Luby's, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended March 15, 2017. For the quarter, total sales were $86,314,000 against $92,069,000 a year ago. Loss from operations was $8,265,000 against $302,000 a year ago. Loss from continuing operations was $12,836,000 or $0.44 diluted per share against $582,000 or $0.02 diluted per share a year ago. Net loss was $13,179,000 or $0.45 diluted per share against $599,000 or $0.02 diluted per share a year ago. Adjusted EBITDA was $3,258,000 against $4,913,000 a year ago. The decline in EBITDA was the result of the lower store-level profit, driven primarily by the decline in same-store sales, offset by $800,000 decrease in selling and general and administrative expenses. Capital expenditures decreased to $3.0 million, compared to $5.2 million in the second quarter fiscal 2016. Loss from continuing operations, before special items was $2,056,000 or $0.07 loss per share against $925,000 or $0.03 loss per share a year ago. Loss before income taxes and discontinued operations was $9,233,000 against $767,000 a year ago.

For the six months, total sales were $200,724,000 against $212,814,000 a year ago. Loss from operations was $14,739,000 against $1,887,000 a year ago. Loss from continuing operations was $18,350,000 or $0.62 diluted per share against $2,321,000 or $0.08 diluted per share a year ago. Net loss was $18,765,000 or $0.64 diluted per share against $2,410,000 or $0.08 diluted per share a year ago. Net cash provided by operating activities was $6,603,000 against $7,191,000 a year ago. Purchases of property and equipment were $7,962,000 against $10,970,000 a year ago. Adjusted EBITDA was $4,724,000 against $10,726,000 a year ago. Loss before income taxes and discontinued operations was $16,205,000 against $3,166,000 a year ago.

The company expects its capital expenditures to be less than $6 million over the balance of this fiscal year for a total annual CapEx for fiscal year 2017 of less than $14 million, which compares to $18.3 million in fiscal year 2016, which is a 23% reduction in CapEx.

The company reported asset impairment of approximately $5.9 million on 13 locations.