FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 30, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________________________ to _________________
Commission file number: 1-8308
LUBY'S CAFETERIAS, INC.
______________________________________________________________________________
(Exact name of registrant as specified in its charter)
Delaware 74-1335253
___________________________________ __________________
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2211 Northeast Loop 410, P. O. Box 33069
San Antonio, Texas 78265-3069
______________________________________________________________________________
(Address of principal executive offices) (Zip Code)
210/654-9000
______________________________________________________________________________
(Registrant's telephone number, including area code)
______________________________________________________________________________
(Former name, former address and former fiscal year, if changed since last
report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months and (2) has been subject to such filing
requirements for the past 90 days.
Yes x No
___ ___
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock: 23,270,675 shares outstanding as of November 30, 1997
(exclusive of 4,132,392 treasury shares)
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements.
LUBY'S CAFETERIAS, INC.
CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
(UNAUDITED)
Three Months Ended
November 30,
1997 1996
____ ____
(Amounts in thousands
except per share data)
Sales $124,672 $122,287
Costs and expenses:
Cost of food 31,857 30,389
Payroll and related costs 39,310 36,011
Occupancy and other operating expenses 38,008 36,906
General and administrative expenses 5,274 5,563
_______ _______
114,449 108,869
_______ _______
Income from operations 10,223 13,418
Interest expense (1,266) (653)
Other income, net 681 301
_______ _______
Income before income taxes 9,638 13,066
Provision for income taxes 3,431 4,900
_______ _______
Net income 6,207 8,166
Retained earnings at beginning of period 276,140 267,374
Cash dividends (4,654) (4,647)
Treasury stock transactions (65) (261)
_______ _______
Retained earnings at end of period $277,628 $270,632
_______ _______
Net income per share $.27 $.35
_______ _______
Cash dividend per share $.20 $.20
_______ _______
Average number of shares outstanding 23,269 23,614
See accompanying notes.
<PAGE>
Part I - FINANCIAL INFORMATION (continued)
Item 1. Financial Statements (continued).
LUBY'S CAFETERIAS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
November 30, August 31,
1997 1997
____ ____
(Thousands of dollars)
ASSETS
Current assets:
Cash and cash equivalents $ 2,246 $ 6,430
Trade accounts and other receivables 942 510
Food and supply inventories 4,818 4,507
Prepaid expenses 4,017 3,586
Deferred income taxes 1,017 937
_______ _______
Total current assets 13,040 15,970
Property held for sale 10,484 12,680
Investments and other assets - at cost 7,879 6,111
Property, plant, and equipment - at cost, net 335,728 334,017
_______ _______
$367,131 $368,778
_______ _______
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable - trade $ 11,769 $ 13,584
Dividends payable 4,654 4,653
Accrued expenses and other liabilities 23,649 25,038
Income taxes payable 4,875 2,406
_______ _______
Total current liabilities 44,947 45,681
Long-term debt 81,000 84,000
Deferred income taxes and other credits 20,749 20,257
Shareholders' equity:
Common stock 8,769 8,769
Paid-in capital 26,945 26,945
Retained earnings 277,628 276,140
Less cost of treasury stock (92,907) (93,014)
_______ _______
Total shareholders' equity 220,435 218,840
_______ _______
$367,131 $368,778
_______ _______
See accompanying notes.
<PAGE>
Part I - FINANCIAL INFORMATION (continued)
Item 1. Financial Statements (continued).
LUBY'S CAFETERIAS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
November 30,
1997 1996
____ ____
(Thousands of dollars)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 6,207 $ 8,166
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 5,112 4,831
Decrease in accrued expenses
and other liabilities (1,389) (3,564)
Other, net (1,414) 1,970
_______ _______
Net cash provided by operating activities 8,516 11,403
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from disposal of property held for sale 2,738 ---
Purchases of land held for future use (948) (10,072)
Purchases of property, plant, and equipment (6,879) (20,947)
_______ _______
Net cash used in investing activities (5,089) (31,019)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock
under stock option plan 42 950
Proceeds from long-term debt 189,000 220,000
Reductions of long-term debt (192,000) (177,000)
Purchases of treasury stock --- (18,260)
Dividends paid (4,653) (4,784)
_______ _______
Net cash provided by (used in)
financing activities (7,611) 20,906
_______ _______
Net increase (decrease) in cash and cash equivalents (4,184) 1,290
Cash and cash equivalents at beginning of period 6,430 2,687
_______ _______
Cash and cash equivalents at end of period $ 2,246 $ 3,977
_______ _______
See accompanying notes.
<PAGE>
Part I - FINANCIAL INFORMATION (continued)
Item 1. Financial Statements (continued).
LUBY'S CAFETERIAS, INC.
NOTES TO CONSOLIATED FINANCIAL STATEMENTS
November 30, 1997
(UNAUDITED)
Note 1: The accompanying unaudited financial statements are presented in
accordance with the requirements of Form 10-Q and, consequently, do
not include all of the disclosures normally required by generally
accepted accounting principles. All adjustments which are, in the
opinion of management, necessary to a fair statement of the results
for the interim periods have been made. All such adjustments are of a
normal recurring nature. The results for the interim period are not
necessarily indicative of the results to be expected for the full
year.
These financial statements should be read in conjunction with the
consolidated financial statements and footnotes included in Luby's
annual report on Form 10-K for the year ended August 31, 1997. The
accounting policies used in preparing these consolidated financial
statements are the same as those described in Luby's annual report on
Form 10-K.
<PAGE>
Part I - FINANCIAL INFORMATION (continued)
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Liquidity and Capital Resources
_______________________________
Cash and cash equivalents decreased by $4,184,000 from the end of the
preceding fiscal year to November 30, 1997. All capital expenditures for
fiscal 1998 are being funded from cash flows from operations, cash
equivalents, and long-term debt. Capital expenditures for the three months
ended November 30, 1997, were $7,827,000. As of November 30, 1997, the
Company owned four undeveloped land sites and two Water Street joint venture
restaurants were under construction.
During fiscal year 1997 the Company purchased 897,500 shares of its common
stock at a cost of $19,918,000, which are being held as treasury stock. To
complete the treasury stock purchases and fund capital expenditures, the
Company required external financing and borrowed funds under a $125,000,000
line-of-credit agreement. As of November 30, 1997, the amount outstanding
under this line of credit was $81,000,000. The Company believes that
additional financing from external sources can be obtained on terms acceptable
to the Company in the event such financing is required.
Results of Operations
_____________________
Quarter ended November 30, 1997 compared to the quarter ended November 30, 1996.
_________________________________________________________________________
Sales increased $2,385,000, or 2.0%, due to the addition of five new
cafeterias in fiscal 1998 and 27 in fiscal 1997. The sales increase from new
cafeterias was partially offset by a decrease in sales volume at cafeterias
opened over one year and the closing of four units, two in August 1997 and two
in September 1997.
Cost of food increased $1,468,000, or 4.8%, due primarily to the increase in
sales. As a percentage of sales, food costs were higher versus the prior year
due to product promotions featured during the period. Payroll and related
costs increased $3,299,000, or 9.2%, due primarily to the increase in sales
and the higher federal minimum wage which increased first on October 1, 1996,
and again on September 1, 1997. Occupancy and other operating expenses
increased $1,102,000, or 3.0%, due primarily to the increase in sales and
higher group insurance costs. With the decline in same-store sales, certain
fixed expenses in this category have increased as a percentage of sales,
including depreciation, property taxes, utilities, and repairs. These
increases were partially offset by lower preopening expenses due to fewer new
store openings as compared to the prior year. General and administrative
expenses decreased $289,000, or 5.2%, due primarily to a lower profit sharing
contribution estimated for fiscal 1998 as compared to the estimate of the
contribution for the same period in the prior year.
Interest expense increased $613,000 over the first quarter of fiscal 1997 due
to higher average borrowings under the line-of-credit agreement and lower
capitalized interest on qualifying properties as a result of less construction
in the current period.
The provision for income taxes decreased $1,469,000, or 30.0%, due primarily
to lower income from operations and state tax savings as a result of
restructuring into a holding company. The effective income tax rate decreased
from 37.5% to 35.6%.
<PAGE>
Part I -FINANCIAL INFORMATION (continued)
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations (continued).
Forward-Looking Statements
__________________________
The Company wishes to caution readers that various factors could cause the
actual results of the Company 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
(including the preceding sections of this Management's Discussion and
Analysis), as well as oral statements made from time to time by
representatives of the Company. Except for historical information, matters
discussed in such oral and written communications are forward-looking
statements that involve risks and uncertainties, including but not limited to
general business conditions, the impact of competition, the success of
operating initiatives, changes in the cost and supply of food and labor, the
seasonality of the Company's business, taxes, inflation, and governmental
regulations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
There has been no material change in the information required by Item 305 of
Regulation S-K since the end of the preceding fiscal year.
<PAGE>
Part II - OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
2 Agreement and Plan of Merger dated November 1, 1991, between Luby's
Cafeterias, Inc., a Texas corporation, and Luby's Cafeterias, Inc.,
a Delaware corporation (filed as Exhibit 2 to the Company's
Quarterly Report on Form 10-Q for the quarter ended November 30,
1991, and incorporated herein by reference).
3(a) Certificate of Incorporation of Luby's Cafeterias, Inc., a Delaware
corporation, as in effect February 28, 1994 (filed as Exhibit 3(a) to
the Company's Quarterly Report on Form 10-Q for the quarter ended
February 28, 1994, and incorporated herein by reference).
3(b) Bylaws of Luby's Cafeterias, Inc., as currently in effect (filed as
Exhibit 3(c) to the Company's Annual Report on Form 10-K for the
fiscal year ended August 31, 1996, and incorporated herein by
reference).
4(a) Description of Common Stock Purchase Rights of Luby's Cafeterias,
Inc. in Form 8-A (filed April 17, 1991, effective April 26, 1991,
File No.1-8308, and incorporated herein by reference).
4(b) Amendment No. 1 dated December 19, 1991, to Rights Agreement dated
April 16, 1991 (filed as Exhibit 4(b) to the Company's Quarterly
Report on Form 10-Q for the quarter ended November 30, 1991, and
incorporated herein by reference).
4(c) Amendment No. 2 dated February 7, 1995, to Rights Agreement dated
April 16, 1991 (filed as Exhibit 4(d) to the Company's Quarterly
Report on Form 10-Q for the quarter ended February 28, 1995, and
incorporated herein by reference).
4(d) Amendment No. 3 dated May 29, 1995, to Rights Agreement dated
April 16, 1991 (filed as Exhibit 4(d) to the Company's Quarterly
Report on Form 10-Q for the quarter ended May 31, 1995, and
incorporated herein by reference).
4(e) Credit Agreement dated February 27, 1996, among Luby's Cafeterias,
Inc., Certain Lenders, and NationsBank of Texas, N.A. (filed as
Exhibit 4(e) to the Company's Quarterly Report on Form 10-Q for the
quarter ended February 29, 1996, and incorporated herein by
reference).
4(f) First Amendment to Credit Agreement dated January 24, 1997, among
Luby's Cafeterias, Inc., Certain Lenders, and NationsBank of Texas,
N.A. (filed as Exhibit 4(f) to the Company's Quarterly Report on
Form 10-Q for the quarter ended February 28, 1997, and incorporated
herein by reference).
4(g) ISDA Master Agreement dated June 17, 1997, between Luby's Cafeterias,
Inc. and NationsBank, N.A., with Schedule and Confirmation dated
July 7, 1997 (filed as Exhibit 4(g) to the Company's Annual Report on
Form 10-K for the fiscal year ended August 31, 1997, and incorporated
herein by reference).
4(h) ISDA Master Agreement dated July 2, 1997, between Luby's Cafeterias,
Inc. and Texas Commerce Bank National Association, with Schedule and
Confirmation dated July 2, 1997 (filed as Exhibit 4(h) to the
Company's Annual Report on Form 10-K for the fiscal year ended
August 31, 1997, and incorporated herein by reference).
4(i) Second Amendment to Credit Agreement dated July 3, 1997, among Luby's
Cafeterias, Inc., Certain Lenders, and NationsBank of Texas, N.A.
(filed as Exhibit 4(i) to the Company's Annual Report on Form 10-K
for the fiscal year ended August 31, 1997, and incorporated herein by
reference).
10(a) Form of Deferred Compensation Agreement entered into between Luby's
Cafeterias, Inc. and various officers (filed as Exhibit 10(b) to the
Company's Annual Report on Form 10-K for the fiscal year ended
August 31, 1981, and incorporated herein by reference).
10(b) Form of Amendment to Deferred Compensation Agreement between Luby's
Cafeterias, Inc. and various officers and former officers adopted
January 14, 1997 (filed as Exhibit 10(b) to the Company's Quarterly
Report on Form 10-Q for the quarter ended February 28, 1997, and
incorporated herein by reference).
10(c) Annual Incentive Plan for Area Vice Presidents of Luby's Cafeterias,
Inc. adopted October 19, 1983 (filed as Exhibit 10(d) to the
Company's Annual Report on Form 10-K for the fiscal year ended
August 31, 1983, and incorporated herein by reference).
10(d) Amendment to Annual Incentive Plan for Area Vice Presidents of Luby's
Cafeterias, Inc. adopted January 14, 1997 (filed as Exhibit 10(d) to
the Company's Quarterly Report on Form 10-Q for the quarter ended
February 28, 1997, and incorporated herein by reference).
10(e) Incentive Bonus Plan of Luby's Cafeterias, Inc. adopted October 19,
1983 (filed as Exhibit 10(e) to the Company's Annual Report on
Form 10-K for the fiscal year ended August 31, 1983, and incorporated
herein by reference).
10(f) Amendment to Incentive Bonus Plan of Luby's Cafeterias, Inc. adopted
January 14, 1997 (filed as Exhibit 10(f) to the Company's Quarterly
Report on Form 10-Q for the quarter ended February 28, 1997, and
incorporated herein by reference).
10(g) Performance Unit Plan of Luby's Cafeterias, Inc. approved by the
shareholders on January 12, 1984 (filed as Exhibit 10(f) to the
Company's Annual Report on Form 10-K for the fiscal year ended
August 31, 1984, and incorporated herein by reference).
10(h) Amendment to Performance Unit Plan of Luby's Cafeterias, Inc. adopted
January 14, 1997 (filed as Exhibit 10(h) to the Company's Quarterly
Report on Form 10-Q for the quarter ended February 28, 1997, and
incorporated herein by reference).
10(i) Employment Contract dated January 8, 1988, between Luby's Cafeterias,
Inc. and George H. Wenglein (filed as Exhibit 10(h) to the Company's
Annual Report on Form 10-K for the fiscal year ended August 31, 1988,
and incorporated herein by reference).
10(j) Management Incentive Stock Plan of Luby's Cafeterias, Inc. (filed as
Exhibit 10(i) to the Company's Annual Report on Form 10-K for the
fiscal year ended August 31, 1989, and incorporated herein by
reference).
10(k) Amendment to Management Incentive Stock Plan of Luby's Cafeterias,
Inc. adopted January 14, 1997 (filed as Exhibit 10(k) to the
Company's Quarterly Report on Form 10-Q for the quarter ended
February 28, 1997, and incorporated herein by reference).
10(l) Nonemployee Director Deferred Compensation Plan of Luby's Cafeterias,
Inc. adopted October 27, 1994 (filed as Exhibit 10(g) to the
Company's Quarterly Report on Form 10-Q for the quarter ended
November 30, 1994, and incorporated herein by reference).
10(m) Amendment to Nonemployee Director Deferred Compensation Plan of
Luby's Cafeterias, Inc. adopted January 14, 1997 (filed as
Exhibit 10(m) to the Company's Quarterly Report on Form 10-Q for the
quarter ended February 28, 1997, and incorporated herein by
reference).
10(n) Nonemployee Director Stock Option Plan of Luby's Cafeterias, Inc.
approved by the shareholders on January 13, 1995 (filed as
Exhibit 10(h) to the Company's Quarterly Report on Form 10-Q for the
quarter ended February 28, 1995, and incorporated herein by
reference).
10(o) Amendment to Nonemployee Director Stock Option Plan of Luby's
Cafeterias, Inc. adopted January 14, 1997 (filed as Exhibit 10(o) to
the Company's Quarterly Report on Form 10-Q for the quarter ended
February 28, 1997, and incorporated herein by reference).
10(p) Employment Contract dated January 12, 1996, between Luby's
Cafeterias, Inc. and John B. Lahourcade (filed as Exhibit 10(i) to
the Company's Quarterly Report on Form 10-Q for the quarter ended
February 29, 1996, and incorporated herein by reference).
10(q) Luby's Cafeterias, Inc. Supplemental Executive Retirement Plan dated
May 30, 1996 (filed as Exhibit 10(j) to the Company's Annual Report
on Form 10-K for the fiscal year ended August 31, 1996, and
incorporated herein by reference).
10(r) Amendment to Luby's Cafeterias, Inc. Supplemental Executive
Retirement Plan adopted January 14, 1997 (filed as Exhibit 10(r) to
the Company's Quarterly Report on Form 10-Q for the quarter ended
February 28, 1997, and incorporated herein by reference).
10(s) Luby's Cafeterias, Inc. Welfare Benefit Plan Trust dated July 18,
1996 (filed as Exhibit 10(k) to the Company's Annual Report on
Form 10-K for the fiscal year ended August 31, 1996, and incorporated
herein by reference).
10(t) Retirement Agreement dated March 17, 1997, between Luby's Cafeterias,
Inc. and Ralph Erben (filed as Exhibit 10(t) to the Company's
Quarterly Report on Form 10-Q for the quarter ended February 28,
1997, and incorporated herein by reference).
10(u) Employment Agreement dated September 15, 1997, between Luby's
Cafeterias, Inc. and Barry J.C. Parker (filed as Exhibit 10(u) to the
Company's Annual Report on Form 10-K for the fiscal year ended
August 31, 1997, and incorporated herein by reference).
10(v) Term Promissory Note of Barry J.C. Parker in favor of Luby's
Cafeterias, Inc., dated November 10, 1997, in the original principal
sum of $199,999.00 (filed as Exhibit 10(v) to the Company's Annual
Report on Form 10-K for the fiscal year ended August 31, 1997, and
incorporated herein by reference).
10(w) Stock Agreement dated November 10, 1997, between Barry J.C. Parker
and Luby's Cafeterias, Inc. (filed as Exhibit 10(w) to the Company's
Annual Report on Form 10-K for the fiscal year ended August 31, 1997,
and incorporated herein by reference).
11 Statement re computation of per share earnings.
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the quarter for which this
report is filed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LUBY'S CAFETERIAS, INC.
(Registrant)
By: BARRY J.C. PARKER
_____________________________
Barry J.C. Parker
President and
Chief Executive Officer
By: LAURA M. BISHOP
_____________________________
Laura M. Bishop
Senior Vice President and
Chief Financial Officer
Dated: January 7, 1998
<PAGE>
EXHIBIT INDEX
Number Document
2 Agreement and Plan of Merger dated November 1, 1991,
between Luby's Cafeterias, Inc., a Texas corporation,
and Luby's Cafeterias, Inc., a Delaware corporation
(filed as Exhibit 2 to the Company's Quarterly Report
on Form 10-Q for the quarter ended November 30, 1991,
and incorporated herein by reference).
3(a) Certificate of Incorporation of Luby's Cafeterias, Inc.,
a Delaware corporation, as in effect February 28, 1994
(filed as Exhibit 3(a) to the Company's Quarterly Report
on Form 10-Q for the quarter ended February 28, 1994,
and incorporated herein by reference).
3(b) Bylaws of Luby's Cafeterias, Inc., as currently in effect
(filed as Exhibit 3(c) to the Company's Annual Report on
Form 10-K for the fiscal year ended August 31, 1996, and
incorporated herein by reference).
4(a) Description of Common Stock Purchase Rights of Luby's
Cafeterias, Inc. in Form 8-A (filed April 17, 1991,
effective April 26, 1991, File No.1-8308, and
incorporated herein by reference).
4(b) Amendment No. 1 dated December 19, 1991, to Rights
Agreement dated April 16, 1991 (filed as Exhibit 4(b)
to the Company's Quarterly Report on Form 10-Q for
the quarter ended November 30, 1991, and incorporated
herein by reference).
4(c) Amendment No. 2 dated February 7, 1995, to Rights
Agreement dated April 16, 1991 (filed as Exhibit 4(d)
to the Company's Quarterly Report on Form 10-Q for the
quarter ended February 28, 1995, and incorporated
herein by reference).
4(d) Amendment No. 3 dated May 29, 1995, to Rights Agreement
dated April 16, 1991 (filed as Exhibit 4(d) to the
Company's Quarterly Report on Form 10-Q for the quarter
ended May 31, 1995, and incorporated herein by reference).
4(e) Credit Agreement dated February 27, 1996, among
Luby's Cafeterias, Inc., Certain Lenders, and
NationsBank of Texas, N.A. (filed as Exhibit 4(e) to
the Company's Quarterly Report on Form 10-Q for the
quarter ended February 29, 1996, and incorporated herein
by reference).
4(f) First Amendment to Credit Agreement dated January 24,
1997, among Luby's Cafeterias, Inc., Certain Lenders,
and NationsBank of Texas, N.A. (filed as Exhibit 4(f)
to the Company's Quarterly Report on Form 10-Q for the
quarter ended February 28, 1997, and incorporated herein
by reference).
4(g) ISDA Master Agreement dated June 17, 1997, between
Luby's Cafeterias, Inc. and NationsBank, N.A., with
Schedule and Confirmation dated July 7, 1997 (filed as
Exhibit 4(g) to the Company's Annual Report on Form 10-K
for the fiscal year ended August 31, 1997, and
incorporated herein by reference).
4(h) ISDA Master Agreement dated July 2, 1997, between
Luby's Cafeterias, Inc. and Texas Commerce Bank
National Association, with Schedule and Confirmation
dated July 2, 1997 (filed as Exhibit 4(h) to the
Company's Annual Report on Form 10-K for the fiscal year
ended August 31, 1997, and incorporated herein by reference).
4(i) Second Amendment to Credit Agreement dated July 3, 1997,
among Luby's Cafeterias, Inc., Certain Lenders, and
NationsBank of Texas, N.A. (filed as Exhibit 4(i) to the
Company's Annual Report on Form 10-K for the fiscal year
ended August 31, 1997, and incorporated herein by reference).
10(a) Form of Deferred Compensation Agreement entered into
between Luby's Cafeterias, Inc. and various officers (filed
as Exhibit 10(b) to the Company's Annual Report on Form 10-K
for the fiscal year ended August 31, 1981, and incorporated
herein by reference).
10(b) Form of Amendment to Deferred Compensation Agreement
between Luby's Cafeterias, Inc. and various officers
and former officers adopted January 14, 1997 (filed as
Exhibit 10(b) to the Company's Quarterly Report on
Form 10-Q for the quarter ended February 28, 1997,
and incorporated herein by reference).
10(c) Annual Incentive Plan for Area Vice Presidents of
Luby's Cafeterias, Inc. adopted October 19, 1983
(filed as Exhibit 10(d) to the Company's Annual Report
on Form 10-K for the fiscal year ended August 31,
1983, and incorporated herein by reference).
10(d) Amendment to Annual Incentive Plan for Area Vice
Presidents of Luby's Cafeterias, Inc. adopted January 14,
1997 (filed as Exhibit 10(d) to the Company's Quarterly
Report on Form 10-Q for the quarter ended February 28,
1997, and incorporated herein by reference).
10(e) Incentive Bonus Plan of Luby's Cafeterias, Inc. adopted
October 19, 1983 (filed as Exhibit 10(e) to the Company's
Annual Report on Form 10-K for the fiscal year ended
August 31, 1983, and incorporated herein by reference).
10(f) Amendment to Incentive Bonus Plan of Luby's Cafeterias,
Inc. adopted January 14, 1997 (filed as Exhibit 10(f)
to the Company's Quarterly Report on Form 10-Q for the
quarter ended February 28, 1997, and incorporated herein
by reference).
10(g) Performance Unit Plan of Luby's Cafeterias, Inc. approved
by the shareholders on January 12, 1984 (filed as
Exhibit 10(f) to the Company's Annual Report on Form 10-K
for the fiscal year ended August 31, 1984, and
incorporated herein by reference).
10(h) Amendment to Performance Unit Plan of Luby's Cafeterias,
Inc. adopted January 14, 1997 (filed as Exhibit 10(h)
to the Company's Quarterly Report on Form 10-Q for the
quarter ended February 28, 1997, and incorporated herein
by reference).
10(i) Employment Contract dated January 8, 1988, between
Luby's Cafeterias, Inc. and George H. Wenglein (filed as
Exhibit 10(h) to the Company's Annual Report on Form 10-K
for the fiscal year ended August 31, 1988, and
incorporated herein by reference).
10(j) Management Incentive Stock Plan of Luby's Cafeterias,
Inc. (filed as Exhibit 10(i) to the Company's Annual
Report on Form 10-K for the fiscal year ended August 31,
1989, and incorporated herein by reference).
10(k) Amendment to Management Incentive Stock Plan of
Luby's Cafeterias, Inc. adopted January 14, 1997
(filed as Exhibit 10(k) to the Company's Quarterly Report
on Form 10-Q for the quarter ended February 28, 1997,
and incorporated herein by reference).
10(l) Nonemployee Director Deferred Compensation Plan of
Luby's Cafeterias, Inc. adopted October 27, 1994
(filed as Exhibit 10(g) to the Company's Quarterly
Report on Form 10-Q for the quarter ended November 30,
1994, and incorporated herein by reference).
10(m) Amendment to Nonemployee Director Deferred Compensation
Plan of Luby's Cafeterias, Inc. adopted January 14, 1997
(filed as Exhibit 10(m) to the Company's Quarterly Report
on Form 10-Q for the quarter ended February 28, 1997,
and incorporated herein by reference).
10(n) Nonemployee Director Stock Option Plan of Luby's
Cafeterias, Inc. approved by the shareholders on
January 13, 1995 (filed as Exhibit 10(h) to the
Company's Quarterly Report on Form 10-Q for the quarter
ended February 28, 1995, and incorporated herein by
reference).
10(o) Amendment to Nonemployee Director Stock Option Plan of
Luby's Cafeterias, Inc. adopted January 14, 1997 (filed
as Exhibit 10(o) to the Company's Quarterly Report on
Form 10-Q for the quarter ended February 28, 1997,
and incorporated herein by reference).
10(p) Employment Contract dated January 12, 1996, between
Luby's Cafeterias, Inc. and John B. Lahourcade (filed
as Exhibit 10(i) to the Company's Quarterly Report on
Form 10-Q for the quarter ended February 29, 1996,
and incorporated herein by reference).
10(q) Luby's Cafeterias, Inc. Supplemental Executive
Retirement Plan dated May 30, 1996 (filed as
Exhibit 10(j) to the Company's Annual Report on Form 10-K
for the fiscal year ended August 31, 1996, and
incorporated herein by reference).
10(r) Amendment to Luby's Cafeterias, Inc. Supplemental
Executive Retirement Plan adopted January 14, 1997 (filed
as Exhibit 10(r) to the Company's Quarterly Report on
Form 10-Q for the quarter ended February 28, 1997,
and incorporated herein by reference).
10(s) Luby's Cafeterias, Inc. Welfare Benefit Plan Trust dated
July 18, 1996 (filed as Exhibit 10(k) to the Company's
Annual Report on Form 10-K for the fiscal year ended
August 31, 1996, and incorporated herein by reference).
10(t) Retirement Agreement dated March 17, 1997, between Luby's
Cafeterias, Inc. and Ralph Erben (filed as Exhibit 10(t)
to the Company's Quarterly Report on Form 10-Q for the
quarter ended February 28, 1997, and incorporated herein
by reference).
10(u) Employment Agreement dated September 15, 1997, between
Luby's Cafeterias, Inc. and Barry J.C. Parker (filed as
Exhibit 10(u) to the Company's Annual Report on Form 10-K
for the fiscal year ended August 31, 1997, and
incorporated herein by reference).
10(v) Term Promissory Note of Barry J.C. Parker in favor of
Luby's Cafeterias, Inc., dated November 10, 1997, in the
original principal sum of $199,999.00 (filed as
Exhibit 10(v) to the Company's Annual Report on Form 10-K
for the fiscal year ended August 31, 1997, and
incorporated herein by reference).
10(w) Stock Agreement dated November 10, 1997, between
Barry J.C. Parker and Luby's Cafeterias, Inc. (filed
as Exhibit 10(w) to the Company's Annual Report on
Form 10-K for the fiscal year ended August 31, 1997,
and incorporated herein by reference).
11 Statement re computation of per share earnings.
Exhibit 11
COMPUTATION OF PER SHARE EARNINGS
The following is a computation of the weighted average number of shares
outstanding which is used in the computation of per share earnings for Luby's
Cafeterias, Inc. for the three months ended November 30, 1997 and 1996.
Three months ended November 30, 1997
23,266,374 x shares outstanding for 18 days 418,794,732
23,266,921 x shares outstanding for 17 days 395,537,657
23,268,328 x shares outstanding for 9 days 209,414,952
23,270,675 x shares outstanding for 47 days 1,093,721,725
_____________
2,117,469,066
Divided by the number of days in the period 91
_____________
23,268,891
Three months ended November 30, 1996
23,892,819 x shares outstanding for 30 days 716,784,570
23,666,720 x shares outstanding for 31 days 733,668,320
23,281,927 x shares outstanding for 30 days 698,457,810
_____________
2,148,910,700
Divided by the number of days in the period 91
_____________
23,614,403
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> NOV-30-1997
<CASH> 2,246
<SECURITIES> 0
<RECEIVABLES> 942
<ALLOWANCES> 0
<INVENTORY> 4,818
<CURRENT-ASSETS> 13,040
<PP&E> 497,201
<DEPRECIATION> 161,473
<TOTAL-ASSETS> 367,131
<CURRENT-LIABILITIES> 44,947
<BONDS> 0
0
0
<COMMON> 8,769
<OTHER-SE> 211,666<F1>
<TOTAL-LIABILITY-AND-EQUITY> 367,131
<SALES> 124,672
<TOTAL-REVENUES> 124,672
<CGS> 71,167
<TOTAL-COSTS> 71,167
<OTHER-EXPENSES> 38,008
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,266
<INCOME-PRETAX> 9,638
<INCOME-TAX> 3,431
<INCOME-CONTINUING> 6,207
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,207
<EPS-PRIMARY> 0.27
<EPS-DILUTED> 0.27
<FN>
<F1>Other stockholders' equity amount is less cost of treasury stock of $92,907.
</FN>
</TABLE>
