Luby's, Inc. (NYSE: LUB) shares were flat on announcing unaudited financial results for its third-quarter fiscal 2018.
Total sales were $86.0 million, a decrease of 3.1%. Same-store sales decreased 0.9%.
Loss from continuing operations was $14.1 million, or a loss of $0.47 per diluted share, compared to a loss of $0.4 million, or a loss of $0.01 per diluted share, in the third quarter fiscal 2017.
Excluding special non-cash items, loss from continuing operations was $4.0 million, or a loss of $0.13 per diluted share, in the third quarter compared to a loss of $0.1 million, or $0.00 per diluted share, in the third quarter fiscal 2017
The company’s adjusted EBITDA decreased $5.6 million.
The company ended the third quarter with a debt balance outstanding of $44.2 million (less deferred financing costs of $0.1 million), an increase from $31.0 million (less deferred financing costs of $0.3 million) at the end of fiscal 2017.
During the third quarter, Luby's capital expenditures increased to $3.7 million compared to $2.2 million in the third quarter fiscal 2017. At the end of the third quarter, it had $1.5 million in cash and $114.0 million in total shareholders' equity.
CEO Chris Pappas expressed disappointment with the results. "While we have been intensely focused on delivering superior service, excellent food quality, and variety at compelling values, all contributing to positive same-store sales at our Luby's Cafeterias brand, our overall cost increases have exceeded our ability to grow restaurant sales quickly enough.
"However, our iconic restaurant brands remain well-positioned for the long-term to enhance our financial performance."
Shares were unchanged at $2.55 Monday morning, within a 52-week range of $2.35 to $3.20.
Related Stories
