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 February 28,May 31, 1994

                                   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(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:         25,823,55625,448,132 shares outstanding as of
                                  February 28,May 31, 1994 (exclusive of 1,579,5111,954,935
                                  treasury shares)
Part I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

                               LUBY'S CAFETERIAS, INC.
                                STATEMENTS OF INCOME

                                     (UNAUDITED)
Three Months Ended SixNine Months Ended February 28, February 28,May 31, May 31, 1994 1993 1994 1993 ____ ____ ____ __________ ______ ______ ______ (Amounts in thousands except per share data) Sales $93,719 $88,297 $187,885 $176,894$101,060 $94,791 $288,945 $271,685 Costs and expenses: Cost of food 23,554 22,425 47,513 44,59925,404 24,315 72,917 68,914 Payroll and related costs 25,350 23,846 51,360 48,60825,986 25,110 77,346 73,718 Occupancy and other operating expenses 27,431 25,681 54,727 50,99329,161 26,732 83,888 77,725 General and administrative expenses 3,796 3,987 7,373 8,2174,179 3,630 11,552 11,847 _______ _______ _______ _______ 80,131 75,939 160,973 152,41784,730 79,787 245,703 232,204 _______ _______ _______ _______ Income from operations 13,588 12,358 26,912 24,47716,330 15,004 43,242 39,481 Other income, net 155 353 613 698302 403 915 1,101 _______ _______ _______ _______ Income before income taxes and cumulative effect of change in accounting for income taxes 13,743 12,711 27,525 25,17516,632 15,407 44,157 40,582 Provision for income taxes (Note 2) 5,162 4,703 10,339 9,3156,246 5,700 16,585 15,015 _______ _______ _______ _______ Income before cumulative effect of accounting change 8,581 8,008 17,186 15,86010,386 9,707 27,572 25,567 Cumulative effect as of August 31, 1993 of change in method of accounting for income taxes (Note 2) --- --- 1,563 --- _______ _______ _______ _______ Net income $ 8,58110,386 $ 8,0089,707 $ 18,749 $15,86029,135 $ 25,567 _______ _______ _______ _______ Earnings per share: Income before cumulative effect of accounting change $.33 $.29 $.65 $.58$.40 $.36 $1.05 $.94 Cumulative effect of accounting change --- --- .06 --- _______ _______ _______ _______ Net income per share $.33 $.29 $.71 $.58$.40 $.36 $1.11 $.94 _______ _______ _______ _______ Cash dividends per share $.15 $.135 $.30 $.27$.45 $.405 _______ _______ _______ _______ Average number of shares outstanding 26,137 27,171 26,485 27,15325,652 27,239 26,204 27,182 See accompanying notes.
Part I - FINANCIAL INFORMATION (continued) Item 1. Financial Statements (continued). LUBY'S CAFETERIAS, INC. CONDENSED BALANCE SHEETS (UNAUDITED)
February 28,
May 31, August 31, 1994 1993 ___________________ __________ (Thousands of dollars) ASSETS Current assets: Cash and cash equivalents $ 8,6466,038 $ 34,305 Trade accounts and other receivables 149618 602 Inventories 3,2463,476 3,426 Prepaid expenses 3,1343,208 2,467 Deferred income taxes 822199 3,018 ________ _______________ _______ Total current assets 15,99713,539 43,818 Investments and other assets - at cost 12,85814,105 13,495 Property, plant and equipment - at cost, net 248,276250,863 244,786 ________ ________ $277,131_______ _______ $278,507 $302,099 ________ _______________ _______ LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Short-term borrowings (Note 3) $ 6,00010,000 $ ---- Accounts payable - trade 11,4768,372 9,688 Dividends payable 3,8743,817 4,084 Accrued expenses and other liabilities 18,96319,393 26,759 Income taxes payable 1492,429 2,793 ________ _______________ _______ Total current liabilities 40,46244,011 43,324 Deferred income taxes and other credits 18,98019,332 19,827 Shareholders' equity: Common stock 8,769 8,769 Paid-in capital 26,945 27,037 Retained earnings 216,536222,965 206,214 Less cost of treasury stock (34,561)(43,515) (3,072) ________ _______________ _______ Total shareholders' equity 217,689215,164 238,948 ________ ________ $277,131_______ _______ $278,507 $302,099 ________ _______________ _______ See accompanying notes.
Part I - FINANCIAL INFORMATION (continued) Item 1. Financial Statements (continued). LUBY'S CAFETERIAS, INC. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six
Nine Months Ended February 28,May 31, 1994 1993 ____ ___________ ________ (Thousands of dollars) CASH FLOWS FROM OPERATING ACTIVITIES: Net income $18,749 $15,860$29,135 $25,567 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 7,776 7,55011,699 11,545 Cumulative effect of accounting change (1,563) --- Decrease in accrued expenses and other liabilities (7,796) (2,641)(7,366) (926) Other 1,979 (3,004)674 (1,813) _______ _____________ Net cash provided by operating activities 19,145 17,76532,579 34,373 _______ _____________ CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from disposal of land held for future use 270 --- Purchases of land held for future use (762) ---(2,646) (455) Purchases of property, plant and equipment (10,094) (8,343)(15,842) (12,203) _______ _______ Net cash used in investing activities (10,586) (8,343)(18,218) (12,658) _______ _______ CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock under employee benefit plans 2,505 1,696 ProceedsNet proceeds from short-term borrowings 6,00010,000 --- Principal payments of long-term debt --- (1,847) Purchases of treasury stock (34,681)(43,218) --- Dividends paid (8,042) (7,326)(11,915) (11,004) _______ _______ Net cash used in financing activities (34,218) (7,477)(42,628) (11,155) _______ _______ Net increase (decrease) in cash and cash equivalents (25,659) 1,945(28,267) 10,560 Cash and cash equivalents at beginning of period 34,305 12,294 _______ _______ Cash and cash equivalents at end of period $ 8,646 $14,2396,038 $22,854 _______ _______ See accompanying notes. /TABLE Part I - FINANCIAL INFORMATION (continued) Item 1. Financial Statements (continued). LUBY'S CAFETERIAS, INC. STATEMENTS OF SHAREHOLDERS' EQUITY For the Six Months Ended February 28, 1994 and 1993 (UNAUDITED) Total Common Stock Paid-in Retained Shareholders' Issued Treasury Capital Earnings Equity ________ ________ _______ _________ __________ (Thousands of dollars) Balance at August 31, 1992 $8,769 $(4,252) $26,945 $185,789 $217,251 Net income for the period --- --- --- 15,860 15,860 Common stock issued under employee benefit plans, net of shares tendered in partial payment --- 1,576 122 (2) 1,696 Cash dividends --- --- --- (7,340) (7,340) ______ _______ _______ ________ ________ Balance at February 28, 1993 $8,769 $(2,676) $27,067 $194,307 $227,467 ______ _______ _______ ________ ________ Balance at August 31, 1993 $8,769 $(3,072) $27,037 $206,214 $238,948 Net income for the period --- --- --- 18,749 18,749 Common stock issued under employee benefit plans, net of shares tendered in partial payment --- 3,192 (92) (595) 2,505 Cash dividends --- --- --- (7,832) (7,832) Purchases of treasury stock --- (34,681) --- --- (34,681) ______ ________ _______ ________ ________ Balance at February 28, 1994 $8,769 $(34,561) $26,945 $216,536 $217,689 ______ ________ _______ ________ ________ See accompanying notes.
Part I - FINANCIAL INFORMATION (continued) Item 1. Financial Statements (continued). LUBY'S CAFETERIAS, INC. NOTES TO FINANCIAL STATEMENTS February 28, 1994 (UNAUDITED) Note 1: All adjustments which are, inOF SHAREHOLDERS' EQUITY For 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. Note 2: Effective September 1, 1993, the Company adopted FASB Statement No. 109, "Accounting for Income Taxes." Under Statement 109, the liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities ("temporary differences") and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Prior to the adoption of Statement 109, income tax expense was determined using the deferred method. Deferred tax expense was based on items of income and expense that were reported in different years in the financial statements and tax returns and were measured at the tax rate in effect in the year the difference originated. As permitted by Statement 109, the Company has elected not to restate the financial statements of any prior years. The effect of the change on pretax income from continuing operations for the six month periods ended February 28,Nine Months Ended May 31, 1994 and 1993 was not material; however, the cumulative effect of the change increased net income by $1,563,000, or $.06 per share. The tax effect of temporary differences results in deferred income tax assets and liabilities as follows: February 28, 1994 Assets Liabilities(UNAUDITED)
Total Common Stock Paid-in Retained Shareholders' Issued Treasury Capital Earnings Equity ______ ___________________ _______ ________ ____________ (Thousands of dollars) Workers' compensation insurance $ 822 $ - Amortization of capitalized interest - 518 Depreciation and amortization - 16,859 Deferred compensation 847 - Other - 201 ______ _______ $1,669 $17,578 ______ _______ The above amounts aggregate to a current deferred tax asset of $822,000 and to a noncurrent deferred tax liability of $16,731,000 Balance at February 28, 1994. Note 3: During February 1994, the Company borrowed $6,000,000 under a $30,000,000 line of credit agreement which expires in January 1995. The current borrowings bear interest at 3.75% and mature on March 17, 1994. 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 $25,659,000 from the end of the preceding fiscal year to February 28, 1994. All capital expenditures for fiscal 1994 are being funded from cash flows from operations, cash equivalents and short-term borrowings. Capital expendituresAugust 31, 1992 $8,769 $(4,252) $26,945 $185,789 $217,251 Net income for the six months ended February 28, 1994, were $10,856,000. Asperiod --- --- --- 25,567 25,567 Common stock issued under employee benefit plans, net of February 28, 1994, the Company owned 17 undeveloped land sites. During the six months ended February 28, 1994, the Company purchased 1,553,100 shares of its common stocktendered in partial payment --- 1,576 121 (2) 1,695 Cash dividends --- --- --- (11,017) (11,017) _______ _______ _______ _______ _______ Balance at a cost of $34,681,000, which are being held as treasury stock. To complete this purchase and fund capital expenditures, the Company required external financing and borrowed funds under a $30,000,000 line of credit agreement. At February 28, 1994, the amount outstanding under this line of credit was $6,000,000. Results of Operations _____________________ Quarter ended February 28, 1994 compared to the quarter ended February 28, 1993. _____________________________________________________________________________ Sales increased $5,422,000, or 6.1%, due to the addition of two new cafeterias in fiscal 1994 and six in fiscalMay 31, 1993 and due to an increase in average sales volume$8,769 $(2,676) $27,066 $200,337 $233,496 _______ _______ _______ _______ _______ Balance at cafeterias opened over one year. Cost of food increased $1,129,000, or 5%, due primarily to the increase in sales. Payroll and related costs increased $1,504,000, or 6.3%, due primarily to the increase in sales, while workers' compensation costs remained stable. Occupancy and other operating expenses increased $1,750,000, or 6.8%, due primarily to the increase in sales, higher advertising expenditures, and higher managers' salaries, which are based on the profitability of the cafeterias. General and administrative expenses decreased $191,000, or 4.8%, due to the lower Company contribution to the profit sharing and retirement plan as determined by the plan's provisions. The provision forAugust 31, 1993 $8,769 $(3,072) $27,037 $206,214 $238,948 Net income taxes increased $459,000, or 9.8%, due primarily to the increase in operating income. The effective income tax rate increased from 37% to 37.6% due primarily to the increase in federal income tax rates effective January 1, 1993. Six months ended February 28, 1994 compared to the six months ended February 28, 1993. ______________________________________________________________________________ Sales increased $10,991,000, or 6.2%, due primarily to the addition of three new cafeterias in fiscal 1994 and six in fiscal 1993, and due to an increase in average sales volume at cafeterias opened over one year. Cost of food increased $2,914,000, or 6.5%, due primarily to the increase in sales and higher food costs for certain items such as poultry, oils and shortening. Payroll and related costs increased $2,752,000, or 5.7%, due primarily to the increase in sales, and were partially offset by lower costs of workers' compensation insurance. Occupancy and other operating expenses increased $3,734,000, or 7.3%, due primarily to the increase in sales, higher advertising expenditures and higher managers' salaries, which are based on the profitability of the cafeterias. General and administrative expenses decreased $844,000, or 10.3%, due to the lower Company contribution to the profit sharing and retirement plan as determined by the plan's provisions. In addition, the six months ended February 28, 1993, included costs for the settlementperiod --- --- --- 29,135 29,135 Common stock issued under employee benefit plans, net of litigation. The provision for income taxes increased $1,024,000, or 11%shares tendered in partial payment --- 3,333 (92) (736) 2,505 Cash dividends --- --- --- (11,648) (11,648) Purchases of treasury stock --- (43,776) --- --- (43,776) _______ _______ _______ _______ _______ Balance at May 31, 1994 $8,769 $(43,515) $26,945 $222,965 $215,164 _______ _______ _______ _______ _______ See accompanying notes.
Part I - FINANCIAL INFORMATION (continued) Item 1. Financial Statements (continued). LUBY'S CAFETERIAS, INC. NOTES TO FINANCIAL STATEMENTS May 31, 1994 (UNAUDITED) Note 1: 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. Note 2: Effective September 1, 1993, the Company adopted FASB Statement No. 109,"Accounting for Income Taxes." Under Statement 109, the liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities ("temporary differences") and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Prior to the adoption of Statement 109, income tax expense was determined using the deferred method. Deferred tax expense was based on items of income and expense that were reported in different years in the financial statements and tax returns and were measured at the tax rate in effect in the year the difference originated. As permitted by Statement 109, the Company has elected not to restate the financial statements of any prior years. The effect of the change on pretax income from continuing operations for the nine month periods ended May 31, 1994 and 1993, was not material; however, the cumulative effect of the change increased net income by $1,563,000, or $.06 per share. The tax effect of temporary differences results in deferred income tax assets and liabilities as follows: May 31, 1994 Assets Liabilities ______ ___________ (Thousands of dollars) Workers' compensation insurance $ 199 $ - Amortization of capitalized interest - 552 Depreciation and amortization - 16,995 Deferred compensation 968 - Other - 209 ______ _______ $1,167 $17,756 ______ _______ The above amounts aggregate to a current deferred tax asset of $199,000 and to a noncurrent deferred tax liability of $16,788,000 at May 31, 1994. Note 3: During May 1994, the Company borrowed $10,000,000 under a $30,000,000 line of credit agreement which expires in January 1995. The current borrowings bear interest at 4.81% and mature on June 16, 1994. 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 $28,267,000 from the end of the preceding fiscal year to May 31, 1994. All capital expenditures for fiscal 1994 are being funded from cash flows from operations, cash equivalents and short-term borrowings. Capital expenditures for the nine months ended May 31, 1994, were $18,488,000. As of May 31, 1994, the Company owned 18 undeveloped land sites and two land sites on which cafeterias are under construction. During the nine months ended May 31, 1994, the Company purchased 1,936,800 shares of its common stock at a cost of $43,776,000, which are being held as treasury stock. To complete this purchase and fund capital expenditures, the Company required external financing and borrowed funds under a $30,000,000 line of credit agreement. At May 31, 1994, the amount outstanding under this line of credit was $10,000,000. Results of Operations _____________________ Quarter ended May 31, 1994 compared to the quarter ended May 31, 1993. ______________________________________________________________________ Sales increased $6,269,000, or 6.6%, due to the addition of five new cafeterias in fiscal 1994 and six in fiscal 1993, and due to an increase in average sales volume at cafeterias opened over one year. Cost of food increased $1,089,000, or 4.5%, due primarily to the increase in sales. The percentage increase is lower than the percentage increase in sales since food costs for the quarter ended May 31, 1993, included higher costs for poultry, red meats and produce. Payroll and related costs increased $876,000, or 3.5%, due primarily to the increase in sales. As a percentage of sales, payroll and related costs declined due to lower workers' compensation costs from continued favorable trends in claims experience and due to increased average sales volume at cafeterias opened over one year. Occupancy and other operating expenses increased $2,429,000, or 9.1%, due primarily to the increase in sales, higher advertising expenditures, and higher managers' salaries, which are based on the profitability of the cafeterias. General and administrative expenses increased $549,000, or 15.1%, due primarily to higher costs under employee benefit plans which are based on the earnings growth of the Company. The provision for income taxes increased $546,000, or 9.6%, due primarily to the increase in operating income. The effective income tax rate increased from 37% to 37.6% due primarily to the increase in federal income tax rates effective January 1, 1993. Nine months ended May 31, 1994 compared to the nine months ended May 31, 1993. ______________________________________________________________________________ Sales increased $17,260,000, or 6.4%, due primarily to the addition of five new cafeterias in fiscal 1994 and six in fiscal 1993, and due to an increase in average sales volume at cafeterias opened over one year. Cost of food increased $4,003,000, or 5.8%, due primarily to the increase in sales. Payroll and related costs increased $3,628,000, or 4.9%, due primarily to the increase in sales, and were partially offset by lower costs of workers' compensation insurance. Occupancy and other operating expenses increased $6,163,000, or 7.9%, due primarily to the increase in sales, higher advertising expenditures and higher managers' salaries, which are based on the profitability of the cafeterias. General and administrative expenses decreased $295,000, or 2.5%, due primarily to the lower Company contribution to the profit sharing and retirement plan as determined by the plan's provisions. In addition, the nine months ended May 31, 1993, included costs for the settlement of litigation. These declines in general and administrative expenses were partially offset by higher costs under employee benefit plans which are based on the earnings growth of the Company. The provision for income taxes increased $1,570,000, or 10.5%, due primarily to the increase in operating income. The effective income tax rate increased from 37% to 37.6% due primarily to the increase in federal income tax rates effective January 1, 1993. Part II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders. (a) The 1994 annual meeting of shareholders of Luby's Cafeterias, Inc. was held on January 13, 1994. (b) The directors elected at the meeting were John E. Curtis, Jr., Ralph Erben, Walter J. Salmon and Joanne Winik. The other directors whose terms continued after the meeting are Lauro F. Cavazos, John B. Lahourcade, George H. Wenglein, David B. Daviss, Roger R. Hemminghaus and William E. Robson. (c) The matters voted upon at the meeting were (i) the election of four directors to serve until the 1997 annual meeting of shareholders, (ii) a proposed amendment to the Certificate of Incorporation to increase the number of authorized shares of common stock to 100,000,000, and (iii) the approval of the appointment of Ernst & Young as auditors for the 1994 fiscal year. (d) With respect to the election of directors, the results of the voting were: Shares Voted Shares Broker Nominee For Abstained Nonvotes __________________________________________________________________ John E. Curtis, Jr. 22,283,729 119,912 -0- Ralph Erben 22,277,027 126,614 -0- Walter J. Salmon 22,200,436 203,205 -0- Joanne Winik 22,171,785 231,856 -0- (e) With respect to the proposed amendment to the Certificate of Incorporation, the results of the voting were: Shares voted "for" 18,726,631 Shares voted "against" 3,538,068 Shares abstaining 138,942 Broker nonvotes -0- (f) With respect to approval of the appointment of auditors, the results of the voting were: Shares voted "for" 22,288,834 Shares voted "against" 29,444 Shares abstaining 85,363 Broker nonvotes -0- Part II - OTHER INFORMATION (continued) 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). 4(a) Form of certificate representing shares of common stock of Luby's Cafeterias, Inc. (filed as Exhibit 4(a) to the Company's Quarterly Report on Form 10-Q for the quarter ended November 30, 1991, and incorporated herein by reference). 4(b) 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(c) 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(d) Promissory Note (Loan Agreement) dated January 31, 1994, in favor of NationsBank of Texas, N.A., in the maximum amount of $30,000,000 (filed as Exhibit 4(d) to the Company's Quarterly Report on Form 10-Q for the quarter ended February 28, 1994, 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) 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(c) 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(d) Employee Stock Option Plan of Luby's Cafeterias, Inc. approved by the shareholders on January 12, 1984 (filed as Exhibit 10(e) to the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 1984, and incorporated herein by reference). 10(e) 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(f) 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(g) 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). 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: Ralph Erben _________________________ Ralph Erben President Chief Executive Officer By: John E. Curtis, Jr. _________________________ John E. Curtis, Jr. Senior Vice President Chief Financial Officer Dated: July 12, 1994 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). 4(a) Form of certificate representing shares of common stock of Luby's Cafeterias, Inc. (filed as Exhibit 4(a) to the Company's Quarterly Report on Form 10-Q for the quarter ended November 30, 1991, and incorporated herein by reference). 4(b) 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(c) 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(d) Promissory Note (Loan Agreement) dated January 31, 1994, in favor of NationsBank of Texas, N.A., in the maximum amount of $30,000,000 (filed as Exhibit 4(d) to the Company's Quarterly Report on Form 10-Q for the quarter ended February 28, 1994, and incorporated herein by reference). 3(a) Certificate of Incorporation of Luby's Cafeterias, Inc., a Delaware corporation, as in effect February 28, 1994. 3(b) Certificate of Amendment to Certificate of Incorporation of Luby's Cafeterias, Inc. filed in the Office of the Secretary of State of Delaware on January 18, 1994. 4(a) Form of certificate representing shares of common stock of Luby's Cafeterias, Inc. (filed as Exhibit 4(a) to the Company's Quarterly Report on Form 10-Q for the quarter ended November 30, 1991, and incorporated herein by reference). 4(b) 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(c) 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(d) Promissory Note (Loan Agreement) dated January 31, 1994, in favor of NationsBank of Texas, N.A., in the maximum amount of $30,000,000. 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) 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(c) 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(d) Employee Stock Option Plan of Luby's Cafeterias, Inc. approved by the shareholders on January 12, 1984 (filed as Exhibit 10(e) to the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 1984, and incorporated herein by reference). 10(e) 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(f) 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(g) 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). 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: RALPH ERBEN ____________________________ Ralph Erben President Chief Executive Officer By: JOHN E. CURTIS, JR. ____________________________ John E. Curtis, Jr. Senior Vice President Chief Financial Officer Dated: April 11, 1994 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. 3(b) Certificate of Amendment to Certificate of Incorporation of Luby's Cafeterias, Inc. filed in the Office of the Secretary of State of Delaware on January 18, 1994. 4(a) Form of certificate representing shares of common stock of Luby's Cafeterias, Inc. (filed as Exhibit 4(a) to the Company's Quarterly Report on Form 10-Q for the quarter ended November 30, 1991, and incorporated herein by reference). 4(b) 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(c) 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(d) Promissory Note (Loan Agreement) dated January 31, 1994, in favor of NationsBank of Texas, N.A., in the maximum amount of $30,000,000. 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) 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(c) 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(d) Employee Stock Option Plan of Luby's Cafeterias, Inc. approved by the shareholders on January 12, 1984 (filed as Exhibit 10(e) to the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 1984, and incorporated herein by reference). 10(e) 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(f) 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(g) 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). 11 Statement re computation of per share earnings.