Luby's Reports Fourth Quarter and Fiscal Year 2019 Results
Company Added
Company Removed
Apply to Request List

Luby's Reports Fourth Quarter and Fiscal Year 2019 Results

HOUSTON, Nov. 26, 2019 // PRNewswire // - Luby's, Inc. (NYSE: LUB) ("Luby's") today announced financial results for its fifty-two week fiscal year 2019 and its twelve-week fourth quarter fiscal 2019, which ended on August 28, 2019. Comparisons in this press release for the fourth quarter fiscal 2019 are referred to as "fourth quarter". Comparisons to the fourth quarter fiscal 2018 are to the twelve-week period that ended August 29, 2018.

Fiscal Fourth Quarter Summary:

  • Same-store sales decreased 3.7%; total sales decreased 14.9% to $71.4 million due in large part to operating 22 fewer stores.
  • Net loss was $9.1 million compared to a net loss of $1.9 million in the fourth quarter fiscal 2018 due primarily to store level profit declines and gains on the sale of assets in the prior year.

Chris Pappas, President and CEO, commented, "We are not pleased with our shareholder value, same-store sales, guest traffic results, or corporate overhead. The Special Committee of the Board continues its focus on developing shareholder value initiatives. Operationally, we made strategic personnel changes in fiscal 2019, including appointment of a new Chief Operating Officer, VP of Marketing, and VP of Information Technology. Our whole team is working diligently and we are making progress on our turnaround efforts. Already in fiscal 2020, we have realized improved guest traffic and sales trends. Additionally, we are transitioning portions of our accounting, payroll, operational reporting, and other back-office functions to a leading multi-unit restaurant outsourcing firm. We anticipate completing the transition in the first calendar quarter of 2020 and expect to realize additional cost savings and enhanced capabilities from this transition.

"At the restaurant level, our managers and restaurant team members are working hard to maintain and build value by consistently delivering great guest experiences. They are our greatest brand assets, and I applaud their hard work and dedication to showcasing our brand values."

Other Fiscal Fourth Quarter Results:

  • Luby's Cafeterias same-store sales decreased 3.2%: guest traffic decreased 1.1% and average spend per guest decreased 2.2%.
  • Fuddruckers Restaurants same-store sales decreased 5.5%: guest traffic decreased 3.8% and average spend per guest decreased 1.8%.
  • Culinary Contract Services revenues increased to $7.3 million with 31 operating locations at the end of the fourth quarter compared to $6.4 million with 28 operating locations at the end of fiscal 2018.
  • Franchise revenue was approximately level at $1.6 million in the fourth quarters of fiscal 2019 and fiscal 2018. We ended fiscal 2019 with a franchise network of 102 locations.
  • Selling, general, and administrative expenses decreased $1.2 million, or 12.7% compared to the fourth quarter fiscal 2018, resulting from reduced headcount, partially offset by increased marketing and advertising spending.
  • Loss from continuing operations was $9.1 million, or a loss of $0.30 per diluted share, in the fourth quarter compared to a loss of $1.9 million, or $0.06 per diluted share, in the fourth 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 $4.9 million, or 7.9% of restaurant sales, in the fourth quarter compared to $8.2 million, or 10.8% of restaurant sales, during the fourth quarter fiscal 2018.
  • Adjusted EBITDA was a loss of $1.5 million in the fourth quarter compared to a profit of $0.5 million in fiscal 2018.
  • Capital expenditures for the fourth quarter were $1.2 million, a decrease from $1.5 million in the fourth quarter last year.

Same-Store Sales Year-Over-Year Comparison

 

Q1

2019(3)

Q2

2019(3)

Q3

2019(3)

Q4

2019(3)

Full Year

2019(3)

 

(16 weeks vs 16 weeks)

(12 weeks vs 12 weeks)

(12 weeks vs 12 weeks)

(12 weeks vs 12 weeks)

(52 weeks vs 52 weeks)

Luby's Cafeterias

(3.0)%

(2.2)%

(3.1)%

(3.2)%

(2.9)%

Fuddruckers Restaurants

(11.2)%

(5.3)%

(6.1)%

(5.5)%

(7.5)%

Combo locations (1)

(11.1)%

(7.1)%

(4.8)%

(2.5)%

(6.8)%

Cheeseburger in Paradise

(0.6)%

(3.1)%

(4.4)%

(3.6)%

(2.9)%

Total same-store sales (2)

(5.5)%

(3.3)%

(4.0)%

(3.7)%

(4.2)%

   

(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.  At the end of the fourth quarter, there were 73 Luby's Cafeterias, 38 Fuddruckers Restaurants, 6 Combo locations, and 1 Cheeseburger in Paradise locations that met the definition of same-stores.

(3)

Q1 2019, Q2 2019, Q3 2019, Q4 2019 and Full Year 2019 same-store sales reflect the year-over-year change in restaurant sales for the locations included in the same-store grouping for each of the comparable periods.

Fourth Quarter Total Restaurant Sales:
($ thousands)

Restaurant Brand

Q4

2019

Q4

2018

Change

($)

Change

(%)

Luby's Cafeterias

$

42,937

 

$

47,216

 

$

(4,279)

 

(9.1)

%

Fuddruckers restaurants

14,331

 

20,142

 

(5,811)

 

(28.9)

%

Combo locations

4,548

 

4,667

 

(119)

 

(2.5)

%

Cheeseburger in Paradise

780

 

3,756

 

(2,976)

 

(79.2)

%

Gift card discount and breakage, net

(161)

 

 

(161)

   

Total Restaurant Sales

$

62,435

 

$

75,781

 

$

(13,346)

 

(17.6)

%

Fiscal Year 2019 Summary:

  • Total sales were $323.5 million, including $284.5 million in restaurant sales, compared to total sales of $365.2 million, including $332.5 million in restaurant sales, in fiscal 2018.
  • Same-store sales decreased 4.2%, including a 2.9% sales decrease at Luby's Cafeterias and a 7.5% sales decrease at Fuddruckers.
  • 17 underperforming company-owned restaurants were closed in fiscal 2019 and five company-owned Fuddruckers restaurants transitioned to a franchisee in fiscal 2019. These 22 restaurants accounted for $19.1 million in sales and $2.3 million in store-level loss for the portion of the year that they operated in fiscal 2019 as company-owned restaurants.
  • Culinary contract services revenue increased $6.1 million, or 23.7%, to $31.9 million compared to fiscal 2018. We operated at 31 Culinary contract services locations at the end of fiscal 2019.
  • Franchise revenue increased $0.3 million, or 5.1%, to $6.7 million compared to fiscal 2018. We ended fiscal 2019 with a franchise network of 102 locations.
  • Loss from continuing operations was $15.2 million, or $0.51 per diluted share, in fiscal 2019, compared to a loss of $33.0 million, or $1.10 per diluted share, in fiscal 2018.
  • Adjusted EBITDA was $3.7 million in fiscal 2019 compared to approximately zero in fiscal 2018.
  • The company's $45.0 million asset sales program that began in fiscal 2018 has generated $35.9 million in proceeds from the sale of property through the end of fiscal 2019.
  • The company incurred $4.3 million in restructuring expenses, employee severance, and proxy services in fiscal 2019. These expenses, recorded in Other charges, were included in Selling, general and administrative expenses in previously reported quarters of fiscal 2019.
  • The company transitioned a total of seven company-owned Fuddruckers restaurants to franchisees since announcing its initiative to pursue a franchisee-centric business model for the Fuddruckers brand.

Balance Sheet and Capital Expenditures

We ended the fourth quarter with net debt (total debt less cash) of $35.9 million, compared to $35.8 million at the end of fiscal 2018.  During the fourth quarter, our capital expenditures were $1.2 million, compared to $1.5 million in the fourth quarter fiscal 2018.  For the full year, capital expenditures were $4.0 million for fiscal 2019, compared to $13.2 million for fiscal 2018.  At the end of the fourth quarter, we had $3.6 million in cash and $101.0 million in total shareholders' equity.

Restaurant Counts:

 

August 29, 2018

 

Fiscal 2019
YTD
Openings

 

Fiscal 2019
YTD
Closings

 

Fiscal 2019

Transfers

to Franchisee

 

August 28,
 2019

Luby's Cafeterias(1)

84

   

   

(5)

       

79

 

Fuddruckers Restaurants(1)

60

   

   

(11)

   

(5)

   

44

 

Cheeseburger in Paradise

2

   

   

(1)

       

1

 

Total

146

   

   

(17)

   

(5)

   

124

 
   

(1)

Includes 6 restaurants that are part of Combo locations.

Special Committee Update:

The Special Committee of the Board, as previously announced, that has been formed with the purpose of establishing a strategic review process to identify, examine, and consider a range of strategic alternatives available to the Company with the objective of maximizing shareholder value, continues its work.

Conference Call

Luby's will host a conference call on November 26, 2019 at 10:00 a.m. Central Time to discuss further its fourth quarter fiscal 2019 results. To access the call live, dial (412) 902-0030 and use the access code 13695072# 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 December 6, 2019, and may be accessed by calling (201) 612-7415 and using the access code 13695072#. 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) operated 119 restaurants nationally as of November 26th: 78 Luby's Cafeterias, 40 Fuddruckers, and one Cheeseburger in Paradise restaurant. Luby's is the franchisor for 98 Fuddruckers franchise locations across the United States (including Puerto Rico), Canada, Mexico, 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

 

Year Ended

 

August 28,
 2019

 

August 29,
 2018

 

August 28,
 2019

 

August 29,
 2018

 

(12 weeks)

 

(12 weeks)

 

(52 weeks)

 

(52 weeks)

SALES:

             

Restaurant sales

$

62,435

   

$

75,781

   

$

284,513

   

$

332,518

 

Culinary contract services

7,278

   

6,369

   

31,888

   

25,782

 

Franchise revenue

1,563

   

1,634

   

6,690

   

6,365

 

Vending revenue

87

   

119

   

379

   

531

 

TOTAL SALES

71,363

   

83,903

   

323,470

   

365,196

 

COSTS AND EXPENSES:

             

Cost of food

17,775

   

21,049

   

79,479

   

94,238

 

Payroll and related costs

24,251

   

28,448

   

108,509

   

124,478

 

Other operating expenses

11,481

   

13,404

   

50,886

   

62,286

 

Occupancy costs

4,069

   

4,822

   

18,133

   

20,399

 

Opening costs

6

   

64

   

56

   

554

 

Cost of culinary contract services

6,230

   

6,048

   

28,554

   

24,161

 

Cost of franchise operations

783

   

330

   

1,633

   

1,528

 

Depreciation and amortization

2,946

   

4,051

   

13,998

   

17,453

 

Selling, general and administrative expenses

8,298

   

9,506

   

34,179

   

38,725

 

Other charges

485

   

   

4,270

   

 

Provision for asset impairments and restaurant closings

2,506

   

2,200

   

5,603

   

8,917

 

Net loss (gain) on disposition of property and equipment

103

   

(5,529)

   

(12,832)

   

(5,357)

 

Total costs and expenses

78,933

   

84,393

   

332,468

   

387,382

 

LOSS FROM OPERATIONS

(7,570)

   

(490)

   

(8,998)

   

(22,186)

 

Interest income

   

   

30

   

12

 

Interest expense

(1,384)

   

(1,112)

   

(5,977)

   

(3,348)

 

Other income (expense), net

(3)

   

(20)

   

195

   

298

 

Loss before income taxes and discontinued operations

(8,957)

   

(1,622)

   

(14,750)

   

(25,224)

 

Provision for income taxes

123

   

236

   

469

   

7,730

 

Loss from continuing operations

(9,080)

   

(1,858)

   

(15,219)

   

(32,954)

 

Income (loss) from discontinued operations, net of income taxes

11

   

(5)

   

(7)

   

(614)

 

NET LOSS

$

(9,069)

   

$

(1,863)

   

$

(15,226)

   

$

(33,568)

 

Loss per share from continuing operations:

             

Basic

$

(0.30)

   

$

(0.06)

   

$

(0.51)

   

$

(1.10)

 

Assuming dilution

$

(0.30)

   

$

(0.06)

   

$

(0.51)

   

$

(1.10)

 

Loss per share from discontinued operations:

             

Basic

$

0.00

   

$

(0.00)

   

$

0.00

   

$

(0.02)

 

Assuming dilution

$

0.00

   

$

(0.00)

   

$

0.00

   

$

(0.02)

 

Net loss per share:

             

Basic

$

(0.30)

   

$

(0.06)

   

$

(0.51)

   

$

(1.12)

 

Assuming dilution

$

(0.30)

   

$

(0.06)

   

$

(0.51)

   

$

(1.12)

 

Weighted average shares outstanding:

             

Basic

29,965

   

30,030

   

29,786

   

29,901

 

Assuming dilution

29,965

   

30,030

   

29,786

   

29,901

 

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

 

Year Ended

 

August 28,
 2019

August 29,
 2018

 

August 28,
 2019

August 29,
 2018

 

(12 weeks)

(12 weeks)

 

(52 weeks)

(52 weeks)

Restaurant sales

87.5

%

90.3

%

 

88.0

%

91.1

%

Culinary contract services

10.2

%

7.6

%

 

9.9

%

7.1

%

Franchise revenue

2.2

%

1.9

%

 

2.1

%

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

28.5

%

27.8

%

 

27.9

%

28.3

%

Payroll and related costs

38.8

%

37.5

%

 

38.1

%

37.4

%

Other operating expenses

18.4

%

17.7

%

 

17.9

%

18.7

%

Occupancy costs

6.5

%

6.4

%

 

6.4

%

6.1

%

Vending revenue

(0.1)

%

(0.2)

%

 

(0.1)

%

(0.2)

%

Store level profit

7.9

%

10.8

%

 

9.8

%

9.5

%

           

(As a percentage of total sales)

         

Marketing and advertising expenses

1.3

%

0.8

%

 

1.2

%

1.0

%

General and administrative expenses

10.3

%

10.5

%

 

9.4

%

9.6

%

Selling, general and administrative expenses

11.6

%

11.3

%

 

10.6

%

10.6

%

LOSS FROM OPERATIONS

(10.6)

%

(0.6)

%

 

(2.8)

%

(6.1)

%

Luby's, Inc.

Consolidated Balance Sheets

(In thousands, except per share data)

 
 

August 28,
 2019

 

August 29,
 2018

       

ASSETS

     

Current Assets:

     

Cash and cash equivalents

$

3,640

   

$

3,722

 

Restricted Cash and cash equivalents

9,116

   

 

Trade accounts and other receivables, net

8,852

   

8,787

 

Food and supply inventories

3,432

   

4,022

 

Prepaid and other assets

2,355

   

3,219

 

Total current assets

27,395

   

19,750

 

Property held for sale

16,488

   

19,469

 

Assets related to discontinued operations

1,813

   

1,813

 

Property and equipment, net

121,743

   

138,287

 

Intangible assets, net

16,781

   

18,179

 

Goodwill

514

   

555

 

Other assets

1,266

   

1,936

 

Total assets

$

186,000

   

$

199,989

 

LIABILITIES AND SHAREHOLDERS' EQUITY

     

Current Liabilities:

     

Accounts payable

$

8,465

   

$

10,457

 

Liabilities related to discontinued operations

14

   

14

 

Credit facility debt

   

39,338

 

Accrued expenses and other liabilities

24,475

   

31,755

 

Total current liabilities

32,954

   

81,564

 

Credit facility debt, less current portion

45,439

   

 

Liabilities related to discontinued operations

   

16

 

Other liabilities

6,577

   

5,781

 

Total liabilities

$

84,970

   

$

87,361

 

Commitments and Contingencies

     

SHAREHOLDERS' EQUITY

     

Common stock, $0.32 par value; 100,000,000 shares authorized; Shares issued were 30,478,972 and 30,003,642 at August 28, 2019 and  August 29, 2018, respectively; Shares outstanding were 29,978,972 and 29,503,642 at August 28, 2019 and August 29, 2018, respectively

9,753

   

9,602

 

Paid-in capital

34,870

   

33,872

 

Retained earnings

61,182

   

73,929

 

Less cost of treasury stock, 500,000 shares

(4,775)

   

(4,775)

 

Total shareholders' equity

101,030

   

112,628

 

Total liabilities and shareholders' equity

$

186,000

   

$

199,989

 

Luby's, Inc.

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

 
 

Year Ended

 

August 28,
 2019

 

August 29,
 2018

 

(52 weeks)

 

(52 weeks)

CASH FLOWS FROM OPERATING ACTIVITIES:

     

Net loss

$

(15,226)

   

$

(33,568)

 

Adjustments to reconcile net loss to net cash provided by operating activities:

     

Provision for asset impairments and net loss (gain) on property dispositions

(7,229)

   

3,619

 

Depreciation and amortization

13,998

   

17,453

 

Amortization of debt issuance cost

1,317

   

534

 

Share-based compensation expense

1,140

   

2,144

 

Deferred tax provision

   

8,192

 

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

(6,000)

   

(1,626)

 

Changes in operating assets and liabilities:

     

Increase in trade accounts and other receivables

(65)

   

(775)

 

Decrease in food and supply inventories

590

   

432

 

Decrease in prepaid expenses and other assets

1,657

   

808

 

Decrease in accounts payable, accrued expenses and other liabilities

(9,312)

   

(7,292)

 

Net cash used in operating activities

(13,130)

   

(8,453)

 

CASH FLOWS FROM INVESTING ACTIVITIES:

     

Proceeds from disposal of assets and property held for sale

21,836

   

14,191

 

Insurance proceeds related to property and equipment

   

2,070

 

Purchases of property and equipment

(3,987)

   

(13,247)

 

Net cash provided by investing activities

17,849

   

3,014

 

CASH FLOWS FROM FINANCING ACTIVITIES:

     

Revolver borrowings

42,300

   

147,600

 

Revolver repayments

(57,000)

   

(132,000)

 

Debt issuance costs

(3,266)

   

(386)

 

Proceeds on term loan

58,400

   

 

Term loan repayments

(36,107)

   

(7,079)

 

Tax paid on equity withheld

(12)

   

(70)

 

Net cash provided by financing activities

4,315

   

8,065

 

Net increase in cash and cash equivalents and restricted cash

9,034

   

2,626

 

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

$

12,756

   

$

3,722

 

Cash paid for:

     

Income taxes

$

470

   

$

426

 

Interest

4,452

   

2,499

 

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:

 

Quarter Ended

 

Year Ended

 

August 28,
 2019

 

August 29,
 2018

 

August 28,
 2019

 

August 29,
 2018

 

(12 weeks)

 

(12 weeks)

 

(52 weeks)

 

(52 weeks)

 

(In thousands)

 

(In thousands)

Store level profit

$

4,946

   

$

8,177

   

$

27,885

   

$

31,648

 
               

Plus:

             

Sales from culinary contract services

7,278

   

6,369

   

31,888

   

25,782

 

Sales from franchise operations

1,563

   

1,634

   

6,690

   

6,365

 
               

Less:

             

Opening costs

6

   

64

   

56

   

554

 

Cost of culinary contract services

6,230

   

6,048

   

28,554

   

24,161

 

Cost of franchise operations

783

   

330

   

1,633

   

1,528

 

Depreciation and amortization

2,946

   

4,051

   

13,998

   

17,453

 

Selling, general and administrative expenses(a)

8,298

   

9,506

   

34,179

   

38,725

 

Other charges

485

   

   

4,270

   

 

Provision for asset impairments and restaurant closings

2,506

   

2,200

   

5,603

   

8,917

 

Net loss (gain) on disposition of property and equipment

103

   

(5,529)

   

(12,832)

   

(5,357)

 

Interest income

   

   

(30)

   

(12)

 

Interest expense

1,384

   

1,112

   

5,977

   

3,348

 

Other income (expense), net

3

   

20

   

(195)

   

(298)

 

Provision for income taxes

123

   

236

   

469

   

7,730

 

Loss from continuing operations

$

(9,080)

   

$

(1,858)

   

$

(15,219)

   

$

(32,954)

 
 

(a) Marketing and advertising expense included in Selling, general and administrative expenses was $0.9 million and $0.6 million for the fourth quarter fiscal 2019 and 2018, respectively, and $3.9 million and $3.5 million for fiscal year 2019 and 2018, respectively.

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 gain (loss) on disposing of property and equipment, provision for asset impairments and restaurant closings, other charges, franchise taxes, and non-cash compensation expense.

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

 

Year Ended

 

August 28,
 2019

 

August 29,
 2018

 

August 28,
 2019

 

August 29,
 2018

 

(12 weeks)

 

(12 weeks)

 

(52 weeks)

 

(52 weeks)

Loss from continuing operations

$

(9,080)

   

$

(1,858)

   

$

(15,219)

   

$

(32,954)

 

Depreciation and amortization

2,946

   

4,051

   

13,998

   

17,453

 

Provision for income taxes

123

   

236

   

469

   

7,730

 

Interest expense

1,384

   

1,112

   

5,977

   

3,348

 

Interest income

   

   

(30)

   

(12)

 

Other charges

485

   

   

4,270

   

 

Net loss (gain) on disposition of property and equipment

103

   

(5,529)

   

(12,832)

   

(5,357)

 

Provision for asset impairments and restaurant closings

2,506

   

2,200

   

5,603

   

8,917

 

Non-cash compensation expense

(53)

   

245

   

1,140

   

1,404

 

Franchise taxes

42

   

41

   

205

   

213

 

Decrease (Increase) in fair value of derivative

   

   

88

   

(701)

 

Adjusted EBITDA

$

(1,544)

   

$

498

   

$

3,669

   

$

41

 

Contacts:

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

SOURCE Luby's, Inc.

###

Comments:

comments powered by Disqus
Share This Page

Subscribe to Our Newsletters

A Franchise Update Media Production
Franchise Update Media
P.O. Box 20547
San Jose, CA 95160
PH. (408) 402-5681
In Loving Memory Of Timothy Gardner (1987-2014)

Copyright © 2001 - 2020.
All Rights Reserved.