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 May 31,November 30, 1999

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, Inc.
_______________________________________________________________________________LUBY'S, INC.
________________________________________________________________________________
              (Exact name of registrant as specified in its charter)

            Delaware                                            74-1335253
_______________________________________________________________________________________________________________________________________________________________
(State or other jurisdiction of                               (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  Xx                 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:  22,420,375 shares outstanding as of May 31,November 30, 1999
        exclusive(exclusive of 4,982,692 treasury shares)

                        Part I - FINANCIAL INFORMATION

Item 1.  Financial StatementsStatements.

                                     LUBY'S, INC.
                CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
                                     (UNAUDITED)
                                                          Three Months Ended
                                                             Nine Months Ended
                                            May 31,               May 31,November 30,
                                                        1999            1998      1999        1998
                                       ____        ____
                                                        ____            ____
                                                       (Amounts in thousands
                                                       except per share data)

Sales                                                $127,084    $131,230   $376,563   $379,106$123,144        $125,708

Costs and expenses:
  Cost of food                                         29,720      33,151     91,742     95,89730,399          32,809
  Payroll and related costs                            38,929      38,765    115,382    115,47738,526          39,109
  Occupancy and other operating expenses               39,110      39,059    116,982    114,93339,405          38,512
  General and administrative expenses                   5,351       6,658     17,105     17,164
                                     ________    ________   ________   ________
                                      113,110     117,633    341,211    343,471
                                     ________    ________   ________   ________5,203           5,664
                                                      _______         _______
                                                      113,533         116,094
                                                      _______         _______
     Income from operations                             13,974      13,597     35,352     35,6359,611           9,614

Interest expense                                       (1,165)     (1,288)    (3,611)    (3,813)(1,056)         (1,166)
Other income, net                                         338         342      1,238      1,245
                                     ________    ________   ________   ________910             280
                                                      _______         _______
     Income before income taxes                         13,147      12,651     32,979     33,0679,465           8,728

Provision for income taxes                              4,371       4,504     11,312     11,772
                                     ________    ________   ________   ________3,294           3,056
                                                      _______         _______

     Net income                                         $  8,776    $  8,147   $ 21,667   $ 21,295
                                     ________    ________   ________   ________6,171           5,672

Retained earnings at beginning of period              273,165         262,540

Cash dividends                                         (4,484)         (4,548)
                                                      _______         _______

Retained earnings at end of period                   $274,852        $263,664
                                                      _______         _______

Net income per share - basic and assuming dilution       $.39        $.35       $.96       $.92$.28            $.25
                                                      _______         _______

Cash dividendsdividend per share                                  $.20            $.20
                                                      $.60       $.60_______         _______

Average number of shares outstanding                   22,420          23,271     22,680     23,27023,128

See accompanying notes.

                    Part I - FINANCIAL INFORMATION (continued)

Item 1.  Financial Statements (continued).

                                     LUBY'S, INC.
                       CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)
                                                       May 31,November 30,  August 31,
                                                         1999          1998
                                                  ______       _________1999
                                                         ____          ____
                                                      (Thousands of dollars)
                                      ASSETS

Current assets:
  Cash and cash equivalents                            $  6961,091     $    3,760286
  Trade accounts and other receivables                      774          704837          584
  Food and supply inventories                             3,993        5,0723,981        3,686
  Prepaid expenses                                        4,322        4,3754,045        4,552
  Deferred income taxes                                     958        1,201
                                                   ________     ________983          956
                                                        _______      _______
    Total current assets                                 10,743       15,11210,937       10,064

Property held for sale                                   12,647       17,34011,770       12,322
Investments and other assets                              - at cost                9,248        7,9927,808        9,221
Property, plant, and equipment - at cost, net           303,166      298,597
                                                   ________     ________
                                                   $335,804     $339,041
                                                   ________     ________325,236      314,418
                                                        _______      _______
                                                       $355,751     $346,025
                                                        _______      _______

                         LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
  Accounts payable                                    $  13,69716,759    $  12,48219,686
  Dividends payable                                       4,484        4,6544,484
  Accrued expenses and other liabilities                 25,508       28,23125,122       25,260
  Income taxes payable                                    2,829        2,069
                                                   ________     ________3,374          382
                                                        _______      _______
    Total current liabilities                            46,518       47,43649,739       49,812

Long-term debt                                           74,000       73,00086,000       78,000
Deferred income taxes and other credits                  14,569       13,19110,479        9,942
Reserve for store closings                                4,618        5,067

Shareholders' equity:
  Common stock                                            8,769        8,769
  Paid-in capital                                        27,049       27,01227,120       27,096
  Retained earnings                                     270,703      262,540274,852      273,165
  Less cost of treasury stock                          (105,804)     (92,907)
                                                   ________     ________(105,826)    (105,826)
                                                        _______      _______
    Total shareholders' equity                          200,717      205,414
                                                   ________     ________
                                                   $335,804     $339,041
                                                   ________     ________204,915      203,204
                                                        _______      _______
                                                       $355,751     $346,025
                                                        _______      _______

See accompanying notes.

                    Part I - FINANCIAL INFORMATION (continued)

Item 1.  Financial Statements (continued).

                                   LUBY'S, INC.
                  CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                    (UNAUDITED)

                                                         NineThree Months Ended
                                                             May 31,November 30,
                                                         1999          1998
                                                         ____          ____
                                                       (Thousands of dollars)

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                           $  21,6676,171       $  21,2955,672
  Adjustments to reconcile net income to net
    cash provided by operating activities:
      Depreciation and amortization                       14,886       15,802
      Increase (decrease) in accrued expenses
        and other liabilities                          (2,686)         1435,387          4,800
      Other, net                                            5,311       (5,561)
                                                     ________     ________112         (4,333)
                                                        _______        _______
        Net cash provided by operating activities        39,178       31,679
                                                     ________     ________11,670          6,139
                                                        _______        _______

CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from disposal of property held for sale        5,020        3,5681,010          1,447
  Purchases of land held for future use                  (4,563)        (948)(1,284)        (1,860)
  Purchases of property, plant, and equipment           (16,636)     (17,498)
                                                     ________     ________(14,107)        (5,217)
                                                        _______        _______

        Net cash used in investing activities           (16,179)     (14,878)
                                                     ________     ________(14,381)        (5,630)
                                                        _______        _______

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from issuance of common stockNet borrowings under stock option plan                                      ---           42
  Proceeds from long-term debt                        602,500      658,000
  Reductions of long-term debt                       (601,500)    (665,000)revolving credit agreement         8,000         11,000
  Purchases of treasury stock                               (13,389)         ---         (7,609)
  Dividends paid                                         (13,674)     (13,961)
                                                     ________     ________(4,484)        (4,654)
                                                        _______        _______

        Net cash used inprovided by (used in)
         financing activities                             $(26,063)    $(20,919)
                                                     ________     ________3,516         (1,263)
                                                        _______        _______

Net decreaseincrease (decrease) in cash and cash equivalents        (3,064)      (4,118)805           (754)
Cash and cash equivalents at beginning of period            286          3,760
                                                        6,430
                                                     ________     _______________        _______

Cash and cash equivalents at end of period             $  6961,091       $  2,312
                                                     ________     ________3,006
                                                        _______        _______

See accompanying notes.


                     Part I - FINANCIAL INFORMATION (continued)

Item 1.  Financial Statements (continued)
                                  LUBY'S, INC.
                 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
                 For the Nine Months Ended May 31, 1999 and 1998
                                 (UNAUDITED)
Total Common Stock Paid-in Retained Shareholders' Issued Treasury Capital Earnings Equity ______ ________ _______ ________ _____________ (Thousands of dollars) Balance at August 31, 1997 $8,769 $(93,014) $26,945 $276,140 $218,840 Net income for the period --- --- --- 21,295 21,295 Common stock issued under employee benefit plans, net of shares tendered in partial payment and including tax benefits --- 107 54 (65) 96 Cash dividends --- --- --- (13,962) (13,962) ______ ________ _______ ________ ________ Balance at May 31, 1998 $8,769 $(92,907) $26,999 $283,408 $226,269 ______ ________ _______ ________ ________ Balance at August 31, 1998 $8,769 $(92,907) $27,012 $262,540 $205,414 Net income for the period --- --- --- 21,667 21,667 Common stock issued under employee benefit plans, net of shares tendered in partial payment and including tax benefits --- 21 37 --- 58 Cash dividends --- --- --- (13,504) (13,504) Purchases of treasury stock --- (12,918) --- --- (12,918) ______ ________ _______ ________ ________ Balance at May 31, 1999 $8,769 $(105,804) $27,049 $270,703 $200,717 ______ ________ _______ ________ ________ See accompanying notes.
Part I - FINANCIAL INFORMATION (continued) Item 1. Financial Statements (continued). LUBY'S, INC. NOTES TO CONSOLIATED FINANCIAL STATEMENTS May 31,November 30, 1999 (UNAUDITED) Note 1: The accompanying unaudited financial statements are presented in accordance with the requirements of Form 10-Q and, consequently, do not include all of the disclosures normally required by generally accepted accounting principles. 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. These financial statements should be read in conjunction with the consolidated financial statements and footnotes included in Luby's annual report on Form 10-K for the year ended August 31, 1998.1999. The accounting policies used in preparing these consolidated financial statements are the same as those described in Luby's annual report on Form 10-K. Part I - FINANCIAL INFORMATION (continued) Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsOperations. Liquidity and Capital Resources _______________________________ Cash and cash equivalents decreasedincreased by $3,064,000$805,000 from the end of the preceding fiscal year to May 31,November 30, 1999. All capital expenditures for fiscal 19992000 are being funded from cash flows from operations, cash equivalents, and long-term debt. Capital expenditures for the ninethree months ended May 31,November 30, 1999, were $21,199,000.$15,391,000. As of May 31,November 30, 1999, the company owned sixthree undeveloped land sites, fourseven land sites on which restaurants arewere under construction, and several properties held for sale. During the nine months ended May 31, 1999, the company purchased 850,300 shares of its common stock at a cost of $12,918,000, which are being held as treasury stock. These shares were purchased under a 1,000,000 share authorization which expired December 31, 1998. To complete the treasury stock purchases and fund capital expenditures, the company required external financing and borrowed funds under a $125,000,000 line-of-credit agreement. As of May 31,November 30, 1999, the amount outstanding under this line of credit was $74,000,000.$86,000,000. The company believes that additional financing from external sources can be obtained on terms acceptable to the company in the event such financing is required. Results of Operations _____________________ Quarter ended May 31,November 30, 1999 compared to the quarter ended May 31,November 30, 1998 ____________________________________________________________________________________________________________________________________________________ Sales decreased $4,146,000,$2,564,000, or 3.2%2.0%, primarily due to the closing of ten restaurants since May 31, 1998. In addition,in fiscal 1999 and a decline of just under 2% during the quarter in sales volumes at restaurants opened over one year declined 1.4% during the quarter.18 months. This declinedecrease was partially offset by the additionopening of onethree new restaurant inrestaurants during fiscal 2000 and four during fiscal 1999. Cost of food decreased $3,431,000,$2,410,000, or 10.3%7.3%, due primarily due to the savings associated with the consolidation of our purchasing under a prime vendor program and the decline in sales. As a percentage of sales, food costs were lower versus the prior year due to various additional factors including increased drink sales from new self-serve drink counters and other sales mix changes, the impact of aour new managermanagement compensation planprogram, which provides more of an incentive to improve margins at all sales volumes, and certain menu price increases. Although sales declined, payrollincreases versus last year. Payroll and related costs increased slightly due to higher hourly wage rates related to tight labor markets for entry-level employees. Occupancy and other operating expenses remain fairly flat as the increase in advertising expenditures, higher food-to-go packaging costs, and higher costs associated with the rollout of a new uniform program for restaurant employees were offset by fewer restaurants and lower depreciation expense associated with store closings and asset impairments. General and administrative expenses decreased $1,307,000,$583,000, or 19.6%, as the recording of a lump sum severance agreement and professional fees associated with the company's strategic plan were recorded in the prior year. Interest expense decreased $123,000, or 9.5%1.5%, due to lower average borrowings under the line of credit agreement and a lower weighted average interest rate during the current period as comparedprimarily to the same period last year. The provision for income taxes declined $133,000, or 3.0%, as the effective tax rate decreased from 35.6%decline in sales and our initiative to 33.2% due to lower estimated state taxes as well as higher than expected tax credits. Nine months ended May 31, 1999 compared to the nine months ended May 31, 1998 _____________________________________________________________________________ Sales decreased $2,543,000, or 0.7%, primarily due to the closing of fivebe more labor efficient in our restaurants, in fiscal 1998 and eight restaurants in fiscal 1999. This declinewhich was partially offset by the addition of one new restaurant in fiscal 1999 and five in fiscal 1998. In addition, sales volumes at restaurants opened over one year increased approximately 1.0%. Cost of food decreased $4,155,000, or 4.3%, primarily due to the savings associated with our conversion to a prime vendor program and the decline in sales. As a percentage of sales, food costs were lower versus the prior year due to various additional factors including increased drink sales from new self-serve drink counters and other sales mix changes, the impact of a new manager compensation plan which provides more of an incentive to improve margins at all sales volumes, and certain menu price increases. Although sales declined, payroll and related costs remained fairly flat due to higher hourly wage rates related to tight labor markets for entry-level employees. Occupancy and other operating expenses increased $2,049,000,$893,000, or 1.8%2.3%, due primarily to an increase in advertising expenditures,higher preopening expenses associated with more new store openings as compared to the prior year; higher credit card fees due to increased credit card usage and increased rates charged by the credit card companies; higher food-to-go packaging costs related to increased food-to-go sales; and higher costsdepreciation expense associated with the rolloutnew stores, restaurant remodels and an increase in technology-related spending. In addition, management compensation expense increased due to our strategic initiative to increase the number of a new uniform program for all hourly employees.managers in each restaurant. These increases were partially offset by lower linens and uniform expense due to the completion of the rollout of the new uniform program and fewer restaurants and lower depreciation expense associated with store closings and asset impairments.in operation. General and administrative expenses declined $59,000decreased $461,000, or 0.3%. The recording of a lump sum severance agreement8.1%, due to savings in many expense categories, primarily legal and professional fees associated with the company's strategic planexpense which were recordedincluded amounts in the prior year wererelating to various consulting projects. This decrease was partially offset by higher corporate salaries and benefits associated with the addition of new positions to support the implementation of our strategic plan. Interest expense decreased $110,000, or 9.4%, from the company's strategic plan and costs relatingfirst quarter of fiscal 1999 due to increased recruiting and training efforts for store management inhigher capitalized interest related to more properties under construction during the current year. Interest expense decreased $202,000, or 5.3%, due to lowerThis was partially offset by higher average borrowings under the line-of-credit agreement and a lower weighted average interest rate during the current period as comparedagreement. Other income increased $630,000 due primarily to the same period last year.recording of a gain on the sale of property which was held for sale. In addition, as a result of a favorable change in management's estimate of lease settlement costs relating to store closings, a $125,000 reduction in the related reserve account was recorded. The provision for income taxes decreased $460,000,increased $238,000, or 3.9%. The7.8%, due parimarily to higher income before income taxes. This was partially offset by a slight decrease in the effective income tax rate decreased from 35.6%35.0% to 34.3%34.8% due to lowerhigher estimated state taxes and higher than expected tax credits. During November 1999 the company negotiated the sale of its interest in the L&W Seafood, Inc. joint venture to Waterstreet, Inc. The joint venture was originally formed in 1996 to open several new seafood restaurants over a five-year period. Four restaurants were opened by the joint venture, two of which were subsequently closed. As part of the agreement to terminate the joint venture, L&W Seafood, Inc. will continue to operate two of the restaurants, which were formerly part of the joint venture, under lease agreements with Luby's. There was no gain or loss from the sale of the company's joint venture interest. The Year 2000 _____________ During 1998 the company, in the ordinary course of business, decided to migrate its information technology from internally developed systems to commercially available products. TheThis decision was made for a variety of business reasons, and the new systems are designed to provide the infrastructure to support corporate and restaurant-based systems. The newly implemented systems are Year 2000 compliant. The transition to the new technology was completed in January 1999. The company believesTo date, the Year 2000 willhas not poseposed significant operational problems for itsthe company's computer systems. The cost of the Year 2000 project is estimated to bewas approximately $200,000, primarily for services and costs of updating some existing software. The company has established a committee which initiated communications with various third parties with which it has significant relationships to determine their readiness with respect to the Year 2000 issue. These third parties includeincluded food and paper distributors, banks, and other entities. Based on responses received from these third parties, it appears that the Year 2000 issues are beingwere properly addressed. The company has notTo date, there have been informed of significant Year 2000 issues by third parties withno major disruptions which it has material relationships. The company intends to continue communications and monitor Year 2000 concerns that might develop. The company has obtained assurances that our primary food and paper distributors will have ample stock on hand should any secondary distributors experience unanticipated Year 2000 issues. Based on our findings and discussions with all significant vendors, the company believes the likelihood is remote that its vendors have not fully addressed the Year 2000 issues. However, despite the company's diligent preparation, some of its vendors may fail to perform effectively or may fail to timely or completely deliver products or services. In those circumstances, the company expects to be able to conduct normal business operations and to be able to obtain necessary products from alternative vendors, however, there would be some disruption which would havehad an adverse effect on the company's consolidated financial position, results of operations, and cash flows. The company intends to continue to monitor any Year 2000 concerns that might develop. Forward-Looking Statements __________________________ The company wishes to caution readers that various factors could cause the actual results of the company 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 (including the preceding sections of this Management's Discussion and Analysis), as well as oral statements made from time to time by representatives of the company. Except for historical information, matters discussed in such oral and written communications are forward-looking statements that involve risks and uncertainties, including but not limited to general business conditions, the impact of competition, the success of operating initiatives, changes in the cost and supply of food and labor, the seasonality of the company's business, taxes, inflation, and governmental regulations.regulations, as well as other risks and uncertainties disclosed in periodic reports on Form 10-K. Part II - OTHER INFORMATION (continued) Item 6. Exhibits and Reports on Form 8-K8-K. (a) Exhibits 3(a) Certificate of Incorporation of Luby's, Inc., as currently in effect (filed as Exhibit 3(b) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28,May 31, 1999, and incorporated herein by reference). 3(b) Bylaws of Luby's, Inc. as currently in effect (filed as Exhibit 3(c) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1998, and incorporated herein by reference). 4(a) 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(b) Amendment No. 1 dated December 19, 1991, to Rights Agreement dated April 16, 1991 (filed as Exhibit 4(b) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended November 30, 1991, and incorporated herein by reference). 4(c) Amendment No. 2 dated February 7, 1995, to Rights Agreement dated April 16, 1991 (filed as Exhibit 4(d) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1995, and incorporated herein by reference). 4(d) Amendment No. 3 dated May 29, 1995, to Rights Agreement dated April 16, 1991 (filed as Exhibit 4(d) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended May 31, 1995, and incorporated herein by reference). 4(e) Credit Agreement dated February 27, 1996, among Luby's Cafeterias, Inc., Certain Lenders, and NationsBank of Texas, N.A. (filed as Exhibit 4(e) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 29, 1996, and incorporated herein by reference). 4(f) First Amendment to Credit Agreement dated January 24, 1997, among Luby's Cafeterias, Inc., Certain Lenders, and NationsBank of Texas, N.A. (filed as Exhibit 4(f) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 4(g) ISDA Master Agreement dated June 17, 1997, between Luby's Cafeterias, Inc. and NationsBank, N.A., with Schedule and Confirmation dated July 7, 1997 (filed as Exhibit 4(g) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, and incorporated herein by reference). 4(h) ISDA Master Agreement dated July 2, 1997, between Luby's Cafeterias, Inc. and Texas Commerce Bank National Association, with Schedule and Confirmation dated July 2, 1997 (filed as Exhibit 4(h) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, and incorporated herein by reference). 4(i) Second Amendment to Credit Agreement dated July 3, 1997, among Luby's Cafeterias, Inc., Certain Lenders, and NationsBank of Texas, N.A. (filed as Exhibit 4(i) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, 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'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1981, and incorporated herein by reference).* 10(b) Form of Amendment to Deferred Compensation Agreement between Luby's Cafeterias, Inc. and various officers and former officers adopted January 14, 1997 (filed as Exhibit 10(b) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference).* 10(c) Luby's Cafeterias, Inc. Incentive Bonus Plan for Fiscal 1998 adopted January 9, 1998 (filed as Exhibit 10(g) to the company's Quarterly Report on Form 10-Q for the quarter ended February 28, 1998, and incorporated herein by reference). 10(d) Performance Unit Plan of Luby's Cafeterias, Inc. approved by the shareholders January 12, 1984 (filed as Exhibit 10(f) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1984, and incorporated herein by reference). 10(e)* 10(d) Amendment to Performance Unit Plan of Luby's Cafeterias, Inc. adopted January 14, 1997 (filed as Exhibit 10(h) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 10(f)* 10(e) Management Incentive Stock Plan of Luby's Cafeterias, Inc. (filed as Exhibit 10(i) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1989, and incorporated herein by reference). 10(g)* 10(f) Amendment to Management Incentive Stock Plan of Luby's Cafeterias, Inc. adopted January 14, 1997 (filed as Exhibit 10(k) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 10(h)* 10(g) Nonemployee Director Deferred Compensation Plan of Luby's Cafeterias, Inc. adopted October 27, 1994 (filed as Exhibit 10(g) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended November 30, 1994, and incorporated herein by reference). 10(i)* 10(h) Amendment to Nonemployee Director Deferred Compensation Plan of Luby's Cafeterias, Inc. adopted January 14, 1997 (filed as Exhibit 10(m) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 10(j)* 10(i) Amendment to Nonemployee Director Deferred Compensation Plan of Luby's Cafeterias, Inc. adopted March 19, 1998 (filed as Exhibit 10(o) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1998, and incorporated herein by reference). 10(k)* 10(j) Nonemployee Director Stock Option Plan of Luby's Cafeterias, Inc. approved by the shareholders on January 13, 1995 (filed as Exhibit 10(h) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1995, and incorporated herein by reference). 10(l)* 10(k) Amendment to Nonemployee Director Stock Option Plan of Luby's Cafeterias, Inc. adopted January 14, 1997 (filed as Exhibit 10(o) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 10(m)* 10(l) Employment Contract dated January 12, 1996, between Luby's Cafeterias, Inc. and John B. Lahourcade (filed as Exhibit 10(i) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 29, 1996, and incorporated herein by reference). 10(n)* 10(m) Luby's Cafeterias, Inc. Supplemental Executive Retirement Plan dated May 30, 1996 (filed as Exhibit 10(j) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1996, and incorporated herein by reference). 10(o)* 10(n) Amendment to Luby's Cafeterias, Inc. Supplemental Executive Retirement Plan adopted January 14, 1997 (filed as Exhibit 10(r) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 10(p)* 10(o) Amendment to Luby's Cafeterias, Inc. Supplemental Executive Retirement Plan adopted January 9, 1998 (filed as Exhibit 10(u) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1998, and incorporated herein by reference). 10(q)* 10(p) Amendment to Luby's Cafeterias, Inc. Supplemental Executive Retirement Plan adopted May 21, 1999. 10(r)1999 (filed as Exhibit 10(q) to the Company's Quarterly Report on Form 10-Q for the quarter ended May 31, 1999, and incorporated herein by reference.)* 10(q) Employment Agreement dated September 15, 1997, between Luby's Cafeterias, Inc. and Barry J.C. Parker (filed as Exhibit 10(u) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, and incorporated herein by reference). 10(s)* 10(r) Amendment dated January 8, 1999, to Employment Agreement between Luby's Cafeterias, Inc. and Barry J.C. Parker (filed as Exhibit 10(r) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1999, and incorporated herein by reference).* 10(s) Amendment dated October 15, 1999, to Employment Agreement between Luby's, Inc. and Barry J.C. Parker (filed as Exhibit 10(s) to the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 1999, and incorporated herein by reference).* 10(t) Term Promissory Note of Barry J.C. Parker in favor of Luby's Cafeterias, Inc., dated November 10, 1997, in the original principal sum of $199,999.00 (filed as Exhibit 10(v) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, and incorporated herein by reference).* 10(u) Stock Agreement dated November 10, 1997, between Barry J.C. Parker and Luby's Cafeterias, Inc. (filed as Exhibit 10(w) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, and incorporated herein by reference).* 10(v) Luby's Cafeterias, Inc. Nonemployee Director Phantom Stock Plan adopted March 19, 1998 (filed as Exhibit 10(aa) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1998, and incorporated herein by reference).* 10(w) Salary Continuation Agreement dated May 14, 1998, between Luby's Cafeterias, Inc. and Sue Elliott (filed as Exhibit 10(cc) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended May 31, 1998, and incorporated herein by reference).* 10(x) Salary Continuation Agreement dated June 1, 1998, between Luby's Cafeterias, Inc. and Alan M. Davis (filed as Exhibit 10(dd) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended May 31, 1998, and incorporated herein by reference).* 10(y) Luby's Incentive Stock Plan adopted October 16, 1998 (filed as Exhibit 10(cc) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1998, and incorporated herein by reference).* 10(z) Incentive Bonus Plan for Fiscal 1999 adopted October 16, 1998 (filed as Exhibit 10(dd) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1998, and incorporated herein by reference).* 10(aa) Form of Change in Control Agreement entered into between Luby's, Inc., and Barry J.C. Parker, President and Chief Executive Officer, as of January 8, 1999 (filed as Exhibit 10(z) to the company'sCompany's Quarterly reportReport on Form 10-Q for the quarter ended February 28, 1999, and incorporated herein by reference).* 10(bb) Form of Change in Control Agreement entered into between Luby's, Inc., and each of its Senior Vice Presidents as of January 8, 1999 (filed as Exhibit 10(aa) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1999, and incorporated herein by reference).* 10(cc) Luby's, Inc. Deferred Compensation Plan effective June 1, 1999.1999 (filed as Exhibit 10(cc) to the Company's Quarterly Report on Form 10-Q for the quarter ended May 31, 1999, and incorporated herein by reference).* 10(dd) Luby's, Inc. Incentive Bonus Plan for Fiscal 2000 (filed as Exhibit 10(dd) to the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 1999, and incorporated herein by reference).* 11 Statement re computation of per share earnings. 99(a) Corporate Governance Guidelines of Luby's Cafeterias, Inc., as amended January 7, 1999 (filed as Exhibit 99(a) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1999, and incorporated herein by reference). *Denotes management contract or compensatory plan or arrangement. (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, INC. (Registrant) By: BARRY J.C. PARKER By: _______________________________________________ Barry J. C.J.C. Parker, President and Chief Executive Officer By: LAURA M. BISHOP By: ________________________________________________ Laura M. Bishop, Senior Vice President and Chief Financial Officer Dated: July 14, 1999January 11, 2000 EXHIBIT INDEX Number Document PagesExhibit 3(a) Certificate of Incorporation of Luby's, Inc., as currently in effect (filed as Exhibit 3(b) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28,May 31, 1999, and incorporated herein by reference). 3(b) Bylaws of Luby's, Inc. as currently in effect (filed as Exhibit 3(c) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1998, and incorporated herein by reference). 4(a) 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(b) Amendment No. 1 dated December 19, 1991, to Rights Agreement dated April 16, 1991 (filed as Exhibit 4(b) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended November 30, 1991, and incorporated herein by reference). 4(c) Amendment No. 2 dated February 7, 1995, to Rights Agreement dated April 16, 1991 (filed as Exhibit 4(d) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1995, and incorporated herein by reference). 4(d) Amendment No. 3 dated May 29, 1995, to Rights Agreement dated April 16, 1991 (filed as Exhibit 4(d) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended May 31, 1995, and incorporated herein by reference). 4(e) Credit Agreement dated February 27, 1996, among Luby's Cafeterias, Inc., Certain Lenders, and NationsBank of Texas, N.A. (filed as Exhibit 4(e) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 29, 1996, and incorporated herein by reference). 4(f) First Amendment to Credit Agreement dated January 24, 1997, among Luby's Cafeterias, Inc., Certain Lenders, and NationsBank of Texas, N.A. (filed as Exhibit 4(f) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 4(g) ISDA Master Agreement dated June 17, 1997, between Luby's Cafeterias, Inc. and NationsBank, N.A., with Schedule and Confirmation dated July 7, 1997 (filed as Exhibit 4(g) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, and incorporated herein by reference). 4(h) ISDA Master Agreement dated July 2, 1997, between Luby's Cafeterias, Inc. and Texas Commerce Bank National Association, with Schedule and Confirmation dated July 2, 1997 (filed as Exhibit 4(h) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, and incorporated herein by reference). 4(i) Second Amendment to Credit Agreement dated July 3, 1997, among Luby's Cafeterias, Inc., Certain Lenders, and NationsBank of Texas, N.A. (filed as Exhibit 4(i) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, 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'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1981, and incorporated herein by reference).* 10(b) Form of Amendment to Deferred Compensation Agreement between Luby's Cafeterias, Inc. and various officers and former officers adopted January 14, 1997 (filed as Exhibit 10(b) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference).* 10(c) Luby's Cafeterias, Inc. Incentive Bonus Plan for Fiscal 1998 adopted January 9, 1998 (filed as Exhibit 10(g) to the company's Quarterly Report on Form 10-Q for the quarter ended February 28, 1998, and incorporated herein by reference). 10(d) Performance Unit Plan of Luby's Cafeterias, Inc. approved by the shareholders January 12, 1984 (filed as Exhibit 10(f) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1984, and incorporated herein by reference). 10(e)* 10(d) Amendment to Performance Unit Plan of Luby's Cafeterias, Inc. adopted January 14, 1997 (filed as Exhibit 10(h) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 10(f)* 10(e) Management Incentive Stock Plan of Luby's Cafeterias, Inc. (filed as Exhibit 10(i) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1989, and incorporated herein by reference). 10(g)* 10(f) Amendment to Management Incentive Stock Plan of Luby's Cafeterias, Inc. adopted January 14, 1997 (filed as Exhibit 10(k) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 10(h)* 10(g) Nonemployee Director Deferred Compensation Plan of Luby's Cafeterias, Inc. adopted October 27, 1994 (filed as Exhibit 10(g) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended November 30, 1994, and incorporated herein by reference). 10(i)* 10(h) Amendment to Nonemployee Director Deferred Compensation Plan of Luby's Cafeterias, Inc. adopted January 14, 1997 (filed as Exhibit 10(m) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 10(j)* 10(i) Amendment to Nonemployee Director Deferred Compensation Plan of Luby's Cafeterias, Inc. adopted March 19, 1998 (filed as Exhibit 10(o) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1998, and incorporated herein by reference). 10(k)* 10(j) Nonemployee Director Stock Option Plan of Luby's Cafeterias, Inc. approved by the shareholders on January 13, 1995 (filed as Exhibit 10(h) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1995, and incorporated herein by reference). 10(l)* 10(k) Amendment to Nonemployee Director Stock Option Plan of Luby's Cafeterias, Inc. adopted January 14, 1997 (filed as Exhibit 10(o) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 10(m)* 10(l) Employment Contract dated January 12, 1996, between Luby's Cafeterias, Inc. and John B. Lahourcade (filed as Exhibit 10(i) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 29, 1996, and incorporated herein by reference). 10(n)* 10(m) Luby's Cafeterias, Inc. Supplemental Executive Retirement Plan dated May 30, 1996 (filed as Exhibit 10(j) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1996, and incorporated herein by reference). 10(o)* 10(n) Amendment to Luby's Cafeterias, Inc. Supplemental Executive Retirement Plan adopted January 14, 1997 (filed as Exhibit 10(r) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1997, and incorporated herein by reference). 10(p)* 10(o) Amendment to Luby's Cafeterias, Inc. Supplemental Executive Retirement Plan adopted January 9, 1998 (filed as Exhibit 10(u) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1998, and incorporated herein by reference). 10(q)* 10(p) Amendment to Luby's Cafeterias, Inc. Supplemental Executive Retirement Plan adopted May 21, 1999. 10(r)1999 (filed as Exhibit 10(q) to the Company's Quarterly Report on Form 10-Q for the quarter ended May 31, 1999, and incorporated herein by reference.)* 10(q) Employment Agreement dated September 15, 1997, between Luby's Cafeterias, Inc. and Barry J.C. Parker (filed as Exhibit 10(u) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, and incorporated herein by reference). 10(s)* 10(r) Amendment dated January 8, 1999, to Employment Agreement between Luby's Cafeterias, Inc. and Barry J.C. Parker (filed as Exhibit 10(r) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1999, and incorporated herein by reference).* 10(s) Amendment dated October 15, 1999, to Employment Agreement between Luby's, Inc. and Barry J.C. Parker (filed as Exhibit 10(s) to the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 1999, and incorporated herein by reference).* 10(t) Term Promissory Note of Barry J.C. Parker in favor of Luby's Cafeterias, Inc., dated November 10, 1997, in the original principal sum of $199,999.00 (filed as Exhibit 10(v) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, and incorporated herein by reference).* 10(u) Stock Agreement dated November 10, 1997, between Barry J.C. Parker and Luby's Cafeterias, Inc. (filed as Exhibit 10(w) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1997, and incorporated herein by reference).* 10(v) Luby's Cafeterias, Inc. Nonemployee Director Phantom Stock Plan adopted March 19, 1998 (filed as Exhibit 10(aa) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1998, and incorporated herein by reference).* 10(w) Salary Continuation Agreement dated May 14, 1998, between Luby's Cafeterias, Inc. and Sue Elliott (filed as Exhibit 10(cc) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended May 31, 1998, and incorporated herein by reference).* 10(x) Salary Continuation Agreement dated June 1, 1998, between Luby's Cafeterias, Inc. and Alan M. Davis (filed as Exhibit 10(dd) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended May 31, 1998, and incorporated herein by reference).* 10(y) Luby's Incentive Stock Plan adopted October 16, 1998 (filed as Exhibit 10(cc) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1998, and incorporated herein by reference).* 10(z) Incentive Bonus Plan for Fiscal 1999 adopted October 16, 1998 (filed as Exhibit 10(dd) to the company'sCompany's Annual Report on Form 10-K for the fiscal year ended August 31, 1998, and incorporated herein by reference).* 10(aa) Form of Change in Control Agreement entered into between Luby's, Inc., and Barry J.C. Parker, President and Chief Executive Officer, as of January 8, 1999 (filed as Exhibit 10(z) to the company'sCompany's Quarterly reportReport on Form 10-Q for the quarter ended February 28, 1999, and incorporated herein by reference).* 10(bb) Form of Change in Control Agreement entered into between Luby's, Inc., and each of its Senior Vice Presidents as of January 8, 1999 (filed as Exhibit 10(aa) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1999, and incorporated herein by reference).* 10(cc) Luby's, Inc. Deferred Compensation Plan effective June 1, 1999.1999 (filed as Exhibit 10(cc) to the Company's Quarterly Report on Form 10-Q for the quarter ended May 31, 1999, and incorporated herein by reference).* 10(dd) Luby's, Inc. Incentive Bonus Plan for Fiscal 2000 (filed as Exhibit 10(dd) to the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 1999, and incorporated herein by reference).* 11 Statement re computation of per share earnings. 99(a) Corporate Governance Guidelines of Luby's Cafeterias, Inc., as amended January 7, 1999 (filed as Exhibit 99(a) to the company'sCompany's Quarterly Report on Form 10-Q for the quarter ended February 28, 1999, and incorporated herein by reference). *Denotes management contract or compensatory plan or arrangement.