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HOUSTON, June 3, 2020 /PRNewswire/ --Luby's, Inc. (NYSE: LUB) ("Luby's") today announced unaudited financial results for its twelve-week second quarter fiscal 2020 ended March 11, 2020, referred to as "second quarter." Comparisons in this earnings release are for the second quarter compared to the twelve-week second quarter fiscal 2019. Same-Store Sales Year-over-Year Comparison: Q12020 Q22020 YTD Q22020 Luby's Cafeterias 1.7% 1.3 % 1.5 % Fuddruckers 0.1% 0.4 % 0.2 % Combo locations (1) 6.6% 6.8 % 6.7 % Cheeseburger in Paradise (1.0)% 9.4 % 3.2 % Total same-store sales (2) 1.7% 1.6 % 1.7 % (1) Combo locations consist of a side-by-side Luby's Cafeteria and Fuddruckers Restaurant at one property location. (2) Luby's includes a restaurant's sales results into the same-store sales calculation in the quarter after that store has been open for six complete consecutive quarters. In the second quarter, there were 72 Luby's Cafeterias locations, 33 Fuddruckers locations, all six Combo locations, and one Cheeseburger in Paradise location that met the definition of same-stores. Second Quarter Restaurant Sales: ($ thousands) Restaurant Brand Q22020 Q22019 Change($) Change(%) Luby's Cafeterias $ 43,302 $ 44,266 $ (964) (2.2) % Combo locations 4,653 4,355 298 6.8 % Luby's cafeteria segment 47,955 48,621 (666) (1.4) % Fuddruckers restaurants segment 11,789 16,156 (4,367) (27.0) % Cheeseburger in Paradise segment 647 592 55 9.3 % Total Restaurant Sales $ 60,391 $ 65,369 $ (4,978) (7.6) % Note: Luby's Cafeterias store count reduced from 76 at Q2 2019 start to 72 at Q2 2020 end; Fuddruckers store count reduced from 51 at Q2 2019 start to 33 at Q2 2020 end; Combo location count at six (12 restaurants) at Q2 2019 start and at Q2 2020 end; Cheeseburger in Paradise store count at one at Q2 2019 and at Q2 2020 end. Restaurant Counts: August 28,2019 FY20 YTDQ2Openings FY20 YTDQ2Closings March 11,2020 Luby's Cafeterias(1) 79 (1) 78 Fuddruckers Restaurants(1) 44 (5) 39 Cheeseburger in Paradise 1 1 Total 124 (6) 118 (1) Includes 6 restaurants that are part of Combo locations Comments related to COVID-19: After the end of our fiscal second quarter, the spread of the COVID-19 pandemic has affected the United States economy, our operations and those of third parties on which we rely. Beginning on March 17, 2020, we began suspending on-premise dining at our restaurants andsubstantially all employees at those locations were placed on furlough. By March31, 2020 we had suspended on-premise dining at all 118 of our company-owned restaurants and had suspended all operations at 50 of our Luby's Cafeteria's, 36 company-owned Fuddruckers restaurants and our one Cheeseburger in Paradise restaurant. The 28 Luby's Cafeteria's and 3 Fuddruckers restaurants that remained open were providing take-out, drive-through and curbside pickup, or delivery with reduced operating hours and on-site staff. In addition, more than 50 percent of our general and administrative staff were placed on furlough and salaries were temporarily reduced by 50 percent for the remaining general and administrative staff and other salaried employees, including all senior management. Furthermore, our franchise owners suspended operations or moved to limited food-to-go operations at their locations, reducing the number of franchise locations in operation to 37 by early April 2020 from 90 prior to the COVID-19 pandemic. Beginning in May 2020, we began to gradually reopen the dining rooms with state-mandated limits on guest capacity at the 28 Luby's locations and 3Fuddruckers locations that had been previously operating with food-to-go service only. We also began to reopen restaurants that were temporarily closed. As of the date of this release, there were 31 Luby's Cafeteria's and8 Fuddruckers restaurants operating, all of which had their dining rooms open at limited capacity; these restaurants were operating at approximately 75% of their pre-pandemic weekly sales levels. Additionally, there were 59 franchise locations in operation as of the date of this release. The full extent and duration of the impact of the COVID-19 pandemic on our operations and financial performance is currently unknown, and depends on future developments that are uncertain and unpredictable, including the duration of the spread of the pandemic, its impact of capital and financial markets on a macro-scale and any new information that may emerge concerning the severity of the virus, its spread to other regions, the actions to contain the virus or treat its impact, and consumer attitudes and behaviors, among others. In response to the changed operating environment from the COVID-19 pandemic, we took the following actions to minimize the financial impact and preserve the prospects for emerging from this unprecedented period. We revamped restaurant operations to generate cost efficiencies resulting in higher restaurant operating margins even if sales levels do not return to pre-COVID-19 pandemic levels. As the restaurants adapted to the new operating environment, a lower cost labor model was deployed, food costs declined as menu offerings were concentrated among the historically top selling items, and various restaurant service and supplier costs were reevaluated. We began restructuring corporate overhead earlier in calendar 2020 prior to the pandemic, including a transition to a 3rd party provider for certain accounting and payroll function. Significant further restructuring took place in April and May of 2020, as we reviewed all corporate service providers, information technology needs, and personnel requirements to support a reduced level of operations going forward. We obtained a $10.0 million "Payroll Protection Program" loan under the Coronavirus Aid, Relief and Economic Security Act which was necessary for funding continuing operations. We believe that a portion of the loan will be eligible for forgiveness; however, that amount cannot currently be calculated. We continued efforts to close real estate sales transactions with anticipated aggregate sales proceeds in excess of $20.0 million prior to the end of fiscal 2020. In addition, the Company has identified other real estate properties that may be sold to generate funds for ongoing operations. About Luby's Luby's, Inc. (NYSE: LUB) operates 118 restaurants nationally as of March11, 2020: 78 Luby's Cafeterias, 39 Fuddruckers, one Cheeseburger in Paradise restaurants. Luby's is the franchisor for 90 Fuddruckers franchise locations across the United States (including Puerto Rico), Canada, Mexico, Colombia, and Panama. Luby's Culinary Contract Services provides food service management to 28 sites consisting of healthcare, corporate dining locations, sports stadiums, and sales through retail grocery stores. This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical fact, are "forward-looking statements" for purposes of these provisions, including the statements under the caption "Outlook" and any other statements regarding scheduled openings of units, scheduled closures of units, sales of assets, expected proceeds from the sale of assets, expected levels of capital expenditures, effects of food commodity costs, anticipated financial results in future periods and expectations of industry conditions. Luby's cautions readers that various factors could cause its actual financial and operational results 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, as well as oral statements made from time to time by representatives of Luby's. The following factors, as well as any other cautionary language included in this press release, provide examples of risks, uncertainties and events that may cause Luby's actual results to differ materially from the expectations Luby's describes in such forward-looking statements: general business and economic conditions; the impact of competition; our operating initiatives; fluctuations in the costs of commodities, including beef, poultry, seafood, dairy, cheese and produce; increases in utility costs, including the costs of natural gas and other energy supplies; changes in the availability and cost of labor; the seasonality of Luby's business; changes in governmental regulations, including changes in minimum wages; the effects of inflation; the availability of credit; unfavorable publicity relating to operations, including publicity concerning food quality, illness or other health concerns or labor relations; the continued service of key management personnel; and other risks and uncertainties disclosed in Luby's annual reports on Form 10-K and quarterly reports on Form 10-Q. For additional information contact: Dennard-Lascar Investor Relations Rick Black / Ken Dennard Investor Relations 713-529-6600 Luby's, Inc. Consolidated Statements of Operations (unaudited) (In thousands, except per share data) Quarter Ended Two Quarters Ended March 11, 2020 March 13, 2019 March 11, 2020 March 13, 2019 (12 weeks) (12 weeks) (28 weeks) (28 weeks) SALES: Restaurant sales $ 60,391 $ 65,369 $ 143,949 $ 156,468 Culinary contract services 6,998 7,543 16,772 17,039 Franchise revenue 1,158 1,421 2,865 3,644 Vending revenue 14 90 124 190 TOTAL SALES 68,561 74,423 163,710 177,341 COSTS AND EXPENSES: Cost of food 17,399 18,145 41,341 43,226 Payroll and related costs 23,782 24,730 55,915 59,244 Other operating expenses 10,065 11,412 24,860 27,914 Occupancy costs 3,783 4,166 8,773 10,041 Opening costs 2 11 14 44 Cost of culinary contract services 6,400 6,717 15,348 15,532 Cost of franchise operations 409 247 974 519 Depreciation and amortization 2,677 3,222 6,440 8,126 Selling, general and administrative expenses 6,816 7,753 16,974 17,763 Other Charges 1,509 1,263 2,748 2,477 Provision for asset impairments and restaurant closings 661 1,195 1,770 2,422 Net gain on disposition of property and equipment (2,527) (12,651) (2,498) (12,501) Total costs and expenses 70,976 66,210 172,659 174,807 INCOME (LOSS) FROM OPERATIONS (2,415) 8,213 (8,949) 2,534 Interest income 5 19 28 19 Interest expense (1,473) (1,554) (3,435) (3,269) Other income, net 148 55 388 86 Income (loss) before income taxes and discontinued operations (3,735) 6,733 (11,968) (630) Provision for income taxes 62 93 156 213 Income (loss) from continuing operations (3,797) 6,640 (12,124) (843) Loss from discontinued operations, net of income taxes (6) (8) (17) (13) NET INCOME (LOSS) $ (3,803) $ 6,632 $ (12,141) $ (856) Income (loss) per share from continuing operations: Basic $ (0.13) $ 0.22 $ (0.40) $ (0.03) Assuming dilution $ (0.13) $ 0.22 $ (0.40) $ (0.03) Loss per share from discontinued operations: Basic $ 0.00 $ 0.00 $ 0.00 $ 0.00 Assuming dilution $ 0.00 $ 0.00 $ 0.00 $ 0.00 Net income (loss) per share: Basic $ (0.13) $ 0.22 $ (0.40) $ (0.03) Assuming dilution $ (0.13) $ 0.22 $ (0.40) $ (0.03) Weighted average shares outstanding: Basic 30,215 29,769 30,123 29,671 Assuming dilution 30,215 29,799 30,123 29,671 The following table contains information derived from the Company's Consolidated Statements of Operations expressed as a percentage of sales. Percentages may not total due to rounding. Quarter Ended Two Quarters Ended March 11, 2020 March 13, 2019 March 11, 2020 March 13, 2019 (12 weeks) (12 weeks) (28 weeks) (28 weeks) Restaurant sales 88.1 % 87.8 % 87.9 % 88.2 % Culinary contract services 10.2 % 10.1 % 10.2 % 9.6 % Franchise revenue 1.7 % 1.9 % 1.8 % 2.1 % Vending revenue 0.0 % 0.1 % 0.1 % 0.1 % TOTAL SALES 100.0 % 100.0 % 100.0 % 100.0 % COSTS AND EXPENSES: (As a percentage of restaurant sales) Cost of food 28.8 % 27.8 % 28.7 % 27.6 % Payroll and related costs 39.4 % 37.8 % 38.8 % 37.9 % Other operating expenses 16.7 % 17.5 % 17.3 % 17.8 % Occupancy costs 6.3 % 6.4 % 6.1 % 6.4 % Vending revenue 0.0 % (0.1) % (0.1) % (0.1) % Store level profit 8.9 % 10.7 % 9.2 % 10.4 % (As a percentage of total sales) General and administrative expenses 7.8 % 9.4 % 8.5 % 9.0 % Marketing and advertising expenses 2.1 % 1.0 % 1.9 % 1.0 % Selling, general and administrative expenses 9.9 % 10.4 % 10.4 % 10.0 % Luby's, Inc. Consolidated Balance Sheets (In thousands, except per share data) March 11, 2020 August 28, 2019 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $ 7,080 $ 3,640 Restricted cash and cash equivalents 8,704 9,116 Trade accounts and other receivables, net 8,413 8,852 Food and supply inventories 2,392 3,432 Prepaid expenses 1,970 2,355 Total current assets 28,559 27,395 Property held for sale 13,770 16,488 Assets related to discontinued operations 1,813 1,813 Property and equipment, net 117,430 121,743 Intangible assets, net 16,025 16,781 Goodwill 514 514 Operating lease right-of-use assets 24,296 Other assets 890 1,266 Total assets $ 203,297 $ 186,000 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 7,945 $ 8,465 Liabilities related to discontinued operations 5 14 Current portion of credit facility debt 2,567 Operating lease liabilities-current 5,916 Accrued expenses and other liabilities 24,015 24,475 Total current liabilities 40,448 32,954 Credit facility debt, less current portion 48,268 45,439 Operating lease liabilities-noncurrent 23,047 Other liabilities 922 6,577 Total liabilities $ 112,685 $ 84,970 Commitments and Contingencies SHAREHOLDERS' EQUITY Common stock, 0.32 par value; 100,000,000 shares authorized; shares issued were 30,751,629 and 30,478,972; and shares outstanding were 30,251,629 and 29,978,972, at March 11, 2020 and August 28, 2019, respectively 9,841 9,753 Paid-in capital 35,478 34,870 Retained earnings 50,068 61,182 Less cost of treasury stock, 500,000 shares (4,775) (4,775) Total shareholders' equity 90,612 101,030 Total liabilities and shareholders' equity $ 203,297 $ 186,000 Luby's, Inc. Consolidated Statements of Cash Flows (unaudited) (In thousands) Quarter Ended March 11, 2020 March 13, 2019 (28 weeks) (28 weeks) CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (12,141) $ (856) Adjustments to reconcile net loss to net cash used in operating activities: Provision for asset impairments and net (gains) losses on property sales (727) (10,079) Depreciation and amortization 6,440 8,126 Amortization of debt issuance cost 577 811 Share-based compensation expense 732 823 Cash used in operating activities before changes in operating assets and liabilities (5,119) (1,175) Changes in operating assets and liabilities: Decrease (increase) in trade accounts and other receivables 509 (414) Increase in food and supply inventories (94) (45) Decrease in prepaid expenses and other assets 197 1,115 Decrease in operating lease assets 2,407 Decrease in operating lease liabilities (3,541) Decrease in accounts payable, accrued expenses and other liabilities (263) (7,110) Net cash used in operating activities (5,904) (7,629) CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from disposal of assets and property held for sale 5,453 20,444 Purchases of property and equipment (1,490) (1,781) Net cash provided by investing activities 3,963 18,663 CASH FLOWS FROM FINANCING ACTIVITIES: Revolver borrowings 3,300 34,500 Revolver repayments (54,500) Proceeds from term loan 2,500 58,400 Term loan repayments (831) (35,169) Debt issuance costs (3,236) Taxes paid on equity withheld (12) Net cash provided by (used in) financing activities 4,969 (17) Net increase in cash and cash equivalents and restricted cash 3,028 11,017 Cash and cash equivalents and restricted cash at beginning of period 12,756 3,722 Cash and cash equivalents and restricted cash at end of period $ 15,784 $ 14,739 Cash paid for: Income taxes, net of (refunds) $ 7 $ 51 Interest 2,647 1,951 Store Level Profit Although store level profit, defined as restaurant sales plus vending revenue, less cost of food, payroll and related costs, other operating expenses, and occupancy costs, is a non-GAAP measure, we believe its presentation is useful because it explicitly shows the results of our most significant reportable segments. The following table reconciles between store level profit, a non-GAAP measure to loss from continuing operations, a GAAP measure: ($ thousands) Quarter Ended Two Quarters Ended March 11, 2020 March 13, 2019 March 11, 2020 March 13, 2019 (12 weeks) (12 weeks) (28 weeks) (28 weeks) Store level profit $ 5,376 $ 7,006 $ 13,184 $ 16,233 Plus: Sales from culinary contract services 6,998 7,543 16,772 17,039 Sales from franchise operations 1,158 1,421 2,865 3,644 Less: Opening costs 2 11 14 44 Cost of culinary contract services 6,400 6,717 15,348 15,532 Cost of franchise operations 409 247 974 519 Depreciation and amortization 2,677 3,222 6,440 8,126 Selling, general and administrative expenses 6,816 7,753 16,974 17,763 Other Charges 1,509 1,263 2,748 2,477 Provision for asset impairments and restaurant closings 661 1,195 1,770 2,422 Net gain on disposition of property and equipment (2,527) (12,651) (2,498) (12,501) Interest income (5) (19) (28) (19) Interest expense 1,473 1,554 3,435 3,269 Other income, net (148) (55) (388) (86) Provision for income taxes 62 93 156 213 Income (loss) from continuing operations $ (3,797) $ 6,640 $ (12,124) $ (843) Adjusted EBITDA Adjusted EBITDA is defined as income (loss) from continuing operations before interest, provision (benefit) for income taxes, and depreciation and amortization, and excluding net loss (gain) on disposing of property and equipment, provision for asset impairments and restaurant closings, other charges,non-cash compensation expense, franchise taxes, and decrease / (increase) in fair value of derivatives. Adjusted EBITDA is intended as a supplemental measure of our performance that is not required by, or presented in accordance with GAAP. We believe Adjusted EBITDAprovides useful information to management and investors in valuing the Company and evaluating ongoing operating results and trends and in comparing our results to other competitors. Our management uses Adjusted EBITDA in evaluating management's performance when determining incentive compensation. Adjusted EBITDA, as defined, may not be comparable to other similarly titled measures as computed by other companies. These measures should be considered supplemental and not a substitute or superior to other GAAP performance measures. ($ thousands) Quarter Ended Two Quarters Ended March 11, 2020 March 13, 2019 March 11, 2020 March 13, 2019 (12 weeks) (12 weeks) (28 weeks) (28 weeks) Income (loss) from continuing operations $ (3,797) $ 6,640 (12,124) (843) Depreciation and amortization 2,677 3,222 6,440 8,126 Provision for income taxes 62 93 $ 156 $ 213 Interest expense 1,473 1,554 3,435 3,269 Interest income (5) (19) (28) (19) Other Charges 1,509 1,263 2,748 2,477 Net loss on disposition of property and equipment (2,527) (12,651) (2,498) (12,501) Provision for asset impairments and restaurant closings 661 1,195 1,770 2,422 Non-cash compensation expense 366 398 732 823 Franchise Taxes 42 42 98 108 Increase in fair value of derivative 88 Adjusted EBITDA $ 461 $ 1,737 $ 729 $ 4,163 SOURCE Luby's, Inc. Related Links http://www.lubys.com

Answer: Luby's Reports Second Quarter Fiscal 2020 Results