HOUSTON, Jan. 21, 2016 /PRNewswire/ -- Luby's, Inc. (NYSE:
LUB) ("Luby's") today announced unaudited financial results for its
sixteen-week first quarter fiscal 2016, which ended on December 16, 2015. As announced in the company's
fourth quarter fiscal 2015 earnings press release, Luby's has
changed the number of reporting weeks included in the first fiscal
quarter from 12 weeks to 16 weeks. This change is in part to
minimize the Thanksgiving calendar
shift by extending the first fiscal quarter until after
Thanksgiving. The company now reports
16 weeks in its first fiscal quarter, and the remaining three
quarters will typically include 12 weeks. Comparisons in this press
release for the first quarter fiscal year 2016 are referred to as
"first quarter."
First Quarter Highlights
- Total same-store sales increased 1.4%
- Luby's Cafeterias same-store sales increased 1.2%
- Fuddruckers same-store sales increased 1.3%
- Cheeseburger in Paradise same-store sales increased 5.5%
- Total restaurant sales increased 2.1%
- Opened two company-owned Fuddruckers restaurants located in
Wisconsin and Indiana
- Opened six new Fuddruckers franchise restaurants
- Store Level Profit grew to 14.8% compared to 12.8% during the
comparable 16 weeks last year
- Expenses declined in Cost of food, Payroll and related costs,
Other operating and Occupancy costs
- Combo location sales grew to $7.0
million, representing 6.2% of total restaurant sales
- Adjusted EBITDA increased to $5.7
million compared to $3.3
million during the comparable 16 weeks last year
Chris Pappas, President and CEO,
commented, "In the first quarter, same store-sales growth and lower
expenses increased our store-level profit margin and improved
earnings year over year. Our team continues to execute on our
strategy to enhance store level performance across all of our
brands through a defined process of investing, coaching, training,
and building our leadership throughout the organization. We are
focused on driving value through achieving operational excellence
and efficient cost management to grow profitability and enhance
shareholder value."
|
Same-Store Sales
Year-Over-Year Comparison
|
|
|
Q1
2016(3)
|
Q4
2015
|
Fiscal
2015
|
Luby's
Cafeterias
|
1.2%
|
0.2%
|
0.6%
|
Fuddruckers
Restaurants
|
1.3%
|
1.7%
|
1.1%
|
Combo Locations
(1)
(Represents two
locations)
|
(1.3%)
|
(6.4%)
|
(1.8%)
|
Cheeseburger in
Paradise
|
5.5%
|
2.8%
|
(2.9%)
|
Total same-store
sales (2)
|
1.4%
|
0.7%
|
0.5%
|
(1)
|
Combo locations
consist of a side-by-side Luby's Cafeteria and Fuddruckers
Restaurant at one property location.
|
(2)
|
Note: Luby's includes
a restaurant's sales results into the same-store sales calculation
in the quarter after a store has been open for six complete
consecutive quarters. In the first quarter, there were 88
Luby's Cafeterias, 59 Fuddruckers Restaurants, 2 Combo locations,
and 8 Cheeseburger in Paradise locations that met the definition of
same-stores.
|
(3)
|
Q1 2016 same-store
sales reflects the change in restaurant sales for the locations
included in the same-store grouping for the 16-week first quarter
relative to the comparable 16-week period in fiscal
2015.
|
First Quarter
Restaurant Sales:
|
($
millions)
|
Restaurant
Brand
|
Q1
2016
|
Q1
2015
|
Q1
2015
Comp
Q1*
|
Change
Comp
Q1*
|
Change
(%)
Comp
Q1*
|
|
(16 weeks)
|
(12 weeks)
|
(16 weeks)
|
(16 weeks)
|
(16 weeks)
|
Luby's
Cafeterias
|
$ 70,905
|
$ 50,548
|
$ 71,111
|
$ (206)
|
(0.3%)
|
Fuddruckers
Restaurants
|
30,880
|
21,452
|
28,782
|
2,098
|
7.3%
|
Combo
Locations
|
7,020
|
5,057
|
6,847
|
173
|
2.5%
|
Cheeseburger in
Paradise
|
4,741
|
3,500
|
4,493
|
248
|
5.5%
|
Total Restaurant
Sales
|
$ 113,546
|
$ 80,557
|
$ 111,233
|
$ 2,313
|
2.1%
|
Note: FY2016 Q1
includes high sales volume around Thanksgiving and Christmas
holidays. FY2015 Q1 ended the day prior to
Thanksgiving
|
* "Comp Q1" is
the 16 week period in fiscal 2015 that is comparable to the 16 week
period in fiscal 2016
|
- Total Restaurant sales in the first quarter increased to
$113.5 million, an increase of
$2.3 million versus the comparable 16
weeks of fiscal 2015.
- Luby's Cafeterias sales decreased $0.2
million versus the comparable 16 weeks of fiscal 2015, due
to the closure of two Luby's Cafeterias, offset by a 1.2% increase
in same-store sales. The 1.2% increase in Cafeteria same-store
sales was the result of a 0.8% increase in guest traffic and a 0.4%
increase in average spend per guest.
- Fuddruckers restaurant sales increased $2.1 million versus the comparable 16 weeks of
fiscal 2015, due to a net increase of four operating Fuddruckers
restaurants and a 1.3% increase in same-store sales. The 1.3%
increase in Fuddruckers same-store sales was the result of a 4.5%
increase in average spend per guest offset by a 3.2% decrease in
guest traffic.
- Combo location sales increased $0.2
million in the first quarter due to the addition of our
sixth Combo location, offset by a net decrease in sales at other
Combo locations. Combo locations together represented 6.2% of total
restaurant sales in the first quarter.
- Cheeseburger in Paradise restaurant sales increased 5.5% with
all eight Cheeseburger in Paradise locations in operation included
in our same-store grouping.
- 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 $16.8 million, or 14.8% of restaurant sales, in
the first quarter compared to $14.2
million, or 12.8% of restaurant sales, during the comparable
16 weeks of fiscal 2015. Lower overall cost of food, payroll
and related costs, other operating expenses and occupancy costs led
to this increase in profitability. Store level profit is a non-GAAP
measure, and reconciliation to income from continuing operations is
presented after the financial statements.
- Culinary Contract Services revenues decreased to $4.9 million with 28 operating locations in the
first quarter compared to $5.9
million during the comparable 16 weeks of fiscal 2015 with
26 operating locations. The decrease in Culinary Contract Services
revenue was the result of higher sales volume locations ceasing
operations over the past 12 months, replaced with lower sales
volume locations. Culinary profit was 10.0% of Culinary
Contract Services sales in the first quarter and 10.3% of Culinary
Contract Sales in the comparable 16-week period of fiscal
2015. Both quarters exceeded our profit targets for the
business segment.
- Franchise revenue was $2.1
million in the first quarter and in the comparable 16-week
period of fiscal 2015. In the first quarter, franchisees
opened six restaurants: internationally in Italy, Colombia, and Mexico and domestically in Michigan, California, and Florida.
- Income from continuing operations was a loss of $1.7 million, or $0.06 per diluted share compared to a loss of
$2.9 million, or a loss of
$0.10 per diluted share, in the first
quarter fiscal 2015. Excluding special items, loss from continuing
operations was $1.9 million, or a
loss of $0.07 per diluted share, in
the first quarter fiscal 2016 compared to a loss of $2.7 million, or a loss of $0.09 per diluted share, in the first quarter
fiscal 2015.
Reconciliation of
loss from continuing operations to loss from continuing operations,
before special items (1,2):
|
|
|
|
Q1
FY2016
|
|
|
Q1
FY2015
|
|
Item
|
|
Amount
($000s)
|
|
|
Per Share
($)
|
|
|
Amount
($000s)
|
|
|
Per Share
($)
|
|
Loss from continuing
operations
|
|
$
|
(1,739)
|
|
|
|
(0.06)
|
|
|
|
(2,880)
|
|
|
|
(0.10)
|
|
Loss (gain) on asset
disposals and impairments
|
|
|
(184)
|
|
|
|
(0.01)
|
|
|
|
191
|
|
|
|
0.01
|
|
Loss from continuing
operations, before special items
|
|
$
|
(1,923)
|
|
|
|
(0.07)
|
|
|
|
(2,689)
|
|
|
|
(0.09)
|
|
|
|
(1)
|
Luby's uses income
(loss) from continuing operations, before special items, in
analyzing its 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.
|
Balance Sheet and Capital Expenditures
We ended the first quarter with a debt balance outstanding of
$35.0 million, down from $37.5 million at the end of the fourth quarter
fiscal 2015. During the first quarter, our capital
expenditures were $5.7 million,
compared to $3.6 million in the
12-week first quarter fiscal 2015. At the end of the first quarter,
we had $1.6 million in cash and
$173.4 million in total shareholders'
equity.
Restaurant
Counts:
|
|
|
|
Fiscal
2016
Year Begin
|
|
2016 Q1
Openings
|
|
2016 Q1
Closings
|
|
Fiscal
2016 Q1
End
|
Luby's
Cafeterias(1)
|
|
93
|
|
|
|
|
|
93
|
Fuddruckers(1)
|
|
75
|
|
2
|
|
|
|
77
|
Cheeseburger in
Paradise
|
|
8
|
|
|
|
|
|
8
|
Other restaurants
(2)
|
|
1
|
|
|
|
|
|
1
|
Total
|
|
177
|
|
2
|
|
|
|
179
|
|
|
(1)
|
Includes 6
restaurants that are part of Combo locations
|
(2)
|
Other restaurants
include one Bob Luby's Seafood
|
Conference Call
Luby's will host a conference call on January 22, 2016 at 10:00
a.m. Central Time to discuss further its first quarter
fiscal 2016 results. To access the call live, dial (412) 902-0030
and use the access code 13627673# 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 January 29,
2016 and may be accessed by calling (201) 612-7415 and using
the access code 13627673#. 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 179 restaurants nationally: 93
Luby's Cafeterias, 77 Fuddruckers, 8 Cheeseburger in Paradise and
one Bob Luby's Seafood Grill. The
Company is the franchisor for 111 Fuddruckers franchise locations
across the United States
(including Puerto Rico),
Canada, Mexico, Italy, the Dominican
Republic, Panama,
Chile, and Colombia. Additionally, a licensee operates 35
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 28 sites consisting of healthcare, higher
education 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
713-529-6600
Rick Black / Ken Dennard
Investor Relations
Luby's,
Inc.
|
Consolidated
Statements of Operations (unaudited)
|
(In thousands,
except per share data)
|
|
|
|
Quarter
Ended
|
|
|
|
December 16,
2015
|
|
|
November 19,
2014
|
|
|
|
(16
weeks)
|
|
|
(12
weeks)
|
|
SALES:
|
|
|
|
|
|
|
|
|
Restaurant sales
|
|
$
|
113,546
|
|
|
$
|
80,557
|
|
Culinary
contract services
|
|
|
4,915
|
|
|
|
4,598
|
|
Franchise revenue
|
|
|
2,125
|
|
|
|
1,581
|
|
Vending
revenue
|
|
|
158
|
|
|
|
125
|
|
TOTAL
SALES
|
|
|
120,744
|
|
|
|
86,861
|
|
COSTS AND
EXPENSES:
|
|
|
|
|
|
|
|
|
Cost of
food
|
|
|
32,434
|
|
|
|
23,484
|
|
Payroll
and related costs
|
|
|
39,424
|
|
|
|
28,686
|
|
Other
operating expenses
|
|
|
18,421
|
|
|
|
14,219
|
|
Occupancy costs
|
|
|
6,642
|
|
|
|
4,942
|
|
Opening
costs
|
|
|
397
|
|
|
|
925
|
|
Cost of
culinary contract services
|
|
|
4,422
|
|
|
|
4,099
|
|
Cost of
franchise operations
|
|
|
612
|
|
|
|
384
|
|
Depreciation and amortization
|
|
|
7,014
|
|
|
|
5,068
|
|
Selling,
general and administrative expenses
|
|
|
13,243
|
|
|
|
9,151
|
|
Net
(gain) loss on disposition of property and equipment
|
|
|
(279)
|
|
|
|
290
|
|
Total
costs and expenses
|
|
|
122,330
|
|
|
|
91,248
|
|
LOSS FROM
OPERATIONS
|
|
|
(1,586)
|
|
|
|
(4,387)
|
|
Interest
income
|
|
|
1
|
|
|
|
1
|
|
Interest
expense
|
|
|
(696)
|
|
|
|
(456)
|
|
Other
income (expense), net
|
|
|
(118)
|
|
|
|
180
|
|
Loss before income
taxes and discontinued operations
|
|
|
(2,399)
|
|
|
|
(4,662)
|
|
Benefit
for income taxes
|
|
|
(660)
|
|
|
|
(1,782)
|
|
Loss from continuing
operations
|
|
|
(1,739)
|
|
|
|
(2,880)
|
|
Loss
from discontinued operations, net of income taxes
|
|
|
(72)
|
|
|
|
(139)
|
|
NET LOSS
|
|
$
|
(1,811)
|
|
|
$
|
(3,019)
|
|
Loss per share from
continuing operations:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.06)
|
|
|
$
|
(0.10)
|
|
Assuming
dilution
|
|
|
(0.06)
|
|
|
|
(0.10)
|
|
Loss per share from
discontinued operations:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.00)
|
|
|
$
|
(0.01)
|
|
Assuming
dilution
|
|
|
(0.00)
|
|
|
|
(0.01)
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.06)
|
|
|
$
|
(0.11)
|
|
Assuming
dilution
|
|
|
(0.06)
|
|
|
|
(0.11)
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
29,133
|
|
|
|
28,890
|
|
Assuming
dilution
|
|
|
29,133
|
|
|
|
28,890
|
|
|
|
|
|
|
|
|
|
|
The following table contains information derived from the
Company's Consolidated Statements of Operations expressed as a
percentage of sales. Percentages may not add due to
rounding.
|
|
Quarter
Ended
|
|
|
|
December 16,
2015
|
|
|
November 19,
2014
|
|
|
December
17, 2014
|
|
|
|
(16
weeks)
|
|
|
(12
weeks)
|
|
|
(16
weeks)
|
|
|
|
|
|
Restaurants
sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Culinary contract
services
|
|
|
94.0
|
%
|
|
|
92.7
|
%
|
|
|
93.1
|
%
|
Franchise
revenue
|
|
|
4.1
|
%
|
|
|
5.3
|
%
|
|
|
4.9
|
%
|
Vending
revenue
|
|
|
1.8
|
%
|
|
|
1.8
|
%
|
|
|
1.8
|
%
|
TOTAL
SALES
|
|
|
0.1
|
%
|
|
|
0.1
|
%
|
|
|
0.1
|
%
|
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COST AND
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
(As a percentage
of restaurant sales)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
food
|
|
|
28.6
|
%
|
|
|
29.2
|
%
|
|
|
29.4
|
%
|
Payroll and related
costs
|
|
|
34.7
|
%
|
|
|
35.6
|
%
|
|
|
34.8
|
%
|
Other operating
expenses
|
|
|
16.2
|
%
|
|
|
17.7
|
%
|
|
|
17.1
|
%
|
Occupancy
costs
|
|
|
5.8
|
%
|
|
|
6.1
|
%
|
|
|
6.0
|
%
|
Vending
income
|
|
|
(0.1)
|
%
|
|
|
(0.2)
|
%
|
|
|
(0.1)
|
%
|
Store level
profit
|
|
|
14.8
|
%
|
|
|
11.6
|
%
|
|
|
12.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(As a percentage
of total sales)
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
|
11.0
|
%
|
|
|
10.5
|
%
|
|
|
10.3
|
%
|
LOSS FROM
OPERATIONS
|
|
|
(1.3)
|
%
|
|
|
(5.1)
|
%
|
|
|
(3.3)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Luby's,
Inc.
|
Consolidated
Balance Sheets
|
(In thousands,
except per share data)
|
|
|
|
December 16,
2015
|
|
|
August 26,
2015
|
|
|
|
(Unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents
|
|
$
|
1,581
|
|
|
$
|
1,501
|
|
Trade
accounts and other receivables, net
|
|
|
4,949
|
|
|
|
5,175
|
|
Food and
supply inventories
|
|
|
4,948
|
|
|
|
4,483
|
|
Prepaid
expenses
|
|
|
2,881
|
|
|
|
3,402
|
|
Assets
related to discontinued operations
|
|
|
3
|
|
|
|
10
|
|
Deferred
income taxes
|
|
|
577
|
|
|
|
577
|
|
Total current
assets
|
|
|
14,939
|
|
|
|
15,148
|
|
Property held for
sale
|
|
|
3,058
|
|
|
|
4,536
|
|
Assets related to
discontinued operations
|
|
|
3,672
|
|
|
|
3,671
|
|
Property and
equipment, net
|
|
|
199,754
|
|
|
|
200,202
|
|
Intangible assets,
net
|
|
|
22,089
|
|
|
|
22,570
|
|
Goodwill
|
|
|
1,643
|
|
|
|
1,643
|
|
Deferred income
taxes
|
|
|
13,844
|
|
|
|
12,917
|
|
Other
assets
|
|
|
3,613
|
|
|
|
3,571
|
|
Total
assets
|
|
$
|
262,612
|
|
|
$
|
264,258
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
18,912
|
|
|
$
|
20,173
|
|
Liabilities related to discontinued operations
|
|
|
438
|
|
|
|
408
|
|
Accrued
expenses and other liabilities
|
|
|
27,448
|
|
|
|
23,967
|
|
Total current
liabilities
|
|
|
46,798
|
|
|
|
44,548
|
|
Credit facility
debt
|
|
|
35,000
|
|
|
|
37,500
|
|
Liabilities related
to discontinued operations
|
|
|
17
|
|
|
|
182
|
|
Other
liabilities
|
|
|
7,429
|
|
|
|
7,369
|
|
Total
liabilities
|
|
|
89,244
|
|
|
|
89,599
|
|
Commitments and
Contingencies
|
|
|
|
|
|
|
|
|
SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
|
|
|
Common stock, $0.32
par value; 100,000,000 shares authorized; shares issued were
29,325,754 and 29,134,603, respectively; shares outstanding were
28,825,754 and 28,634,603, respectively
|
|
|
9,384
|
|
|
|
9,323
|
|
Paid-in
capital
|
|
|
29,465
|
|
|
|
29,006
|
|
Retained
earnings
|
|
|
139,294
|
|
|
|
141,105
|
|
Less
cost of treasury stock, 500,000 shares
|
|
|
(4,775)
|
|
|
|
(4,775)
|
|
Total shareholders'
equity
|
|
|
173,368
|
|
|
|
174,659
|
|
Total liabilities and
shareholders' equity
|
|
$
|
262,612
|
|
|
$
|
264,258
|
|
Luby's,
Inc.
|
Consolidated
Statements of Cash Flows (unaudited)
|
(In
thousands)
|
|
|
|
Quarter
Ended
|
|
|
|
December 16,
2015
|
|
|
November 19,
2014
|
|
|
|
(16
weeks)
|
|
|
(12
weeks)
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Net
loss
|
|
$
|
(1,811)
|
|
|
$
|
(3,019)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
|
Net
(gain) loss on disposition of property and equipment
|
|
|
(279)
|
|
|
|
290
|
|
Depreciation and amortization
|
|
|
7,021
|
|
|
|
5,073
|
|
Amortization of debt issuance cost
|
|
|
148
|
|
|
|
36
|
|
Non-cash
compensation expense
|
|
|
75
|
|
|
|
—
|
|
Share-based compensation expense
|
|
|
445
|
|
|
|
322
|
|
Other
non-cash compensation expense
|
|
|
74
|
|
|
|
—
|
|
Deferred
tax benefit
|
|
|
(927)
|
|
|
|
(2,028)
|
|
Cash provided by
operating activities before changes in operating assets and
liabilities
|
|
|
4,746
|
|
|
|
674
|
|
Changes
in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Decrease
(Increase) in trade accounts and other receivables
|
|
|
226
|
|
|
|
(690)
|
|
Increase
in food and supply inventories
|
|
|
(968)
|
|
|
|
(1,998)
|
|
Decrease
in prepaid expenses and other assets
|
|
|
364
|
|
|
|
1,118
|
|
Increase
(Decrease) in accounts payable, accrued expenses and other
liabilities
|
|
|
1,975
|
|
|
|
(3,431)
|
|
Net cash provided by
(used in) operating activities
|
|
|
6,343
|
|
|
|
(4,327)
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Proceeds
from disposal of assets and property held for sale
|
|
|
1,916
|
|
|
|
692
|
|
Decrease
in notes receivable
|
|
|
17
|
|
|
|
—
|
|
Purchases of property and equipment
|
|
|
(5,729)
|
|
|
|
(3,589)
|
|
Net cash used in
investing activities
|
|
|
(3,796)
|
|
|
|
(2,897)
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
Credit
facility borrowings
|
|
|
27,000
|
|
|
|
25,800
|
|
Credit
facility repayments
|
|
|
(29,500)
|
|
|
|
(19,500)
|
|
Debt
issuance costs
|
|
|
(42)
|
|
|
|
(50)
|
|
Proceeds
received on the exercise of employee stock options
|
|
|
75
|
|
|
|
—
|
|
Net cash provided by
(used in) financing activities
|
|
|
(2,467)
|
|
|
|
6,250
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
80
|
|
|
|
(974)
|
|
Cash and cash
equivalents at beginning of period
|
|
|
1,501
|
|
|
|
2,788
|
|
Cash and cash
equivalents at end of period
|
|
|
1,581
|
|
|
$
|
1,814
|
|
Cash paid
for:
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest
|
|
|
520
|
|
|
|
451
|
|
Although store level profit, defined as restaurant sales 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
|
|
|
|
December 16,
|
|
November 19,
|
|
December 17,
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
(16
weeks)
|
|
(12
weeks)
|
|
(16
weeks)
|
|
|
|
|
|
Store level
profit
|
|
$
|
16,783
|
|
$
|
9,351
|
|
$
|
14,218
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus:
|
|
|
|
|
|
|
|
|
|
|
Sales from culinary
contract services
|
|
|
4,915
|
|
|
4,598
|
|
|
5,908
|
|
Sales from franchise
revenue
|
|
|
2,125
|
|
|
1,581
|
|
|
2,136
|
|
|
|
|
|
|
|
|
|
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
Opening
costs
|
|
|
397
|
|
|
925
|
|
|
1,024
|
|
Cost of culinary
contract services
|
|
|
4,422
|
|
|
4,099
|
|
|
5,302
|
|
Cost of franchise
operations
|
|
|
612
|
|
|
384
|
|
|
539
|
|
Depreciation and
amortization
|
|
|
7,014
|
|
|
5,068
|
|
|
6,664
|
|
Selling, general and
administrative expenses
|
|
|
13,243
|
|
|
9,151
|
|
|
12,262
|
|
Net (gain) loss
on disposition of property and equipment
|
|
|
(279)
|
|
|
290
|
|
|
363
|
|
Interest
income
|
|
|
(1)
|
|
|
(1)
|
|
|
(1)
|
|
Interest
expense
|
|
|
696
|
|
|
456
|
|
|
629
|
|
Other income
(expense), net
|
|
|
118
|
|
|
(180)
|
|
|
(230)
|
|
Benefit for income
taxes
|
|
|
(660)
|
|
|
(1,782)
|
|
|
(1,776)
|
|
Loss from continuing
operations
|
|
$
|
(1,739)
|
|
$
|
(2,880)
|
|
$
|
(2,514)
|
|
|
|
|
|
|
|
|
|
|
|
|
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, non-cash compensation expense, and other income
(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.
|
|
Quarter
Ended
|
|
|
|
December
16,
|
|
November
19,
|
|
December
17,
|
|
|
|
2015
|
|
2014
|
|
2014
|
|
|
|
(16
weeks)
|
|
(12
weeks)
|
|
(16
weeks)
|
|
|
|
|
|
Loss from continuing
operations
|
|
$
|
(1,739)
|
|
$
|
(2,880)
|
|
$
|
(2,514)
|
|
Benefit for income
taxes
|
|
|
(660)
|
|
|
(1,782)
|
|
|
(1,776)
|
|
Depreciation and
amortization
|
|
|
7,014
|
|
|
5,068
|
|
|
6,664
|
|
Interest expense,
net
|
|
|
696
|
|
|
455
|
|
|
628
|
|
Net loss (gain) on
disposition of assets
|
|
|
(279)
|
|
|
290
|
|
|
363
|
|
Employee stock-based
compensation expense
|
|
|
529
|
|
|
154
|
|
|
194
|
|
Less: Other
income (expense), net
|
|
|
118
|
|
|
(180)
|
|
|
(230)
|
|
Adjusted
EBITDA
|
|
$
|
5,679
|
|
$
|
1,125
|
|
$
|
3,329
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/lubys-reports-first-quarter-fiscal-2016-results-300208116.html
SOURCE Luby's, Inc.