Luby's, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 15, 2017; Provides CapEx Guidance for the Full Year of 2017; Reports Asset Impairment for the Quarter Ended March 15, 2017
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.