LUBY'S, INC. 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, March 9, June 1, June 1,
2015 2016 2016 2016
---- ---- ---- ----
Q1 Q2 Q3 YTD Q3
2016(3) 2016(3) 2016(3) 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 Quarter Ended June 1, 2016
Period vs Comparable Period
Restaurant Brand June 1, May 6, June 3, Change Change
2016 2015 2015
($000s) (%)
---
(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 Per Share Amount Per Share
($000s) ($) ($000s) ($)
--- ------ --- ------ ---
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, FY16 YTD FY16 YTD June 1,
2015 Q3 Openings Q3 Closings 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, May 6, June 1, May 6,
2016 2015 2016 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 Three Quarters Ended Comparable
Period Period
------ ------
June 1, May 6, June 3, June 1, May 6, June 3,
2016 2015 2015 2016 2015 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, August 26,
2016 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, and
$0.32 par 29,134,603,
value; respectively;
100,000,000 shares
shares outstanding
authorized; were
shares 28,920,690
issued and
were 28,634,603,
29,420,690 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, May 6,
2016 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 liabilities
by
operating
activities
before
changes
in
operating
assets
and 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, May 6, June 3,
2016 2015 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 Three Quarters Ended Comparable
Period Period
June 1, May 6, June 3, June 1, May 6, June 3,
2016 2015 2015 2016 2015 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.
