We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lubys Inc | NYSE:LUB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.78 | 0 | 01:00:00 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
74-1335253
|
(State or other jurisdiction of
incorporation or organization)
|
(IRS Employer
Identification No.)
|
|
|
13111 Northwest Freeway, Suite 600
Houston, Texas
|
77040
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☒
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 9,
2016 |
|
August 26,
2015 |
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,439
|
|
|
$
|
1,501
|
|
Trade accounts and other receivables, net
|
5,389
|
|
|
5,175
|
|
||
Food and supply inventories
|
4,784
|
|
|
4,483
|
|
||
Prepaid expenses
|
2,914
|
|
|
3,402
|
|
||
Assets related to discontinued operations
|
1
|
|
|
10
|
|
||
Deferred income taxes
|
577
|
|
|
577
|
|
||
Total current assets
|
15,104
|
|
|
15,148
|
|
||
Property held for sale
|
3,054
|
|
|
4,536
|
|
||
Assets related to discontinued operations
|
3,666
|
|
|
3,671
|
|
||
Property and equipment, net
|
198,697
|
|
|
200,202
|
|
||
Intangible assets, net
|
21,728
|
|
|
22,570
|
|
||
Goodwill
|
1,605
|
|
|
1,643
|
|
||
Deferred income taxes
|
14,163
|
|
|
12,917
|
|
||
Other assets
|
3,511
|
|
|
3,571
|
|
||
Total assets
|
$
|
261,528
|
|
|
$
|
264,258
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
19,089
|
|
|
$
|
20,173
|
|
Liabilities related to discontinued operations
|
407
|
|
|
408
|
|
||
Accrued expenses and other liabilities
|
24,398
|
|
|
23,967
|
|
||
Total current liabilities
|
43,894
|
|
|
44,548
|
|
||
Credit facility debt
|
37,000
|
|
|
37,500
|
|
||
Liabilities related to discontinued operations
|
17
|
|
|
182
|
|
||
Other liabilities
|
7,490
|
|
|
7,369
|
|
||
Total liabilities
|
88,401
|
|
|
89,599
|
|
||
Commitments and Contingencies
|
|
|
|
||||
SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Common stock, $0.32 par value; 100,000,000 shares authorized; shares issued were 29,401,370 and 29,134,603, respectively; shares outstanding were 28,901,370 and 28,634,603, respectively
|
9,408
|
|
|
9,323
|
|
||
Paid-in capital
|
29,799
|
|
|
29,006
|
|
||
Retained earnings
|
138,695
|
|
|
141,105
|
|
||
Less cost of treasury stock, 500,000 shares
|
(4,775
|
)
|
|
(4,775
|
)
|
||
Total shareholders’ equity
|
173,127
|
|
|
174,659
|
|
||
Total liabilities and shareholders’ equity
|
$
|
261,528
|
|
|
$
|
264,258
|
|
|
Quarter Ended
|
|
Two Quarters Ended
|
||||||||||||
|
March 9,
2016 |
|
February 11,
2015 |
|
March 9,
2016 |
|
February 11,
2015 |
||||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(28 weeks)
|
|
(24 weeks)
|
||||||||
SALES:
|
|
|
|
|
|
|
|
||||||||
Restaurant sales
|
$
|
86,314
|
|
|
$
|
85,486
|
|
|
$
|
199,861
|
|
|
$
|
166,043
|
|
Culinary contract services
|
3,918
|
|
|
3,771
|
|
|
8,833
|
|
|
8,369
|
|
||||
Franchise revenue
|
1,700
|
|
|
1,605
|
|
|
3,825
|
|
|
3,186
|
|
||||
Vending revenue
|
137
|
|
|
120
|
|
|
295
|
|
|
244
|
|
||||
TOTAL SALES
|
92,069
|
|
|
90,982
|
|
|
212,814
|
|
|
177,842
|
|
||||
COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Cost of food
|
24,600
|
|
|
25,468
|
|
|
57,034
|
|
|
48,951
|
|
||||
Payroll and related costs
|
29,834
|
|
|
29,519
|
|
|
69,258
|
|
|
58,205
|
|
||||
Other operating expenses
|
13,736
|
|
|
14,194
|
|
|
32,157
|
|
|
28,413
|
|
||||
Occupancy costs
|
5,535
|
|
|
5,030
|
|
|
12,177
|
|
|
9,972
|
|
||||
Opening costs
|
174
|
|
|
670
|
|
|
571
|
|
|
1,595
|
|
||||
Cost of culinary contract services
|
3,520
|
|
|
3,478
|
|
|
7,942
|
|
|
7,577
|
|
||||
Cost of franchise operations
|
428
|
|
|
354
|
|
|
1,039
|
|
|
738
|
|
||||
Depreciation and amortization
|
5,220
|
|
|
4,781
|
|
|
12,235
|
|
|
9,849
|
|
||||
Selling, general and administrative expenses
|
9,843
|
|
|
9,381
|
|
|
23,086
|
|
|
18,532
|
|
||||
Provision for asset impairments
|
37
|
|
|
218
|
|
|
37
|
|
|
218
|
|
||||
Net gain on disposition of property and equipment
|
(556
|
)
|
|
(1,377
|
)
|
|
(835
|
)
|
|
(1,087
|
)
|
||||
Total costs and expenses
|
92,371
|
|
|
91,716
|
|
|
214,701
|
|
|
182,963
|
|
||||
LOSS FROM OPERATIONS
|
(302
|
)
|
|
(734
|
)
|
|
(1,887
|
)
|
|
(5,121
|
)
|
||||
Interest income
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Interest expense
|
(495
|
)
|
|
(569
|
)
|
|
(1,191
|
)
|
|
(1,025
|
)
|
||||
Other income (expense), net
|
29
|
|
|
78
|
|
|
(90
|
)
|
|
258
|
|
||||
Loss before income taxes and discontinued operations
|
(767
|
)
|
|
(1,224
|
)
|
|
(3,166
|
)
|
|
(5,886
|
)
|
||||
Provision (benefit) for income taxes
|
(185
|
)
|
|
61
|
|
|
(845
|
)
|
|
(1,721
|
)
|
||||
Loss from continuing operations
|
(582
|
)
|
|
(1,285
|
)
|
|
(2,321
|
)
|
|
(4,165
|
)
|
||||
Loss from discontinued operations, net of income taxes
|
(17
|
)
|
|
(74
|
)
|
|
(89
|
)
|
|
(213
|
)
|
||||
NET LOSS
|
$
|
(599
|
)
|
|
$
|
(1,359
|
)
|
|
$
|
(2,410
|
)
|
|
$
|
(4,378
|
)
|
Loss per share from continuing operations:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.02
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.14
|
)
|
Assuming dilution
|
$
|
(0.02
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.14
|
)
|
Loss per share from discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.00
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
(0.01
|
)
|
Assuming dilution
|
$
|
(0.00
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
(0.01
|
)
|
Net loss per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.02
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.15
|
)
|
Assuming dilution
|
$
|
(0.02
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.15
|
)
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
29,247
|
|
|
28,921
|
|
|
29,182
|
|
|
28,906
|
|
||||
Assuming dilution
|
29,247
|
|
|
28,921
|
|
|
29,182
|
|
|
28,906
|
|
|
Common Stock
|
|
|
|
|
|
Total
|
||||||||||||||||||
|
Issued
|
|
Treasury
|
|
Paid-In
|
|
Retained
|
|
Shareholders’
|
||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Earnings
|
|
Equity
|
||||||||||||
Balance at August 26, 2015
|
29,135
|
|
|
$
|
9,323
|
|
|
(500
|
)
|
|
$
|
(4,775
|
)
|
|
$
|
29,006
|
|
|
$
|
141,105
|
|
|
$
|
174,659
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,410
|
)
|
|
(2,410
|
)
|
|||||
Share-based compensation expense
|
30
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
793
|
|
|
—
|
|
|
803
|
|
|||||
Common stock issued under employee benefit plans
|
176
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
75
|
|
|||||
Common stock issued under nonemployee benefit plans
|
60
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
(19)
|
|
|
—
|
|
|
—
|
|
|||||
Balance at March 9, 2016
|
29,401
|
|
|
$
|
9,408
|
|
|
(500
|
)
|
|
$
|
(4,775
|
)
|
|
$
|
29,799
|
|
|
$
|
138,695
|
|
|
$
|
173,127
|
|
|
Two Quarters Ended
|
||||||
|
March 9,
2016 |
|
February 11,
2015 |
||||
|
(28 weeks)
|
|
(24 weeks)
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net loss
|
$
|
(2,410
|
)
|
|
$
|
(4,378
|
)
|
Adjustments to reconcile net loss to net cash provided by operating activities:
|
|
|
|
||||
Provision for asset impairments, net of gains on disposition of property and equipment
|
(798
|
)
|
|
(869
|
)
|
||
Depreciation and amortization
|
12,250
|
|
|
9,860
|
|
||
Amortization of debt issuance cost
|
202
|
|
|
76
|
|
||
Share-based compensation expense
|
803
|
|
|
587
|
|
||
Deferred tax benefit
|
(1,247
|
)
|
|
(2,128
|
)
|
||
Cash provided by operating activities before changes in operating assets and liabilities
|
8,800
|
|
|
3,148
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Increase in trade accounts and other receivables
|
(214
|
)
|
|
(1,205
|
)
|
||
Decrease (Increase) in food and supply inventories
|
(805
|
)
|
|
405
|
|
||
Decrease (Increase) in prepaid expenses and other assets
|
381
|
|
|
(221
|
)
|
||
Decrease in accounts payable, accrued expenses and other liabilities
|
(971
|
)
|
|
(7,801
|
)
|
||
Net cash provided by (used in) operating activities
|
7,191
|
|
|
(5,674
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Proceeds from disposal of assets and property held for sale
|
4,167
|
|
|
3,060
|
|
||
Decrease in notes receivable
|
17
|
|
|
—
|
|
||
Purchases of property and equipment
|
(10,970
|
)
|
|
(10,988
|
)
|
||
Net cash used in investing activities
|
(6,786
|
)
|
|
(7,928
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Credit facility borrowings
|
50,700
|
|
|
58,800
|
|
||
Credit facility repayments
|
(51,200
|
)
|
|
(46,300
|
)
|
||
Debt issuance costs
|
(42
|
)
|
|
(68
|
)
|
||
Proceeds received on the exercise of employee stock options
|
75
|
|
|
3
|
|
||
Net cash provided by (used in) financing activities
|
(467
|
)
|
|
12,435
|
|
||
Net decrease in cash and cash equivalents
|
(62
|
)
|
|
(1,167
|
)
|
||
Cash and cash equivalents at beginning of period
|
1,501
|
|
|
2,788
|
|
||
Cash and cash equivalents at end of period
|
$
|
1,439
|
|
|
$
|
1,621
|
|
Cash paid for:
|
|
|
|
||||
Income taxes
|
$
|
—
|
|
|
$
|
—
|
|
Interest
|
951
|
|
|
969
|
|
|
Quarter Ended
|
|
Two Quarters Ended
|
||||||||||||
|
March 9,
2016 |
|
February 11,
2015 |
|
March 9,
2016 |
|
February 11,
2015 |
||||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(28 weeks)
|
|
(24 weeks)
|
||||||||
|
(In thousands)
|
||||||||||||||
Sales:
|
|
|
|
|
|
|
|
||||||||
Company-owned restaurants
(1)
|
$
|
86,451
|
|
|
$
|
85,606
|
|
|
$
|
200,156
|
|
|
$
|
166,287
|
|
Culinary contract services
|
3,918
|
|
|
3,771
|
|
|
8,833
|
|
|
8,369
|
|
||||
Franchise operations
|
1,700
|
|
|
1,605
|
|
|
3,825
|
|
|
3,186
|
|
||||
Total
|
$
|
92,069
|
|
|
$
|
90,982
|
|
|
$
|
212,814
|
|
|
$
|
177,842
|
|
Segment level profit:
|
|
|
|
|
|
|
|
||||||||
Company-owned restaurants
|
$
|
12,746
|
|
|
$
|
11,395
|
|
|
$
|
29,530
|
|
|
$
|
20,746
|
|
Culinary contract services
|
398
|
|
|
293
|
|
|
891
|
|
|
792
|
|
||||
Franchise operations
|
1,272
|
|
|
1,251
|
|
|
2,786
|
|
|
2,448
|
|
||||
Total
|
$
|
14,416
|
|
|
$
|
12,939
|
|
|
$
|
33,207
|
|
|
$
|
23,986
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
Company-owned restaurants
|
$
|
4,318
|
|
|
$
|
4,108
|
|
|
$
|
10,128
|
|
|
$
|
8,491
|
|
Culinary contract services
|
27
|
|
|
29
|
|
|
64
|
|
|
98
|
|
||||
Franchise operations
|
192
|
|
|
177
|
|
|
448
|
|
|
354
|
|
||||
Corporate
|
683
|
|
|
467
|
|
|
1,595
|
|
|
906
|
|
||||
Total
|
$
|
5,220
|
|
|
$
|
4,781
|
|
|
$
|
12,235
|
|
|
$
|
9,849
|
|
Capital expenditures:
|
|
|
|
|
|
|
|
||||||||
Company-owned restaurants
|
$
|
5,128
|
|
|
$
|
7,394
|
|
|
$
|
10,622
|
|
|
$
|
10,974
|
|
Culinary contract services
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Franchise operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Corporate
|
113
|
|
|
5
|
|
|
348
|
|
|
14
|
|
||||
Total
|
$
|
5,241
|
|
|
$
|
7,399
|
|
|
$
|
10,970
|
|
|
$
|
10,988
|
|
|
|
|
|
|
|
|
|
||||||||
Loss before income taxes and discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Segment level profit
|
$
|
14,416
|
|
|
$
|
12,939
|
|
|
$
|
33,207
|
|
|
$
|
23,986
|
|
Opening costs
|
(174
|
)
|
|
(670
|
)
|
|
(571
|
)
|
|
(1,595
|
)
|
||||
Depreciation and amortization
|
(5,220
|
)
|
|
(4,781
|
)
|
|
(12,235
|
)
|
|
(9,849
|
)
|
||||
Selling, general and administrative expenses
|
(9,843
|
)
|
|
(9,381
|
)
|
|
(23,086
|
)
|
|
(18,532
|
)
|
||||
Provision for asset impairments
|
(37
|
)
|
|
(218
|
)
|
|
(37
|
)
|
|
(218
|
)
|
||||
Net gain on disposition of property and equipment
|
556
|
|
|
1,377
|
|
|
835
|
|
|
1,087
|
|
||||
Interest income
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
||||
Interest expense
|
(495
|
)
|
|
(569
|
)
|
|
(1,191
|
)
|
|
(1,025
|
)
|
||||
Other income (expense), net
|
29
|
|
|
78
|
|
|
(90
|
)
|
|
258
|
|
||||
Loss before income taxes and discontinued operations
|
$
|
(767
|
)
|
|
$
|
(1,224
|
)
|
|
$
|
(3,166
|
)
|
|
$
|
(5,886
|
)
|
|
March 9,
2016 |
|
August 26,
2015 |
||||
Total assets:
|
|
|
|
||||
Company-owned restaurants
(2)
|
$
|
216,131
|
|
|
$
|
218,492
|
|
Culinary contract services
|
3,604
|
|
|
1,644
|
|
||
Franchise operations
(3)
|
12,558
|
|
|
13,034
|
|
||
Corporate
|
29,235
|
|
|
31,088
|
|
||
Total
|
$
|
261,528
|
|
|
$
|
264,258
|
|
(1)
|
Includes vending revenue of
$137
and
$120 thousand
for the quarters ended
March 9, 2016
and
February 11, 2015
, respectively and
$295
and
$244 thousand
for the
two
quarters ended
March 9, 2016
and
February 11, 2015
, respectively.
|
(2)
|
Company-owned restaurants segment includes
$10.2 million
of Fuddruckers trade name, Cheeseburger in Paradise liquor licenses, and Jimmy Buffett intangibles.
|
(3)
|
Franchise operations segment includes approximately
$11.9 million
in royalty intangibles.
|
•
|
Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.
|
•
|
Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures.
|
•
|
Level 3: Defined as pricing inputs that are unobservable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value.
|
|
|
|
Fair Value
Measurement Using
|
|
|
||||||||||||||
|
Two Quarters Ended March 9, 2016
|
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
Impairments
|
||||||||||
Nonrecurring Fair Value Measurements
|
|
|
(In thousands)
|
|
|
|
|
||||||||||||
Continuing Operations
|
|
|
|
|
|
|
|
|
|
||||||||||
Property and equipment related to company-owned restaurants
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Goodwill
(1)
|
1,605
|
|
|
—
|
|
|
—
|
|
|
1,605
|
|
|
$
|
(38
|
)
|
||||
Total Nonrecurring Fair Value Measurements
|
$
|
1,605
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,605
|
|
|
$
|
(38
|
)
|
Discontinued Operations
|
|
|
|
|
|
|
|
|
|
||||||||||
Property and equipment related to company-owned restaurants
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
Fair Value
Measurement Using
|
|
|
||||||||||||||
|
Two Quarters Ended February 11, 2015
|
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Total
Impairments
|
||||||||||
Nonrecurring Fair Value Measurements
|
|
|
(In thousands)
|
|
|
|
|
||||||||||||
Continuing Operations
|
|
|
|
|
|
|
|
|
|
||||||||||
Property and equipment related to company-owned restaurants
(1)
|
$
|
1,323
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,323
|
|
|
$
|
(180
|
)
|
Goodwill
(2)
|
1,643
|
|
|
—
|
|
|
—
|
|
|
$
|
1,643
|
|
|
(38
|
)
|
||||
Total Nonrecurring Fair Value Measurements
|
$
|
2,966
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,966
|
|
|
$
|
(218
|
)
|
Discontinued Operations
|
|
|
|
|
|
|
|
|
|
||||||||||
Property and equipment related to company-owned restaurants
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
March 9,
2016 |
|
August 26,
2015 |
|
Estimated
Useful Lives
(years)
|
||||||||
|
(In thousands)
|
|
|
|
|
|
|
||||||
Land
|
$
|
62,498
|
|
|
$
|
63,298
|
|
|
|
|
—
|
|
|
Restaurant equipment and furnishings
|
90,794
|
|
|
85,679
|
|
|
3
|
|
to
|
|
15
|
||
Buildings
|
163,085
|
|
|
159,391
|
|
|
20
|
|
to
|
|
33
|
||
Leasehold and leasehold improvements
|
29,806
|
|
|
29,229
|
|
|
Lesser of lease term or estimated useful life
|
||||||
Office furniture and equipment
|
3,742
|
|
|
3,559
|
|
|
3
|
|
to
|
|
10
|
||
Construction in progress
|
147
|
|
|
810
|
|
|
|
|
—
|
|
|
||
|
350,072
|
|
|
341,966
|
|
|
|
|
|
|
|
||
Less accumulated depreciation and amortization
|
(151,375
|
)
|
|
(141,764
|
)
|
|
|
|
|
|
|
||
Property and equipment, net
|
$
|
198,697
|
|
|
$
|
200,202
|
|
|
|
|
|
|
|
Intangible assets, net
|
$
|
21,728
|
|
|
$
|
22,570
|
|
|
15
|
|
to
|
|
21
|
Goodwill
|
$
|
1,605
|
|
|
$
|
1,643
|
|
|
|
|
—
|
|
|
|
March 9, 2016
|
|
August 26, 2015
|
||||||||||||||||||||
|
(In thousands)
|
|
(In thousands)
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
Intangible Assets Subject to Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fuddruckers trade name and franchise agreements
|
$
|
29,607
|
|
|
$
|
(7,983
|
)
|
|
$
|
21,624
|
|
|
$
|
29,607
|
|
|
$
|
(7,166
|
)
|
|
$
|
22,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cheeseburger in Paradise trade name and license agreements
|
$
|
421
|
|
|
$
|
(317
|
)
|
|
$
|
104
|
|
|
$
|
421
|
|
|
$
|
(292
|
)
|
|
$
|
129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Intangible assets, net
|
$
|
30,028
|
|
|
$
|
(8,300
|
)
|
|
$
|
21,728
|
|
|
$
|
30,028
|
|
|
$
|
(7,458
|
)
|
|
$
|
22,570
|
|
|
Two Quarters Ended
|
||||||
|
March 9,
2016 |
|
February 11,
2015 |
||||
|
(28 weeks)
|
|
(24 weeks)
|
||||
|
(In thousands, except per share data)
|
||||||
Provision for asset impairments
|
$
|
37
|
|
|
$
|
218
|
|
Net gain on disposition of property and equipment
|
(835
|
)
|
|
(1,087
|
)
|
||
|
|
|
|
||||
|
$
|
(798
|
)
|
|
$
|
(869
|
)
|
Effect on EPS:
|
|
|
|
||||
Basic
|
$
|
0.03
|
|
|
$
|
0.03
|
|
Assuming dilution
|
$
|
0.03
|
|
|
$
|
0.03
|
|
|
March 9,
2016 |
|
August 26,
2015 |
||||
|
(In thousands)
|
||||||
Prepaid expenses
|
1
|
|
|
10
|
|
||
Assets related to discontinued operations—current
|
$
|
1
|
|
|
$
|
10
|
|
Property and equipment
|
1,868
|
|
|
1,872
|
|
||
Other assets
|
1,798
|
|
|
1,799
|
|
||
Assets related to discontinued operations—non-current
|
$
|
3,666
|
|
|
$
|
3,671
|
|
Deferred income taxes
|
$
|
343
|
|
|
$
|
343
|
|
Accrued expenses and other liabilities
|
64
|
|
|
65
|
|
||
Liabilities related to discontinued operations—current
|
$
|
407
|
|
|
$
|
408
|
|
Other liabilities
|
$
|
17
|
|
|
$
|
182
|
|
Liabilities related to discontinued operations—non-current
|
$
|
17
|
|
|
$
|
182
|
|
|
Two Quarters Ended
|
||||||
|
March 9,
2016 |
|
February 11,
2015 |
||||
|
(28 weeks)
|
|
(24 weeks)
|
||||
|
(In thousands, except discontinued locations)
|
||||||
Sales
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||||
Pretax loss
|
(147
|
)
|
|
(408
|
)
|
||
Income tax benefit from discontinued operations
|
58
|
|
|
195
|
|
||
Loss from discontinued operations, net of income taxes
|
$
|
(89
|
)
|
|
$
|
(213
|
)
|
Discontinued locations closed during the period
|
—
|
|
|
—
|
|
|
Two Quarters Ended
|
||||||
|
March 9,
2016 |
|
February 11,
2015 |
||||
|
(28 weeks)
|
|
(24 weeks)
|
||||
|
(In thousands, except per share data)
|
||||||
Discontinued operating loss
|
$
|
(147
|
)
|
|
$
|
(408
|
)
|
Impairments
|
—
|
|
|
—
|
|
||
Net gains (losses)
|
—
|
|
|
—
|
|
||
Pretax loss
|
$
|
(147
|
)
|
|
$
|
(408
|
)
|
Income tax benefit from discontinued operations
|
58
|
|
|
195
|
|
||
Loss from discontinued operations, net of income taxes
|
$
|
(89
|
)
|
|
$
|
(213
|
)
|
Effect on EPS from discontinued operations—basic
|
$
|
(0.00
|
)
|
|
$
|
(0.01
|
)
|
|
Two Quarters Ended
|
||||||
|
March 9,
2016 |
|
February 11,
2015 |
||||
|
(28 weeks)
|
|
(24 weeks)
|
||||
|
(In thousands, except percentages)
|
||||||
AFFILIATED COSTS INCURRED:
|
|
|
|
||||
General and administrative expenses—professional and other costs
|
$
|
—
|
|
|
$
|
—
|
|
Capital expenditures
|
—
|
|
|
—
|
|
||
Other operating expenses, occupancy costs and opening costs, including property leases
|
287
|
|
|
237
|
|
||
Total
|
$
|
287
|
|
|
$
|
237
|
|
RELATIVE TOTAL COMPANY COSTS:
|
|
|
|
||||
Selling, general and administrative expenses
|
$
|
23,086
|
|
|
$
|
18,532
|
|
Capital expenditures
|
10,970
|
|
|
10,988
|
|
||
Other operating expenses, occupancy costs and opening costs
|
44,905
|
|
|
39,980
|
|
||
Total
|
$
|
78,961
|
|
|
$
|
69,500
|
|
AFFILIATED COSTS INCURRED AS A PERCENTAGE OF RELATIVE TOTAL COMPANY COSTS
|
0.36
|
%
|
|
0.34
|
%
|
|
Shares
Under
Fixed
Options
|
|
Weighted-
Average
Exercise
Price
|
|
Weighted-
Average
Remaining
Contractual
Term
|
|
Aggregate
Intrinsic
Value
|
||||||
|
|
|
(Per share)
|
|
(In years)
|
|
(In thousands)
|
||||||
Outstanding at August 26, 2015
|
1,288,099
|
|
|
$
|
4.76
|
|
|
6.5
|
|
|
$
|
460
|
|
Granted
|
279,944
|
|
|
4.89
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
(19,750
|
)
|
|
3.44
|
|
|
—
|
|
|
—
|
|
||
Cancelled
|
(312,663
|
)
|
|
4.98
|
|
|
—
|
|
|
—
|
|
||
Forfeited/Expired
|
(25,541
|
)
|
|
4.34
|
|
|
—
|
|
|
—
|
|
||
Outstanding at March 9, 2016
|
1,210,089
|
|
|
$
|
4.76
|
|
|
7.1
|
|
|
$
|
557
|
|
Exercisable at March 9, 2016
|
662,598
|
|
|
$
|
4.76
|
|
|
5.4
|
|
|
$
|
401
|
|
|
Restricted
Stock
Units
|
|
Weighted
Average
Fair Value
|
|
Weighted-
Average
Remaining
Contractual
Term
|
||||
|
|
|
(Per share)
|
|
(In years)
|
||||
Unvested at August 26, 2015
|
409,417
|
|
|
$
|
5.98
|
|
|
1.6
|
|
Granted
|
172,212
|
|
|
4.87
|
|
|
—
|
|
|
Vested
|
(257,482
|
)
|
|
6.19
|
|
|
—
|
|
|
Forfeited
|
(4,202
|
)
|
|
5.95
|
|
|
—
|
|
|
Unvested at March 9, 2016
|
319,945
|
|
|
$
|
5.22
|
|
|
2.3
|
|
|
Quarter Ended
|
|
Two Quarters Ended
|
||||||||||||
|
March 9,
2016 |
|
February 11,
2015 |
|
March 9,
2016 |
|
February 11,
2015 |
||||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(28 weeks)
|
|
(24 weeks)
|
||||||||
|
(In thousands, expect per share data)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations
|
$
|
(582
|
)
|
|
$
|
(1,285
|
)
|
|
$
|
(2,321
|
)
|
|
$
|
(4,165
|
)
|
Loss from discontinued operations, net of income taxes
|
(17
|
)
|
|
(74
|
)
|
|
(89
|
)
|
|
(213
|
)
|
||||
NET LOSS
|
$
|
(599
|
)
|
|
$
|
(1,359
|
)
|
|
$
|
(2,410
|
)
|
|
$
|
(4,378
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Denominator for basic earnings per share—weighted-average shares
|
29,247
|
|
|
28,921
|
|
|
29,182
|
|
|
28,906
|
|
||||
Effect of potentially dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Employee and non-employee stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Denominator for earnings per share assuming dilution
|
29,247
|
|
|
28,921
|
|
|
29,182
|
|
|
28,906
|
|
||||
Loss per share from continuing operations:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.02
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.14
|
)
|
Assuming dilution
|
$
|
(0.02
|
)
|
|
$
|
(0.04
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.14
|
)
|
Loss per share from discontinued operations:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.00
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
(0.01
|
)
|
Assuming dilution
|
$
|
(0.00
|
)
|
|
$
|
(0.01
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
(0.01
|
)
|
Net loss per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.02
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.15
|
)
|
Assuming dilution
|
$
|
(0.02
|
)
|
|
$
|
(0.05
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
(0.15
|
)
|
|
Quarter Ended
|
|
Two Quarters Ended
|
||||||||
|
March 9,
2016 |
|
February 11,
2015 |
|
March 9,
2016 |
|
February 11,
2015 |
||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(28 weeks)
|
|
(24 weeks)
|
||||
Restaurant sales
|
93.7
|
%
|
|
94.0
|
%
|
|
93.9
|
%
|
|
93.4
|
%
|
Culinary contract services
|
4.3
|
%
|
|
4.1
|
%
|
|
4.2
|
%
|
|
4.7
|
%
|
Franchise revenue
|
1.8
|
%
|
|
1.8
|
%
|
|
1.8
|
%
|
|
1.8
|
%
|
Vending revenue
|
0.1
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
|
0.1
|
%
|
TOTAL SALES
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
||||
STORE COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
||||
(As a percentage of restaurant sales)
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Cost of food
|
28.5
|
%
|
|
29.8
|
%
|
|
28.5
|
%
|
|
29.5
|
%
|
Payroll and related costs
|
34.6
|
%
|
|
34.5
|
%
|
|
34.7
|
%
|
|
35.1
|
%
|
Other operating expenses
|
15.9
|
%
|
|
16.6
|
%
|
|
16.1
|
%
|
|
17.1
|
%
|
Occupancy costs
|
6.4
|
%
|
|
5.9
|
%
|
|
6.1
|
%
|
|
6.0
|
%
|
Vending revenue
|
(0.2
|
)%
|
|
(0.1
|
)%
|
|
(0.1
|
)%
|
|
(0.1
|
)%
|
Store level profit
|
14.8
|
%
|
|
13.3
|
%
|
|
14.8
|
%
|
|
12.5
|
%
|
|
|
|
|
|
|
|
|
||||
COMPANY COSTS AND EXPENSES:
|
|
|
|
|
|
|
|
||||
(As a percentage of total sales)
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Opening costs
|
0.2
|
%
|
|
0.7
|
%
|
|
0.3
|
%
|
|
0.9
|
%
|
Depreciation and amortization
|
5.7
|
%
|
|
5.3
|
%
|
|
5.7
|
%
|
|
5.5
|
%
|
Selling, general and administrative expenses
|
10.7
|
%
|
|
10.3
|
%
|
|
10.8
|
%
|
|
10.4
|
%
|
Net gain on disposition of property and equipment
|
(0.6
|
)%
|
|
(1.5
|
)%
|
|
(0.4
|
)%
|
|
(0.6
|
)%
|
|
|
|
|
|
|
|
|
||||
Culinary Contract Services Costs
|
|
|
|
|
|
|
|
||||
(As a percentage of Culinary Contract Services sales)
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Cost of culinary contract services
|
89.8
|
%
|
|
92.2
|
%
|
|
89.9
|
%
|
|
90.5
|
%
|
Culinary income
|
10.2
|
%
|
|
7.8
|
%
|
|
10.1
|
%
|
|
9.5
|
%
|
|
|
|
|
|
|
|
|
||||
Franchise Operations Costs
|
|
|
|
|
|
|
|
||||
(As a percentage of
Franchise Operations)
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
||||
Cost of franchise operations
|
25.2
|
%
|
|
22.1
|
%
|
|
27.2
|
%
|
|
23.2
|
%
|
Franchise income
|
74.8
|
%
|
|
77.9
|
%
|
|
72.8
|
%
|
|
76.8
|
%
|
|
|
|
|
|
|
|
|
||||
(As a percentage of total sales)
|
|
|
|
|
|
|
|
||||
LOSS FROM OPERATIONS
|
(0.3
|
)%
|
|
(0.8
|
)%
|
|
(0.9
|
)%
|
|
(2.9
|
)%
|
Interest income
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Interest expense
|
(0.5
|
)%
|
|
(0.6
|
)%
|
|
(0.6
|
)%
|
|
(0.6
|
)%
|
Other income (expense), net
|
—
|
%
|
|
0.1
|
%
|
|
—
|
%
|
|
0.1
|
%
|
Loss before income taxes and discontinued operations
|
(0.8
|
)%
|
|
(1.3
|
)%
|
|
(1.5
|
)%
|
|
(3.3
|
)%
|
Provision (benefit) for income taxes
|
(0.2
|
)%
|
|
0.1
|
%
|
|
(0.4
|
)%
|
|
(1.0
|
)%
|
Loss from continuing operations
|
(0.6
|
)%
|
|
(1.4
|
)%
|
|
(1.1
|
)%
|
|
(2.3
|
)%
|
Loss from discontinued operations, net of income taxes
|
—
|
%
|
|
(0.1
|
)%
|
|
—
|
%
|
|
(0.1
|
)%
|
NET LOSS
|
(0.6
|
)%
|
|
(1.5
|
)%
|
|
(1.1
|
)%
|
|
(2.4
|
)%
|
|
Quarter Ended
|
|
Two Quarters Ended
|
||||||||||||
|
March 9,
2016 |
|
February 11,
2015 |
|
March 9,
2016 |
|
February 11,
2015 |
||||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(28 weeks)
|
|
(24 weeks)
|
||||||||
|
(In thousands)
|
|
(In thousands)
|
||||||||||||
Store level profit
|
$
|
12,746
|
|
|
$
|
11,395
|
|
|
$
|
29,530
|
|
|
$
|
20,746
|
|
|
|
|
|
|
|
|
|
||||||||
Plus:
|
|
|
|
|
|
|
|
||||||||
Sales from culinary contract services
|
3,918
|
|
|
3,771
|
|
|
8,833
|
|
|
8,369
|
|
||||
Sales from franchise revenue
|
1,700
|
|
|
1,605
|
|
|
3,825
|
|
|
3,186
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Less:
|
|
|
|
|
|
|
|
||||||||
Opening costs
|
174
|
|
|
670
|
|
|
571
|
|
|
1,595
|
|
||||
Cost of culinary contract services
|
3,520
|
|
|
3,478
|
|
|
7,942
|
|
|
7,577
|
|
||||
Cost of franchise operations
|
428
|
|
|
354
|
|
|
1,039
|
|
|
738
|
|
||||
Depreciation and amortization
|
5,220
|
|
|
4,781
|
|
|
12,235
|
|
|
9,849
|
|
||||
Selling, general and administrative expenses
|
9,843
|
|
|
9,381
|
|
|
23,086
|
|
|
18,532
|
|
||||
Provision for asset impairments
|
37
|
|
|
218
|
|
|
37
|
|
|
218
|
|
||||
Net gain on disposition of property and equipment
|
(556
|
)
|
|
(1,377
|
)
|
|
(835
|
)
|
|
(1,087
|
)
|
||||
Interest income
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||
Interest expense
|
495
|
|
|
569
|
|
|
1,191
|
|
|
1,025
|
|
||||
Other income (expense), net
|
(29
|
)
|
|
(78
|
)
|
|
90
|
|
|
(258
|
)
|
||||
Provision (benefit) for income taxes
|
(185
|
)
|
|
61
|
|
|
(845
|
)
|
|
(1,721
|
)
|
||||
Loss from continuing operations
|
$
|
(582
|
)
|
|
$
|
(1,285
|
)
|
|
$
|
(2,321
|
)
|
|
$
|
(4,165
|
)
|
|
August 26,
2015 |
|
FY16 YTD Q2 Openings
|
|
FY16 YTD Q2 Closings
|
|
March 9,
2016 |
||||
Luby’s Cafeterias
|
93
|
|
|
—
|
|
|
(1
|
)
|
|
92
|
|
Fuddruckers Restaurants
|
75
|
|
|
3
|
|
|
(1
|
)
|
|
77
|
|
Cheeseburger in Paradise
|
8
|
|
|
—
|
|
|
—
|
|
|
8
|
|
Other restaurants
(1)
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
Total
|
177
|
|
|
3
|
|
|
(2
|
)
|
|
178
|
|
|
Quarter
Ended |
|
Quarter
Ended |
|
Comparable
Period Ended |
|
Q2FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/
(Decrease) |
|||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks vs 12 weeks)
|
|||||||
Restaurant sales
|
$
|
86,314
|
|
|
$
|
85,486
|
|
|
$
|
84,462
|
|
|
2.2
|
%
|
Culinary contract services
|
3,918
|
|
|
3,771
|
|
|
3,808
|
|
|
2.9
|
%
|
|||
Franchise revenue
|
1,700
|
|
|
1,605
|
|
|
1,568
|
|
|
8.4
|
%
|
|||
Vending revenue
|
137
|
|
|
120
|
|
|
121
|
|
|
13.2
|
%
|
|||
TOTAL SALES
|
$
|
92,069
|
|
|
$
|
90,982
|
|
|
$
|
89,959
|
|
|
2.3
|
%
|
|
Two Quarters Ended
|
|
Two Quarters Ended
|
|
Comparable
Period Ended |
|
YTDQ2 FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/
(Decrease) |
|||||||
|
(28 weeks)
|
|
(24 weeks)
|
|
(28 weeks)
|
|
(28 weeks vs 28 weeks)
|
|||||||
Restaurant sales
|
$
|
199,861
|
|
|
$
|
166,043
|
|
|
$
|
195,695
|
|
|
2.1
|
%
|
Culinary contract services
|
8,833
|
|
|
8,369
|
|
|
9,715
|
|
|
(9.1
|
)%
|
|||
Franchise revenue
|
3,825
|
|
|
3,186
|
|
|
3,704
|
|
|
3.3
|
%
|
|||
Vending revenue
|
295
|
|
|
244
|
|
|
282
|
|
|
4.6
|
%
|
|||
TOTAL SALES
|
$
|
212,814
|
|
|
$
|
177,842
|
|
|
$
|
209,396
|
|
|
1.6
|
%
|
|
Quarter
Ended
|
|
Quarter
Ended
|
|
Comparable
Period Ended |
|
Q2FY2016 vs
Comparable Period |
|||||||||||
Restaurant Brand
|
March 9,
|
|
February 11,
|
|
March 11,
|
|
Increase/(Decrease)
|
|||||||||||
($000s)
|
2016
|
|
2015
|
|
2015
|
|
$ Amount
|
|
% Change
|
|||||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks vs 12 weeks)
|
|||||||||||
Luby’s Cafeterias
|
$
|
52,915
|
|
|
$
|
54,574
|
|
|
$
|
52,144
|
|
|
$
|
771
|
|
|
1.5
|
%
|
Fuddruckers
|
24,567
|
|
|
22,820
|
|
|
23,636
|
|
|
931
|
|
|
3.9
|
%
|
||||
Combo locations
|
5,295
|
|
|
4,937
|
|
|
5,289
|
|
|
6
|
|
|
0.1
|
%
|
||||
Cheeseburger in Paradise
|
3,537
|
|
|
3,155
|
|
|
3,393
|
|
|
144
|
|
|
4.2
|
%
|
||||
Restaurant Sales
|
$
|
86,314
|
|
|
$
|
85,486
|
|
|
$
|
84,462
|
|
|
$
|
1,852
|
|
|
2.2
|
%
|
|
Two Quarters Ended
|
|
Two Quarters Ended
|
|
Comparable
Period Ended |
|
YTDQ2 FY2016 vs
Comparable Period |
|||||||||||
Restaurant Brand
|
March 9,
|
|
February 11,
|
|
March 11,
|
|
Increase/(Decrease)
|
|||||||||||
($000s)
|
2016
|
|
2015
|
|
2015
|
|
$ Amount
|
|
% Change
|
|||||||||
|
(28 weeks)
|
|
(24 weeks)
|
|
(28 weeks)
|
|
(28 weeks vs 28 weeks)
|
|||||||||||
Luby’s Cafeterias
|
$
|
123,821
|
|
|
$
|
105,122
|
|
|
$
|
123,254
|
|
|
$
|
567
|
|
|
0.5
|
%
|
Fuddruckers
|
55,447
|
|
|
44,271
|
|
|
52,418
|
|
|
3,029
|
|
|
5.8
|
%
|
||||
Combo locations
|
12,315
|
|
|
9,995
|
|
|
12,136
|
|
|
179
|
|
|
1.5
|
%
|
||||
Cheeseburger in Paradise
|
8,278
|
|
|
6,655
|
|
|
7,887
|
|
|
391
|
|
|
5.0
|
%
|
||||
Total Restaurant Sales
|
$
|
199,861
|
|
|
$
|
166,043
|
|
|
$
|
195,695
|
|
|
$
|
4,166
|
|
|
2.1
|
%
|
|
Quarter
Ended |
|
Quarter
Ended |
|
Comparable
Period Ended |
|
Q2FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/
(Decrease)
|
|||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks vs 12 weeks)
|
|||||||
Cost of food
|
$
|
24,600
|
|
|
$
|
25,468
|
|
|
$
|
24,612
|
|
|
0.0
|
%
|
As a percent of restaurant sales
|
28.5
|
%
|
|
29.8
|
%
|
|
29.1
|
%
|
|
(0.6
|
)%
|
|
Two Quarters Ended
|
|
Two Quarters Ended
|
|
Comparable
Period Ended |
|
YTDQ2 FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(28 weeks)
|
|
(24 weeks)
|
|
(28 weeks)
|
|
(28 weeks vs 28 weeks)
|
|||||||
Cost of food
|
$
|
57,034
|
|
|
$
|
48,951
|
|
|
$
|
57,368
|
|
|
(0.6
|
)%
|
As a percent of restaurant sales
|
28.5
|
%
|
|
29.5
|
%
|
|
29.3
|
%
|
|
(0.8
|
)%
|
|
Quarter
Ended |
|
Quarter
Ended |
|
Comparable
Period Ended |
|
Q2FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks vs 12 weeks)
|
|||||||
Payroll and related costs
|
$
|
29,834
|
|
|
$
|
29,519
|
|
|
$
|
29,506
|
|
|
1.1
|
%
|
As a percent of restaurant sales
|
34.6
|
%
|
|
34.5
|
%
|
|
34.9
|
%
|
|
(0.3
|
)%
|
|
Two Quarters Ended
|
|
Two Quarters Ended
|
|
Comparable
Period Ended |
|
YTDQ2 FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(28 weeks)
|
|
(24 weeks)
|
|
(28 weeks)
|
|
(28 weeks vs 28 weeks)
|
|||||||
Payroll and related costs
|
$
|
69,258
|
|
|
$
|
58,205
|
|
|
$
|
68,265
|
|
|
1.5
|
%
|
As a percent of restaurant sales
|
34.7
|
%
|
|
35.1
|
%
|
|
34.9
|
%
|
|
(0.2
|
)%
|
|
Quarter
Ended |
|
Quarter
Ended |
|
Comparable
Period Ended |
|
Q2FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks vs 12 weeks)
|
|||||||
Other operating expenses
|
$
|
13,736
|
|
|
$
|
14,194
|
|
|
$
|
14,160
|
|
|
(3.0
|
)%
|
As a percent of restaurant sales
|
15.9
|
%
|
|
16.6
|
%
|
|
16.8
|
%
|
|
(0.9
|
)%
|
|
Two Quarters Ended
|
|
Two Quarters Ended
|
|
Comparable
Period Ended |
|
YTDQ2 FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(28 weeks)
|
|
(24 weeks)
|
|
(28 weeks)
|
|
(28 weeks vs 28 weeks)
|
|||||||
Other operating expenses
|
$
|
32,157
|
|
|
$
|
28,413
|
|
|
$
|
33,148
|
|
|
(3.0
|
)%
|
As a percent of restaurant sales
|
16.1
|
%
|
|
17.1
|
%
|
|
16.9
|
%
|
|
(0.8
|
)%
|
|
Quarter
Ended |
|
Quarter
Ended |
|
Comparable
Period Ended |
|
Q2FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks vs 12 weeks)
|
|||||||
Occupancy costs
|
$
|
5,535
|
|
|
$
|
5,030
|
|
|
$
|
4,918
|
|
|
12.5
|
%
|
As a percent of restaurant sales
|
6.4
|
%
|
|
5.9
|
%
|
|
5.8
|
%
|
|
0.6
|
%
|
|
Two Quarters Ended
|
|
Two Quarters Ended
|
|
Comparable
Period Ended |
|
YTDQ2 FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(28 weeks)
|
|
(24 weeks)
|
|
(28 weeks)
|
|
(28 weeks vs 28 weeks)
|
|||||||
Occupancy costs
|
$
|
12,177
|
|
|
$
|
9,972
|
|
|
$
|
11,594
|
|
|
5.0
|
%
|
As a percent of restaurant sales
|
6.1
|
%
|
|
6.0
|
%
|
|
5.9
|
%
|
|
0.2
|
%
|
|
Quarter
Ended |
|
Quarter
Ended |
|
Comparable
Period Ended |
|
Q2FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks vs 12 weeks)
|
|||||||
Franchise revenue
|
$
|
1,700
|
|
|
$
|
1,605
|
|
|
$
|
1,568
|
|
|
8.4
|
%
|
Cost of franchise operations
|
428
|
|
|
354
|
|
|
342
|
|
|
25.1
|
%
|
|||
Franchise profit
|
$
|
1,272
|
|
|
$
|
1,251
|
|
|
$
|
1,226
|
|
|
3.8
|
%
|
Franchise profit as percent of franchise revenue
|
74.8
|
%
|
|
77.9
|
%
|
|
78.2
|
%
|
|
(3.4
|
)%
|
|
Two Quarters Ended
|
|
Two Quarters Ended
|
|
Comparable
Period Ended |
|
YTDQ2 FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(28 weeks)
|
|
(24 weeks)
|
|
(28 weeks)
|
|
(28 weeks vs 28 weeks)
|
|||||||
Franchise revenue
|
$
|
3,825
|
|
|
$
|
3,186
|
|
|
$
|
3,704
|
|
|
3.3
|
%
|
Cost of franchise operations
|
1,039
|
|
|
738
|
|
|
880
|
|
|
18.1
|
%
|
|||
Franchise profit
|
$
|
2,786
|
|
|
$
|
2,448
|
|
|
$
|
2,824
|
|
|
(1.3
|
)%
|
Franchise profit as percent of franchise revenue
|
72.8
|
%
|
|
76.8
|
%
|
|
76.2
|
%
|
|
(3.4
|
)%
|
|
Quarter
Ended |
|
Quarter
Ended |
|
Comparable
Period Ended |
|
Q2FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks vs 12 weeks)
|
|||||||
Culinary contract services sales
|
$
|
3,918
|
|
|
$
|
3,771
|
|
|
$
|
3,808
|
|
|
2.9
|
%
|
Cost of culinary contract services
|
3,520
|
|
|
3,478
|
|
|
3,406
|
|
|
3.3
|
%
|
|||
Culinary contract profit
|
$
|
398
|
|
|
$
|
293
|
|
|
$
|
402
|
|
|
(1.0
|
)%
|
Culinary contract profit as percent of Culinary contract sales
|
10.2
|
%
|
|
7.8
|
%
|
|
10.6
|
%
|
|
(0.4
|
)%
|
|
Two Quarters Ended
|
|
Two Quarters Ended
|
|
Comparable
Period Ended |
|
YTDQ2 FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(28 weeks)
|
|
(24 weeks)
|
|
(28 weeks)
|
|
(28 weeks vs 28 weeks)
|
|||||||
Culinary contract services sales
|
$
|
8,833
|
|
|
$
|
8,369
|
|
|
$
|
9,715
|
|
|
(9.1
|
)%
|
Cost of culinary contract services
|
7,942
|
|
|
7,577
|
|
|
8,707
|
|
|
(8.8
|
)%
|
|||
Culinary contract profit
|
$
|
891
|
|
|
$
|
792
|
|
|
$
|
1,008
|
|
|
(11.6
|
)%
|
Culinary contract profit as percent of Culinary contract sales
|
10.1
|
%
|
|
9.5
|
%
|
|
10.4
|
%
|
|
(0.3
|
)%
|
|
Quarter
Ended |
|
Quarter
Ended |
|
Comparable
Period Ended |
|
Q2FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks vs 12 weeks)
|
|||||||
Depreciation and amortization
|
$
|
5,220
|
|
|
$
|
4,781
|
|
|
$
|
4,765
|
|
|
9.5
|
%
|
As a percent of total sales
|
5.7
|
%
|
|
5.3
|
%
|
|
5.3
|
%
|
|
0.4
|
%
|
|
Two Quarters Ended
|
|
Two Quarters Ended
|
|
Comparable
Period Ended |
|
YTDQ2 FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(28 weeks)
|
|
(24 weeks)
|
|
(28 weeks)
|
|
(28 weeks vs 28 weeks)
|
|||||||
Depreciation and amortization
|
$
|
12,235
|
|
|
$
|
9,849
|
|
|
$
|
11,429
|
|
|
7.1
|
%
|
As a percent of total sales
|
5.7
|
%
|
|
5.5
|
%
|
|
5.5
|
%
|
|
0.2
|
%
|
|
Quarter
Ended |
|
Quarter
Ended |
|
Comparable
Period Ended |
|
Q2FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks)
|
|
(12 weeks vs 12 weeks)
|
|||||||
General and administrative expenses
|
$
|
8,325
|
|
|
$
|
8,333
|
|
|
$
|
8,346
|
|
|
(0.3
|
)%
|
Marketing and advertising expenses
|
1,518
|
|
|
1,048
|
|
|
854
|
|
|
77.8
|
%
|
|||
Selling, general and administrative expenses
|
$
|
9,843
|
|
|
$
|
9,381
|
|
|
$
|
9,200
|
|
|
7.0
|
%
|
As percent of total sales
|
10.7
|
%
|
|
10.3
|
%
|
|
10.2
|
%
|
|
0.5
|
%
|
|
Two Quarters Ended
|
|
Two Quarters Ended
|
|
Comparable
Period Ended |
|
YTDQ2 FY2016 vs
Comparable Period |
|||||||
($000s)
|
March 9,
2016 |
|
February 11,
2015 |
|
March 11,
2015 |
|
Increase/(Decrease)
|
|||||||
|
(28 weeks)
|
|
(24 weeks)
|
|
(28 weeks)
|
|
(28 weeks vs 28 weeks)
|
|||||||
General and administrative expenses
|
$
|
19,780
|
|
|
$
|
16,813
|
|
|
$
|
19,562
|
|
|
1.1
|
%
|
Marketing and advertising expenses
|
3,306
|
|
|
1,719
|
|
|
1,900
|
|
|
74.0
|
%
|
|||
Selling, general and administrative expenses
|
$
|
23,086
|
|
|
$
|
18,532
|
|
|
$
|
21,462
|
|
|
7.6
|
%
|
As percent of total sales
|
10.8
|
%
|
|
10.4
|
%
|
|
10.2
|
%
|
|
0.6
|
%
|
•
|
payments to reduce our debt;
|
•
|
capital expenditures for construction, restaurant renovations and upgrades, information technology and culinary contract services development; and
|
•
|
working capital primarily for our Company-owned restaurants and Culinary Contract Services agreements.
|
|
Two Quarters Ended
|
||||||
|
March 9,
2016 |
|
February 11,
2015 |
||||
|
(28 weeks)
|
|
(24 weeks)
|
||||
|
(In thousands)
|
||||||
Total cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
7,191
|
|
|
$
|
(5,674
|
)
|
Investing activities
|
(6,786
|
)
|
|
(7,928
|
)
|
||
Financing activities
|
(467
|
)
|
|
12,435
|
|
||
Net decrease in cash and cash equivalents
|
$
|
(62
|
)
|
|
$
|
(1,167
|
)
|
•
|
Debt Service Coverage Ratio of not less than (i) 1.10 to 1.00 at all times during the first, second and third fiscal quarters of the Borrower’s fiscal year 2015, (ii) 1.25 to 1.00 at all times during the fourth fiscal quarter of the Borrower’s fiscal year 2015, and (iii) 1.50 to 1.00 at all times thereafter,
|
•
|
Lease Adjusted Leverage Ratio of not more than (i) 5.75 to 1.00 at all times during the first, second and third fiscal quarters of the Borrower’s fiscal year 2015, (ii) 5.50 to 1.00 at all times during the fourth fiscal quarter of the Borrower’s fiscal year 2015, (iii) 5.25 to 1.00 at all times during the first fiscal quarter of the Borrower’s fiscal year 2016, (iv) 5.00 to 1.00 at all times during the second fiscal quarter of the Borrower’s fiscal year 2016, and (v) 4.75 to 1.00 at all times thereafter,
|
•
|
capital expenditures limited to $25.0 million per year,
|
•
|
restrictions on incurring liens on certain of our property and the property of our subsidiaries,
|
•
|
restrictions on transactions with affiliates and materially changing our business,
|
•
|
restrictions on making certain investments, loans, advances and guarantees,
|
•
|
restrictions on selling assets outside the ordinary course of business,
|
•
|
prohibitions on entering into sale and leaseback transactions, and
|
•
|
restrictions on certain acquisitions of all or a substantial portion of the assets, property and/or equity interests of any person, including share repurchases and dividends.
|
•
|
future operating results,
|
•
|
future capital expenditures and expected sources of funds for capital expenditures,
|
•
|
future debt, including liquidity and the sources and availability of funds related to debt, and expected repayment of debt, as well as our ability to refinance the existing credit facility or enter into a new credit facility on a timely basis,
|
•
|
expected sources of funds for working capital requirements,
|
•
|
plans for our new prototype restaurants,
|
•
|
plans for expansion of our business,
|
•
|
scheduled openings of new units,
|
•
|
closing existing units,
|
•
|
future sales of assets and the gains or losses that may be recognized as a result of any such sales, and
|
•
|
continued compliance with the terms of our 2013 Credit Facility, as amended.
|
•
|
general business and economic conditions,
|
•
|
the impact of competition,
|
•
|
our operating initiatives, changes in promotional, couponing and advertising strategies and the success of management’s business plans,
|
•
|
fluctuations in the costs of commodities, including beef, poultry, seafood, dairy, cheese, oils and produce,
|
•
|
ability to raise menu prices and customer acceptance of changes in menu items,
|
•
|
increases in utility costs, including the costs of natural gas and other energy supplies,
|
•
|
changes in the availability and cost of labor, including the ability to attract qualified managers and team members,
|
•
|
the seasonality of the business,
|
•
|
collectability of accounts receivable,
|
•
|
changes in governmental regulations, including changes in minimum wages and health care benefit regulation,
|
•
|
the effects of inflation and changes in our customers’ disposable income, spending trends and habits,
|
•
|
the ability to realize property values,
|
•
|
the availability and cost of credit,
|
•
|
the ability to effectively integrate and improve the profitability of the acquired Cheeseburger in Paradise restaurants,
|
•
|
effectiveness of the Cheeseburger in Paradise conversions to Fuddruckers restaurants,
|
•
|
the effectiveness of our credit card controls and PCI compliance,
|
•
|
weather conditions in the regions in which our restaurants operate,
|
•
|
costs relating to legal proceedings,
|
•
|
impact of adoption of new accounting standards,
|
•
|
effects of actual or threatened future terrorist attacks in the United States,
|
•
|
unfavorable publicity relating to operations, including publicity concerning food quality, illness or other health concerns or labor relations, and
|
•
|
the continued service of key management personnel.
|
|
|
LUBY’S, INC.
(Registrant)
|
|
|
|
|
|
Date:
|
4/18/2016
|
By:
|
/s/ Christopher J. Pappas
|
|
|
|
Christopher J. Pappas
|
|
|
|
President and Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
Date:
|
4/18/2016
|
By:
|
/s/ K. Scott Gray
|
|
|
|
K. Scott Gray
|
|
|
|
Senior Vice President and Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer)
|
1 Year Lubys Chart |
1 Month Lubys Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions