UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C.
20549
__________________________
FORM 8-K
| CURRENT REPORT PURSUANT
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| TO SECTION 13 OR 15(D) OF
THE |
| SECURITIES EXCHANGE ACT OF
1934 |
__________________________
Date of Report (Date
of earliest event reported): October 15, 2009
Luby's, Inc.
(Exact name of registrant
as specified in its charter)
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Delaware
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001-8308
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74-1335253
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(State or other jurisdiction
of
incorporation or
organization)
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(Commission File Number)
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(IRS Employer Identification
Number)
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13111 Northwest Freeway, Suite
600
Houston, Texas
77040
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(Address of
principal executive offices, including zip code)
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| (713)
329-6800 |
| (Registrant's telephone
number, including area code) |
| |
| (Former name,
former address and former fiscal year, if changed since last
report) |
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
⃞ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02
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RESULTS
OF OPERATIONS AND FINANCIAL
CONDITION.
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On
October 15, 2009, the Company released a press release announcing the results of
the fourth quarter ended August 26, 2009. A copy of that release is
attached as Exhibit 99.1. The information and exhibit furnished under
Item 2.02 of this Current Report on Form 8-K shall not be deemed to be “filed”
for the purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of that section.
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Item
2.05
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Costs
Associated with Exit or Disposal
Activities.
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On
October 15, 2009, the Company announced that it has initiated a Cash Flow
Improvement and Capital Redeployment Plan (the "Plan") focused on improving cash
flow from operations, which includes the closure of 25 underperforming stores by
the end of the first quarter of fiscal year 2010. The Board of
Directors of the Company approved the Plan on October 12,
2009. Five stores have already closed in the first quarter of fiscal
2010, one store closed in the fourth quarter of fiscal 2009 and an additional
19 stores are expected to close by early November 2009. All but
three of the affected stores are located on sites owned by the
Company. The Company anticipates that the sites owned by the Company
will be sold in an orderly manner over the next 36 months. After
these closures, the Company will operate 95 restaurant locations and 15
culinary contract service locations and have 28 owned properties held for
sale. In addition, the Company anticipates that approximately five to
ten additional locations may be added to the Plan and closed within the next 24
months depending on future cash flow performance and lease
terminations.
In
conjunction with the 25 store closures, the Company incurred a non-cash, pre-tax
impairment charge in the fourth quarter of 2009 of $19.0 million related to
properties held for sale, properties held for future use and properties in
use. The Company also estimates that it will incur approximately $4.0
to $4.6 million in cash expenditures during fiscal year 2010 related to the
Plan, which include: (1) severance-related payments and benefits of
approximately $1.9 million, (2) payments of remaining accounts payable and
other liabilities of approximately $2.1 million, and (3) other store
closure-related costs of approximately $0.6 million.
The
estimated costs and charges above are preliminary and may vary materially based
on various factors, including timing in execution of the Plan and changes in
management's assumptions and projections.
Information
regarding the Plan is included in the October 15, 2009 press release
attached hereto as Exhibit 99.1.
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Item
2.06
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Material
Impairments.
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The
information required to be disclosed under this item is included in Item 2.05
above and incorporated by reference into this Item 2.06.
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ITEM
9.01.
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FINANCIAL
STATEMENTS AND EXHIBITS.
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Exhibit
99.1 Luby’s Press release dated October 15, 2009
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 hereunto duly
authorized.
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LUBY'S, INC.
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(Registrant) |
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| Date: |
October 15,
2009
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By: |
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/s/ Christopher J. Pappas
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Christopher J. Pappas
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President and Chief
Executive Officer
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