Company Quick10K Filing
Lubys
Price1.71 EPS-1
Shares30 P/E-3
MCap51 P/FCF-4
Net Debt36 EBIT-9
TEV87 TEV/EBIT-10
TTM 2019-08-28, in MM, except price, ratios
10-Q 2020-06-03 Filed 2020-07-20
10-Q 2020-03-11 Filed 2020-06-05
10-Q 2019-12-18 Filed 2020-02-03
10-K 2019-08-28 Filed 2019-11-26
10-Q 2019-06-05 Filed 2019-07-15
10-Q 2019-03-13 Filed 2019-04-22
10-Q 2018-12-19 Filed 2019-01-28
10-K 2018-08-29 Filed 2018-11-16
10-Q 2018-06-06 Filed 2018-07-23
10-Q 2018-03-14 Filed 2018-04-23
10-Q 2017-12-20 Filed 2018-01-29
10-K 2017-08-30 Filed 2017-11-13
10-Q 2017-06-07 Filed 2017-07-13
10-Q 2017-03-15 Filed 2017-04-24
10-Q 2016-12-21 Filed 2017-02-06
10-K 2016-08-31 Filed 2016-11-23
10-Q 2016-06-01 Filed 2016-07-11
10-Q 2016-03-09 Filed 2016-04-18
10-Q 2015-12-16 Filed 2016-01-25
10-K 2015-08-26 Filed 2015-11-09
10-Q 2015-05-06 Filed 2015-06-15
10-Q 2015-02-11 Filed 2015-03-23
10-Q 2014-11-19 Filed 2014-12-19
10-K 2014-08-27 Filed 2014-11-12
10-Q 2014-05-07 Filed 2014-06-16
10-Q 2014-02-12 Filed 2014-03-28
10-Q 2013-11-20 Filed 2013-12-20
10-K 2013-08-28 Filed 2013-11-12
10-Q 2013-05-08 Filed 2013-06-17
10-Q 2013-02-13 Filed 2013-03-25
10-Q 2012-11-21 Filed 2012-12-26
10-K 2012-08-29 Filed 2012-11-13
10-Q 2012-05-09 Filed 2012-06-15
10-Q 2012-02-15 Filed 2012-03-23
10-Q 2011-11-23 Filed 2011-12-27
10-K 2011-08-31 Filed 2011-11-14
10-Q 2011-05-04 Filed 2011-06-10
10-Q 2011-02-09 Filed 2011-03-11
10-Q 2010-11-17 Filed 2010-12-21
10-K 2010-08-25 Filed 2010-11-08
10-Q 2010-05-05 Filed 2010-06-11
10-Q 2010-02-10 Filed 2010-03-19
8-K 2020-07-20 Earnings, Exhibits
8-K 2020-07-06 Other Events, Exhibits
8-K 2020-06-03
8-K 2020-04-24
8-K 2020-04-23
8-K 2020-04-20
8-K 2020-04-06
8-K 2020-03-24
8-K 2020-03-20
8-K 2020-03-17
8-K 2020-02-14
8-K 2020-02-06
8-K 2020-02-03
8-K 2019-11-26
8-K 2019-09-10
8-K 2019-08-20
8-K 2019-08-01
8-K 2019-07-15
8-K 2019-06-18
8-K 2019-04-22
8-K 2019-02-11
8-K 2019-01-31
8-K 2019-01-28
8-K 2019-01-25
8-K 2019-01-25
8-K 2019-01-25
8-K 2019-01-18
8-K 2018-12-24
8-K 2018-12-13
8-K 2018-11-29
8-K 2018-11-12
8-K 2018-10-22
8-K 2018-08-30
8-K 2018-08-29
8-K 2018-08-24
8-K 2018-08-15
8-K 2018-08-10
8-K 2018-08-06
8-K 2018-07-16
8-K 2018-07-12
8-K 2018-04-19
8-K 2018-02-15
8-K 2018-02-09
8-K 2018-01-29

LUB 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Covid - 19 Pandemic
Note 3. Going Concern
Note 4. Cash, Cash Equivalents and Restricted Cash
Note 5. Revenue Recognition
Note 6. Leases
Note 7. Reportable Segments
Note 8. Other Charges
Note 9. Fair Value Measurements
Note 10. Income Taxes
Note 11. Property and Equipment, Intangible Assets and Goodwill
Note 13. Commitments and Contingencies
Note 14. Related Parties
Note 15. Debt
Note 16. Share - Based Compensation
Note 17. Earnings per Share
Note 18: Shareholder Rights Plan
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Note 15. Debt
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex31-1060320.htm
EX-31.2 ex31-2060320.htm
EX-32.1 ex32-1060320.htm
EX-32.2 ex32-2060320.htm

Lubys Earnings 2020-06-03

Balance SheetIncome StatementCash Flow
2802241681125602012201420172020
Assets, Equity
12597694113-152012201420172020
Rev, G Profit, Net Income
20124-4-12-202012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
__________________________
FORM 10-Q
__________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 03, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From to  
Commission file number: 001-08308 
__________________________
Luby's, Inc.
(Exact name of registrant as specified in its charter)
__________________________
Delaware74-1335253
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification No.)
13111 Northwest Freeway, Suite 60077040
Houston,Texas
(Address of principal executive offices)(Zip Code)
 
(713) 329-6800
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange at which registered
Common Stock ($0.32 par value per share)LUBNew York Stock Exchange
Common Stock Purchase RightsN/ANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No   ☐
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x   No  ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act: 
Large accelerated filer¨Accelerated filer¨
Non-accelerated filerxSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x
As of July 15, 2020, there were 30,625,470 shares of the registrant’s common stock outstanding. 
1


Additional Information
 
We file reports with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. The SEC maintains an Internet site at http://www.sec.gov that contains the reports, proxy and information statements, and other information that we file electronically. Our website address is http://www.lubysinc.com. Please note that our website address is provided as an inactive textual reference only. We make available free of charge through our website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. The information provided on our website is not part of this report, and is therefore not incorporated by reference unless such information is specifically referenced elsewhere in this report. 
2




Luby’s, Inc.
Form 10-Q
Quarter ended June 3, 2020
Table of Contents
 
 Page
  
  
  
    
    
    
  
  
  
  
  
  



3


Part I—FINANCIAL INFORMATION
 
Item 1. Financial Statements
 
Luby’s, Inc.
Consolidated Balance Sheets
(In thousands, except share data)
 
 June 3,
2020
August 28,
2019
  (Unaudited) 
ASSETS  
Current Assets:  
Cash and cash equivalents$14,122  $3,640  
Restricted cash and cash equivalents7,917  9,116  
Trade accounts and other receivables, net5,498  8,852  
Food and supply inventories2,120  3,432  
Prepaid expenses1,399  2,355  
Total current assets31,056  27,395  
Property held for sale17,916  16,488  
Assets related to discontinued operations1,691  1,813  
Property and equipment, net104,288  121,743  
Intangible assets, net15,695  16,781  
Goodwill195  514  
Operating lease right-of-use assets17,790  —  
Other assets625  1,266  
Total assets$189,256  $186,000  
LIABILITIES AND SHAREHOLDERS’ EQUITY  
Current Liabilities:  
Accounts payable$9,808  $8,465  
Liabilities related to discontinued operations11  14  
Current portion of long-term debt6,386    
Operating lease liabilities-current4,412  —  
Accrued expenses and other liabilities21,360  24,475  
Total current liabilities41,977  32,954  
Long-term debt, less current portion57,316  45,439  
Operating lease liabilities-noncurrent22,771  —  
Other liabilities1,550  6,577  
Total liabilities$123,614  $84,970  
Commitments and Contingencies
SHAREHOLDERS’ EQUITY  
Common stock, 0.32 par value; 100,000,000 shares authorized; shares issued were 30,998,504 and 30,478,972; and shares outstanding were 30,498,504 and 29,978,972 at June 3, 2020 and August 28, 2019, respectively
$9,921  $9,753  
Paid-in capital35,407  34,870  
Retained earnings25,089  61,182  
Less cost of treasury stock, 500,000 shares
(4,775) (4,775) 
Total shareholders’ equity$65,642  $101,030  
Total liabilities and shareholders’ equity$189,256  $186,000  
  
The accompanying notes are an integral part of these consolidated financial statements.
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Luby’s, Inc.
Consolidated Statements of Operations (unaudited)
(In thousands, except per share data)
 Quarter EndedThree Quarters Ended
 June 3,
2020
June 5,
2019
June 3,
2020
June 5,
2019
 (12 weeks)(12 weeks)(40 weeks)(40 weeks)
SALES:  
Restaurant sales$13,832  $65,611  $157,781  $222,079  
Culinary contract services4,963  7,571  21,735  24,610  
Franchise revenue193  1,482  3,058  5,126  
Vending revenue6  102  130  292  
TOTAL SALES18,994  74,766  182,704  252,107  
COSTS AND EXPENSES:  
Cost of food4,039  18,478  45,378  61,707  
Payroll and related costs5,487  25,015  61,402  84,258  
Other operating expenses5,766  11,491  30,625  39,404  
Occupancy costs3,696  4,023  12,470  14,064  
Opening costs  6  14  49  
Cost of culinary contract services4,712  6,791  20,060  22,324  
Cost of franchise operations437  330  1,411  849  
Depreciation and amortization2,709  2,927  9,149  11,052  
Selling, general and administrative expenses3,339  8,623  20,313  26,386  
Other Charges164  803  2,912  3,280  
Provision for asset impairments and restaurant closings12,708  675  14,478  3,097  
Net gain on disposition of property and equipment(364) (434) (2,861) (12,935) 
Total costs and expenses42,693  78,728  215,351  253,535  
LOSS FROM OPERATIONS(23,699) (3,962) (32,647) (1,428) 
Interest income19  11  47  30  
Interest expense(1,641) (1,324) (5,076) (4,593) 
Other income, net402  112  790  198  
Loss before income taxes and discontinued operations(24,919) (5,163) (36,886) (5,793) 
Provision for income taxes53  132  210  346  
Loss from continuing operations(24,972) (5,295) (37,096) (6,139) 
Loss from discontinued operations, net of income taxes(7) (6) (23) (18) 
NET LOSS(24,979) (5,301) (37,119) (6,157) 
Loss per share from continuing operations:
Basic$(0.82) $(0.18) $(1.23) $(0.21) 
Assuming dilution$(0.82) $(0.18) $(1.23) $(0.21) 
Loss per share from discontinued operations:
Basic$0.00  $0.00  $0.00  $0.00  
Assuming dilution$0.00  $0.00  $0.00  $0.00  
Loss per share:
Basic$(0.82) $(0.18) $(1.23) $(0.21) 
Assuming dilution$(0.82) $(0.18) $(1.23) $(0.21) 
Weighted average shares outstanding:
Basic30,398  29,874  30,206  29,732  
Assuming dilution30,398  29,874  30,206  29,732  
 The accompanying notes are an integral part of these consolidated financial statements.
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Luby’s, Inc.
Consolidated Statement of Shareholders’ Equity (unaudited)
(In thousands)
Common Stock  Total
IssuedTreasuryPaid-InRetainedShareholders’
SharesAmountSharesAmountCapitalEarningsEquity
Balance at August 29, 201830,003  $9,602  (500) $(4,775) $33,872  $73,929  $112,628  
Cumulative effect of accounting changes from the adoption of ASC Topic 606
—  —  —  —  —  2,479  2,479  
Net loss—  —  —  —  —  (7,489) (7,489) 
Share-based compensation expense42  13  —  —  426  —  439  
Common stock issued under employee benefit plans81  26  —  —  (26) —  —  
Common stock issued under nonemployee benefit plans38  12  —  —  (12) —  —  
Balance at December 19, 201830,164  $9,653  (500) $(4,775) $34,260  $68,919  $108,057  
Net income—  —  —  —  —  6,632  6,632  
Share-based compensation expense98  31  —  —  363  —  394  
Common stock issued under employee benefit plans12  4  —  —  (4) —  —  
Common stock issued under nonemployee benefit plans15  5  —  —  (5) —  —  
Balance at March 13, 201930,289  $9,693  (500) $(4,775) $34,614  $75,551  $115,083  
Net loss—  —  —  —  —  (5,301) (5,301) 
Share-based compensation expense86  28  —  —  341  —  369  
Balance at June 5, 201930,375  $9,721  (500) $(4,775) $34,955  $70,250  $110,151  

 Common Stock  Total
 IssuedTreasuryPaid-InRetainedShareholders’
 SharesAmountSharesAmountCapitalEarningsEquity
Balance at August 28, 201930,478  $9,753  (500) $(4,775) $34,870  $61,182  $101,030  
Net loss—  —  —  —  —  (8,338) (8,338) 
Cumulative effect of accounting changes from the adoption of ASC Topic 842
—  —  —  —  —  1,027  1,027  
Share-based compensation expense58  19  —  —  347  —  366  
Common stock issued under employee benefit plans45  15  —  —  (51) —  (36) 
Common stock issued under nonemployee benefit plans64  20—  —  (20) —  —  
Balance at December 18, 201930,645  $9,807  (500) $(4,775) $35,146  $53,871  $94,049  
Net loss—  —  —  —  —  (3,803) $(3,803) 
Share-based compensation expense101  32  —  —  334  —  366  
Common stock issued under employee benefit plans6  2  —  —  (2) —  —  
Balance at March 11, 202030,752  $9,841  (500) $(4,775) $35,478  $50,068  $90,612  
Net loss—  $—  $—  $—  $(24,979) (24,979) 
Share-based compensation expense225  72  —  (58) —  14  
Common stock issued under employee benefit plans22  8  —  (13) —  (5) 
Balance at June 3, 202030,999  $9,921  (500) $(4,775) $35,407  $25,089  $65,642  
 
The accompanying notes are an integral part of these consolidated financial statements. 
6


Luby’s, Inc.
Consolidated Statements of Cash Flows (unaudited)
(In thousands)
 
 Three Quarters Ended
 June 3,
2020
June 5,
2019
 (40 weeks)(40 weeks)
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net loss $(37,119) $(6,157) 
Adjustments to reconcile net loss to net cash used in operating activities:  
Provision for asset impairments and net (gains) losses on property sales11,617  (9,838) 
Depreciation and amortization9,149  11,052  
Amortization of debt issuance cost974  1,063  
Share-based compensation expense746  1,192  
Cash used in operating activities before changes in operating assets and liabilities(14,633) (2,688) 
Changes in operating assets and liabilities:  
Decrease (increase) in trade accounts and other receivables