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Lubys Inc (LUB) SEC Filing 10-K Annual Report for the fiscal year ending Wednesday, August 25, 2021

Lubys Inc

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CIK: 1360334 Ticker: LUB


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For Immediate Release
Luby’s Issues Third Quarter Fiscal 2021 Report
Estimated Net Assets in Liquidation Increased to $4.13 per Share

HOUSTON, TX – July 19, 2021
 - Luby’s, Inc. (NYSE: LUB) (“Luby’s”) which is in the process of monetizing its assets for the benefit of its shareholders, announced today its financial results for the third quarter ended June 2, 2021.

Financial Results

Liquidation Basis of Accounting

As a result of Luby’s shareholder approval of its plan of liquidation on November 17, 2020, effective November 19, 2020, in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company began reporting its financial results on the liquidation basis of accounting. The liquidation basis of accounting requires, among other things, that management estimates net sales proceeds on an undiscounted basis, as well as includes in the Company’s assets and liabilities the undiscounted estimate of future revenues and expenses through the end of the liquidation. Based on the liquidation basis of accounting, the net assets in liquidation at June 2, 2021 are currently estimated to result in future liquidating distributions of approximately $4.13 per common share based on the number of common shares outstanding on that date. This amount represents an increase of $0.15 per share compared to last quarter’s estimate owing primarily to actual realization from completed real estate transactions as well as achieving better operating results than previously forecasted. This estimate of future liquidating distributions includes projections of sales proceeds and net operating revenues to be received and costs and expenses to be incurred, including costs to dispose of the Company’s assets to complete the plan of liquidation which is currently projected to be completed by June 30, 2022.

There is inherent uncertainty with these projections, and accordingly, these projections could change materially based on a number of factors both within and outside of Luby’s control. There can be no assurance that these estimated values will be realized. Such amounts should not be taken as an indication of the timing or the amount of future distributions or our actual dissolution.

The current estimate of net assets in liquidation at June 2, 2021 has been estimated based on undiscounted cash flow projections and assumes a final liquidation on June 30, 2022 even though the actual timing of the sale of the Company’s operating businesses and real estate holdings cannot be determined with any specificity at this time. As such, the final liquidation of the Company is subject to future events and uncertainties. Liabilities are carried at their contractual amounts due as adjusted for the impact of timing of the planned liquidation. It is not possible to predict with certainty the timing or aggregate amount
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The following information was filed by Lubys Inc (LUB) on Tuesday, July 20, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Lubys Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statement Of Changes In Net Assets In Liquidation
Consolidated Statement Of Net Assets In Liquidation
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
Consolidated Statements Of Shareholders??? Equity
Accounts And Notes Receivable
Accounts And Notes Receivable (Tables)
Accounts And Notes Receivable - Changes In Allowances For Doubtful Accounts (Details)
Accounts And Notes Receivable - Components Of Trade And Other Receivables (Details)
Accounts And Notes Receivable - Narrative (Details)
Cash, Cash Equivalents And Restricted Cash
Cash, Cash Equivalents And Restricted Cash (Details)
Cash, Cash Equivalents And Restricted Cash (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Common Stock
Common Stock (Details)
Current Accrued Expenses And Other Liabilities
Current Accrued Expenses And Other Liabilities (Tables)
Current Accrued Expenses And Other Liabilities - Accrued Expenses And Other Liabilities (Details)
Debt
Debt (Tables)
Debt - 2018 Credit Agreement (Details)
Debt - Ppp Loan (Details)
Debt - Schedule Of Debt (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Components Of Basic And Diluted Net Income Per Share (Details)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Non-Recurring Fair Value Measurements Related To Impaired Property And Equipment (Details)
Impairment Of Long-Lived Assets, Store Closings, Discontinued Operations And Property Held For Sale
Impairment Of Long-Lived Assets, Store Closings, Discontinued Operations And Property Held For Sale (Tables)
Impairment Of Long-Lived Assets, Store Closings, Discontinued Operations And Property Held For Sale - Assets And Liabilities For All Discontinued Operations (Details)
Impairment Of Long-Lived Assets, Store Closings, Discontinued Operations And Property Held For Sale - Impairment Charges To Income From Operations (Details)
Impairment Of Long-Lived Assets, Store Closings, Discontinued Operations And Property Held For Sale - Narrative (Details)
Impairment Of Long-Lived Assets, Store Closings, Discontinued Operations And Property Held For Sale - Schedule Of Abandoned Leased Facilities (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Income Taxes - Analysis Of The Provision For Income Taxes For Continuing Operations (Details)
Income Taxes - Income Tax Assets And Liabilities For Continuing And Discontinued Operations (Details)
Income Taxes - Reconciliation Of The Expense (Benefit) For Income Taxes (Details)
Income Taxes - Reconciliation Of The Total Amounts Of Unrecognized Tax Benefits (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Lease Income (Details)
Leases - Maturity Asc 842 (Details)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet (Details)
Leases - Supplemental Disclosures (Details)
Leases - Weighted Average Remaining Lease Terms And Discount Rate (Details)
Liability For Estimated Costs In Excess Of Estimated Receipts During Liquidation
Liability For Estimated Costs In Excess Of Estimated Receipts During Liquidation (Tables)
Liability For Estimated Costs In Excess Of Estimated Receipts During Liquidation - Schedule Of Accrued Revenues And Expenses Expected To Be Earned Or Incurred (Details)
Liability For Estimated Costs In Excess Of Estimated Receipts During Liquidation - Schedule Of Change In Liability For Estimated Costs In Excess Of Estimated Receipts (Details)
Nature Of Operations And Significant Accounting Policies
Nature Of Operations And Significant Accounting Policies (Policies)
Nature Of Operations And Significant Accounting Policies (Tables)
Nature Of Operations And Significant Accounting Policies - Narrative (Details)
Nature Of Operations And Significant Accounting Policies - Schedule Of Other Charges (Details)
Net Assets In Liquidation
Net Assets In Liquidation (Details)
Net Assets In Liquidation (Tables)
Property And Equipment, Intangible Assets And Goodwill
Property And Equipment, Intangible Assets And Goodwill (Details Textual)
Property And Equipment, Intangible Assets And Goodwill (Tables)
Property And Equipment, Intangible Assets And Goodwill - Intangible Assets (Details)
Property And Equipment, Intangible Assets And Goodwill - Property And Equipment (Details)
Related Parties
Related Parties (Details)
Reportable Segments
Reportable Segments (Details)
Reportable Segments (Tables)
Reportable Segments - Segment Reporting Information (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Liabilities (Details)
Revenue Recognition - Narrative (Details)
Share-Based And Other Compensation
Share-Based And Other Compensation (Tables)
Share-Based And Other Compensation - Narrative (Details)
Share-Based And Other Compensation - Restricted Stock Unit Activity (Details)
Share-Based And Other Compensation - Stock Option Activity (Details)
Shareholder Rights Plan
Shareholder Rights Plan (Details)
Subsequent Events
Subsequent Events (Details)
Ticker: LUB
CIK: 16099
Form Type: 10-K Annual Report
Accession Number: 0000016099-21-000047
Submitted to the SEC: Fri Nov 19 2021 4:39:16 PM EST
Accepted by the SEC: Fri Nov 19 2021
Period: Wednesday, August 25, 2021
Industry: Retail Eating Places

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