UNITED STATES SECURITIES AND EXCHANGE COMMISSION
FORM 10-Q
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[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) |
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OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended May 5, 2004, or
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[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) |
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OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period From _____ to _____
Commission file number 1-8308
Luby's, Inc.
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Delaware |
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74-1335253 |
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(State or other jurisdiction of |
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(IRS Employer Identification Number) |
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2211 Northeast Loop 410 |
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(Address of principal executive offices, including zip code) |
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(210) 654-9000 |
www.lubys.com |
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(Registrant's telephone number, including area code, and Website) |
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(Former name, former address and former fiscal year, if changed since last report) |
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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 and (2) has been subject to such filing requirements for the past 90 days. Yes
X NoIndicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes
X NoAs of June 7, 2004, there were 22,470,004 shares of the registrant's Common Stock outstanding, which does not include 4,933,063 treasury shares.
Luby's, Inc.
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Part I - Financial Information |
Page |
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3 |
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Management's Discussion and Analysis of Financial Condition and Results of Operations |
20 |
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33 |
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33 |
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Part II - Other Information |
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34 |
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34 |
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35 |
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40 |
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Additional Information |
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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. |
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Part I - FINANCIAL INFORMATION
Luby's, Inc.
Consolidated Balance Sheets
(In thousands)
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May 5, |
August 27, |
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2004 |
2003 |
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(Unaudited) |
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ASSETS |
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Current Assets: |
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Cash (see Note 3) |
$ |
1,643 |
$ |
871 |
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Short-term investments (see Note 3) |
18,601 |
20,498 |
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Trade accounts and other receivables |
124 |
283 |
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Food and supply inventories |
1,896 |
1,798 |
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Prepaid expenses |
3,259 |
3,485 |
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Deferred income taxes (see Note 4) |
2,446 |
1,777 |
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Total current assets |
27,969 |
28,712 |
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Property, plant, and equipment - net (see Note 5) |
202,301 |
217,676 |
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Property held for sale (see Note 7) |
24,232 |
32,946 |
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Investments and other assets |
1,554 |
547 |
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Total assets |
$ |
256,056 |
$ |
279,881 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current Liabilities: |
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Accounts payable |
$ |
13,667 |
$ |
12,488 |
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Accrued expenses and other liabilities |
16,696 |
20,978 |
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Convertible subordinated notes, net - related party (see Notes 6 and 9) |
8,676 |
6,973 |
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Credit-facility debt (see Note 6) |
78,490 |
91,559 |
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Total current liabilities |
117,529 |
131,998 |
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Accrued claims and insurance |
3,439 |
3,729 |
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Deferred income taxes and other credits (see Note 4) |
11,124 |
10,579 |
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Reserve for restaurant closings (see Note 7) |
500 |
1,663 |
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Commitments and contingencies (see Note 8) |
- |
- |
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Total liabilities |
132,592 |
147,969 |
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SHAREHOLDERS' EQUITY |
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Common stock, $.32 par value; authorized 100,000,000 shares, issued 27,403,067 shares in 2004 and 2003 |
8,769 |
8,769 |
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Paid-in capital |
36,625 |
36,916 |
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Deferred compensation |
- |
(679 |
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Retained earnings |
182,841 |
191,968 |
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Less cost of treasury stock, 4,933,063 and 4,946,771 shares in 2004 and 2003, respectively |
(104,771 |
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(105,062 |
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Total shareholders' equity |
123,464 |
131,912 |
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Total liabilities and shareholders' equity |
$ |
256,056 |
$ |
279,881 |
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See accompanying notes. |
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Luby's, Inc.
Consolidated Statements of Operations (unaudited)
(In thousands except per share data)
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Quarter Ended |
Three Quarters Ended |
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May 5, |
May 7, |
May 5, |
May 7, |
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2004 |
2003 |
2004 |
2003 |
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(84 days) |
(84 days) |
(252 days) |
(252 days) |
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SALES |
$ |
74,400 |
$ |
71,549 |
$ |
213,637 |
$ |
213,426 |
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COSTS AND EXPENSES: |
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Cost of food |
19,876 |
19,573 |
57,504 |
59,196 |
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Payroll and related costs |
19,751 |
20,089 |
58,618 |
61,682 |
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Occupancy and other operating expenses |
22,841 |
21,683 |
66,874 |
65,303 |
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Depreciation and amortization |
3,876 |
4,060 |
11,764 |
12,239 |
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General and administrative expenses |
4,333 |
6,217 |
14,047 |
16,893 |
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Provision for (reversal of) asset |
(569 |
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1,390 |
770 |
1,364 |
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70,108 |
73,012 |
209,577 |
216,677 |
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INCOME (LOSS) FROM OPERATIONS |
4,292 |
(1,463 |
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4,060 |
(3,251 |
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Interest expense |
(2,060 |
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(1,626 |
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(6,437 |
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(4,582 |
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Other income, net |
209 |
969 |
702 |
5,254 |
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Income (loss) from continuing operations |
2,441 |
(2,120 |
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(1,675 |
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(2,579 |
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Provision (benefit) for income taxes |
- |
- |
- |
- |
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Income (loss) from continuing operations |
2,441 |
(2,120 |
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(1,675 |
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(2,579 |
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Discontinued operations, net of taxes |
(2,060 |
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(22,870 |
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(7,452 |
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(28,917 |
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NET INCOME (LOSS) |
$ |
381 |
$ |
(24,990 |
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$ |
(9,127 |
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$ |
(31,496 |
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Income (loss) per share - before |
$ |
0.11 |
$ |
(0.09 |
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$ |
(0.08 |
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$ |
(0.11 |
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Income (loss) per share - from discontinued operations - basic and |
$ |
(0.09 |
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$ |
(1.02 |
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$ |
(0.33 |
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$ |
(1.29 |
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Net income (loss) per share - basic and |
$ |
0.02 |
$ |
(1.11 |
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$ |
(0.41 |
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$ |
(1.40 |
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Weighted average shares outstanding |
22,470 |
22,456 |
22,470 |
22,448 |
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(a) |
In loss periods, earnings per share assuming dilution equals basic earnings per share since potentially dilutive securities are antidilutive. For the quarter ended May 5, 2004, the effect of the dilution on earnings per share was not significant enough to have an effect on the calculation. |
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See accompanying notes. |
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Luby's, Inc.
Consolidated Statements of Shareholders' Equity (unaudited)
(In thousands)
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Common Stock |
Total |
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Issued |
Treasury |
Paid-In |
Deferred |
Retained |
Shareholders' |
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Shares |
Amount |
Shares |
Amount |
Capital |
Compensation |
Earnings |
Equity |
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BALANCE AT AUGUST 27, 2003 |
27,403 |
$ |
8,769 |
(4,947 |
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$ |
(105,062 |
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$ |
36,916 |
$ |
(679 |
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$ |
191,968 |
$ |
131,912 |
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Net income (loss) for the year to date |
- |
- |
- |
- |
- |
- |
(9,127 |
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(9,127 |
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Noncash executive compensation expense |
- |
- |
- |
- |
- |
679 |
- |
679 |
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Common stock issued under nonemployee director benefit |
- |
- |
14 |
291 |
(291 |
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- |
- |
- |
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BALANCE AT MAY 5, 2004 |
27,403 |
$ |
8,769 |
(4,933 |
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$ |
(104,771 |
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$ |
36,625 |
$ |
- |
$ |
182,841 |
$ |
123,464 |
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