates to one-time restructuring related consulting fees surrounding software upgrades and evaluations of our cost structure and revenue enhancing priorities. Our corporate salary, benefits, travel, and supplies expense decreased over $0.8 million. The marketing and advertising component of selling, general, and administrative expenses was approximately $1.3 million which represents 1.7% of total sales.

Balance Sheet and Capital Expenditures

We ended the third quarter with net debt (total debt less cash) of $32.6 million, a decrease from $35.8 million at the end of fiscal 2018. During the third quarter, our capital expenditures decreased to $1.1 million compared to $3.7 million in the third quarter fiscal 2018. At the end of the third quarter, we had $3.2 million in available cash, $9.6 million in restricted cash, and $110.2 million in total shareholders' equity.

Restaurant Counts:

 

August 29, 
2018

 

FY19 YTD Q3
Openings

 

FY19 YTD Q3
Closings

 

June 5,
 2019

Luby's Cafeterias(1)

84

   

   

(4)

   

80

 

Fuddruckers Restaurants(1)

60

   

   

(11)

   

49

 

Cheeseburger in Paradise

2

   

   

(1)

   

1

 

Total

146

   

   

(16)

   

130

 

 

(1)

  Includes 6 restaurants that are part of Combo locations

Conference Call

Luby's will host a conference call on July 15, 2019 at 10:00 a.m. Central Time to discuss further its third quarter fiscal 2019 results. To access the call live, dial (412) 902-0030 and use the access code 13691758# at least 10 minutes prior to the start time, or listen live over the Internet by visiting the events page in the investor relations section of www.lubysinc.com. For those who cannot listen to the live call, a telephonic replay will be available through July 22, 2019 and may be accessed by calling (201) 612-7415 and using the access code 13691758#. Also, an archive of the webcast will be available after the call for a period of 90 days on the "Investors" section of the Company's website.

About Luby's

Luby's, Inc. (NYSE: LUB) operates 130 restaurants nationally as of June 5, 2019: 80 Luby's Cafeterias, 49 Fuddruckers, one Cheeseburger in Paradise restaurants. Luby's is the franchisor for 107 Fuddruckers franchise locations across the United States (including Puerto Rico), Canada, Mexico, Colombia, and Panama. Luby's Culinary Contract Services provides food service management to 32 sites consisting of healthcare, corporate dining locations, sports stadiums, and sales through retail grocery stores.

This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical fact, are "forward-looking statements" for purposes of these provisions, including the statements under the caption "Outlook" and any other statements regarding scheduled openings of units, scheduled closures of units, sales of assets, expected proceeds from the sale of assets, expected levels of capital expenditures, effects of food commodity costs, anticipated financial results in future periods and expectations of industry conditions.

Luby's cautions readers that various factors could cause its actual financial and operational results to differ materially from those indicated by forward-looking statements made from time-to-time in news releases, reports, proxy statements, registration statements, and other written communications, as well as oral statements made from time to time by representatives of Luby's. The following factors, as well as any other cautionary language included in this press release, provide examples of risks, uncertainties and events that may cause Luby's actual results to differ materially from the expectations Luby's describes in such forward-looking statements: general business and economic conditions; the impact of competition; our operating initiatives; fluctuations in the costs of commodities, including beef, poultry, seafood, dairy, cheese and produce; increases in utility costs, including the costs of natural gas and other energy supplies; changes in the availability and cost of labor; the seasonality of Luby's business; changes in governmental regulations, including changes in minimum wages; the effects of inflation; the availability of credit; unfavorable publicity relating to operations, including publicity concerning food quality, illness or other health concerns or labor relations; the continued service of key management personnel; and other risks and uncertainties disclosed in Luby's annual reports on Form 10-K and quarterly reports on Form 10-Q.

Luby's, Inc.

Consolidated Statements of Operations (unaudited)

(In thousands, except per share data)   

 
 

Quarter Ended

 

Three Quarters Ended

 

June 5,
 2019

 

June 6,
 2018

 

June 5,
 2019

 

June 6,
 2018

 

(12 weeks)

 

(12 weeks)

 

(40 weeks)

 

(40 weeks)

SALES:

             

Restaurant sales

$

65,611

   

$

77,803

   

$

222,079

   

$

256,737

 

Culinary contract services

7,571

   

6,639

   

24,610

   

19,413

 

Franchise revenue

1,482

   

1,444

   

5,126

   

4,732

 

Vending revenue

102

   

118

   

292

   

412

 

TOTAL SALES

74,766

   

86,004

   

252,107

   

281,294

 

COSTS AND EXPENSES:

             

Cost of food

18,478

   

22,255

   

61,707

   

73,190

 

Payroll and related costs

25,015

   

29,392

   

84,258

   

96,032

 

Other operating expenses

11,491

   

15,023

   

39,404

   

48,881

 

Occupancy costs

4,023

   

4,609

   

14,064

   

15,577

 

Opening costs

6

   

85

   

49

   

490

 

Cost of culinary contract services

6,791

   

6,104

   

22,324

   

18,113

 

Cost of franchise operations

330

   

341

   

849

   

1,198

 

Depreciation and amortization

2,927

   

4,050

   

11,052

   

13,402

 

Selling, general and administrative expenses

9,426

   

8,507

   

29,666

   

29,219

 

Provision for asset impairments and restaurant closings

675

   

4,464

   

3,097

   

6,716

 

Net loss (gain) on disposition of property and equipment

(434)

   

154

   

(12,935)

   

172

 

Total costs and expenses

78,728

   

94,984

   

253,535

   

302,990

 

LOSS FROM OPERATIONS

(3,962)

   

(8,980)

   

(1,428)

   

(21,696)

 

Interest income

11

   

1

   

30

   

12

 

Interest expense

(1,324)

   

(1,042)

   

(4,593)

   

(2,235)

 

Other income, net

112

   

9

   

198

   

317

 

Loss before income taxes and discontinued operations

(5,163)

   

(10,012)

   

(5,793)

   

(23,602)

 

Provision for income taxes

132

   

4,121

   

346

   

7,494

 

Loss from continuing operations

(5,295)

   

(14,133)

   

(6,139)

   

(31,096)

 

Loss from discontinued operations, net of income taxes

(6)

   

(463)

   

(18)

   

(608)

 

NET LOSS

$

(5,301)

   

$

(14,596)

   

$

(6,157)

   

$

(31,704)

 

Loss per share from continuing operations:

             

Basic

$

(0.18)

   

$

(0.47)

   

$

(0.21)

   

$

(1.04)

 

Assuming dilution

$

(0.18)

   

$

(0.47)

   

$

(0.21)

   

$

(1.04)

 

Loss per share from discontinued operations:

             

Basic

$

(0.00)

   

$

(0.02)

   

$

(0.00)

   

$

(0.02)

 

Assuming dilution

$

(0.00)

   

$

(0.02)

   

$

(0.00)

   

$

(0.02)

 

Net loss per share:

             

Basic

$

(0.18)

   

$

(0.49)

   

$

(0.21)

   

$

(1.06)

 

Assuming dilution

$

(0.18)

   

$

(0.49)

   

$

(0.21)

   

$

(1.06)

 

Weighted average shares outstanding:

             

Basic

29,874

   

30,005

   

29,732

   

29,863

 

Assuming dilution

29,874

   

30,005

   

29,732

   

29,863

 

The following table contains information derived from the Company's Consolidated Statements of Operations expressed as a percentage of sales. Percentages may not total due to rounding.

 

Quarter Ended

 

Three Quarters Ended

 

June 5,
 2019

 

June 6,
 2018

 

June 5,
 2019

 

June 6,
 2018

 

(12 weeks)

 

(12 weeks)

 

(40 weeks)

 

(40 weeks)

               

Restaurant sales

87.8

%

 

90.5

%

 

88.1

%

 

91.3

%

Culinary contract services

10.1

%

 

7.7

%

 

9.8

%

 

6.9

%

Franchise revenue

2.0

%

 

1.7

%

 

2.0

%

 

1.7

%

Vending revenue

0.1

%

 

0.1

%

 

0.1

%

 

0.1

%

TOTAL SALES

100.0

%

 

100.0

%

 

100.0

%

 

100.0

%

               

COSTS AND EXPENSES:

             
               

(As a percentage of restaurant sales)

             

Cost of food

28.2

%

 

28.6

%

 

27.8

%

 

28.5

%

Payroll and related costs

38.1

%

 

37.8

%

 

37.9

%

 

37.4

%

Other operating expenses

17.5

%

 

19.3

%

 

17.7

%

 

19.0

%

Occupancy costs

6.1

%

 

5.9

%

 

6.3

%

 

6.1

%

Vending revenue

(0.2)

%

 

(0.2)

%

 

(0.1)

%

 

(0.2)

%

Store level profit

10.2

%

 

8.5

%

 

10.3

%

 

9.1

%

               

(As a percentage of total sales)

             

Marketing and advertising expenses

1.7

%

 

0.8

%

 

1.2

%

 

1.0

%

One-time expenses1

%

 

%

 

0.7

%

 

%

Restructuring Costs2

0.9

%

 

%

 

0.4

%

 

%

General and administrative expenses

10.0

%

 

9.1

%

 

9.5

%

 

9.4

%

Selling, general and administrative expenses

12.6

%

 

9.9

%

 

11.8

%

 

10.4

%

 

1 One-time expenses include proxy solicitation and communication costs, severance expense

2 Restructuring costs include primarily certain consulting fees and systems upgrades

 

Luby's, Inc.

Consolidated Balance Sheets

(In thousands, except per share data)

       
 

June 5,
 2019

 

August 29,
 2018

 

 (Unaudited)

   

ASSETS

     

Current Assets:

     

Cash and cash equivalents

$

3,193

   

$

3,722

 

Restricted cash and cash equivalents

9,588

   

 

Trade accounts and other receivables, net

9,667

   

8,787

 

Food and supply inventories

3,874

   

4,022

 

Prepaid expenses

2,725

   

3,219

 

Total current assets

29,047

   

19,750

 

Property held for sale

15,031

   

19,469

 

Assets related to discontinued operations

1,813

   

1,813

 

Property and equipment, net

127,189

   

138,287

 

Intangible assets, net

17,105

   

18,179

 

Goodwill

555

   

555

 

Other assets

1,326

   

1,936

 

Total assets

$

192,066

   

$

199,989

 

LIABILITIES AND SHAREHOLDERS' EQUITY

     

Current Liabilities:

     

Accounts payable

$

8,475

   

$

10,457

 

Liabilities related to discontinued operations

9

   

14

 

Current portion of credit facility debt

   

39,338

 

Accrued expenses and other liabilities

24,183

   

31,755

 

Total current liabilities

32,667

   

81,564

 

Credit facility debt, less current portion

41,952

   

 

Liabilities related to discontinued operations

16

   

16

 

Other liabilities

7,280

   

5,781

 

Total liabilities

$

81,915

   

$

87,361

 

Commitments and Contingencies

     

SHAREHOLDERS' EQUITY

     

Common stock, $0.32 par value; 100,000,000 shares authorized; shares issued were 
30,375,791 and 30,003,642; and shares outstanding were 29,893,592 and 29,503,642, at 
June 5, 2019 and August 29, 2018, respectively

9,721

   

9,602

 

Paid-in capital

34,955

   

33,872

 

Retained earnings

70,250

   

73,929

 

Less cost of treasury stock, 500,000 shares

(4,775)

   

(4,775)

 

Total shareholders' equity

110,151

   

112,628

 

Total liabilities and shareholders' equity

$

192,066

   

$

199,989

 

 

Luby's, Inc.

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

 
 

Three Quarters Ended

 

June 5,
 2019

 

June 6,
 2018

 

(40 weeks)

 

(40 weeks)

CASH FLOWS FROM OPERATING ACTIVITIES:

     

Net loss

$

(6,157)

   

$

(31,704)

 

Adjustments to reconcile net loss to net cash used in operating activities:

     

Provision for asset impairments and net losses (gains) on property sales

(9,838)

   

6,599

 

Depreciation and amortization

11,052

   

13,402

 

Amortization of debt issuance cost

1,063

   

438

 

Share-based compensation expense

1,192

   

1,691

 

Deferred tax provision

   

8,026

 

Cash used in operating activities before changes in operating assets and liabilities

(2,688)

   

(1,548)

 

Changes in operating assets and liabilities:

     

Decrease (increase) in trade accounts and other receivables

(880)

   

143

 

Decrease (increase) in food and supply inventories

148

   

(376)

 

Decrease in prepaid expenses and other assets

1,106

   

575

 

Decrease in accounts payable, accrued expenses and other liabilities

(8,567)

   

(3,672)

 

Net cash used in operating activities

(10,881)

   

(4,878)

 

CASH FLOWS FROM INVESTING ACTIVITIES:

     

Proceeds from disposal of assets and property held for sale

21,761

   

3,363

 

Insurance proceeds

   

756

 

Purchases of property and equipment

(2,866)

   

(11,730)

 

Net cash provided by (used in) investing activities

18,895

   

(7,611)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

     

Revolver borrowings

37,500

   

83,200

 

Revolver repayments

(55,500)

   

(68,600)

 

Proceeds from term loan

58,400

   

 

Term loan repayments

(36,107)

   

(1,415)

 

Debt issuance costs

(3,236)

   

(213)

 

Taxes paid on equity withheld

(12)

   

(70)

 

Net cash provided by financing activities

1,045

   

12,902

 

Net increase in cash and cash equivalents and restricted cash

9,059

   

413

 

Cash and cash equivalents and restricted cash at beginning of period

3,722

   

1,096

 

Cash and cash equivalents and restricted cash at end of period

$

12,781

   

$

1,509

 

Cash paid for:

     

Income taxes

$

510

   

$

 

Interest

3,255

   

1,717

 

Store Level Profit

Although store level profit, defined as restaurant sales plus vending revenue, less cost of food, payroll and related costs, other operating expenses, and occupancy costs, is a non-GAAP measure, we believe its presentation is useful because it explicitly shows the results of our most significant reportable segment.   The following table reconciles between store level profit, a non-GAAP measure to loss from continuing operations, a GAAP measure:

($ thousands)

Quarter Ended

 

Three Quarters Ended

 

June 5,
 2019

 

June 6,
 2018

 

June 5,
 2019

 

June 6,
 2018

 

(12 weeks)

 

(12 weeks)

 

(40 weeks)

 

(40 weeks)

               

Store level profit

$

6,706

   

$

6,642

   

$

22,938

   

$

23,469

 
               

Plus:

             

Sales from culinary contract services

7,571

   

6,639

   

24,610

   

19,413

 

Sales from franchise operations

1,482

   

1,444

   

5,126

   

4,732

 
               

Less:

             

Opening costs

6

   

85

   

49

   

490

 

Cost of culinary contract services

6,791

   

6,104

   

22,324

   

18,113

 

Cost of franchise operations

330

   

341

   

849

   

1,198

 

Depreciation and amortization

2,927

   

4,050

   

11,052

   

13,402

 

Selling, general and administrative expenses

9,426

   

8,507

   

29,666

   

29,219

 

Provision for asset impairments and restaurant closings

675

   

4,464

   

3,097

   

6,716

 

Net loss (gain) on disposition of property and equipment

(434)

   

154

   

(12,935)

   

172

 

Interest income

(11)

   

(1)

   

(30)

   

(12)

 

Interest expense

1,324

   

1,042

   

4,593

   

2,235

 

Other income, net

(112)

   

(9)

   

(198)

   

(317)

 

Provision for income taxes

132

   

4,121

   

346

   

7,494

 

Loss from continuing operations

$

(5,295)

   

$

(14,133)

   

$

(6,139)

   

$

(31,096)

 

Adjusted EBITDA

Adjusted EBITDA is defined as income (loss) from continuing operations before interest, provision (benefit) for income taxes, and depreciation and amortization, and excluding net loss (gain) on disposing of property and equipment, provision for asset impairments and restaurant closings, non-cash compensation expense, franchise taxes, and decrease / (increase) in fair value of derivatives.

Adjusted EBITDA is intended as a supplemental measure of our performance that is not required by, or presented in accordance with GAAP. We believe Adjusted EBITDA  provides useful information to management and investors in valuing the Company and evaluating ongoing operating results and trends and in comparing our results to other competitors. Our management uses Adjusted EBITDA in evaluating management's performance when determining incentive compensation.

Adjusted EBITDA, as defined, may not be comparable to other similarly titled measures as computed by other companies. These measures should be considered supplemental and not a substitute or superior to other GAAP performance measures.

($ thousands)

Quarter Ended

 

Three Quarters Ended

 

June 5,
 2019

 

June 6,
 2018

 

June 5,
 2019

 

June 6,
 2018

 

(12 weeks)

 

(12 weeks)

 

(40 weeks)

 

(40 weeks)

               

Loss from continuing operations

$

(5,295)

   

$

(14,133)

   

$

(6,139)

   

$

(31,096)

 

Depreciation and amortization

2,927

   

4,050

   

11,052

   

13,402

 

Provision for income taxes

132

   

4,121

   

346

   

7,494

 

Interest expense

1,324

   

1,042

   

4,593

   

2,235

 

Interest income

(11)

   

(1)

   

(30)

   

(12)

 

Net loss (gain) on disposition of property and equipment

(434)

   

154

   

(12,935)

   

172

 

Provision for asset impairments and restaurant closings

675

   

4,464

   

3,097

   

6,716

 

Non-cash compensation expense

369

   

311

   

1,192

   

1,160

 

Franchise Taxes

56

   

71

   

164

   

172

 

Decrease / (Increase) in Fair Value of Derivative

   

(73)

   

88

   

(701)

 

Adjusted EBITDA

$

(257)

   

$

6

   

$

1,428

   

$

(458)

 

Contact:

Rick Black / Ken Dennard
Investor Relations
713-529-6600

SOURCE Luby's, Inc.

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