FORM 10-K/A
AMENDMENT NO. 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
(Mark One)
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended August 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
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 of Incorporation) (I.R.S. Employer Identification No.)
2211 Northeast Loop 410
Post Office Box 33069
San Antonio, Texas 78265-3069 Area Code 210 654-9000
_______________________________________ _______________________________
(Address of principal executive office) (Registrant's telephone number)
Securities registered pursuant to Section 12(b) of the Act:
Name of exchange on
Title of Class which registered
______________ ______________________
Common Stock ($.32 par value) New York Stock Exchange
Common Stock Purchase Rights New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
____
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 by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of the registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [ ]
The aggregate market value of the shares of Common Stock of the registrant
held by non-affiliates of the registrant as of November 10, 1998, was
approximately $329,676,000 (based upon the assumption that directors and
officers are the only affiliates).
As of November 10, 1998, there were 22,964,475 shares of the registrant's
Common Stock outstanding, exclusive of 4,438,592 treasury shares.
Portions of the following documents are incorporated by reference into the
designated parts of this Form 10-K: annual report to shareholders for the
fiscal year ended August 31, 1998 (in Part II) and proxy statement relating to
1999 annual meeting of shareholders (in Part III).
<PAGE>
PART II
Item 8. Financial Statements and Supplementary Data.
Luby's Cafeterias, Inc.
Consolidated Statements of Cash Flows
Years Ended August 31,
1998 1997 1996
________ ________ ________
(Thousands of dollars)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 5,081 $28,447 $ 39,208
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization 21,121 20,196 17,693
Provision for asset impairments
and store closings 36,852 12,132 -
Gain on disposal of property
held for sale (704) - -
(Gain) loss on disposal of
property, plant, and equipment 142 (110) 31
________ ________ ________
Cash provided by operating
activities before changes in
operating assets and liabilities 62,492 60,665 56,932
Changes in operating assets and
liabilities:
(Increase) decrease in trade
accounts and other receivables (194) 31 (230)
(Increase) decrease in food and
supply inventories (565) 10 (483)
Increase in prepaid expenses (789) (391) (346)
Increase in other assets (1,881) (226) (1,115)
Increase (decrease )in accounts
payable-trade (1,102) 174 2,441
Increase (decrease) in accrued
expenses and other liabilities 3,260 817 (337)
Increase (decrease) in income
taxes payable (337) (48) 1,263
Increase (decrease) in deferred
income taxes and other credits (12,263) (3,664) 2,229
Decrease in reserve for store
closings (664) - -
_______ ________ ________
Net cash provided by operating
activities 47,957 57,368 60,354
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from disposal of property
held for sale 4,888 - -
Proceeds from disposal of property,
plant, and equipment 73 2,803 153
Purchases of land held for future use (933) (11,649) (5,776)
Purchases of property, plant, and
equipment (25,082) (50,783) (42,753)
_______ ________ ________
Net cash used in investing
activities (21,054) (59,629) (48,376)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common
stock under stock option plans 42 2,878 16,145
Net payments of short-term
borrowings - - (57,000)
Proceeds from long-term debt 908,000 979,000 268,000
Reductions of long-term debt (919,000) (936,000) (227,000)
Purchases of treasury stock - (21,077) (4,839)
Dividends paid (18,615) (18,797) (16,989)
_______ _______ _______
Net cash provided by
(used in) financing activities (29,573) 6,004 (21,683)
_______ _______ _______
Net increase (decrease) in cash
and cash equivalents (2,670) 3,743 (9,705)
Cash and cash equivalents at
beginning of year 6,430 2,687 12,392
________ ________ ________
Cash and cash equivalents at end
of year $ 3,760 $ 6,430 $ 2,687
________ ________ ________
See accompanying notes.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
Date: November 25, 1998 LUBY'S CAFETERIAS, INC.
(Registrant)
By: BARRY J.C. PARKER
____________________________
Barry J.C. Parker, President
and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates
indicated.
Signature and Date Name and Title
__________________ __________________________
DAVID B. DAVISS David B. Daviss, Chairman
_______________________________ of the Board
November 25, 1998
BARRY J.C. PARKER Barry J.C. Parker, President,
_______________________________ Chief Executive Officer,
November 25, 1998 and Director
LAURA M. BISHOP Laura M. Bishop, Senior Vice
________________________________ President and Chief Financial
November 25, 1998 Officer
PAULA Y. GOLD-WILLIAMS Paula Gold-Williams, Controller
________________________________
November 25, 1998
RONALD K. CALGAARD Ronald K. Calgaard, Director
________________________________
November 25, 1998
LAURO F. CAVAZOS Lauro F. Cavazos, Director
________________________________
November 25, 1998
JUDITH B. CRAVEN Judith B. Craven, Director
________________________________
November 25, 1998
ARTHUR R. EMERSON Arthur R. Emerson, Director
________________________________
November 25, 1998
ROGER R. HEMMINGHAUS Roger R. Hemminghaus, Director
________________________________
November 25, 1998
JOHN B. LAHOURCADE John B. Lahourcade, Director
________________________________
November 25, 1998
WALTER J. SALMON Walter J. Salmon, Director
________________________________
November 25, 1998
GEORGE H. WENGLEIN George H. Wenglein, Director
________________________________
November 25, 1998
JOANNE WINIK Joanne Winik, Director
________________________________
November 25, 1998
