[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 Number)

2211 Northeast Loop 410
San Antonio, Texas 78217

(Address of principal executive offices, including zip code)

(210) 654-9000

www.lubys.com

(Registrant's telephone number, including area code, and Website)

(Former name, former address and former fiscal year, if changed since last report)

Part I - Financial Information

Page

Item 1

Financial Statements

3

Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3

Quantitative and Qualitative Disclosures about Market Risk

27

Item 4

Controls and Procedures

27

Part II - Other Information

Item 3

Defaults Upon Senior Securities

28

Item 6

Exhibits and Reports on Form 8-K

28

Signatures

33

Additional Information

The Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports are available free of charge via hyperlink on its website at www.lubys.com.  The Company makes these reports available as soon as reasonably practicable upon filing with the SEC.  Information on the Company's website is not incorporated into this report.

Quarter Ended

November 19,

November 20,

2003

2002

(84 days)

(84 days)

SALES

$

70,027

$

72,832

COSTS AND EXPENSES:

  Cost of food

19,047

20,173

  Payroll and related costs

19,677

22,096

  Occupancy and other operating expenses

22,738

22,709

  Depreciation and amortization

4,032

4,169

  General and administrative expenses

4,628

5,343

  Provision for asset impairments and
    restaurant closings (see Note 7)

276

(163

)

70,398

74,327

INCOME (LOSS) FROM OPERATIONS

(371

)

(1,495

)

  Interest expense

(2,273

)

(1,418

)

  Other income, net

192

2,900

Income (loss) before income taxes

(2,452

)

(13

)

  Provision (benefit) for income taxes (see Note 4)

-

-

Income (loss) from continuing operations

(2,452

)

(13

)

  Discontinued operations, net of taxes (see Note 7)

(2,014

)

(3,088

)

NET INCOME (LOSS)

$

(4,466

)

$

(3,101

)

Income (loss) per share - before discontinued operations
  basic and assuming dilution

(0.11

)

(0.00

)

Income (loss) per share - from discontinued operations
  basic and assuming dilution

(0.09

)

(0.14

)

Net income (loss) per share - basic and assuming
  dilution

$

(0.20

)

$

(0.14

)

See accompanying notes.

Common Stock

Total

Issued

Treasury

Paid-In

Deferred

Retained

Shareholders'

Shares

Amount

Shares

Amount

Capital

Compensation

Earnings

Equity

BALANCE AT AUGUST 27, 2003

27,403

$

8,769

(4,947

)

$

(105,062

)

$

36,916

$

(679

)

$

191,968

$

131,912

Net income (loss) for the year to date

-

-

-

-

-

-

(4,466

)

(4,466

)

Noncash executive compensation expense

-

-

-

-

-

294

-

294

Common stock issued under nonemployee director benefit
  plans

-

-

14

291

(291

)

-

-

-

BALANCE AT NOVEMBER 19, 2003

27,403

$

8,769

(4,933

)

$

(104,771

)

$

36,625

$

(385

)

$

187,502

$

127,740

See accompanying notes.

Quarter Ended

November 19,

November 20,

2003

2002

(84 days)

(84 days)

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$

(4,466

)

$

(3,101

)

Adjustments to reconcile net income (loss) to net cash
  provided by (used in) operating activities:

    Provision for (reversal of) asset impairments, net of gains on sale -
      discontinued operations

411

-

    Provision for (reversal of) asset impairments and restaurant closings

276

(163

)

    Depreciation and amortization - discontinued operations

-

842

    Depreciation and amortization - continuing operations

4,032

4,169

    Amortization of discount on convertible subordinated notes

568

111

    (Gain) loss on disposal of property held for sale

-

(2,735

)

    (Gain) loss on disposal of property, plant, and equipment

32

141

    Noncash nonemployee directors' fees

-

53

    Noncash executive compensation expense

294

302

      Cash (used in) provided by operating activities before
        changes in operating assets and liabilities

1,147

(381

)

    Changes in operating assets and liabilities:

      (Increase) decrease in trade accounts and other receivables

135

(114

)

      (Increase) decrease in food and supply inventories

(703

)

(766

)

      (Increase) decrease in prepaid expenses

600

134

      (Increase) decrease in other assets

23

63

      Increase (decrease) in accounts payable

818

1,256

      Increase (decrease) in accrued claims and insurance, accrued
        expenses, and other liabilities

(863

)

(350

)

      Increase (decrease) in deferred income taxes and other credits

(33

)

(28

)

      Increase (decrease) in reserve for restaurant closings

(383

)

(56

)

        Net cash (used in) provided by operating activities

741

(242

)

CASH FLOWS FROM INVESTING ACTIVITIES:

    (Increase) decrease in short-term investments

195

2,535

    Proceeds from disposal of property held for sale

2,829

4,991

    Purchases of property, plant, and equipment

(1,386

)

(3,728

)

    Proceeds from disposal of property, plant, and equipment

8

-