July 7, 2016 - 5:24 PM EDT
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Luby's Reports Third Quarter Fiscal 2016 Results

Luby's Cafeterias guest traffic up 3.7% in the quarter Total Company same-store sales down 0.6% in quarter and up 1.0% year-to-date

HOUSTON, July 7, 2016 /PRNewswire/ -- Luby's, Inc. (NYSE: LUB) ("Luby's") today announced unaudited financial results for its twelve-week third quarter fiscal 2016, which ended on June 1, 2016.  Certain comparisons for third quarter fiscal 2016 are relative to the prior-year twelve-week period that ended June 3, 2015, instead of the third quarter fiscal 2015, which ended May 6, 2015.  Comparisons in this press release for the third quarter fiscal year 2016 are referred to as "third quarter."

Third Quarter Highlights

  • Fuddruckers total restaurant sales increased $0.7 million compared to the comparable 12 weeks last year, including the contribution from a net increase of five operating Fuddruckers restaurants.
  • Same-store sales decreased 0.6%
    • Luby's Cafeterias same-store sales decreased 0.2%
    • Fuddruckers same-store sales decreased 1.0%
    • Cheeseburger in Paradise same-store sales decreased 0.6%
    • Combo location same-store sales decreased 3.3%
  • Capital expenditures decreased $2.0 million in the third quarter compared to the same period last year

Fiscal Year to Date Highlights:

  • Restaurant sales grew to $286.3 million during the first three fiscal quarters of 2016 (40 weeks), a $2.8 million increase from the comparable 40 weeks of fiscal 2015
  • Same-store sales increased 1.0% during the first three fiscal quarters of 2016 (40 weeks) from the comparable 40 weeks of fiscal 2015
  • Store level profit was $42.5 million, or 14.9% of restaurant sales, during the first three quarters of fiscal 2016 (40 weeks), a $2.7 million increase from $39.8 million or 14.0% of restaurant sales, in the comparable 40 weeks of fiscal 2015
  • Adjusted EBITDA grew to $15.8 million during the first three fiscal quarters of 2016 (40 weeks), a $1.6 million increase from the comparable 40 weeks of fiscal 2015

Chris Pappas, President and CEO, commented, "During the quarter we continued to make progress on our store-level initiatives to 'delight' our guests and enhance our store-level performance across all brands. Despite challenging weather conditions in several of our major Texas markets we were able to hold same-store sales relatively flat in the quarter with increased guest traffic at Luby's Cafeterias. Year to date, we have maintained positive sales comps. Adjusted EBITDA improved year to date for the first 40 weeks of fiscal 2016 to $15.8 million, an increase of 11% compared to the same 40 weeks in fiscal 2015. 

In addition, we opened four new Fuddruckers franchise restaurants during the quarter and a fifth location opened in early June, at the beginning of our fourth quarter. The three U.S. franchise openings in the quarter were in Norfolk, VA, Ashland, VA and Amarillo, TX. Our international opening in the third quarter was in Bologna, Italy.  The fourth quarter June opening was also an international location: in the city of Bogota, our second franchise location in Colombia.  We remain focused on the key drivers of our businesses to achieve operational excellence of our brands and to efficiently manage costs to grow profitability and enhance shareholder value."

Same-Store Sales Year-Over-Year Comparison



Quarter Ended

YTD Period
Ended


December 16,
 2015

March 9,
 2016

June 1,
 2016

June 1,
 2016


Q1

2016(3)

Q2

2016(3)

Q3

2016(3)

YTD Q3

2016(3)


(16 weeks vs 16 weeks)

(12 weeks vs 12 weeks)

(12 weeks vs 12 weeks)

(40 weeks vs 40 weeks)

Luby's Cafeterias

1.2%

3.1%

(0.2)%

1.4%

Fuddruckers Restaurants

1.3%

0.0%

(1.0)%

0.2%

Cheeseburger in Paradise

5.5%

4.2%

(0.6)%

2.9%

Combo locations (1)

(1.3)%

0.1%

(3.3)%

(1.9)%

Total same-store sales (2)

1.4%

2.2%

(0.6)%

1.0%



(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 third quarter, there were 88 Luby's Cafeterias, 61 Fuddruckers Restaurants, 5 Combo locations, and 8 Cheeseburger in Paradise locations that met the definition of same-stores.

(3)

Q1 2016, Q2 2016, Q3 2016 and YTDQ3 2016 same-store sales reflect the change in restaurant sales for the locations included in the same-store grouping for each of the comparable periods.

 

Third Quarter Restaurant Sales:

($ thousands)



Quarter Ended

Comparable
Period

Quarter Ended June 1, 2016
vs Comparable Period

Restaurant Brand

June 1,
 2016

May 6,
 2015

June 3,
 2015

Change

($000s)

Change

(%)


(12 weeks)

(12 weeks)

(12 weeks)

(12 weeks vs 12 weeks)

Luby's Cafeterias

$

51,808


$

53,975


$

52,937


$

(1,129)


(2.1)%


Fuddruckers

24,790


24,204


24,078


712


3.0%


Combo locations

5,280


6,355


6,162


(882)


(14.3)%


Cheeseburger in Paradise

4,598


4,254


4,628


(30)


(0.6)%


Restaurant Sales

$

86,476


$

88,788


$

87,805


$

(1,329)


(1.5)%


 

  • Restaurant sales in the third quarter decreased to $86.5 million, a decrease of 1.5% versus the comparable 12 weeks of fiscal 2015.
    • Luby's Cafeterias sales decreased $1.1 million versus the comparable 12 weeks of fiscal 2015, due to the closure of three locations and a 0.2% decrease in Luby's same-store sales. The 0.2% decrease was the result of a 3.9% decrease in average spend per guest offset by a 3.7% increase in guest traffic.
    • Fuddruckers sales increased $0.7 million versus the comparable 12 weeks of fiscal 2015, due to a net increase of five operating Fuddruckers restaurants offset by a same-store sales decrease of 1.0%. The 1.0% decrease was the result of a 1.9% decrease in guest traffic offset by a 0.9% increase in average spend per guest.
    • Cheeseburger in Paradise sales decreased 0.6%, with all eight Cheeseburger in Paradise locations in operation included in our same-store grouping in the third quarter.
    • Combo location sales decreased $0.9 million and represented 6.1% of total restaurant sales in the third quarter. Our sixth combo location opened in the third quarter fiscal 2015 with a high volume of sales. The $0.9 million decrease in Combo sales is due to a comparison to this high volume sales period and a 3.3% same-store sales decrease at the other five Combo locations.
  • 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 $13.0 million, or 15.0% of restaurant sales, in the third quarter compared to $14.2 million, or 16.1% of restaurant sales, during the comparable 12 weeks of fiscal 2015. Higher payroll and related costs partially offset by lower cost of food and other operating expenses led to this decrease 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 increased to $3.9 million with 26 operating locations during the third quarter compared to $3.3 million with 21 operating locations during the comparable 12 weeks of fiscal 2015. Culinary profit was 9.2% of Culinary Contract Services sales in the third quarter and 8.3% in the comparable 12-week period of fiscal 2015.
  • Franchise revenue decreased 1.2% versus the comparable 12-week period of fiscal 2015. In the third quarter, franchisees opened three U.S. locations and one international location (in Italy).
  • Income from continuing operations was a loss of $0.1 million, or a loss of $0.01 per diluted share, compared to income of $2.5 million, or $0.09 per diluted share, in the third quarter fiscal 2015. Excluding special items, loss from continuing operations was $6 thousand, or $0.00 per diluted share, in the third quarter compared to income of $2.1 million, or $0.08 per diluted share, in the third quarter fiscal 2015.

 

Reconciliation of income (loss) from continuing operations to income (loss) from continuing operations, before special items (1,2):



Q3 FY2016

Q3 FY2015


Item

Amount
($000s)

Per Share
($)

Amount
($000s)

Per Share
($)


Income (loss) from continuing operations


$

(147)



$

(0.01)



$

2,484



$

0.09



Less:  Net loss (gain) on disposition of property and equipment, and provision for asset impairments


141



0.01



(402)



(0.01)



Income (loss) from continuing operations, before special items


$

(6)



$

(0.00)



$

2,082



$

0.08





(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 income (loss) from continuing operations, before special items, to income (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 third quarter with a debt balance outstanding of $36.0 million, down from $37.5 million at the end  of  fiscal 2015.  During the third quarter, our capital expenditures were $3.4 million, compared to $5.4 million in the third quarter fiscal 2015.  At the end of the third quarter, we had $1.4 million in cash and $173.3 million in total shareholders' equity.

Fiscal Year to Date:

  • Restaurant sales were $286.3 million during the first three fiscal quarters of 2016 (40 weeks), a $2.8 million increase from the comparable 40 weeks of fiscal 2015
  • Same store sales increased 1.0% during the first three fiscal quarters of 2016 (40 weeks) from the comparable 40 weeks of fiscal 2015
  • Store level profit was $42.5 million, or 14.9% of restaurant sales, in the first three quarters of fiscal 2016 (40 weeks), a $2.8 million increase from $39.8 million, or 13.9% of restaurant sales, in the comparable 40 weeks of fiscal 2015

 

Restaurant Counts:



August 26,
2015


FY16 YTD
Q3
Openings


FY16 YTD
Q3 Closings


June 1,
2016

Luby's Cafeterias(1)

93





(1)



92


Fuddruckers Restaurants(1)

75



3



(1)



77


Cheeseburger in Paradise

8







8


Other restaurants(2)

1







1


Total

177



3



(2)



178




(1)

Includes 6 restaurants that are part of Combo locations

(2)

Other restaurants include one Bob Luby's Seafood Grill

 

Conference Call

Luby's will host a conference call on July 8, 2016 at 10:00 a.m. Central Time to discuss further its third quarter fiscal 2016 results. To access the call live, dial (412) 902-0030 and use the access code 13638900# 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 July 15, 2016 and may be accessed by calling (201) 612-7415 and using the access code 13638900#.  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 178 restaurants nationally: 92 Luby's Cafeterias, 77 Fuddruckers, 8 Cheeseburger in Paradise and one Bob Luby's Seafood Grill. The Company is the franchisor for 115 Fuddruckers franchise locations across the United States (including Puerto Rico), Canada, Mexico, Italy, the Dominican Republic, Panama, Poland, 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 26 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
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


Three Quarters Ended


June 1,
 2016


May 6,
 2015


June 1,
 2016


May 6,
 2015


(12 weeks)


(12 weeks)


(40 weeks)


(36 weeks)

SALES:








Restaurant sales

$

86,476



$

88,788



$

286,336



$

254,832


Culinary contract services

3,892



3,624



12,726



11,993


Franchise revenue

1,586



1,578



5,411



4,764


Vending revenue

143



112



437



355


TOTAL SALES

92,097



94,102



304,910



271,944


COSTS AND EXPENSES:








Cost of food

24,221



25,218



81,256



74,171


Payroll and related costs

30,748



29,971



100,007



88,177


Other operating expenses

13,572



14,276



45,728



42,688


Occupancy costs

5,065



4,826



17,242



14,797


Opening costs

117



427



688



2,022


Cost of culinary contract services

3,534



3,232



11,476



10,809


Cost of franchise operations

441



410



1,480



1,147


Depreciation and amortization

5,304



4,759



17,538



14,608


Selling, general and administrative expenses

9,227



8,139



32,312



26,671


Provision for asset impairments

172





209



218


Net loss (gain) on disposition of property and equipment

42



(609)



(793)



(1,696)


Total costs and expenses

92,443



90,649



307,143



273,612


INCOME (LOSS) FROM OPERATIONS

(346)



3,453



(2,233)



(1,668)


Interest income



1



3



3


Interest expense

(482)



(599)



(1,674)



(1,624)


Other income (expense), net

88



24



(2)



282


Income (loss) before income taxes and discontinued operations

(740)



2,879



(3,906)



(3,007)


Provision (benefit) for income taxes

(593)



395



(1,438)



(1,326)


Income (loss) from continuing operations

(147)



2,484



(2,468)



(1,681)


Income (loss) from discontinued operations, net of income taxes

13



(131)



(77)



(344)


NET INCOME (LOSS)

$

(134)



$

2,353



$

(2,545)



$

(2,025)


Income (loss) per share from continuing operations:








Basic

$

(0.01)



$

0.09



$

(0.09)



$

(0.06)


Assuming dilution

$

(0.01)



$

0.09



$

(0.09)



$

(0.06)


Income (loss) per share from discontinued operations:








Basic

$

0.00



$

(0.01)



$

(0.00)



$

(0.01)


Assuming dilution

$

0.00



$

(0.01)



$

(0.00)



$

(0.01)


Net income (loss) per share:








Basic

$

(0.01)



$

0.08



$

(0.09)



$

(0.07)


Assuming dilution

$

(0.01)



$

0.08



$

(0.09)



$

(0.07)


Weighted average shares outstanding:








Basic

29,259



29,009



29,207



28,940


Assuming dilution

29,259



29,111



29,207



28,940


 

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

Comparable
Period


Three Quarters Ended

Comparable
Period


June 1,
 2016

May 6,
 2015

June 3,
 2015


June 1,
 2016

May 6,
 2015

June 3,
 2015


(12 weeks)

(12 weeks)

(12 weeks)


(40 weeks)

(36 weeks)

(40 weeks)

Restaurant sales

93.9

%

94.4

%

94.5

%


93.9

%

93.7

%

93.8

%

Culinary contract services

4.2

%

3.9

%

3.6

%


4.2

%

4.4

%

4.3

%

Franchise revenue

1.7

%

1.7

%

1.7

%


1.8

%

1.8

%

1.8

%

Vending revenue

0.2

%

0.1

%

0.1

%


0.1

%

0.1

%

0.1

%

TOTAL SALES

100.0

%

100.0

%

100.0

%


100.0

%

100.0

%

100.0

%









COSTS AND EXPENSES:








(As a percentage of restaurant sales)
















Cost of food

28.0

%

28.4

%

28.4

%


28.4

%

29.1

%

29.0

%

Payroll and related costs

35.6

%

33.8

%

33.9

%


34.9

%

34.6

%

34.6

%

Other operating expenses

15.7

%

16.1

%

16.2

%


16.0

%

16.8

%

16.7

%

Occupancy costs

5.9

%

5.4

%

5.5

%


6.0

%

5.8

%

5.8

%

Vending revenue

(0.2)

%

(0.1)

%

(0.1)

%


(0.2)

%

(0.1)

%

(0.1)

%

Store level profit

15.0

%

16.4

%

16.1

%


14.9

%

13.9

%

14.0

%









Selling, general and administrative expenses

10.0

%

8.6

%

8.4

%


10.6

%

9.8

%

9.7

%

INCOME (LOSS) FROM OPERATIONS

(0.4)

%

3.7

%

3.3

%


(0.7)

%

(0.6)

%

(0.4)

%

 

Luby's, Inc.

Consolidated Balance Sheets

(In thousands, except per share data)



June 1,
 2016


August 26,
 2015


(Unaudited)



ASSETS




Current Assets:




Cash and cash equivalents

$

1,409



$

1,501


Trade accounts and other receivables, net

6,142



5,175


Food and supply inventories

4,495



4,483


Prepaid expenses

3,911



3,402


Assets related to discontinued operations

1



10


Deferred income taxes

581



577


Total current assets

16,539



15,148


Property held for sale

4,238



4,536


Assets related to discontinued operations

3,667



3,671


Property and equipment, net

196,008



200,202


Intangible assets, net

21,367



22,570


Goodwill

1,605



1,643


Deferred income taxes

14,896



12,917


Other assets

3,452



3,571


Total assets

$

261,772



$

264,258


LIABILITIES AND SHAREHOLDERS' EQUITY




Current Liabilities:




Accounts payable

$

19,677



$

20,173


Liabilities related to discontinued operations

411



408


Accrued expenses and other liabilities

24,704



23,967


Total current liabilities

44,792



44,548


Credit facility debt

36,000



37,500


Liabilities related to discontinued operations

17



182


Other liabilities

7,631



7,369


Total liabilities

$

88,440



$

89,599


Commitments and Contingencies




SHAREHOLDERS' EQUITY




Common stock, $0.32 par value; 100,000,000 shares authorized; shares issued were 29,420,690 and 29,134,603, respectively; shares outstanding were 28,920,690 and 28,634,603, respectively

9,414



9,323


Paid-in capital

30,133



29,006


Retained earnings

138,560



141,105


Less cost of treasury stock, 500,000 shares

(4,775)



(4,775)


Total shareholders' equity

173,332



174,659


Total liabilities and shareholders' equity

$

261,772



$

264,258


 

Luby's, Inc.

Consolidated Statements of Cash Flows (unaudited)

(In thousands)



Three Quarters Ended


June 1,
 2016


May 6,
 2015


(40 weeks)


(36 weeks)

CASH FLOWS FROM OPERATING ACTIVITIES:




Net loss

$

(2,545)



$

(2,025)


Adjustments to reconcile net loss to net cash provided by operating activities:




Net gain on disposition of property and equipment

(609)



(1,386)


Depreciation and amortization

17,555



14,624


Amortization of debt issuance cost

255



127


Share-based compensation expense

1,143



1,102


Deferred tax benefit

(1,983)



(1,978)


Cash provided by operating activities before changes in operating assets and liabilities

13,816



10,464


Changes in operating assets and liabilities:




Increase in trade accounts and other receivables

(967)



(108)


Decrease (Increase) in food and supply inventories

(516)



1,135


Increase in prepaid expenses and other assets

(614)



(1,979)


Decrease in accounts payable, accrued expenses and other liabilities

(311)



(5,350)


Net cash provided by operating activities

11,408



4,162


CASH FLOWS FROM INVESTING ACTIVITIES:




Proceeds from disposal of assets and property held for sale

4,308



5,142


Decrease in notes receivable

17



50


Purchases of property and equipment

(14,358)



(16,429)


Net cash used in investing activities

(10,033)



(11,237)


CASH FLOWS FROM FINANCING ACTIVITIES:




Credit facility borrowings

77,900



80,100


Credit facility repayments

(79,400)



(74,100)


Debt issuance costs

(42)



(253)


Proceeds received on the exercise of employee stock options

75



115


Net cash provided by (used in) financing activities

(1,467)



5,862


Net decrease in cash and cash equivalents

(92)



(1,213)


Cash and cash equivalents at beginning of period

1,501



2,788


Cash and cash equivalents at end of period

$

1,409



$

1,575


Cash paid for:




Income taxes

$



$


Interest

1,368



1,505


 

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 income (loss) from continuing operations, a GAAP measure:


Quarter Ended


Comparable
Period


June 1,
 2016


May 6,
 2015


June 3,
 2015


(12 weeks)


(12 weeks)


(12 weeks)


(In thousands)

Store level profit

$

13,013



$

14,609



$

14,170








Plus:






Sales from culinary contract services

3,892



3,624



3,343


Sales from franchise operations

1,586



1,578



1,605








Less:






Opening costs

117



427



466


Cost of culinary contract services

3,534



3,232



3,064


Cost of franchise operations

441



410



403


Depreciation and amortization

5,304



4,759



4,832


Selling, general and administrative expenses

9,227



8,139



7,846


Provision for asset impairments

172






Net loss (gain) on disposition of property and equipment

42



(609)



(604)


Interest income



(1)



(1)


Interest expense

482



599



587


Other income (expense), net

(88)



(24)



(20)


Provision (benefit) for income taxes

(593)



395



398


Income (loss) from continuing operations

$

(147)



$

2,484



$

2,147


 

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.

 

($ thousands)

Quarter Ended


Comparable
Period


Three Quarters Ended


Comparable
Period


June 1,
 2016


May 6,
 2015


June 3,
 2015


June 1,
 2016


May 6,
 2015


June 3,
 2015


(12 weeks)


(12 weeks)


(12 weeks)


(40 weeks)


(36 weeks)


(40 weeks)

Income (loss) from continuing operations

$

(147)



$

2,484



$

2,147



$

(2,468)



$

(1,681)



$

(1,427)


Depreciation and amortization

5,304



4,759



4,832



17,538



14,608



16,261


Provision (benefit) for income taxes

(593)



395



398



(1,438)



(1,326)



(1,321)


Interest expense

482



599



587



1,674



1,624



1,810


Interest income



(1)



(1)



(3)



(3)



(3)


Other income (expense), net

(88)



(24)



(20)



2



(282)



(299)


Net loss (gain) on disposition of property and equipment

42



(609)



(604)



(793)



(1,696)



(1,677)


Provision for asset impairments

172







209



218



218


Non-cash compensation expense

259



242



243



1,070



543



624


Adjusted EBITDA

$

5,431



$

7,845



$

7,582



$

15,791



$

12,005



$

14,186


 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lubys-reports-third-quarter-fiscal-2016-results-300295658.html

SOURCE Luby's, Inc.


Source: PR Newswire (July 7, 2016 - 5:24 PM EDT)

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