HOUSTON, Jan. 29, 2018 /PRNewswire/ -- Luby's, Inc. (NYSE:
LUB) ("Luby's") today announced unaudited financial results for its
sixteen-week first quarter fiscal 2018, which ended on
December 20, 2017. Comparisons in this earnings release for
the first quarter fiscal 2018 are referred to as "first
quarter."
First Quarter Key Metrics
(comparisons to first quarter fiscal 2017)
- Same-store sales increased 0.8%
- Culinary Contract Services sales increased $3.2 million
- Adjusted EBITDA increased $1.1
million
- Three new Fuddruckers franchise locations opened (one
international location in Mexico,
and domestic locations in Florida
and Pennsylvania) in the first
quarter
- Capital expenditures decreased $0.7
million
Chris Pappas, President and CEO,
commented, "We are pleased to have generated positive same-store
sales in the first quarter at both of our primary brands, Luby's
Cafeteria and Fuddruckers, leading to a company-wide increase of
0.8% same-store sales.
"We are encouraged by the progress of the operational and guest
initiatives that we began implementing last year to help improve
guest services, store level profit and EBITDA while closely
managing expenses. These efforts are contributing to same-store
sales growth as well as improving cost controls. In the first
quarter, we grew Adjusted EBITDA by over $1.0 million.
"Our team continues to focus on enhancing guest experiences
across all of our brands, including through in-store operational
efficiencies, menu variety and new offerings and speed of
service.
"In Culinary Contract Services, revenue grew significantly in
the first quarter and remains on track to show substantial growth
in fiscal year 2018. We remain optimistic in our ability to
strengthen our iconic brands, grow our Culinary Contract Services
segment and continue to control costs company-wide."
Same-Store Sales Year-Over-Year Comparison
|
Q1
2018(3)
|
Q1
2017(3)
|
Luby's
Cafeterias
|
1.5%
|
(2.2)%
|
Fuddruckers
|
0.6%
|
(1.6)%
|
Combo locations
(1)
|
1.3%
|
(2.3)%
|
Cheeseburger in
Paradise
|
(10.5)%
|
(7.8)%
|
Total same-store
sales (2)
|
0.8%
|
(2.3)%
|
|
|
(1)
|
Combo locations
consist of a side-by-side Luby's Cafeteria and Fuddruckers
Restaurant at one property location.
|
(2)
|
Luby's includes a
restaurant's sales results into the same-store sales calculation in
the quarter after that store has been open for six complete
consecutive quarters. In the first quarter, there were 82 Luby's
Cafeterias locations, 59 Fuddruckers locations, all six Combo
locations, and all seven Cheeseburger in Paradise locations that
met the definition of same-stores.
|
(3)
|
Q1 2018, Q1 2017
same-store sales reflect the change in restaurant sales for the
locations included in the same-store grouping for each of the
comparable periods.
|
First Quarter Restaurant Sales:
($ thousands)
Restaurant
Brand
|
Q1
2018
|
Q1
2017
|
Change
($)
|
Change
(%)
|
Luby's
Cafeterias
|
$
|
67,430
|
|
$
|
68,339
|
|
$
|
(909)
|
|
(1.3)%
|
|
Fuddruckers
|
26,914
|
|
28,748
|
|
(1,834)
|
|
(6.4)%
|
|
Combo
locations
|
6,712
|
|
6,626
|
|
86
|
|
1.3%
|
|
Cheeseburger in
Paradise
|
3,527
|
|
4,369
|
|
(842)
|
|
(19.3)%
|
|
Total Restaurant
Sales
|
$
|
104,583
|
|
$
|
108,082
|
|
$
|
(3,499)
|
|
(3.2)%
|
|
- Luby's Cafeterias sales decreased $0.9
million versus the first quarter fiscal 2017, due to the
closure of four locations over the prior year partially offset by a
1.5% increase in Luby's same-store sales. The increase was the
result of a 4.8% increase in average spend per guest partially
offset by a 3.3% decrease in guest traffic.
- Fuddruckers sales at company-owned restaurants decreased
$1.8 million versus the first quarter
fiscal 2017, due to seven permanent restaurant closings and two
temporary closures for post-Hurricane renovations partially offset
by a 0.6% increase in same-store sales. The 0.6% increase in
same-store sales was the result of a 4.5% increase in average spend
per guest partially offset by a 3.9% decrease in guest
traffic.
- Combo location sales increased $0.1
million, or 1.3%, versus first quarter fiscal 2017.
- Cheeseburger in Paradise sales decreased $0.8 million. The closure of one location reduced
sales by $0.4 million and declines in
sales at the remaining seven locations reduced sales by
$0.4 million.
- 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 $11.1 million, or 10.6% of restaurant sales, in
the first quarter compared to $12.6
million, or 11.7% of restaurant sales, during the first
quarter fiscal 2017. While higher menu pricing was sufficient to
cover food commodity cost inflation and we achieved reductions in
repairs and maintenance costs, store level profit margins were
negatively impacted by certain expense items. The first quarter
included approximately $0.3 million
related to net uninsured losses and last year the first quarter
fiscal 2017 benefited from an approximate $0.5 million decrease in workers' compensation
expense. Store level profit margin was also negatively impacted,
but to a lesser extent, from higher packaging and catering supplies
related to an approximate 4.5% increase in holiday sales, and
higher fees to third party delivery services associated with higher
sales through this channel. Store level profit is a non-GAAP
measure, and reconciliation to loss from continuing operations is
presented after the financial statements.
- Culinary Contract Services revenues increased by $3.2 million to $7.5
million with 22 operating locations during the first
quarter. New Culinary Contract Services locations and retail sales
combined contributed approximately $4.3
million in revenue which was partially offset by a
$0.8 million decrease in revenue from
locations that ceased operations and an approximate $0.3 million decrease in revenue at locations
continually operated over the prior full year. Culinary Contract
Services profit margin increased to 15.8% of Culinary Contract
Services sales in the first quarter compared to 11.3% in the first
quarter fiscal 2017.
- Franchise revenue increased $16
thousand, or 0.9%, in the first quarter compared to the
first quarter fiscal 2017. In the first quarter, Franchisees opened
three locations (one international location in Mexico, and domestic locations in Florida and Pennsylvania) and closed five locations (one
international location in Italy
and four domestic locations, one in each of Tennessee, North
Carolina, South Dakota, and
North Dakota) in the first
quarter.
- Loss from continuing operations was $4.9
million, or a loss of $0.17
per diluted share, compared to a loss of $5.5 million, or a loss of $0.19 per diluted share, in the first quarter
fiscal 2017. Excluding special non-cash items, loss from continuing
operations was $3.7 million, or a
loss of $0.13 per diluted share, in
the first quarter compared to a loss of $4.8
million, or $0.17 per diluted
share, in the first quarter fiscal 2017. Loss from continuing
operations, excluding special items, is a non-GAAP measure, and
reconciliation to loss from continuing operations is presented
below.
Balance Sheet and Capital Expenditures
We ended the first quarter with a debt balance outstanding of
$30.8 million (net of deferred
financing costs of $0.3 million), up
slightly from $30.7 million (net of
deferred financing costs of $0.3
million) at the end of fiscal 2017. During the first
quarter, our capital expenditures decreased to $4.3 million compared to $5.0 million in the first quarter fiscal 2017. At
the end of the first quarter, we had $0.8
million in cash and $140.0
million in total shareholders' equity.
Restaurant Counts:
|
August 30,
2017
|
|
FY18 Q1
Openings
|
|
FY18 Q1
Closings
|
|
December 20,
2017
|
Luby's
Cafeterias(1)
|
88
|
|
|
—
|
|
|
—
|
|
|
88
|
|
Fuddruckers
Restaurants(1)
|
71
|
|
|
—
|
|
|
(3)
|
|
|
68
|
|
Cheeseburger in
Paradise
|
8
|
|
|
—
|
|
|
(1)
|
|
|
7
|
|
Total
|
167
|
|
|
—
|
|
|
(4)
|
|
|
163
|
|
|
|
(1)
|
Includes 6
restaurants that are part of Combo locations
|
Conference Call
Luby's will host a conference call on January 29, 2018 at 10:00
a.m. Central Time to discuss further its first quarter
fiscal 2018 results. To access the call live, dial (412) 902-0030
and use the access code 13675302# 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 February 5, 2018
and may be accessed by calling (201) 612-7415 and using the access
code 13675302#. 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 163 restaurants nationally as
of December 20, 2017: 88 Luby's Cafeterias, 68 Fuddruckers,
seven Cheeseburger in Paradise restaurants. Luby's is the
franchisor for 111 Fuddruckers franchise locations across
the United States (including
Puerto Rico), Canada, Mexico, Italy, the Dominican
Republic, Panama, and
Colombia. Additionally, a licensee
operates 34 restaurants with the exclusive right to use the
Fuddruckers proprietary marks, trade dress, and system in certain
countries in the Middle East. The
Company does not receive revenue or royalties from these
Middle East restaurants. Luby's
Culinary Contract Services provides food service management to 22
sites consisting of healthcare and corporate dining locations.
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.
For additional information contact:
Dennard-Lascar Associates
Rick Black / Ken Dennard
Investor Relations
713-529-6600
Luby's,
Inc.
|
Consolidated
Statements of Operations (unaudited)
|
|
|
(In thousands,
except per share data)
|
Quarter
Ended
|
|
December 20,
2017
|
|
December 21,
2016
|
|
(16
weeks)
|
|
(16
weeks)
|
SALES:
|
|
|
|
Restaurant
sales
|
$
|
104,583
|
|
|
$
|
108,082
|
|
Culinary contract
services
|
7,519
|
|
|
4,297
|
|
Franchise
revenue
|
1,887
|
|
|
1,871
|
|
Vending
revenue
|
143
|
|
|
159
|
|
TOTAL
SALES
|
114,132
|
|
|
114,409
|
|
COSTS AND
EXPENSES:
|
|
|
|
Cost of
food
|
29,754
|
|
|
30,850
|
|
Payroll and related
costs
|
38,126
|
|
|
38,673
|
|
Other operating
expenses
|
19,499
|
|
|
19,648
|
|
Occupancy
costs
|
6,261
|
|
|
6,475
|
|
Opening
costs
|
75
|
|
|
165
|
|
Cost of culinary
contract services
|
6,332
|
|
|
3,811
|
|
Cost of franchise
operations
|
488
|
|
|
580
|
|
Depreciation and
amortization
|
5,353
|
|
|
6,550
|
|
Selling, general and
administrative expenses
|
11,525
|
|
|
13,759
|
|
Provision for asset
impairments and restaurant closings
|
845
|
|
|
287
|
|
Net loss on
disposition of property and equipment
|
222
|
|
|
85
|
|
Total costs and
expenses
|
118,480
|
|
|
120,883
|
|
LOSS FROM
OPERATIONS
|
(4,348)
|
|
|
(6,474)
|
|
Interest
income
|
6
|
|
|
1
|
|
Interest
expense
|
(649)
|
|
|
(602)
|
|
Other income,
net
|
115
|
|
|
103
|
|
Loss before income
taxes and discontinued operations
|
(4,876)
|
|
|
(6,972)
|
|
Benefit for income
taxes
|
(9)
|
|
|
(1,458)
|
|
Loss from continuing
operations
|
(4,867)
|
|
|
(5,514)
|
|
Loss from
discontinued operations, net of income taxes
|
(35)
|
|
|
(72)
|
|
NET LOSS
|
$
|
(4,902)
|
|
|
$
|
(5,586)
|
|
Loss per share from
continuing operations:
|
|
|
|
Basic
|
$
|
(0.17)
|
|
|
$
|
(0.19)
|
|
Assuming
dilution
|
$
|
(0.17)
|
|
|
$
|
(0.19)
|
|
Loss per share from
discontinued operations:
|
|
|
|
Basic
|
$
|
(0.00)
|
|
|
$
|
(0.00)
|
|
Assuming
dilution
|
$
|
(0.00)
|
|
|
$
|
(0.00)
|
|
Net loss per
share:
|
|
|
|
Basic
|
$
|
(0.17)
|
|
|
$
|
(0.19)
|
|
Assuming
dilution
|
$
|
(0.17)
|
|
|
$
|
(0.19)
|
|
Weighted average
shares outstanding:
|
|
|
|
Basic
|
29,691
|
|
|
29,339
|
|
Assuming
dilution
|
29,691
|
|
|
29,339
|
|
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
|
|
December 20,
2017
|
|
December 21,
2016
|
|
(16
weeks)
|
|
(16
weeks)
|
|
|
|
|
Restaurant
sales
|
91.6
|
%
|
|
94.5
|
%
|
Culinary contract
services
|
6.6
|
%
|
|
3.8
|
%
|
Franchise
revenue
|
1.7
|
%
|
|
1.6
|
%
|
Vending
revenue
|
0.1
|
%
|
|
0.1
|
%
|
TOTAL
SALES
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
COSTS AND
EXPENSES:
|
|
|
|
|
|
|
|
(As a percentage
of restaurant sales)
|
|
|
|
Cost of
food
|
28.5
|
%
|
|
28.5
|
%
|
Payroll and related
costs
|
36.5
|
%
|
|
35.8
|
%
|
Other operating
expenses
|
18.6
|
%
|
|
18.2
|
%
|
Occupancy
costs
|
6.0
|
%
|
|
6.0
|
%
|
Vending
revenue
|
(0.1)
|
%
|
|
(0.1)
|
%
|
Store level
profit
|
10.6
|
%
|
|
11.7
|
%
|
|
|
|
|
(As a percentage
of total sales)
|
|
|
|
Marketing and
advertising expenses
|
1.3
|
%
|
|
2.0
|
%
|
General and
administrative expenses
|
8.8
|
%
|
|
10.0
|
%
|
Selling, general and
administrative expenses
|
10.1
|
%
|
|
12.0
|
%
|
LOSS FROM
OPERATIONS
|
(3.8)
|
%
|
|
(5.7)
|
%
|
Luby's,
Inc.
|
Consolidated
Balance Sheets
|
(In thousands,
except per share data)
|
|
|
December 20,
2017
|
|
August 30,
2017
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
812
|
|
|
$
|
1,096
|
|
Trade accounts and
other receivables, net
|
8,954
|
|
|
8,011
|
|
Food and supply
inventories
|
4,743
|
|
|
4,453
|
|
Prepaid
expenses
|
3,030
|
|
|
3,431
|
|
Total current
assets
|
17,539
|
|
|
16,991
|
|
Property held for
sale
|
3,231
|
|
|
3,372
|
|
Assets related to
discontinued operations
|
2,371
|
|
|
2,755
|
|
Property and
equipment, net
|
171,426
|
|
|
172,814
|
|
Intangible assets,
net
|
19,164
|
|
|
19,640
|
|
Goodwill
|
1,068
|
|
|
1,068
|
|
Deferred income
taxes
|
7,348
|
|
|
7,254
|
|
Other
assets
|
2,505
|
|
|
2,563
|
|
Total
assets
|
$
|
224,652
|
|
|
$
|
226,457
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
Liabilities:
|
|
|
|
Accounts
payable
|
$
|
15,866
|
|
|
$
|
15,937
|
|
Liabilities related
to discontinued operations
|
20
|
|
|
367
|
|
Current portion of
credit facility debt
|
295
|
|
|
—
|
|
Accrued expenses and
other liabilities
|
31,070
|
|
|
28,076
|
|
Total current
liabilities
|
47,251
|
|
|
44,380
|
|
Credit facility debt,
less current portion
|
30,525
|
|
|
30,698
|
|
Liabilities related
to discontinued operations
|
16
|
|
|
16
|
|
Other
liabilities
|
6,843
|
|
|
7,311
|
|
Total
liabilities
|
$
|
84,635
|
|
|
$
|
82,405
|
|
Commitments and
Contingencies
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
Common stock, $0.32
par value; 100,000,000 shares authorized; shares issued were
29,816,771 and 29,624,083, respectively; shares outstanding were
29,316,771 and 29,124,083, respectively
|
9,542
|
|
|
9,480
|
|
Paid-in
capital
|
32,655
|
|
|
31,850
|
|
Retained
earnings
|
102,595
|
|
|
107,497
|
|
Less cost of treasury
stock, 500,000 shares
|
(4,775)
|
|
|
(4,775)
|
|
Total
shareholders' equity
|
140,017
|
|
|
144,052
|
|
Total liabilities and
shareholders' equity
|
$
|
224,652
|
|
|
$
|
226,457
|
|
Luby's,
Inc.
|
Consolidated
Statements of Cash Flows (unaudited)
|
(In
thousands)
|
|
|
Quarter
Ended
|
|
December 20,
2017
|
|
December 21,
2016
|
|
(16
weeks)
|
|
(16
weeks)
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
Net loss
|
$
|
(4,902)
|
|
|
$
|
(5,586)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
Provision for asset
impairments and net (gains) on property sales
|
1,067
|
|
|
372
|
|
Depreciation and
amortization
|
5,353
|
|
|
6,550
|
|
Amortization of debt
issuance cost
|
40
|
|
|
67
|
|
Share-based
compensation expense
|
867
|
|
|
433
|
|
Deferred tax
provision (benefit)
|
16
|
|
|
(1,466)
|
|
Cash provided by
operating activities before changes in operating assets and
liabilities
|
2,441
|
|
|
370
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Decrease (Increase)
in trade accounts and other receivables
|
(1,287)
|
|
|
254
|
|
Decrease in insurance
receivables
|
344
|
|
|
—
|
|
Increase in food and
supply inventories
|
(290)
|
|
|
(440)
|
|
Decrease (Increase)
in prepaid expenses and other assets
|
441
|
|
|
(59)
|
|
Insurance
proceeds
|
276
|
|
|
—
|
|
Increase in accounts
payable, accrued expenses and other liabilities
|
1,557
|
|
|
3,116
|
|
Net cash provided by
operating activities
|
3,482
|
|
|
3,241
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
Proceeds from
disposal of assets and property held for sale
|
185
|
|
|
38
|
|
Insurance
proceeds
|
344
|
|
|
—
|
|
Purchases of property
and equipment
|
(4,325)
|
|
|
(4,980)
|
|
Net cash used in
investing activities
|
(3,796)
|
|
|
(4,942)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
Revolver
borrowings
|
22,900
|
|
|
45,700
|
|
Revolver
repayments
|
(22,800)
|
|
|
(78,300)
|
|
Proceeds from term
loan
|
—
|
|
|
35,000
|
|
Debt issuance
costs
|
—
|
|
|
(625)
|
|
Taxes paid for shares
withheld
|
(70)
|
|
|
—
|
|
Net cash provided by
financing activities
|
30
|
|
|
1,775
|
|
Net (decrease)
increase in cash and cash equivalents
|
(284)
|
|
|
74
|
|
Cash and cash
equivalents at beginning of period
|
1,096
|
|
|
1,339
|
|
Cash and cash
equivalents at end of period
|
$
|
812
|
|
|
$
|
1,413
|
|
Cash paid
for:
|
|
|
|
Income
taxes
|
$
|
—
|
|
|
$
|
—
|
|
Interest
|
515
|
|
|
478
|
|
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
|
|
December 20,
2017
|
|
December 21,
2016
|
|
(16
weeks)
|
|
(16
weeks)
|
|
|
|
|
Store level
profit
|
$
|
11,086
|
|
|
$
|
12,595
|
|
|
|
|
|
Plus:
|
|
|
|
Sales from culinary
contract services
|
7,519
|
|
|
4,297
|
|
Sales from franchise
operations
|
1,887
|
|
|
1,871
|
|
|
|
|
|
Less:
|
|
|
|
Opening
costs
|
75
|
|
|
165
|
|
Cost of culinary
contract services
|
6,332
|
|
|
3,811
|
|
Cost of franchise
operations
|
488
|
|
|
580
|
|
Depreciation and
amortization
|
5,353
|
|
|
6,550
|
|
Selling, general and
administrative expenses
|
11,525
|
|
|
13,759
|
|
Provision for asset
impairments and restaurant closings
|
845
|
|
|
287
|
|
Net loss on
disposition of property and equipment
|
222
|
|
|
85
|
|
Interest
income
|
(6)
|
|
|
(1)
|
|
Interest
expense
|
649
|
|
|
602
|
|
Other income,
net
|
(115)
|
|
|
(103)
|
|
Benefit for income
taxes
|
(9)
|
|
|
(1,458)
|
|
Loss from continuing
operations
|
$
|
(4,867)
|
|
|
$
|
(5,514)
|
|
The Company has also provided a non-GAAP measurement which
presents income (loss) from continuing operations, before special
items. The non-GAAP measurement is not intended to replace the
presentation of our financial results in accordance with GAAP.
Rather, the Company believes that the presentation of income (loss)
from continuing operations, before special items, provides
additional information to investors to facilitate the comparison of
past and present operations, excluding items that the Company does
not believe are indicative of our ongoing operations due to their
size and/or nature.
Reconciliation of
loss from continuing operations to loss from continuing
operations, before special items
(1,2):
|
|
Q1
FY2018
|
Q1
FY2017
|
|
Item
|
Amount
($000s)
|
Per Share
($)
|
Amount
($000s)
|
Per Share
($)
|
|
Loss from continuing
operations
|
|
$
|
(4,867)
|
|
|
$
|
(0.17)
|
|
|
$
|
(5,514)
|
|
|
$
|
(0.19)
|
|
|
Provision for asset
impairments
|
|
558
|
|
|
0.02
|
|
|
189
|
|
|
0.01
|
|
|
Net loss (gain) on
disposition of property and equipment
|
|
147
|
|
|
0.00
|
|
|
56
|
|
|
0.00
|
|
|
Fair value adjustment
to performance awards liability
|
|
(114)
|
|
|
(0.00)
|
|
|
60
|
|
|
0.00
|
|
|
Loss from closed
stores(3)
|
|
403
|
|
|
0.01
|
|
|
390
|
|
|
0.01
|
|
|
Net uninsured
storm-related losses
|
|
219
|
|
|
0.01
|
|
|
-
|
|
|
0.00
|
|
|
Loss from continuing
operations, before special items
|
|
$
|
(3,654)
|
|
|
$
|
(0.13)
|
|
|
$
|
(4,819)
|
|
|
$
|
(0.17)
|
|
|
|
|
(1)
|
We use income (loss)
from continuing operations, before special items, in analyzing
results, which is a non-GAAP financial measure. This information
should be considered in addition to the results presented in
accordance with GAAP, and should not be considered a substitute for
the GAAP results. Luby's has reconciled loss from continuing
operations, before special items, to loss from continuing
operations, the nearest GAAP measure in context.
|
(2)
|
Per share amounts are
per diluted share after tax (adjustments assume an effective 34%
tax rate)
|
(3)
|
Losses from closed
store include store level profit (loss) less depreciation for
stores that closed in fiscal 2017 (9 restaurants) and subsequent to
fiscal 2017 year-end through January 29, 2018 (7 restaurants, 2 of
which are temporarily closed for renovations).
|
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, 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
|
|
December 20,
2017
|
|
December 21,
2016
|
|
(16
weeks)
|
|
(16
weeks)
|
|
|
|
|
Loss from continuing
operations
|
$
|
(4,867)
|
|
|
$
|
(5,514)
|
|
Depreciation and
amortization
|
5,353
|
|
|
6,550
|
|
Benefit for income
taxes
|
(9)
|
|
|
(1,458)
|
|
Interest
expense
|
649
|
|
|
602
|
|
Interest
income
|
(6)
|
|
|
(1)
|
|
Net loss on
disposition of property and equipment
|
222
|
|
|
85
|
|
Provision for asset
impairments and restaurant closings
|
845
|
|
|
287
|
|
Non-cash compensation
expense
|
558
|
|
|
769
|
|
Franchise
Taxes
|
59
|
|
|
55
|
|
Decrease (Increase)
in Fair Value of Derivative
|
(173)
|
|
|
91
|
|
Adjusted
EBITDA
|
$
|
2,631
|
|
|
$
|
1,466
|
|
View original
content:http://www.prnewswire.com/news-releases/lubys-reports-first-quarter-fiscal-2018-results-300589264.html
SOURCE Luby's, Inc.