Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 05, 2019 | Jul. 10, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | LUBYS INC | |
Entity Central Index Key | 0000016099 | |
Current Fiscal Year End Date | --08-28 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 5, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 30,478,972 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 05, 2019 | Aug. 29, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 3,193 | $ 3,722 |
Restricted cash and cash equivalents | 9,588 | 0 |
Trade accounts and other receivables, net | 9,667 | 8,787 |
Food and supply inventories | 3,874 | 4,022 |
Prepaid expenses | 2,725 | 3,219 |
Total current assets | 29,047 | 19,750 |
Property held for sale | 15,031 | 19,469 |
Assets related to discontinued operations | 1,813 | 1,813 |
Property and equipment, net | 127,189 | 138,287 |
Intangible assets, net | 17,105 | 18,179 |
Goodwill | 555 | 555 |
Other assets | 1,326 | 1,936 |
Total assets | 192,066 | 199,989 |
Current Liabilities: | ||
Accounts payable | 8,475 | 10,457 |
Liabilities related to discontinued operations | 9 | 14 |
Current portion of credit facility debt | 0 | 39,338 |
Accrued expenses and other liabilities | 24,183 | 31,755 |
Total current liabilities | 32,667 | 81,564 |
Credit facility debt, less current portion | 41,952 | 0 |
Liabilities related to discontinued operations | 16 | 16 |
Other liabilities | 7,280 | 5,781 |
Total liabilities | 81,915 | 87,361 |
Commitments and Contingencies | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, $0.32 par value; 100,000,000 shares authorized; shares issued were 30,375,791 and 30,003,642; and shares outstanding were 29,893,592 and 29,503,642, at June 5, 2019 and August 29, 2018, respectively | 9,721 | 9,602 |
Paid-in capital | 34,955 | 33,872 |
Retained earnings | 70,250 | 73,929 |
Less cost of treasury stock, 500,000 shares | (4,775) | (4,775) |
Total shareholders’ equity | 110,151 | 112,628 |
Total liabilities and shareholders’ equity | $ 192,066 | $ 199,989 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 05, 2019 | Aug. 29, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.32 | $ 0.32 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 30,375,791 | 30,003,642 |
Common stock, shares outstanding (in shares) | 29,893,592 | 29,503,642 |
Treasury stock, shares (in shares) | 500,000 | 500,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 05, 2019 | Jun. 06, 2018 | Jun. 05, 2019 | Jun. 06, 2018 | |
TOTAL SALES | $ 74,766 | $ 86,004 | $ 252,107 | $ 281,294 |
COSTS AND EXPENSES: | ||||
Cost of food | 18,478 | 22,255 | 61,707 | 73,190 |
Payroll and related costs | 25,015 | 29,392 | 84,258 | 96,032 |
Other operating expenses | 11,491 | 15,023 | 39,404 | 48,881 |
Occupancy costs | 4,023 | 4,609 | 14,064 | 15,577 |
Opening costs | 6 | 85 | 49 | 490 |
Depreciation and amortization | 2,927 | 4,050 | 11,052 | 13,402 |
Selling, general and administrative expenses | 9,426 | 8,507 | 29,666 | 29,219 |
Provision for asset impairments and restaurant closings | 675 | 4,464 | 3,097 | 6,716 |
Net loss (gain) on disposition of property and equipment | (434) | 154 | (12,935) | 172 |
Total costs and expenses | 78,728 | 94,984 | 253,535 | 302,990 |
LOSS FROM OPERATIONS | (3,962) | (8,980) | (1,428) | (21,696) |
Interest income | 11 | 1 | 30 | 12 |
Interest expense | (1,324) | (1,042) | (4,593) | (2,235) |
Other income, net | 112 | 9 | 198 | 317 |
Loss before income taxes and discontinued operations | (5,163) | (10,012) | (5,793) | (23,602) |
Provision for income taxes | 132 | 4,121 | 346 | 7,494 |
Loss from continuing operations | (5,295) | (14,133) | (6,139) | (31,096) |
Loss from discontinued operations, net of income taxes | (6) | (463) | (18) | (608) |
NET LOSS | $ (5,301) | $ (14,596) | $ (6,157) | $ (31,704) |
Loss per share from continuing operations: | ||||
Basic (in dollars per share) | $ (0.18) | $ (0.47) | $ (0.21) | $ (1.04) |
Assuming dilution (in dollars per share) | (0.18) | (0.47) | (0.21) | (1.04) |
Loss per share from discontinued operations: | ||||
Basic (in dollars per share) | 0 | (0.02) | 0 | (0.02) |
Assuming dilution (in dollars per share) | 0 | (0.02) | 0 | (0.02) |
Net loss per share: | ||||
Basic (in dollars per share) | (0.18) | (0.49) | (0.21) | (1.06) |
Assuming dilution (in dollars per share) | $ (0.18) | $ (0.49) | $ (0.21) | $ (1.06) |
Weighted average shares outstanding: | ||||
Basic (in shares) | 29,874 | 30,005 | 29,732 | 29,863 |
Assuming dilution (in shares) | 29,874 | 30,005 | 29,732 | 29,863 |
Restaurant sales | ||||
TOTAL SALES | $ 65,611 | $ 77,803 | $ 222,079 | $ 256,737 |
Culinary contract services | ||||
TOTAL SALES | 7,571 | 6,639 | 24,610 | 19,413 |
COSTS AND EXPENSES: | ||||
Cost of goods and services | 6,791 | 6,104 | 22,324 | 18,113 |
Franchise revenue and operations | ||||
TOTAL SALES | 1,482 | 1,444 | 5,126 | 4,732 |
COSTS AND EXPENSES: | ||||
Cost of goods and services | 330 | 341 | 849 | 1,198 |
Vending revenue | ||||
TOTAL SALES | $ 102 | $ 118 | $ 292 | $ 412 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Paid-In Capital | Retained Earnings |
Balance (in shares) at Aug. 30, 2017 | 29,624 | (500) | |||
Balance at Aug. 30, 2017 | $ 144,052 | $ 9,480 | $ (4,775) | $ 31,850 | $ 107,497 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (5,537) | (5,537) | |||
Share-based compensation expense (in shares) | 30 | ||||
Share-based compensation expense | 867 | $ 10 | 857 | ||
Common stock issued under employee benefit plans (in shares) | 163 | ||||
Common stock issued under employee benefit plans | 0 | $ 52 | (52) | ||
Balance (in shares) at Dec. 20, 2017 | 29,817 | (500) | |||
Balance at Dec. 20, 2017 | 139,382 | $ 9,542 | $ (4,775) | 32,655 | 101,960 |
Balance (in shares) at Aug. 30, 2017 | 29,624 | (500) | |||
Balance at Aug. 30, 2017 | 144,052 | $ 9,480 | $ (4,775) | 31,850 | 107,497 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (31,704) | ||||
Balance (in shares) at Jun. 06, 2018 | 29,975 | (500) | |||
Balance at Jun. 06, 2018 | 114,039 | $ 9,592 | $ (4,775) | 33,429 | 75,793 |
Balance (in shares) at Dec. 20, 2017 | 29,817 | (500) | |||
Balance at Dec. 20, 2017 | 139,382 | $ 9,542 | $ (4,775) | 32,655 | 101,960 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (11,571) | (11,571) | |||
Share-based compensation expense (in shares) | 27 | ||||
Share-based compensation expense | 385 | $ 8 | 377 | ||
Common stock issued under employee benefit plans (in shares) | 20 | ||||
Common stock issued under employee benefit plans | 0 | $ 7 | (7) | ||
Common stock issued under nonemployee benefit plans (in shares) | 87 | ||||
Common stock issued under nonemployee benefit plans | 0 | $ 28 | (28) | ||
Balance (in shares) at Mar. 14, 2018 | 29,951 | (500) | |||
Balance at Mar. 14, 2018 | 128,196 | $ 9,585 | $ (4,775) | 32,997 | 90,389 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (14,596) | (14,596) | |||
Share-based compensation expense (in shares) | 24 | ||||
Share-based compensation expense | 439 | $ 7 | 432 | ||
Balance (in shares) at Jun. 06, 2018 | 29,975 | (500) | |||
Balance at Jun. 06, 2018 | 114,039 | $ 9,592 | $ (4,775) | 33,429 | 75,793 |
Balance (in shares) at Aug. 29, 2018 | 30,003 | (500) | |||
Balance at Aug. 29, 2018 | 112,628 | $ 9,602 | $ (4,775) | 33,872 | 73,929 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (7,489) | (7,489) | |||
Share-based compensation expense (in shares) | 42 | ||||
Share-based compensation expense | 439 | $ 13 | 426 | ||
Common stock issued under employee benefit plans (in shares) | 81 | ||||
Common stock issued under employee benefit plans | 0 | $ 26 | (26) | ||
Common stock issued under nonemployee benefit plans (in shares) | 38 | ||||
Common stock issued under nonemployee benefit plans | 0 | $ 12 | (12) | ||
Balance (in shares) at Dec. 19, 2018 | 30,164 | (500) | |||
Balance at Dec. 19, 2018 | 108,057 | $ 9,653 | $ (4,775) | 34,260 | 68,919 |
Balance (in shares) at Aug. 29, 2018 | 30,003 | (500) | |||
Balance at Aug. 29, 2018 | 112,628 | $ 9,602 | $ (4,775) | 33,872 | 73,929 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (6,157) | ||||
Balance (in shares) at Jun. 05, 2019 | 30,375 | (500) | |||
Balance at Jun. 05, 2019 | 110,151 | $ 9,721 | $ (4,775) | 34,955 | 70,250 |
Balance (in shares) at Dec. 19, 2018 | 30,164 | (500) | |||
Balance at Dec. 19, 2018 | 108,057 | $ 9,653 | $ (4,775) | 34,260 | 68,919 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 6,632 | 6,632 | |||
Share-based compensation expense (in shares) | 98 | ||||
Share-based compensation expense | 394 | $ 31 | 363 | ||
Common stock issued under employee benefit plans (in shares) | 12 | ||||
Common stock issued under employee benefit plans | 0 | $ 4 | (4) | ||
Common stock issued under nonemployee benefit plans (in shares) | 15 | ||||
Common stock issued under nonemployee benefit plans | 0 | $ 5 | (5) | ||
Balance (in shares) at Mar. 13, 2019 | 30,289 | (500) | |||
Balance at Mar. 13, 2019 | 115,083 | $ 9,693 | $ (4,775) | 34,614 | 75,551 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (5,301) | (5,301) | |||
Share-based compensation expense (in shares) | 86 | ||||
Share-based compensation expense | 369 | $ 28 | 341 | ||
Balance (in shares) at Jun. 05, 2019 | 30,375 | (500) | |||
Balance at Jun. 05, 2019 | $ 110,151 | $ 9,721 | $ (4,775) | $ 34,955 | $ 70,250 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 05, 2019 | Jun. 06, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (6,157) | $ (31,704) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Provision for asset impairments and net losses (gains) on property sales | (9,838) | 6,599 |
Depreciation and amortization | 11,052 | 13,402 |
Amortization of debt issuance cost | 1,063 | 438 |
Share-based compensation expense | 1,192 | 1,691 |
Deferred tax provision | 0 | 8,026 |
Cash used in operating activities before changes in operating assets and liabilities | (2,688) | (1,548) |
Changes in operating assets and liabilities: | ||
Decrease (increase) in trade accounts and other receivables | (880) | 143 |
Decrease (increase) in food and supply inventories | 148 | (376) |
Decrease in prepaid expenses and other assets | 1,106 | 575 |
Decrease in accounts payable, accrued expenses and other liabilities | (8,567) | (3,672) |
Net cash used in operating activities | (10,881) | (4,878) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from disposal of assets and property held for sale | 21,761 | 3,363 |
Insurance proceeds | 0 | 756 |
Purchases of property and equipment | (2,866) | (11,730) |
Net cash provided by (used in) investing activities | 18,895 | (7,611) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Revolver borrowings | 37,500 | 83,200 |
Revolver repayments | (55,500) | (68,600) |
Proceeds from term loan | 58,400 | 0 |
Term loan repayments | (36,107) | (1,415) |
Debt issuance costs | (3,236) | (213) |
Taxes paid on equity withheld | (12) | (70) |
Net cash provided by financing activities | 1,045 | 12,902 |
Net increase in cash and cash equivalents and restricted cash | 9,059 | 413 |
Cash and cash equivalents and restricted cash at beginning of period | 3,722 | 1,096 |
Cash and cash equivalents and restricted cash at end of period | 12,781 | 1,509 |
Cash paid for: | ||
Income taxes | 510 | 0 |
Interest | $ 3,255 | $ 1,717 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jun. 05, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of Luby’s, Inc. (the “Company”, "we", "our", "us", or “Luby’s”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements that are prepared for our Annual Report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the quarter and three quarters ended June 5, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending August 28, 2019 . The consolidated balance sheet dated August 29, 2018 , included in this Quarterly Report on Form 10-Q (this “Form 10-Q”), has been derived from our audited consolidated financial statements as of that date. However, this Form 10-Q does not include all of the information and footnotes required by GAAP for audited, year-end financial statements. Therefore, these financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 29, 2018 . Recently Adopted Accounting Pronouncements We transitioned to the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) from ASC Topic 605, Revenue Recognition and ASC Topic 953-605, Franchisors - Revenue Recognition (together, the “Previous Standards”) on August 30, 2018. Our transition to ASC 606 represents a change in accounting principle. ASC 606 eliminates industry-specific guidance and provides a single model for recognizing revenue from contracts with customers. The core principle of ASC 606 is that a reporting entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the reporting entity expects to be entitled for the exchange of those goods or services. We adopted ASC 606 using the modified retrospective method applied to contracts that were not completed at August 29, 2018. Due to the short term nature of a significant portion of our contracts with customers, we have elected to apply the practical expedients under ASC 606 to: (1) not adjust the consideration for the effects of a significant financing component, (2) recognize incremental costs of obtaining a contract as expense when incurred and (3) not disclose the value of our unsatisfied performance obligations for contracts with an original expected duration of one year or less. The adoption of ASC 606 did not have an impact on the recognition of revenues from our primary source of revenue from our Company owned restaurants (except for recognition of breakage and discounts on gift cards, as discussed below), revenues from our culinary contract services, vending revenue or ongoing franchise royalty fees, which are based on a percentage of franchisee sales. The adoption did impact the recognition of initial franchise fees and area development fees and gift card breakage. The adoption of ASC 606 requires us to recognize initial and renewal franchise and development fees on a straight-line basis over the term of the franchise agreement, which is usually 20 years . Historically, we have recognized revenue from initial franchise and development fees upon the opening of a franchised restaurant when we have completed all our material obligations and initial services. Additionally, ASC 606 requires gift card breakage to be recognized as revenue in proportion to the pattern of gift card redemptions exercised by our customers. Historically, we recorded breakage income within other (expense) income (and not within revenue) when it was deemed remote that the unused gift card balance will be redeemed. Upon adoption of ASC 606 we changed our reporting of marketing and advertising fund (“MAF”) contributions from franchisees and the related marketing and advertising expenditures. Under the Previous Standards, we did not reflect MAF contributions from franchisees and MAF expenditures in our statements of operations. Although the gross amounts of our revenues and expenses are impacted by the recognition of franchisee MAF fund contributions and related expenditures of MAF funds we manage, increases to gross revenues and expenses did not result in a material net impact to our statement of operations. Our consolidated financial statements reflect the application of ASC 606 beginning in fiscal year 2019, while our consolidated financial statements for prior periods were prepared under the guidance of the Previous Standards. The $2.5 million cumulative effect of our adoption of ASC 606 is reflected as an increase to our August 30, 2018 shareholders’ equity with a corresponding decrease to accrued expenses and other liabilities and was comprised of (1) a reduction to accrued expense and other liabilities of $3.1 million to adjust the unused gift card liability balance as if the gift card breakage guidance had been applied prior to August 30, 2018 and (2) an increase to accrued expense and other liabilities of $0.6 million to adjust the unearned franchise fees for the fees received through the end of fiscal year 2018 that would have been deferred and recognized over the term of the franchise agreement if the new guidance had been applied prior to August 30, 2018 . In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. This update provides clarification regarding how certain cash receipts and disbursements are presented and classified in the statement of cash flows. The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. We adopted ASU 2016-15 on August 30, 2018 using the retrospective method of adoption. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. This update addresses the diversity in practice on how to classify and present changes in restricted cash or restricted cash equivalents in the statement of cash flows. The update requires that a statement of cash flows explain the change during the period in restricted cash or restricted cash equivalents in addition to changes in cash and cash equivalents. Entities are also required to disclose information about the nature of the restrictions and amounts described as restricted cash and restricted cash equivalents. Also, when cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line on the balance sheet, an entity must reconcile these amounts to the total shown on the statement of cash flows. We adopted ASU 2016-18 effective August 30, 2018 using the retrospective method of adoption. Our adoption of ASU 2016-18 represents a change in accounting principle. Our consolidated statement of cash flow for the three quarters ended June 6, 2018 has been revised to reflect the application of ASU 2016-18. See Note 2 for the reconciliation and disclosures regarding the restrictions required by this update. The adoption of this standard did not have a material impact on our consolidated financial statements. New Accounting Pronouncements - "to be Adopted" In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Subsequently, the FASB issued ASU 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01, which were targeted improvements to ASU 2016-02 (collectively, with ASU 2016-02, “ASC 842”) and provided entities with an additional (and optional) transition method to adopt the new lease standard. ASC 842 requires a lessee to recognize a liability to make lease payments and a corresponding right-of-use asset on the balance sheet, as well as provide additional disclosures about the amount, timing and uncertainty of cash flows arising from leases. ASC 842 is effective for annual and interim periods beginning after December 15, 2018. ASC 842 may be adopted using the modified retrospective method, which requires application to all comparative periods presented (the “comparative method”) or alternatively, as of the effective date of initial application without restating comparative period financial statements (the “effective date method”). We will adopt ASC 842 in the first quarter of fiscal year 2020 using the effective date method. The ASC 842 also provides several practical expedients and policies that companies may elect under either transition method. We are implementing a new lease tracking and accounting system in connection with the adoption of ASC 842. Based on a preliminary assessment, we expect that most of our operating lease commitments will be subject to the new standard and we will record operating lease liabilities and right-of-use assets upon adoption, resulting in a significant increase in the assets and liabilities on our consolidated balance sheet. We expect to elect the package of practical expedients which will allow us not to reassess previous accounting conclusions regarding lease identification and classification for existing or expired leases as of the date of adoption. We also expect to elect the short-term lease recognition exemption, which provides the option to not recognize right-of-use assets and related liabilities for leases with terms of 12 months or less. We are continuing our assessment of the other practical expedients and policy elections available under ASC 842. We are continuing our assessment of the impact of adoption, which may identify additional impacts to our consolidated financial statements. Subsequent Events We evaluated events subsequent to June 5, 2019 through the date the financial statements were issued to determine if the nature and significance of the events warrant inclusion in our consolidated financial statements. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 9 Months Ended |
Jun. 05, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: June 5, August 29, (in thousands) Cash and cash equivalents $ 3,193 $ 3,722 Restricted cash and cash equivalents 9,588 — Total cash and cash equivalents shown in the statement of cash flows $ 12,781 $ 3,722 Amounts included in restricted cash represent those required to be set aside for (1) maximum amount of interest payable in the next 12 months under the 2018 Credit Agreement (see Note 13), (2) collateral for letters of credit issued for potential insurance obligations, which letters of credit expire in 2019 and (3) pre-funding of the credit limit under our corporate purchasing card program. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Jun. 05, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Restaurant Sales Restaurant sales consist of sales of food and beverage products to restaurant guests at our Luby’s Cafeteria, Fuddruckers and Cheeseburger in Paradise restaurants. Revenue from restaurant sales is recognized at the point of sale and is presented net of discounts, coupons, employee meals and complimentary meals. Sales taxes that we collect and remit to the appropriate taxing authority related to these sales are excluded from revenue. We sell gift cards to our customers in our venues and through certain third-party distributors. These gift cards do not expire and do not incur a service fee on unused balances. Sales of gift cards to our restaurant customers are initially recorded as a contract liability, included in accrued expenses and other liabilities, at their expected redemption value. When gift cards are redeemed, we recognize revenue and reduce the contract liability. Discounts on gift cards sold by third parties are recorded as a reduction to accrued expenses and other liabilities and are recognized, as a reduction to revenue, over a period that approximates redemption patterns. The portion of gift cards sold to customers that are never redeemed is commonly referred to as gift card breakage. Under ASC 606 we recognize gift card breakage revenue in proportion to the pattern of gift card redemptions exercised by our customers, using an estimated breakage rate based on our historical experience. Under the Previous Standards, we recognized gift card breakage income within other (expense) income (and not within revenue) when it was deemed remote that the unused gift card balance would be redeemed. Culinary contract services revenue Our Culinary Contract Services segment provides food, beverage and catering services to our clients at their locations. Depending on the type of client and service, we are either paid directly by our client and/or directly by the customer to whom we have been provided access by our client. We typically use one of the following types of client contracts: Fee-Based Contracts. Revenue from fee-based contracts is based on our costs incurred and invoiced to the client along with the agreed management fee, which may be calculated as a fixed dollar amount or a percentage of sales or other variable measure. Some fee-based contracts entitle us to receive incentive fees based upon our performance under the contract, as measured by factors such as sales, operating costs and client satisfaction surveys. This potential incentive revenue is allocated entirely to the management services performance obligation. We recognize revenue from our management fee and payroll cost reimbursement over time as the services are performed. We recognize revenue from our food and 3 rd party purchases reimbursement at the point in time when the vendor delivers the goods or performs the services. Profit and Loss Contracts. Revenue from profit and loss contracts consist primarily of sales made to consumers, typically with little or no subsidy charged to clients. Revenue is recognized at the point of sale to the consumer. Sales taxes that we collect and remit to the appropriate taxing authority related to these sales are excluded from revenue. As part of client contracts, we sometimes make payments to clients, such as concession rentals, vending commissions and profit share. These payments are accounted for as operating costs when incurred. Revenue from the sale of frozen foods includes royalty fees based on a percentage of frozen food sales and is recognized at the point in time when product is delivered by our contracted manufacturers to the retail outlet. Franchise revenues Franchise revenues consist primarily of royalties, marketing and advertising fund (“MAF”) contributions, initial and renewal franchise fees, and upfront fees from area development agreements related to our Fuddruckers restaurant brand. Our performance obligations under franchise agreements consist of: (1) a franchise license, including a license to use our brand and MAF management, (2) pre-opening services, such as training and inspections and (3) ongoing services, such as development of training materials and menu items as well as restaurant monitoring and inspections. These performance obligations are highly interrelated, so we do not consider them to be individually distinct. We account for them under ASC 606 as a single performance obligation, which is satisfied over time by providing a right to use our intellectual property over the term of each franchise agreement. Royalties, including franchisee MAF contributions, are calculated as a percentage of franchise restaurant sales. MAF contributions paid by franchisees are used for the creation and development of brand advertising, marketing and public relations, merchandising research and related programs, activities and materials. The initial franchisee fee is payable upon execution of the franchise agreement and the renewal fee is due and payable at the expiration of the initial term of the franchise agreement. Our franchise agreement royalties, including advertising fund contributions, represent sales-based royalties that are related entirely to our performance obligation under the franchise agreement and are recognized as franchise sales occur. Initial and renewal franchise fees and area development fees are recognized as revenue over the term of the respective agreement. Area development fees are not distinct from franchise fees, so upfront fees paid by franchisees for exclusive development rights are deferred and apportioned to each franchise restaurant opened by the franchisee. The pro-rata amount apportioned to each restaurant is accounted for as an initial franchise fee. Under the Previous Standards, initial franchise fees and area development fees were recognized as revenue when the related restaurant commenced operations and we completed all material pre-opening services and conditions. Renewal franchise fees were recognized as revenue upon execution of a new franchise agreement. MAF contributions from franchisees and the related MAF expenditures were accounted for on a net basis in our consolidated balance sheets. Revenue from vending machine sales is recorded at the point in time when the sale occurs. Contract Liabilities Contract liabilities consist of (1) deferred revenue resulting from initial and renewal franchise fees and upfront area development fees paid by franchisees, which are generally recognized on a straight-line basis over the term of the underlying agreement, (2) liability for unused gift cards and (3) unamortized discount on gift cards sold to 3 rd party retailers. These contract liabilities are included in accrued expenses and other liabilities in our consolidated balance sheets. The following table reflects the change in contract liabilities between the date of adoption ( August 30, 2018 ) and June 5, 2019 : Gift Cards, net of discounts Franchise Fees (In thousands) Balance at August 30, 2018 $ 2,707 $ 1,891 Revenue recognized that was included in the contract liability balance at the beginning of the year (1,163 ) (512 ) Increase (decrease), net of amounts recognized as revenue during the period 1,514 (40 ) Balance at June 5, 2019 $ 3,058 $ 1,339 The following table illustrates the estimated revenues expected to be recognized in the future related to our deferred franchise fees that are unsatisfied (or partially unsatisfied) as of June 5, 2019 (in thousands): Franchise Fees (In thousands) Remainder of fiscal 2019 $ 9 Fiscal 2020 40 Fiscal 2021 40 Fiscal 2022 39 Fiscal 2023 39 Thereafter 401 Total operating franchise restaurants $ 568 Franchise restaurants not yet opened (1) 771 Total $ 1,339 (1) Amortization of the deferred franchise fees will begin when the restaurant commences operations and revenue will be recognized straight-line over the franchise term (which is typically 20 years ). If the franchise agreement is terminated, the deferred franchise fee will be recognized in full in the period of termination. Disaggregation of Total Revenues For the three quarters ended June 5, 2019 , total sales of $252.1 million was comprised of revenue from performance obligations satisfied over time of $17.7 million and revenue from performance obligations satisfied at a point in time of $234.4 million . For the quarter ended June 5, 2019 , total sales of $74.8 million was comprised of revenue from performance obligations satisfied over time of $5.4 million and revenue from performance obligations satisfied at a point in time of $69.4 million . See Note 5. Reportable Segments for disaggregation of revenue by reportable segment. With the exception of the cumulative effect adjustment described in Note 1, the adoption of ASC 606 did not have a material effect on our consolidated financial statements for the three quarters ended June 5, 2019 . |
Accounting Periods
Accounting Periods | 9 Months Ended |
Jun. 05, 2019 | |
Accounting Policies [Abstract] | |
Accounting Periods | Accounting Periods The Company’s fiscal year ends on the last Wednesday in August. Accordingly, each fiscal year normally consists of 13 four-week periods, or accounting periods, accounting for 364 days in the aggregate. However, every fifth or sixth year, we have a fiscal year that consists of 53 weeks, accounting for 371 days in the aggregate. The first fiscal quarter consists of four four-week periods, or 16 weeks, and the remaining three quarters typically include three four-week periods, or 12 weeks, in length. The fourth fiscal quarter includes 13 weeks in certain fiscal years to adjust for our standard 52 week, or 364 day, fiscal year compared to the 365 day calendar year. |
Reportable Segments
Reportable Segments | 9 Months Ended |
Jun. 05, 2019 | |
Segment Reporting [Abstract] | |
Reportable Segments | Reportable Segments The Company has three reportable segments: Company-owned restaurants, Culinary Contract Services (“CCS”), and Franchise Operations. Company-owned restaurants Company-owned restaurants consists of several brands which are aggregated into one reportable segment because the nature of the products and services, the production processes, the customers, the methods used to distribute the products and services, the nature of the regulatory environment, and store level profit margins are similar. The chief operating decision maker analyzes Company-owned restaurants at store level profit which is revenue less cost of food, payroll and related costs, other operating expenses, and occupancy costs. The primary brands are Luby’s Cafeterias, Fuddruckers - World’s Greatest Hamburgers ® and Cheeseburger in Paradise. All company-owned restaurants are casual dining restaurants. Each restaurant is an operating segment because operating results and cash flow can be determined for each restaurant. The total number of Company-owned restaurants was 130 at June 5, 2019 and 146 at August 29, 2018 . Culinary Contract Services CCS, branded as Luby’s Culinary Services, is a business line servicing healthcare, sport stadiums, corporate dining clients, and sales through retail grocery stores. The healthcare accounts are full service and typically include in-room delivery, catering, vending, coffee service, and retail dining. CCS has contracts with long-term acute care hospitals, acute care medical centers, ambulatory surgical centers, retail grocery stores, behavioral hospitals, sports stadiums, a senior care facility, government, business and industry clients. CCS has the unique ability to deliver quality services that include facility design and procurement as well as nutrition and branded food services to our clients. The cost of Culinary Contract Services on the consolidated statements of operations includes all food, payroll and related costs, other operating expenses, and other direct general and administrative expenses related to CCS sales. The total number of CCS locations was 32 at June 5, 2019 and 28 at August 29, 2018 . CCS began selling Luby's Famous Fried Fish, Macaroni & Cheese and Chicken Tetrazzini in February 2017, December 2016, and May, 2019, respectively, in the freezer section of H-E-B stores, a Texas-born retailer. H-E-B stores now stock the family-sized versions of Luby's Classic Macaroni and Cheese and Luby's Jalapeño Macaroni and Cheese varieties as well as Luby's Fried Fish. Franchise Operations We offer franchises for the Fuddruckers brand. Franchises are sold in markets where expansion is deemed advantageous to the development of the Fuddruckers concept and system of restaurants. Initial franchise agreements have a term of 20 years. Franchise agreements typically grant franchisees an exclusive territorial license to operate a single restaurant within a specified area. Franchisees bear all direct costs involved in the development, construction, and operation of their restaurants. In exchange for a franchise fee, the Company provides assistance to franchisees in the following areas: site selection, prototypical architectural plans, interior and exterior design and layout, training, marketing and sales techniques, assistance by a Fuddruckers “opening team” at the time a franchised restaurant opens, as well as accounting and operational guidelines set forth in various policies and procedures manuals. All franchisees are required to operate their restaurants in accordance with Fuddruckers’ standards and specifications, including controls over menu items, food quality, and preparation. The Company requires the successful completion of its training program by a minimum of three managers for each franchised restaurant. In addition, franchised restaurants are evaluated regularly by the Company for compliance with franchise agreements, including standards and specifications through the use of periodic, unannounced, on-site inspections, and standard evaluation reports. The number of franchised restaurants was 107 at June 5, 2019 and 105 at August 29, 2018 . Licensee In November 1997, a prior owner of the Fuddruckers – World’s Greatest Hamburgers ® brand granted to a licensee the exclusive right to use the Fuddruckers proprietary marks, trade dress and system to develop Fuddruckers restaurants in a territory consisting of certain countries in Africa, the Middle East and parts of Asia. As of January 2019 , this licensee operated 33 restaurants that are licensed to use the Fuddruckers Proprietary Marks in Saudi Arabia, Egypt, United Arab Emirates, Qatar, Jordan, and Bahrain. The Company does not receive revenue or royalties from these restaurants. Segment Table The table on the following page shows segment financial information. The table also lists total assets for each reportable segment. Corporate assets include cash and cash equivalents, restricted cash, property and equipment, assets related to discontinued operations, property held for sale, deferred tax assets, and prepaid expenses. Quarter Ended Three Quarters Ended June 5, June 6, June 5, June 6, (12 weeks) (12 weeks) (40 weeks) (40 weeks) (In thousands) Sales: Company-owned restaurants (1) $ 65,713 $ 77,921 $ 222,371 $ 257,149 Culinary contract services 7,571 6,639 24,610 19,413 Franchise operations 1,482 1,444 5,126 4,732 Total $ 74,766 $ 86,004 $ 252,107 $ 281,294 Segment level profit: Company-owned restaurants $ 6,706 $ 6,642 $ 22,938 $ 23,469 Culinary contract services 780 535 2,286 1,300 Franchise operations 1,152 1,103 4,277 3,534 Total $ 8,638 $ 8,280 $ 29,501 $ 28,303 Depreciation and amortization: Company-owned restaurants $ 2,498 $ 3,381 $ 9,502 $ 11,155 Culinary contract services 25 18 70 54 Franchise operations 177 178 590 592 Corporate 227 473 890 1,601 Total $ 2,927 $ 4,050 $ 11,052 $ 13,402 Capital expenditures: Company-owned restaurants $ 991 $ 3,152 $ 2,553 $ 9,569 Culinary contract services 12 55 22 185 Corporate 82 493 291 1,976 Total $ 1,085 $ 3,700 $ 2,866 $ 11,730 Loss before income taxes and discontinued operations Segment level profit $ 8,638 $ 8,280 $ 29,501 $ 28,303 Opening costs (6 ) (85 ) (49 ) (490 ) Depreciation and amortization (2,927 ) (4,050 ) (11,052 ) (13,402 ) Selling, general and administrative expenses (9,426 ) (8,507 ) (29,666 ) (29,219 ) Provision for asset impairments and restaurant closings (675 ) (4,464 ) (3,097 ) (6,716 ) Net gain (loss) on disposition of property and equipment 434 (154 ) 12,935 (172 ) Interest income 11 1 30 12 Interest expense (1,324 ) (1,042 ) (4,593 ) (2,235 ) Other income, net 112 9 198 317 Loss before income taxes and discontinued operations $ (5,163 ) $ (10,012 ) $ (5,793 ) $ (23,602 ) June 5, August 29, Total assets: (in thousands) Company-owned restaurants (2) $ 148,800 $ 152,281 Culinary contract services 7,033 4,569 Franchise operations (2) 10,263 10,212 Corporate 25,970 32,927 Total $ 192,066 $ 199,989 (1) Includes vending revenue of approximately $102 thousand and $118 thousand for the quarter ended June 5, 2019 and June 6, 2018 , respectively, and amortization of discounts on gift cards sold partially offset by gift card breakage of approximately $131 thousand in the quarter ended June 5, 2019 . Includes vending revenue of approximately $292 thousand and $412 thousand for the three quarters ended June 5, 2019 and June 6, 2018 , respectively, and amortization of discounts on gift cards sold partially offset by gift card breakage of approximately $375 thousand in the three quarters ended June 5, 2019 . (2) Company-owned restaurants segment includes $7.7 million of Fuddruckers trade name, Cheeseburger in Paradise liquor licenses, and Jimmy Buffett intangibles. Franchise operations segment includes approximately $9.4 million in royalty intangibles. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Jun. 05, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company enters into derivative instruments, from time to time, to manage its exposure to changes in interest rates on a percentage of its long-term variable rate debt. On December 14, 2016 , the Company entered into an interest rate swap, pay fixed - receive floating, with a constant notional amount of $17.5 million . The fixed swap rate we paid was 1.965% and the variable rate we received was one-month LIBOR. The term of the interest rate swap was 5 years . The Company did not apply hedge accounting treatment to this derivative; therefore, changes in fair value of the instrument were recognized in Other income (expense), net. The changes in the interest rate swap fair value resulted in an expense of approximately $0.1 million during the three quarters ended June 5, 2019 and a credit to expense of approximately $0.7 million in the three quarters ended June 6, 2018 . The Company terminated its interest rate swap in the quarter ended December 19, 2018 and received approximately $0.3 million in cash proceeds. The Company does not hold or use derivative instruments for trading purposes. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jun. 05, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements GAAP establishes a framework for using fair value to measure assets and liabilities, and expands disclosure about fair value measurements. Fair value measurements guidance applies whenever other authoritative accounting guidance requires or permits assets or liabilities to be measured at fair value. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used to measure fair value. These tiers include: • Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. • Level 3: Defined as pricing inputs that are unobservable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The fair values of the Company's cash and cash equivalents, restricted cash and cash equivalents, trade receivables and other receivables, net, and accounts payable approximate their carrying value due to their short duration. The carrying value of the Company's total credit facility debt, net of unamortized discounts and debt issue costs, at June 5, 2019 and August 29, 2018 was approximately $42.0 million and $39.3 million , respectively, which approximates fair value because the applicable interest rate is adjusted frequently based on short-term market rates (Level 2). Recurring fair value measurements related to assets are presented below: Fair Value June 5, 2019 Quoted Significant Significant Valuation Method Recurring Fair Value - Assets (In thousands) Continuing Operations: Derivative - Interest Rate Swap (1) $ — $ — $ — $ — (1) The Company terminated its interest rate swap in the first quarter of fiscal 2019 and received cash proceeds of approximately $0.3 million which is recorded in other income. Fair Value Measurement Using June 6, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation Method Recurring Fair Value - Assets (In thousands) Continuing Operations: Derivative - Interest Rate Swap (1) $ 435 — $ 435 — Discounted Cash Flow (1) The fair value of the interest rate swap was recorded in other assets on our consolidated balance sheet. Recurring fair value measurements related to liabilities are presented below: Fair Value June 5, 2019 Quoted Significant Significant Valuation Method Recurring Fair Value - Liabilities (In thousands) Continuing Operations: TSR Performance Based Incentive Plan (1) $ — $ — $ — $ — Monte Carlo Simulation (1) The fair value of the Company's 2017 Performance Based Incentive Plan liabilities was zero . Fair Value June 6, 2018 Quoted Significant Significant Valuation Method Recurring Fair Value - Liabilities (In thousands) Continuing Operations: TSR Performance Based Incentive Plan (1) $ 229 $ — $ 229 $ — Monte Carlo Simulation Total liabilities at Fair Value $ 229 $ — $ 229 $ — (1) The fair value of the Company's 2016 and 2017 Performance Based Incentive Plan liabilities were approximately $167 thousand and $62 thousand , respectively, and was recorded in other liabilities on our consolidated balance sheet. Non-recurring fair value measurements related to impaired property held for sale and property and equipment consisted of the following: Fair Value Measurement Using June 5, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Impairments (3) Nonrecurring Fair Value Measurements (In thousands) Continuing Operations Property held for sale (1) $ 8,030 $ — $ — $ 8,030 $ (70 ) Property and equipment related to company-owned restaurants (2) 704 — — 704 (3,476 ) Total Nonrecurring Fair Value Measurements $ 8,734 $ — $ — $ 8,734 $ (3,546 ) Discontinued Operations Property held for sale (5) $ — $ — $ — $ — $ — (1) In accordance with Subtopic 360-10, long-lived assets held for sale with a carrying value of approximately $8.1 million were written down to their fair value, less cost to sell, of approximately $8.0 million , resulting in an impairment charge of approximately $0.1 million . (2) In accordance with Subtopic 360-10, long-lived assets held and used with a carrying value of approximately $4.2 million were written down to their fair value of approximately $0.7 million , resulting in an impairment charge of approximately $3.5 million . (3) Total impairments for continuing operations are included in provision for asset impairments and restaurant closings in our consolidated statement of operations for the three quarters ended June 5, 2019 . Fair Value Measurement Using June 6, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Impairments (4) Nonrecurring Fair Value Measurements (In thousands) Continuing Operations Property held for sale (1) $ 9,074 $ — $ — $ 9,074 $ (2,808 ) Property and equipment related to company-owned restaurants (2) 1,519 — — 1,519 (2,721 ) Goodwill (3) — — — — (513 ) Total Nonrecurring Fair Value Measurements $ 10,593 $ — $ — $ 10,593 $ (6,042 ) Discontinued Operations Property held for sale (5) $ 1,800 $ — $ — $ 1,800 $ (100 ) (1) In accordance with Subtopic 360-10, long-lived assets held for sale with a carrying value of approximately $12.9 million were written down to their fair value, less approximately $1.0 million net proceeds on sales, of approximately $9.1 million , resulting in an impairment charge of approximately $2.8 million . (2) In accordance with Subtopic 360-10, long-lived assets held and used with a carrying amount of approximately $4.2 million were written down to their fair value of approximately $1.5 million , resulting in an impairment charge of approximately $2.7 million . (3) In accordance with Subtopic 350-20, goodwill with a carrying value of approximately $513 thousand was written down to zero , resulting in an impairment charge of approximately $513 thousand . (4) Total impairments are included in provision for asset impairments and restaurant closings in our unaudited consolidated statement of operations for the three quarters ended June 6, 2018 . (5) In accordance with Subtopic 205-20, discontinued operations held for sale with a carrying value of approximately $1.9 million were written down to their fair value , less costs to sell, of approximately $1.8 million , resulting in an impairment charge of approximately $0.1 million . This charge is included in loss from discontinued operations, net of income on our unaudited consolidated statement of operations for the three quarters ended June 6, 2018 . |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 05, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effects of the U.S. tax reform legislation that is commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) on the Company's income tax accounts were reflected in the fiscal 2018 financial statements as determined based on available information, subject to interpretation in accordance with the SEC's Staff Accounting Bulletin No. 118 ("SAB 118"). SAB 118 provides guidance on accounting for the effects of the Tax Act where such determinations are incomplete; however, the Company has completed its determination of the effects of the Tax Act on its income tax accounts. No cash payments of estimated federal income taxes were made during the three quarters ended June 5, 2019 and June 6, 2018 , respectively. Deferred tax assets and liabilities are recorded based on differences between the financial reporting basis and the tax basis of assets and liabilities using currently enacted rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are recognized to the extent future taxable income is expected to be sufficient to utilize those assets prior to their expiration. If current available evidence and information raises doubt regarding the realization of the deferred tax assets, on a more likely than not basis, a valuation allowance is necessary. In evaluating our ability to realize the Company's deferred tax assets, the Company considered available positive and negative evidence, scheduled reversals of deferred tax liabilities, tax-planning strategies, and results of recent operations. As of June 5, 2019 , management determined that for the three quarters ended June 5, 2019 a full valuation allowance on the Company's net deferred tax assets was necessary. The effective tax rate ("ETR") for continuing operations was a negative 2.6% for the quarter ended June 5, 2019 and a negative 41.2% for the quarter ended June 6, 2018 . The ETR for the quarter ended June 5, 2019 differs from the federal statutory rate of 21% due to management's full valuation allowance conclusion, anticipated federal jobs credits, state income taxes, and other discrete items. The ETR for continuing operations was a negative 6.0% for the three quarters ended June 5, 2019 and a negative 31.8% for the three quarters ended June 6, 2018 . The ETR for the three quarters ended June 5, 2019 differs from the federal statutory rate of 21% due to full management's valuation allowance conclusion, anticipated federal jobs credits, state income taxes, and other discrete items. Management believes that adequate provisions for income taxes have been reflected in the financial statements and is not aware of any significant exposure items that have not been reflected in our consolidated financial statements. Amounts considered probable of settlements within one year have been included in the accrued expenses and other liabilities in the accompanying consolidated balance sheet. |
Property and Equipment, Intangi
Property and Equipment, Intangible Assets and Goodwill | 9 Months Ended |
Jun. 05, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Intangible Assets and Goodwill | Property and Equipment, Intangible Assets and Goodwill The costs, net of impairment, and accumulated depreciation of property and equipment at June 5, 2019 and August 29, 2018 , together with the related estimated useful lives used in computing depreciation and amortization, were as follows: June 5, August 29, Estimated Useful Lives (years) (In thousands) Land $ 46,336 $ 46,817 — Restaurant equipment and furnishings 70,181 69,678 3 to 15 Buildings 129,866 131,557 20 to 33 Leasehold and leasehold improvements 23,229 27,172 Lesser of lease term or estimated useful life Office furniture and equipment 3,405 3,596 3 to 10 273,017 278,820 Less accumulated depreciation and amortization (145,828 ) (140,533 ) Property and equipment, net $ 127,189 $ 138,287 Intangible assets, net $ 17,105 $ 18,179 15 to 21 During the quarter ended March 13, 2019, the Company completed the sale of two properties with a total net sales price of approximately $19.6 million . The properties sold had been included in the previously announced asset sales program. The sales included lease back periods of 36 and 60 months and average annual lease payments of approximately $450 thousand and $295 thousand , respectively. The Company recorded a total net gain on the two sales of approximately $15.3 million of which $12.9 million was recognized in the quarter ended March 13, 2019 and the remainder will be recognized over the respective lease back periods. The deferred gain on the sale of the two properties is included in other liabilities on our consolidated balance sheet at June 5, 2019 . Net proceeds from the sales were used in accordance with the 2018 Credit Agreement, to reduce the balance on its outstanding 2018 Term Loan (as defined below) and for general business purposes. Intangible assets, net, includes the Fuddruckers trade name and franchise agreements and are amortized. The Company believes the Fuddruckers brand name has an expected accounting life of 21 years from the date of acquisition based on the expected use of its assets and the restaurant environment in which it is being used. The trade name represents a respected brand with customer loyalty and the Company intends to cultivate and protect the use of the trade name. The franchise agreements, after considering renewal periods, have an estimated accounting life of 21 years from the date of acquisition, July 2010 , and will be amortized over this period of time. Intangible assets, net, also includes the license agreement and trade name related to Cheeseburger in Paradise and the value of the acquired licenses and permits allowing the sales of beverages with alcohol. These assets have an expected useful life of 15 years from the date of acquisition, December 2012 . The aggregate amortization expense related to intangible assets subject to amortization was approximately $1.0 million and $1.1 million for the three quarters ended June 5, 2019 and June 6, 2018 , respectively. The aggregate amortization expense related to intangible assets subject to amortization is expected to be approximately $1.4 million in each of the next five successive fiscal years. The following table presents intangible assets as of June 5, 2019 and August 29, 2018 : June 5, 2019 August 29, 2018 (1) (In thousands) (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets Subject to Amortization: Fuddruckers trade name and franchise agreements $ 29,486 $ (12,429 ) $ 17,057 $ 29,701 $ (11,653 ) $ 18,048 Cheeseburger in Paradise trade name and license agreements 146 (98 ) 48 206 (75 ) 131 Intangible assets, net $ 29,632 $ (12,527 ) $ 17,105 $ 29,907 $ (11,728 ) $ 18,179 (1) The amounts as of August 29, 2018 reflect a reclassification of amounts from the Cheeseburger in Paradise trade name and license agreements to the Fuddruckers trade name and franchise agreements lines on the table, netting to approximately $88 thousand . Goodwill, net of accumulated impairments of approximately $1.9 million , was approximately $555 thousand as of June 5, 2019 and August 29, 2018 , respectively, and relates to our Company-owned restaurants reportable segment. Goodwill has been allocated and impairment is assessed at the reporting level, which is the individual restaurants within our Fuddruckers and Cheeseburger in Paradise brands that were acquired in fiscal 2010 and fiscal 2013, respectively. The net Goodwill balance at June 5, 2019 is comprised of amounts assigned to one Cheeseburger in Paradise restaurant that is still operated by us, and the goodwill from the Fuddruckers acquisition in 2010. The Company performs a goodwill impairment test annually as of the end of the second fiscal quarter of each year and more frequently when negative conditions or a triggering event arises. Management prepares valuations for each of its restaurants using a discounted cash flow analysis (Level 3 inputs) to determine the fair value of each reporting unit for comparison with the reporting unit's carrying value in determining if there has been an impairment of goodwill at the reporting level. The Company recorded no goodwill impairment charges during the three quarters ended June 5, 2019 and approximately $0.6 million during the three quarters ended June 6, 2018 . |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets, Discontinued Operations, Property Held for Sale and Store Closings | 9 Months Ended |
Jun. 05, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Impairment of Long-Lived Assets, Discontinued Operations, Property Held for Sale and Store Closings | Impairment of Long-Lived Assets, Discontinued Operations, Property Held for Sale and Store Closings Impairment of Long-Lived Assets and Store Closings We periodically evaluate long-lived assets held for use and held for sale whenever events or changes in circumstances indicate that the carrying amount of those assets may not be recoverable. We analyze historical cash flows of operating locations and compares results of poorer performing locations to more profitable locations. We also analyze lease terms, condition of the assets and related need for capital expenditures or repairs, as well as construction activity and the economic and market conditions in the surrounding area. For assets held for use, we estimate future cash flows using assumptions based on possible outcomes of the areas analyzed. If the estimated undiscounted future cash flows are less than the carrying value of the location’s assets, we record an impairment loss based on an estimate of discounted cash flows. The estimates of future cash flows, based on reasonable and supportable assumptions and projections, require management’s subjective judgments. Assumptions and estimates used include operating results, changes in working capital, discount rate, growth rate, anticipated net proceeds from disposition of the property and, if applicable, lease terms. The span of time for which future cash flows are estimated is often lengthy, increasing the sensitivity to assumptions made. The time span could be 20 to 25 years for newer properties, but only 5 to 10 years for older properties. Depending on the assumptions and estimates used, the estimated future cash flows projected in the evaluation of long-lived assets can vary within a wide range of outcomes. We consider the likelihood of possible outcomes in determining the best estimate of future cash flows. The measurement for such an impairment loss is then based on the fair value of the asset as determined by discounted cash flows. We recognized the following impairment charges to income from operations: Three Quarters Ended June 5, June 6, (40 weeks) (40 weeks) (In thousands, except per share data) Provision for asset impairments and restaurant closings $ 3,097 $ 6,716 Net loss (gain) on disposition of property and equipment (12,935 ) 172 $ (9,838 ) $ 6,888 Effect on EPS: Basic $ 0.33 $ (0.23 ) Assuming dilution $ 0.33 $ (0.23 ) The approximate $3.1 million impairment charge for the three quarters ended June 5, 2019 is primarily related to assets at nine property locations held for use, six properties held for sale written down to their fair value and one international joint venture investment. The approximate $6.7 million impairment charge for the three quarters ended June 6, 2018 is primarily related to assets at ten property locations held for use, ten properties held for sale written down to their fair value, goodwill at 3 locations, and approximately $0.7 million in net lease termination costs at five property locations. The approximate $12.9 million net gain for the three quarters ended June 5, 2019 is primarily related to gains on the sale and leaseback of two properties and gains on the sale of one undeveloped property that was held for sale, partially offset by routine asset retirements. The approximate $0.2 million net loss for the three quarters ended June 6, 2018 is primarily related to asset retirements at six property location closures partially offset by gains on the sale of 3 property locations. Discontinued Operations As a result of the first quarter fiscal 2010 adoption of our Cash Flow Improvement and Capital Redeployment Plan, we reclassified 24 Luby’s Cafeterias to discontinued operations. As of June 5, 2019 , one location remains held for sale. The following table sets forth the assets and liabilities for all discontinued operations: June 5, August 29, (In thousands) Property and equipment $ 1,813 $ 1,813 Assets related to discontinued operations—non-current $ 1,813 $ 1,813 Accrued expenses and other liabilities $ 9 $ 14 Liabilities related to discontinued operations—current $ 9 $ 14 Other liabilities $ 16 $ 16 Liabilities related to discontinued operations—non-current $ 16 $ 16 As of June 5, 2019 , we had one property classified as discontinued operations. The asset carrying value of the owned property was approximately $1.8 million and is included in assets related to discontinued operations. We are actively marketing this property for sale. The asset carrying value at one other property with a ground lease, included in discontinued operations, was previously impaired to zero . The following table sets forth the sales and pretax losses reported from discontinued operations: Three Quarters Ended June 5, June 6, (40 weeks) (40 weeks) (In thousands) Sales $ — $ — Pretax loss $ (18 ) $ (73 ) Income tax expense from discontinued operations — (535 ) Loss from discontinued operations, net of income taxes $ (18 ) $ (608 ) The following table summarizes discontinued operations for the three quarters of fiscal 2019 and 2018 : Three Quarters Ended June 5, June 6, (40 weeks) (40 weeks) (In thousands, except per share data) Discontinued operating loss $ (18 ) $ (14 ) Impairments — (59 ) Pretax loss (18 ) (73 ) Income tax expense from discontinued operations — (535 ) Loss from discontinued operations, net of income taxes $ (18 ) $ (608 ) Effect on EPS from discontinued operations—basic $ (0.00 ) $ (0.02 ) Property Held for Sale We periodically review long-lived assets against its plans to retain or ultimately dispose of properties. If we decide to dispose of a property, it will be moved to property held for sale, actively marketed and recorded at fair value less transaction costs. We analyze market conditions each reporting period and record additional impairments due to declines in market values of like assets. The fair value of the property is determined by observable inputs such as appraisals and prices of comparable properties in active markets for assets like ours. Gains are not recognized until the properties are sold. Property held for sale includes unimproved land, closed restaurant properties, properties with operating restaurants the Board approved for sale, and related equipment for locations not classified as discontinued operations. The specific assets are valued at the lower of net depreciable value or net realizable value. At June 5, 2019 , we had 13 owned properties with a carrying value of approximately $15.1 million in property held for sale. During the three quarters ended June 5, 2019 , two properties were sold that were previously classified as held for sale. The pretax profit (loss) for the disposal group of locations operating for the three quarters ended June 5, 2019 and June 6, 2018 was a pretax income of approximately $13.1 million and a pretax loss of $0.9 million , respectively. Included in the pretax income (loss) for the three quarters ended June 5, 2019 and June 6, 2018 was net gains of $13.1 million and $0.3 million , respectively. At August 29, 2018 , we had 15 owned properties, of which two restaurants are located on one property, with a carrying value of approximately $19.5 million in property held for sale. The pretax loss for the disposal group of locations operating in fiscal 2018 was approximately $1.2 million . We are actively marketing the locations currently classified as property held for sale. Abandoned Leased Facilities - Reserve for Store Closings As of June 5, 2019 , we classified as abandoned 8 leased restaurants locationed in Arizona, Florida, Illinois, Maryland, Texas and Virginia . Although we remain obligated under the terms of the leases for the rent and other costs that may be associated with the leases, we decided to cease operations and we have no foreseeable plans to occupy the spaces as a company restaurant in the future. During the three quarters ended June 5, 2019 , we recorded a decrease to the liability for lease termination expense and a credit to earnings, in provision for asset impairments and restaurant closings of approximately $0.5 million . The liability is equal to the total amount of rent and other direct costs for the remaining period of time the properties will be unoccupied plus the present value, calculated using a credit-adjusted risk free rate, of the amount by which the rent we paid by to the landlord exceeds any rent paid to us by a tenant under a sublease over the remaining period of the lease terms. Accrued lease termination expense liability was approximately $1.7 million and $2.1 million as of June 5, 2019 and August 29, 2018 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Jun. 05, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Arrangements The Company has no off-balance sheet arrangements, except for operating leases. Pending Claims From time to time, the Company is subject to various private lawsuits, administrative proceedings, and claims that arise in the ordinary course of its business. A number of these lawsuits, proceedings, and claims may exist at any given time. These matters typically involve claims from guests, employees, and others related to issues common to the restaurant industry. The Company currently believes that the final disposition of these types of lawsuits, proceedings, and claims will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity. It is possible, however, that the Company’s future results of operations for a particular fiscal quarter or fiscal year could be impacted by changes in circumstances relating to lawsuits, proceedings, or claims. Cheeseburger in Paradise, Royalty Commitment The license agreement and trade name relates to a perpetual license to use intangible assets including trademarks, service marks and publicity rights related to Cheeseburger in Paradise owned by Jimmy Buffett and affiliated entities. In return, the Company pays a royalty fee of 2.5% of gross sales, less discounts, at the Company's operating Cheeseburger in Paradise location to an entity owned or controlled by Jimmy Buffett. The trade name represents a respected brand with positive customer loyalty, and the Company intends to cultivate and protect the use of the trade name. |
Related Parties
Related Parties | 9 Months Ended |
Jun. 05, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties Affiliate Services Christopher J. Pappas, the Company’s Chief Executive Officer, and Harris J. Pappas, former director and Chief Operating Officer of the Company, own two restaurant entities (the “Pappas entities”) that from time to time may provide services to the Company and its subsidiaries, as detailed in the Amended and Restated Master Sales Agreement dated August 2, 2017 among the Company and the Pappas entities. Collectively, Messrs. Pappas and the Pappas entities own greater than 5 percent of the Company's common stock. Under the terms of the Amended and Restated Master Sales Agreement, the Pappas entities may provide specialized (customized) equipment fabrication and basic equipment maintenance, including stainless steel stoves, shelving, rolling carts, and chef tables. The Company incurred $15 thousand and $31 thousand under the Amended and Restated Master Sales Agreement for custom-fabricated and refurbished equipment in the three quarters ended June 5, 2019 and June 6, 2018 , respectively, and incurred $2 thousand dollars in other operating costs in the three quarters ended June 6, 2018 . Services provided under this agreement are subject to review and approval by the Finance and Audit Committee of the Board. Operating Leases In the third quarter of fiscal 2004, Messrs. Pappas became partners in a limited partnership which purchased a retail strip center in Houston, Texas. Messrs. Pappas collectively own a 50% limited partnership interest and a 50% general partnership interest in the limited partnership. A third party company manages the center. One of the Company’s restaurants has rented approximately 7% of the space in that center since July 1969. No changes were made to the Company’s lease terms as a result of the transfer of ownership of the center to the new partnership. On November 22, 2006, the Company executed a new lease agreement with respect to this shopping center. Effective upon the Company’s relocation and occupancy into the new space in July 2008, the new lease agreement provides for a primary term of approximately 12 years with two subsequent five -year options and gives the landlord an option to buy out the tenant on or after the calendar year 2015 by paying the then unamortized cost of improvements to the tenant. The Company pays rent of $22.00 per square foot plus maintenance, taxes, and insurance during the remaining primary term of the lease. Thereafter, the lease provides for increases in rent at set intervals. The new lease agreement was approved by the Finance and Audit Committee. In the third quarter of fiscal 2014, on March 12, 2014, the Company executed a new lease agreement with Pappas Restaurants, Inc. for one of our Fuddruckers locations in Houston, Texas. The lease provides for a primary term of approximately six years with two subsequent five -year options. Pursuant to the lease agreement, the Company paid $27.56 per square foot plus maintenance, taxes, and insurance from March 12, 2014 until November 30, 2016. Currently, the lease agreement provides for increases in rent at set intervals. The new lease agreement was approved by the Finance and Audit Committee. For the three quarters ended June 5, 2019 and June 6, 2018 , affiliated costs incurred as a percentage of relative total Company cost was 0.55% and 0.47% , respectively. Rent payments under the two lease agreements described above were $454 thousand and $470 thousand , respectively. Key Management Personnel The Company entered into a new employment agreement with Christopher Pappas on December 11, 2017. The new employment agreement contains a termination date of August 28, 2019. Mr. Pappas continues to devote his primary time and business efforts to the Company while maintaining his role at Pappas Restaurants, Inc. Peter Tropoli, a former director and officer of the Company, is an attorney and stepson of Frank Markantonis, who is a director of the Company. Effective June 13, 2019, Mr. Tropoli resigned from the Company and is no longer our General Counsel and Corporate Secretary. Paulette Gerukos, Vice President of Human Resources of the Company, is the sister-in-law of Harris J. Pappas. |
Debt
Debt | 9 Months Ended |
Jun. 05, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes credit facility debt, less current portion at June 5, 2019 and August 29, 2018 : June 5, August 29, Long-Term Debt 2016 Credit Agreement - Revolver $ — $ 20,000 2016 Credit Agreement - Term Loan — 19,506 2018 Credit Agreement - Revolver 2,000 — 2018 Credit Agreement - Term Loan 43,399 — Total credit facility debt 45,399 39,506 Less: Unamortized debt issue costs (2,000 ) (168 ) Unamortized debt discount (1,447 ) — Total credit facility debt, less unamortized debt issuance costs 41,952 39,338 Current portion of credit facility debt — 39,338 Credit facility debt, less current portion $ 41,952 $ — 2018 Credit Agreement On December 13, 2018 , the Company entered into a credit agreement (the “2018 Credit Agreement”) among the Company, the lenders from time to time party thereto, and MSD PCOF Partners VI, LLC (“MSD”), as Administrative Agent, pursuant to which the lenders party thereto agreed to make loans to the Company from time to time up to an aggregate principal amount of $80.0 million , consisting of a $10.0 million revolving credit facility (the “2018 Revolver”), a $10.0 million delayed draw term loan (“2018 Delayed Draw Term Loan”), and a $60.0 million term loan (the “2018 Term Loan”, and together with the 2018 Revolver and the 2018 Delayed Draw Term Loan, the “2018 Credit Facility”). The 2018 Credit Facility terminates on, and all amounts owing thereunder must be repaid on, December 13, 2023 . Borrowings under the 2018 Revolver, 2018 Delayed Draw Term Loan, and 2018 Term Loan will bear interest at the London InterBank Offered Rate plus 7.75% per annum. Interest is payable quarterly and accrues daily. Under the terms of the 2018 Credit Agreement, the maximum amount of interest payable, based on the aggregate principal amount of $80.0 million and interest rates in effect at December 13, 2018, in the next 12 months was required to be pre-funded at the closing date of the 2018 Credit Agreement. The pre-funded amount of approximately $6.9 million is recorded in Restricted cash and cash equivalents on the Company's consolidated balance sheet. The 2018 Credit Facility is subject to the following minimum amortization payments: 1st anniversary: $10.0 million ; 2nd anniversary: $10.0 million ; 3rd anniversary: $15.0 million ; and 4th anniversary: $15.0 million . The Company also pays a quarterly commitment fee based on the unused portion of the 2018 Revolver and the 2018 Delayed Draw Term Loan at 0.50% per annum. Voluntary prepayments, refinancing and asset dispositions constituting a sale of all or substantially all assets, under the 2018 Delayed Draw Term Loan and the 2018 Term Loan are subject to a make whole premium during years one and two equal to the present value of all interest otherwise owed from the date of the pre-payment through the end of year two, a 2.0% fee during year three, and a 1.0% fee during year four. Finally, the Company paid to the lenders a one-time fee in connection with the closing of the 2018 Credit Facility. Indebtedness under the 2018 Credit Facility is secured by a security interest in, among other things, all of the Company’s present and future personal property (other than certain excluded assets), all of the personal property of its guarantors (other than certain excluded assets) and all Mortgaged Property (as defined in the 2018 Credit Agreement) of the Company and its subsidiaries. The 2018 Credit Facility contains customary covenants and restrictions on the Company’s ability to engage in certain activities, including financial performance covenants, asset sales and acquisitions, and contains customary events of default. Specifically, among other things, the Company is required to maintain minimum Liquidity (as defined in the 2018 Credit Agreement) of $3.0 million as of the last day of each fiscal quarter and a minimum Asset Coverage Ratio (as defined in the 2018 Credit Agreement) of 2.50 to 1.00. As of June 5, 2019 , the Company was in full compliance with all covenants with respect to the 2018 Credit Facility. All amounts owing by the Company under the 2018 Credit Facility are guaranteed by the subsidiaries of the Company. As of June 5, 2019 , we had no amounts due within the next 12 months under the 2018 Credit Facility due to principal repayments in excess of the required minimum as of June 5, 2019. As of June 5, 2019 we had approximately $1.3 million committed under letters of credit, which is used as security for the payment of insurance obligations and are fully cash collateralized, and approximately $0.1 million in other indebtedness. As of July 15, 2019 , the Company was in compliance with all covenants under the terms of the 2018 Credit Agreement. 2016 Credit Agreement On November 8, 2016 , the Company entered into a $65.0 million Senior Secured Credit Facility with Wells Fargo Bank, National Association, as Administrative Agent and Cadence Bank, NA and Texas Capital Bank, NA, as lenders (“2016 Credit Agreement”). The 2016 Credit Agreement, prior to the amendments discussed below, was comprised of a $30.0 million 5 -year Revolver (the “Revolver”) and a $35.0 million 5 -year Term Loan (the “Term Loan”), and it also included sub-facilities for swingline loans and letters of credits. The original maturity date of the 2016 Credit Agreement was November 8, 2021 . Borrowings under the Revolver and Term Loan bore interest at 1) a base rate equal to the greater of (a) the federal funds effective rate plus one-half of 1% (the “Base Rate”), (b) prime and (c) LIBOR for an interest period of 1 month, plus, in any case, an applicable spread that ranges from 1.50% to 2.50% per annum the (“Applicable Margin”), or (2) the London InterBank Offered Rate (“LIBOR”), as adjusted for any Eurodollar reserve requirements, plus an applicable spread that ranges from 2.50% to 3.50% per annum. Borrowings under the swingline loan bore interest at the Base Rate plus the Applicable Margin. The applicable spread under each option was dependent upon certain measures of the Company’s financial performance at the time of election. Interest was payable quarterly, or in more frequent intervals if LIBOR applies. The Company was obligated to pay to the Administrative Agent for the account of each lender a quarterly commitment fee based on the average daily unused amount of the commitment of such lender, ranged from 0.30% to 0.35% per annum depending upon the Company's financial performance. The proceeds of the 2016 Credit Agreement were available for the Company to (i) pay in full all indebtedness outstanding under the 2013 Credit Agreement as of November 8, 2016 , (ii) pay fees, commissions, and expenses in connection with our repayment of the 2013 Credit Agreement, initial extensions of credit under the 2016 Credit Agreement, and (iii) for working capital and general corporate purposes of the Company. The 2016 Credit Agreement, as amended, contained the customary covenants and was secured by an all asset lien on all of the Company's real property and also included customary events of default. On December 13, 2018 , the 2016 Credit Agreement was terminated with all outstanding amounts paid in full. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Jun. 05, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation We have two active share based stock plans, the Luby's Incentive Stock Plan, as amended and restated effective December 5, 2015 (the "Employee Stock Plan") and the Nonemployee Director Stock Plan, as amended and restated effective February 9, 2018 . Both plans authorize the granting of stock options, restricted stock, and other types of awards consistent with the purpose of the plans. Of the aggregate 2.1 million shares approved for issuance under the Nonemployee Director Stock Plan, as amended, 1.5 million options, restricted stock units and restricted stock awards have been granted to date, and 0.1 million options were canceled or expired and added back into the plan, since the plan’s inception. Approximately 0.7 million shares remain available for future issuance as of June 5, 2019 . Compensation costs for share-based payment arrangements under the Nonemployee Director Stock Plan, recognized in selling, general and administrative expenses for the three quarters ended June 5, 2019 and June 6, 2018 was approximately $440 thousand and $432 thousand , respectively, and approximately $151 thousand and $111 thousand for the quarters ended June 5, 2019 and June 6, 2018 , respectively. Of the aggregate 4.1 million shares approved for issuance under the Employee Stock Plan, as amended, 7.3 million options and restricted stock units have been granted to date, and 4.1 million options and restricted stock units were canceled or expired and added back into the plan, since the plan’s inception in 2005. Approximately 0.9 million shares remain available for future issuance as of June 5, 2019 . Compensation costs for share-based payment arrangements under the Employee Stock Plan, recognized in selling, general and administrative expenses for the three quarters ended June 5, 2019 and June 6, 2018 was approximately $397 thousand and $659 thousand , respectively, and approximately $101 thousand and $204 thousand for the quarters ended June 5, 2019 and June 6, 2018 , respectively. Stock Options Stock options granted under either the Employee Stock Plan or the Nonemployee Director Stock Plan have exercise prices equal to the market price of the Company’s common stock at the date of the grant. Option awards under the Nonemployee Director Stock Plan generally vest 100% on the first anniversary of the grant date and expire ten years from the grant date. No options were granted under the Nonemployee Director Stock Plan in the three quarters ended June 5, 2019 . No options to purchase shares were outstanding under this plan as of June 5, 2019 . Options granted under the Employee Stock Plan generally vest 50% on the first anniversary date of the grant date, 25% on the second anniversary of the grant date and 25% on the third anniversary of the grant date, with all options expiring ten years from the grant date. No options were granted in the three quarters ended June 5, 2019 . Options to purchase 1,464,010 shares at option prices of $2.82 to $5.95 per share remain outstanding as of June 5, 2019 . A summary of the Company’s stock option activity for the three quarters ended June 5, 2019 is presented in the following table: Shares Under Fixed Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (Per share) (In years) (In thousands) Outstanding at August 29, 2018 1,653,414 $ 4.10 6.5 $ — Forfeited (102,102 ) 4.10 — — Expired (87,302 ) 5.54 — — Outstanding at June 5, 2019 1,464,010 $ 4.01 6.0 $ — Exercisable at June 5, 2019 1,217,957 $ 4.19 5.6 $ — The intrinsic value for stock options is defined as the difference between the current market value, or closing price on June 5, 2019 , and the grant price on the measurement dates in the table above. At June 5, 2019 , there was approximately $0.2 million of total unrecognized compensation cost related to unvested options that are expected to be recognized over a weighted-average period of 1.3 years. Restricted Stock Units Grants of restricted stock units consist of the Company’s common stock and generally vest after three years. All restricted stock units are cliff-vested. Restricted stock units are valued at the closing market price of the Company’s common stock at the date of grant. A summary of the Company’s restricted stock unit activity during the three quarters ended June 5, 2019 is presented in the following table: Restricted Stock Units Weighted Average Fair Value Weighted- Average Remaining Contractual Term (Per share) (In years) Unvested at August 29, 2018 517,291 $ 3.79 1.8 Vested (153,757 ) 4.66 — Forfeited (22,491 ) 3.60 — Unvested at June 5, 2019 341,043 $ 3.41 1.3 At June 5, 2019 , there was approximately $0.4 million of total unrecognized compensation cost related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 1.3 years. Performance Based Incentive Plan The 2018 TSR Performance Based Incentive Plan (the "2018 TSR Plan") provides for a specified number of shares of common stock under the Employee Stock Plan based on the total shareholder return ranking compared to a selection of peer companies over a three -year cycle. The grant date fair value of the 2018 TSR Plan was determined based on a Monte Carlo simulation model for the three -year period. The target number of shares for distribution at 100% of the award was 373,294 on the grant date. The 2018 TSR Plan is accounted for as an equity award since it provides for a specified number of shares. The expense for this plan year is amortized over the three -year period based on 100% target award. Non-cash compensation expense related to the Company's TSR Performance Based Incentive Plans, recorded in selling, general and administrative expenses, was approximately $355 thousand and $69 thousand in the three quarters ended June 5, 2019 and June 6, 2018 , respectively, and approximately $118 thousand and $(4) thousand for the quarters ended June 5, 2019 and June 6, 2018 , respectively. A summary of the Company’s restricted stock Performance Based Incentive Plan activity during the three quarters ended June 5, 2019 is presented in the following table: Units Weighted (Per share) Unvested at August 29, 2018 373,294 $ 3.68 Forfeited (19,864 ) 3.68 Unvested at June 5, 2019 353,430 $ 3.68 At June 5, 2019 , there was approximately $0.6 million of total unrecognized compensation cost related to 2018 TSR Performance Based Incentive Plan that is expected to be recognized over a weighted-average period of 1.2 years. Restricted Stock Awards Under the Nonemployee Director Stock Plan, directors are granted restricted stock in lieu of cash payments, for all or a portion of their compensation as directors. Directors may receive a 20% premium of additional restricted stock by opting to receive stock over a minimum required amount of stock, in lieu of cash. The number of shares granted is valued at the average of the high and low price of the Company’s stock at the date of the grant. Restricted stock awards vest when granted because they are granted in lieu of a cash payment. However, directors are restricted from selling their shares until after the third anniversary of the date of the grant. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jun. 05, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic net income per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the calculation of diluted net income per share, the basic weighted average number of shares is increased by the dilutive effect of stock options determined using the treasury stock method. Stock options excluded from the computation of net income per share for the quarter and three quarters ended June 5, 2019 include 1,464,010 shares with exercise prices exceeding market prices whose inclusion would also be anti-dilutive. The components of basic and diluted net loss per share are as follows: Quarter Ended Three Quarters Ended June 5, June 6, June 5, June 6, (12 weeks) (12 weeks) (40 weeks) (40 weeks) (In thousands, expect per share data) Numerator: Loss from continuing operations $ (5,295 ) $ (14,133 ) $ (6,139 ) $ (31,096 ) Loss from discontinued operations, net of income taxes (6 ) (463 ) (18 ) (608 ) NET LOSS $ (5,301 ) $ (14,596 ) $ (6,157 ) $ (31,704 ) Denominator: Denominator for basic earnings per share—weighted-average shares 29,874 30,005 29,732 29,863 Effect of potentially dilutive securities: Employee and non-employee stock options — — — Denominator for earnings per share assuming dilution 29,874 30,005 29,732 29,863 Loss per share from continuing operations: Basic $ (0.18 ) $ (0.47 ) $ (0.21 ) $ (1.04 ) Assuming dilution $ (0.18 ) $ (0.47 ) $ (0.21 ) $ (1.04 ) Loss per share from discontinued operations: Basic $ 0.00 $ (0.02 ) $ 0.00 $ (0.02 ) Assuming dilution $ 0.00 $ (0.02 ) $ 0.00 $ (0.02 ) Net loss per share: Basic $ (0.18 ) $ (0.49 ) $ (0.21 ) $ (1.06 ) Assuming dilution $ (0.18 ) $ (0.49 ) $ (0.21 ) $ (1.06 ) |
Shareholder Rights Plan
Shareholder Rights Plan | 9 Months Ended |
Jun. 05, 2019 | |
Equity [Abstract] | |
Shareholder Rights Plan | Shareholder Rights Plan On February 15, 2018 , the Board of Directors adopted a shareholder rights plan with a 10% triggering threshold and declared a dividend distribution of one right initially representing the right to purchase one half of a share of Luby’s common stock, upon specified terms and conditions. The rights plan was effective immediately. The Board adopted the shareholder rights plan in view of the concentrated ownership of Luby’s common stock as a means to ensure that all of Luby’s stockholders are treated equally. The shareholder rights plan is designed to limit the ability of any person or group to gain control of Luby’s without paying all of Luby’s stockholders a premium for that control. The shareholder rights plan was not adopted in response to any specific takeover bid or other plan or proposal to acquire control of Luby’s. If a person or group acquires 10% or more of the outstanding shares of Luby’s common stock (including in the form of synthetic ownership through derivative positions), each right will entitle its holder (other than such person or members of such group) to purchase, for $12 , a number of shares of Luby’s common stock having a then-current market value of twice such price. The rights plan exempts any person or group owning 10% or more ( 35.5% or more in the case of Harris J. Pappas, Christopher J. Pappas and their respective affiliates and associates) of Luby’s common stock immediately prior to the adoption of the rights plan. However, the rights will be exercisable if any such person or group acquires any additional shares of Luby’s common stock (including through derivative positions) other than as a result of equity grants made by Luby’s to its directors, officers or employees in their capacities as such. Prior to the acquisition by a person or group of beneficial ownership of 10% or more of the outstanding shares of Luby’s common stock, the rights are redeemable for 1 cent per right at the option of Luby’s Board of Directors. The dividend distribution was made on February 28, 2018 to stockholders of record on that date. Unless and until a triggering event occurs and the rights become exercisable, the rights will trade with shares of Luby’s common stock. Luby’s financial condition, operations, and earnings per share was not affected by the adoption of the shareholder rights plan. On February 11, 2019, the Board of Directors approved the first amendment to the shareholder rights plan extending the term of the shareholder rights plan to February 15, 2020. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Jun. 05, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements - to be Adopted | Recently Adopted Accounting Pronouncements We transitioned to the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”) from ASC Topic 605, Revenue Recognition and ASC Topic 953-605, Franchisors - Revenue Recognition (together, the “Previous Standards”) on August 30, 2018. Our transition to ASC 606 represents a change in accounting principle. ASC 606 eliminates industry-specific guidance and provides a single model for recognizing revenue from contracts with customers. The core principle of ASC 606 is that a reporting entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the reporting entity expects to be entitled for the exchange of those goods or services. We adopted ASC 606 using the modified retrospective method applied to contracts that were not completed at August 29, 2018. Due to the short term nature of a significant portion of our contracts with customers, we have elected to apply the practical expedients under ASC 606 to: (1) not adjust the consideration for the effects of a significant financing component, (2) recognize incremental costs of obtaining a contract as expense when incurred and (3) not disclose the value of our unsatisfied performance obligations for contracts with an original expected duration of one year or less. The adoption of ASC 606 did not have an impact on the recognition of revenues from our primary source of revenue from our Company owned restaurants (except for recognition of breakage and discounts on gift cards, as discussed below), revenues from our culinary contract services, vending revenue or ongoing franchise royalty fees, which are based on a percentage of franchisee sales. The adoption did impact the recognition of initial franchise fees and area development fees and gift card breakage. The adoption of ASC 606 requires us to recognize initial and renewal franchise and development fees on a straight-line basis over the term of the franchise agreement, which is usually 20 years . Historically, we have recognized revenue from initial franchise and development fees upon the opening of a franchised restaurant when we have completed all our material obligations and initial services. Additionally, ASC 606 requires gift card breakage to be recognized as revenue in proportion to the pattern of gift card redemptions exercised by our customers. Historically, we recorded breakage income within other (expense) income (and not within revenue) when it was deemed remote that the unused gift card balance will be redeemed. Upon adoption of ASC 606 we changed our reporting of marketing and advertising fund (“MAF”) contributions from franchisees and the related marketing and advertising expenditures. Under the Previous Standards, we did not reflect MAF contributions from franchisees and MAF expenditures in our statements of operations. Although the gross amounts of our revenues and expenses are impacted by the recognition of franchisee MAF fund contributions and related expenditures of MAF funds we manage, increases to gross revenues and expenses did not result in a material net impact to our statement of operations. Our consolidated financial statements reflect the application of ASC 606 beginning in fiscal year 2019, while our consolidated financial statements for prior periods were prepared under the guidance of the Previous Standards. The $2.5 million cumulative effect of our adoption of ASC 606 is reflected as an increase to our August 30, 2018 shareholders’ equity with a corresponding decrease to accrued expenses and other liabilities and was comprised of (1) a reduction to accrued expense and other liabilities of $3.1 million to adjust the unused gift card liability balance as if the gift card breakage guidance had been applied prior to August 30, 2018 and (2) an increase to accrued expense and other liabilities of $0.6 million to adjust the unearned franchise fees for the fees received through the end of fiscal year 2018 that would have been deferred and recognized over the term of the franchise agreement if the new guidance had been applied prior to August 30, 2018 . In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. This update provides clarification regarding how certain cash receipts and disbursements are presented and classified in the statement of cash flows. The update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. We adopted ASU 2016-15 on August 30, 2018 using the retrospective method of adoption. The adoption of this standard did not have a material impact on our consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash. This update addresses the diversity in practice on how to classify and present changes in restricted cash or restricted cash equivalents in the statement of cash flows. The update requires that a statement of cash flows explain the change during the period in restricted cash or restricted cash equivalents in addition to changes in cash and cash equivalents. Entities are also required to disclose information about the nature of the restrictions and amounts described as restricted cash and restricted cash equivalents. Also, when cash, cash equivalents, restricted cash and restricted cash equivalents are presented in more than one line on the balance sheet, an entity must reconcile these amounts to the total shown on the statement of cash flows. We adopted ASU 2016-18 effective August 30, 2018 using the retrospective method of adoption. Our adoption of ASU 2016-18 represents a change in accounting principle. Our consolidated statement of cash flow for the three quarters ended June 6, 2018 has been revised to reflect the application of ASU 2016-18. See Note 2 for the reconciliation and disclosures regarding the restrictions required by this update. The adoption of this standard did not have a material impact on our consolidated financial statements. New Accounting Pronouncements - "to be Adopted" In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Subsequently, the FASB issued ASU 2018-01, 2018-10, 2018-11, 2018-20 and 2019-01, which were targeted improvements to ASU 2016-02 (collectively, with ASU 2016-02, “ASC 842”) and provided entities with an additional (and optional) transition method to adopt the new lease standard. ASC 842 requires a lessee to recognize a liability to make lease payments and a corresponding right-of-use asset on the balance sheet, as well as provide additional disclosures about the amount, timing and uncertainty of cash flows arising from leases. ASC 842 is effective for annual and interim periods beginning after December 15, 2018. ASC 842 may be adopted using the modified retrospective method, which requires application to all comparative periods presented (the “comparative method”) or alternatively, as of the effective date of initial application without restating comparative period financial statements (the “effective date method”). We will adopt ASC 842 in the first quarter of fiscal year 2020 using the effective date method. The ASC 842 also provides several practical expedients and policies that companies may elect under either transition method. We are implementing a new lease tracking and accounting system in connection with the adoption of ASC 842. Based on a preliminary assessment, we expect that most of our operating lease commitments will be subject to the new standard and we will record operating lease liabilities and right-of-use assets upon adoption, resulting in a significant increase in the assets and liabilities on our consolidated balance sheet. We expect to elect the package of practical expedients which will allow us not to reassess previous accounting conclusions regarding lease identification and classification for existing or expired leases as of the date of adoption. We also expect to elect the short-term lease recognition exemption, which provides the option to not recognize right-of-use assets and related liabilities for leases with terms of 12 months or less. We are continuing our assessment of the other practical expedients and policy elections available under ASC 842. We are continuing our assessment of the impact of adoption, which may identify additional impacts to our consolidated financial statements. |
Subsequent Events | Subsequent Events We evaluated events subsequent to June 5, 2019 through the date the financial statements were issued to determine if the nature and significance of the events warrant inclusion in our consolidated financial statements. |
Revenue Recognition | Restaurant Sales Restaurant sales consist of sales of food and beverage products to restaurant guests at our Luby’s Cafeteria, Fuddruckers and Cheeseburger in Paradise restaurants. Revenue from restaurant sales is recognized at the point of sale and is presented net of discounts, coupons, employee meals and complimentary meals. Sales taxes that we collect and remit to the appropriate taxing authority related to these sales are excluded from revenue. We sell gift cards to our customers in our venues and through certain third-party distributors. These gift cards do not expire and do not incur a service fee on unused balances. Sales of gift cards to our restaurant customers are initially recorded as a contract liability, included in accrued expenses and other liabilities, at their expected redemption value. When gift cards are redeemed, we recognize revenue and reduce the contract liability. Discounts on gift cards sold by third parties are recorded as a reduction to accrued expenses and other liabilities and are recognized, as a reduction to revenue, over a period that approximates redemption patterns. The portion of gift cards sold to customers that are never redeemed is commonly referred to as gift card breakage. Under ASC 606 we recognize gift card breakage revenue in proportion to the pattern of gift card redemptions exercised by our customers, using an estimated breakage rate based on our historical experience. Under the Previous Standards, we recognized gift card breakage income within other (expense) income (and not within revenue) when it was deemed remote that the unused gift card balance would be redeemed. Culinary contract services revenue Our Culinary Contract Services segment provides food, beverage and catering services to our clients at their locations. Depending on the type of client and service, we are either paid directly by our client and/or directly by the customer to whom we have been provided access by our client. We typically use one of the following types of client contracts: Fee-Based Contracts. Revenue from fee-based contracts is based on our costs incurred and invoiced to the client along with the agreed management fee, which may be calculated as a fixed dollar amount or a percentage of sales or other variable measure. Some fee-based contracts entitle us to receive incentive fees based upon our performance under the contract, as measured by factors such as sales, operating costs and client satisfaction surveys. This potential incentive revenue is allocated entirely to the management services performance obligation. We recognize revenue from our management fee and payroll cost reimbursement over time as the services are performed. We recognize revenue from our food and 3 rd party purchases reimbursement at the point in time when the vendor delivers the goods or performs the services. Profit and Loss Contracts. Revenue from profit and loss contracts consist primarily of sales made to consumers, typically with little or no subsidy charged to clients. Revenue is recognized at the point of sale to the consumer. Sales taxes that we collect and remit to the appropriate taxing authority related to these sales are excluded from revenue. As part of client contracts, we sometimes make payments to clients, such as concession rentals, vending commissions and profit share. These payments are accounted for as operating costs when incurred. Revenue from the sale of frozen foods includes royalty fees based on a percentage of frozen food sales and is recognized at the point in time when product is delivered by our contracted manufacturers to the retail outlet. Franchise revenues Franchise revenues consist primarily of royalties, marketing and advertising fund (“MAF”) contributions, initial and renewal franchise fees, and upfront fees from area development agreements related to our Fuddruckers restaurant brand. Our performance obligations under franchise agreements consist of: (1) a franchise license, including a license to use our brand and MAF management, (2) pre-opening services, such as training and inspections and (3) ongoing services, such as development of training materials and menu items as well as restaurant monitoring and inspections. These performance obligations are highly interrelated, so we do not consider them to be individually distinct. We account for them under ASC 606 as a single performance obligation, which is satisfied over time by providing a right to use our intellectual property over the term of each franchise agreement. Royalties, including franchisee MAF contributions, are calculated as a percentage of franchise restaurant sales. MAF contributions paid by franchisees are used for the creation and development of brand advertising, marketing and public relations, merchandising research and related programs, activities and materials. The initial franchisee fee is payable upon execution of the franchise agreement and the renewal fee is due and payable at the expiration of the initial term of the franchise agreement. Our franchise agreement royalties, including advertising fund contributions, represent sales-based royalties that are related entirely to our performance obligation under the franchise agreement and are recognized as franchise sales occur. Initial and renewal franchise fees and area development fees are recognized as revenue over the term of the respective agreement. Area development fees are not distinct from franchise fees, so upfront fees paid by franchisees for exclusive development rights are deferred and apportioned to each franchise restaurant opened by the franchisee. The pro-rata amount apportioned to each restaurant is accounted for as an initial franchise fee. Under the Previous Standards, initial franchise fees and area development fees were recognized as revenue when the related restaurant commenced operations and we completed all material pre-opening services and conditions. Renewal franchise fees were recognized as revenue upon execution of a new franchise agreement. MAF contributions from franchisees and the related MAF expenditures were accounted for on a net basis in our consolidated balance sheets. Revenue from vending machine sales is recorded at the point in time when the sale occurs. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 9 Months Ended |
Jun. 05, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: June 5, August 29, (in thousands) Cash and cash equivalents $ 3,193 $ 3,722 Restricted cash and cash equivalents 9,588 — Total cash and cash equivalents shown in the statement of cash flows $ 12,781 $ 3,722 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows: June 5, August 29, (in thousands) Cash and cash equivalents $ 3,193 $ 3,722 Restricted cash and cash equivalents 9,588 — Total cash and cash equivalents shown in the statement of cash flows $ 12,781 $ 3,722 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Jun. 05, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Asset and Liabilities | The following table reflects the change in contract liabilities between the date of adoption ( August 30, 2018 ) and June 5, 2019 : Gift Cards, net of discounts Franchise Fees (In thousands) Balance at August 30, 2018 $ 2,707 $ 1,891 Revenue recognized that was included in the contract liability balance at the beginning of the year (1,163 ) (512 ) Increase (decrease), net of amounts recognized as revenue during the period 1,514 (40 ) Balance at June 5, 2019 $ 3,058 $ 1,339 |
Remaining Performance Obligations | The following table illustrates the estimated revenues expected to be recognized in the future related to our deferred franchise fees that are unsatisfied (or partially unsatisfied) as of June 5, 2019 (in thousands): Franchise Fees (In thousands) Remainder of fiscal 2019 $ 9 Fiscal 2020 40 Fiscal 2021 40 Fiscal 2022 39 Fiscal 2023 39 Thereafter 401 Total operating franchise restaurants $ 568 Franchise restaurants not yet opened (1) 771 Total $ 1,339 (1) Amortization of the deferred franchise fees will begin when the restaurant commences operations and revenue will be recognized straight-line over the franchise term (which is typically 20 years ). If the franchise agreement is terminated, the deferred franchise fee will be recognized in full in the period of termination. |
Reportable Segments (Tables)
Reportable Segments (Tables) | 9 Months Ended |
Jun. 05, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The table on the following page shows segment financial information. The table also lists total assets for each reportable segment. Corporate assets include cash and cash equivalents, restricted cash, property and equipment, assets related to discontinued operations, property held for sale, deferred tax assets, and prepaid expenses. Quarter Ended Three Quarters Ended June 5, June 6, June 5, June 6, (12 weeks) (12 weeks) (40 weeks) (40 weeks) (In thousands) Sales: Company-owned restaurants (1) $ 65,713 $ 77,921 $ 222,371 $ 257,149 Culinary contract services 7,571 6,639 24,610 19,413 Franchise operations 1,482 1,444 5,126 4,732 Total $ 74,766 $ 86,004 $ 252,107 $ 281,294 Segment level profit: Company-owned restaurants $ 6,706 $ 6,642 $ 22,938 $ 23,469 Culinary contract services 780 535 2,286 1,300 Franchise operations 1,152 1,103 4,277 3,534 Total $ 8,638 $ 8,280 $ 29,501 $ 28,303 Depreciation and amortization: Company-owned restaurants $ 2,498 $ 3,381 $ 9,502 $ 11,155 Culinary contract services 25 18 70 54 Franchise operations 177 178 590 592 Corporate 227 473 890 1,601 Total $ 2,927 $ 4,050 $ 11,052 $ 13,402 Capital expenditures: Company-owned restaurants $ 991 $ 3,152 $ 2,553 $ 9,569 Culinary contract services 12 55 22 185 Corporate 82 493 291 1,976 Total $ 1,085 $ 3,700 $ 2,866 $ 11,730 Loss before income taxes and discontinued operations Segment level profit $ 8,638 $ 8,280 $ 29,501 $ 28,303 Opening costs (6 ) (85 ) (49 ) (490 ) Depreciation and amortization (2,927 ) (4,050 ) (11,052 ) (13,402 ) Selling, general and administrative expenses (9,426 ) (8,507 ) (29,666 ) (29,219 ) Provision for asset impairments and restaurant closings (675 ) (4,464 ) (3,097 ) (6,716 ) Net gain (loss) on disposition of property and equipment 434 (154 ) 12,935 (172 ) Interest income 11 1 30 12 Interest expense (1,324 ) (1,042 ) (4,593 ) (2,235 ) Other income, net 112 9 198 317 Loss before income taxes and discontinued operations $ (5,163 ) $ (10,012 ) $ (5,793 ) $ (23,602 ) June 5, August 29, Total assets: (in thousands) Company-owned restaurants (2) $ 148,800 $ 152,281 Culinary contract services 7,033 4,569 Franchise operations (2) 10,263 10,212 Corporate 25,970 32,927 Total $ 192,066 $ 199,989 (1) Includes vending revenue of approximately $102 thousand and $118 thousand for the quarter ended June 5, 2019 and June 6, 2018 , respectively, and amortization of discounts on gift cards sold partially offset by gift card breakage of approximately $131 thousand in the quarter ended June 5, 2019 . Includes vending revenue of approximately $292 thousand and $412 thousand for the three quarters ended June 5, 2019 and June 6, 2018 , respectively, and amortization of discounts on gift cards sold partially offset by gift card breakage of approximately $375 thousand in the three quarters ended June 5, 2019 . (2) Company-owned restaurants segment includes $7.7 million of Fuddruckers trade name, Cheeseburger in Paradise liquor licenses, and Jimmy Buffett intangibles. Franchise operations segment includes approximately $9.4 million in royalty intangib |
Reconciliation of Assets from Segment to Consolidated | June 5, August 29, Total assets: (in thousands) Company-owned restaurants (2) $ 148,800 $ 152,281 Culinary contract services 7,033 4,569 Franchise operations (2) 10,263 10,212 Corporate 25,970 32,927 Total $ 192,066 $ 199,989 (1) Includes vending revenue of approximately $102 thousand and $118 thousand for the quarter ended June 5, 2019 and June 6, 2018 , respectively, and amortization of discounts on gift cards sold partially offset by gift card breakage of approximately $131 thousand in the quarter ended June 5, 2019 . Includes vending revenue of approximately $292 thousand and $412 thousand for the three quarters ended June 5, 2019 and June 6, 2018 , respectively, and amortization of discounts on gift cards sold partially offset by gift card breakage of approximately $375 thousand in the three quarters ended June 5, 2019 . (2) Company-owned restaurants segment includes $7.7 million of Fuddruckers trade name, Cheeseburger in Paradise liquor licenses, and Jimmy Buffett intangibles. Franchise operations segment includes approximately $9.4 million in royalty intangib |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 05, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Recurring fair value measurements related to assets are presented below: Fair Value June 5, 2019 Quoted Significant Significant Valuation Method Recurring Fair Value - Assets (In thousands) Continuing Operations: Derivative - Interest Rate Swap (1) $ — $ — $ — $ — (1) The Company terminated its interest rate swap in the first quarter of fiscal 2019 and received cash proceeds of approximately $0.3 million which is recorded in other income. Fair Value Measurement Using June 6, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation Method Recurring Fair Value - Assets (In thousands) Continuing Operations: Derivative - Interest Rate Swap (1) $ 435 — $ 435 — Discounted Cash Flow (1) The fair value of the interest rate swap was recorded in other assets on our consolidated balance sheet. |
Fair Value, Liabilities Measured on Recurring Basis | Recurring fair value measurements related to liabilities are presented below: Fair Value June 5, 2019 Quoted Significant Significant Valuation Method Recurring Fair Value - Liabilities (In thousands) Continuing Operations: TSR Performance Based Incentive Plan (1) $ — $ — $ — $ — Monte Carlo Simulation (1) The fair value of the Company's 2017 Performance Based Incentive Plan liabilities was zero . Fair Value June 6, 2018 Quoted Significant Significant Valuation Method Recurring Fair Value - Liabilities (In thousands) Continuing Operations: TSR Performance Based Incentive Plan (1) $ 229 $ — $ 229 $ — Monte Carlo Simulation Total liabilities at Fair Value $ 229 $ — $ 229 $ — (1) The fair value of the Company's 2016 and 2017 Performance Based Incentive Plan liabilities were approximately $167 thousand and $62 thousand , respectively, and was recorded in other liabilities on our consolidated balance sheet. |
Fair Value Measurements, Nonrecurring | Non-recurring fair value measurements related to impaired property held for sale and property and equipment consisted of the following: Fair Value Measurement Using June 5, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Impairments (3) Nonrecurring Fair Value Measurements (In thousands) Continuing Operations Property held for sale (1) $ 8,030 $ — $ — $ 8,030 $ (70 ) Property and equipment related to company-owned restaurants (2) 704 — — 704 (3,476 ) Total Nonrecurring Fair Value Measurements $ 8,734 $ — $ — $ 8,734 $ (3,546 ) Discontinued Operations Property held for sale (5) $ — $ — $ — $ — $ — (1) In accordance with Subtopic 360-10, long-lived assets held for sale with a carrying value of approximately $8.1 million were written down to their fair value, less cost to sell, of approximately $8.0 million , resulting in an impairment charge of approximately $0.1 million . (2) In accordance with Subtopic 360-10, long-lived assets held and used with a carrying value of approximately $4.2 million were written down to their fair value of approximately $0.7 million , resulting in an impairment charge of approximately $3.5 million . (3) Total impairments for continuing operations are included in provision for asset impairments and restaurant closings in our consolidated statement of operations for the three quarters ended June 5, 2019 . Fair Value Measurement Using June 6, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Impairments (4) Nonrecurring Fair Value Measurements (In thousands) Continuing Operations Property held for sale (1) $ 9,074 $ — $ — $ 9,074 $ (2,808 ) Property and equipment related to company-owned restaurants (2) 1,519 — — 1,519 (2,721 ) Goodwill (3) — — — — (513 ) Total Nonrecurring Fair Value Measurements $ 10,593 $ — $ — $ 10,593 $ (6,042 ) Discontinued Operations Property held for sale (5) $ 1,800 $ — $ — $ 1,800 $ (100 ) (1) In accordance with Subtopic 360-10, long-lived assets held for sale with a carrying value of approximately $12.9 million were written down to their fair value, less approximately $1.0 million net proceeds on sales, of approximately $9.1 million , resulting in an impairment charge of approximately $2.8 million . (2) In accordance with Subtopic 360-10, long-lived assets held and used with a carrying amount of approximately $4.2 million were written down to their fair value of approximately $1.5 million , resulting in an impairment charge of approximately $2.7 million . (3) In accordance with Subtopic 350-20, goodwill with a carrying value of approximately $513 thousand was written down to zero , resulting in an impairment charge of approximately $513 thousand . (4) Total impairments are included in provision for asset impairments and restaurant closings in our unaudited consolidated statement of operations for the three quarters ended June 6, 2018 . (5) In accordance with Subtopic 205-20, discontinued operations held for sale with a carrying value of approximately $1.9 million were written down to their fair value , less costs to sell, of approximately $1.8 million , resulting in an impairment charge of approximately $0.1 million . This charge is included in loss from discontinued operations, net of income on our unaudited consolidated statement of operations for the three quarters ended June 6, 2018 . |
Property and Equipment, Intan_2
Property and Equipment, Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Jun. 05, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property Equipment Intangible Assets and Goodwill Disclosure | The costs, net of impairment, and accumulated depreciation of property and equipment at June 5, 2019 and August 29, 2018 , together with the related estimated useful lives used in computing depreciation and amortization, were as follows: June 5, August 29, Estimated Useful Lives (years) (In thousands) Land $ 46,336 $ 46,817 — Restaurant equipment and furnishings 70,181 69,678 3 to 15 Buildings 129,866 131,557 20 to 33 Leasehold and leasehold improvements 23,229 27,172 Lesser of lease term or estimated useful life Office furniture and equipment 3,405 3,596 3 to 10 273,017 278,820 Less accumulated depreciation and amortization (145,828 ) (140,533 ) Property and equipment, net $ 127,189 $ 138,287 Intangible assets, net $ 17,105 $ 18,179 15 to 21 |
Schedule of Intangible Assets and Goodwill | The following table presents intangible assets as of June 5, 2019 and August 29, 2018 : June 5, 2019 August 29, 2018 (1) (In thousands) (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets Subject to Amortization: Fuddruckers trade name and franchise agreements $ 29,486 $ (12,429 ) $ 17,057 $ 29,701 $ (11,653 ) $ 18,048 Cheeseburger in Paradise trade name and license agreements 146 (98 ) 48 206 (75 ) 131 Intangible assets, net $ 29,632 $ (12,527 ) $ 17,105 $ 29,907 $ (11,728 ) $ 18,179 (1) The amounts as of August 29, 2018 reflect a reclassification of amounts from the Cheeseburger in Paradise trade name and license agreements to the Fuddruckers trade name and franchise agreements lines on the table, netting to approximately $88 thousand . |
Impairment of Long-Lived Asse_2
Impairment of Long-Lived Assets, Discontinued Operations, Property Held for Sale and Store Closings (Tables) | 9 Months Ended |
Jun. 05, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Restructuring and Asset Impairment Charges | We recognized the following impairment charges to income from operations: Three Quarters Ended June 5, June 6, (40 weeks) (40 weeks) (In thousands, except per share data) Provision for asset impairments and restaurant closings $ 3,097 $ 6,716 Net loss (gain) on disposition of property and equipment (12,935 ) 172 $ (9,838 ) $ 6,888 Effect on EPS: Basic $ 0.33 $ (0.23 ) Assuming dilution $ 0.33 $ (0.23 ) |
Schedule of Discontinued Operations | The following table sets forth the sales and pretax losses reported from discontinued operations: Three Quarters Ended June 5, June 6, (40 weeks) (40 weeks) (In thousands) Sales $ — $ — Pretax loss $ (18 ) $ (73 ) Income tax expense from discontinued operations — (535 ) Loss from discontinued operations, net of income taxes $ (18 ) $ (608 ) The following table summarizes discontinued operations for the three quarters of fiscal 2019 and 2018 : Three Quarters Ended June 5, June 6, (40 weeks) (40 weeks) (In thousands, except per share data) Discontinued operating loss $ (18 ) $ (14 ) Impairments — (59 ) Pretax loss (18 ) (73 ) Income tax expense from discontinued operations — (535 ) Loss from discontinued operations, net of income taxes $ (18 ) $ (608 ) Effect on EPS from discontinued operations—basic $ (0.00 ) $ (0.02 ) The following table sets forth the assets and liabilities for all discontinued operations: June 5, August 29, (In thousands) Property and equipment $ 1,813 $ 1,813 Assets related to discontinued operations—non-current $ 1,813 $ 1,813 Accrued expenses and other liabilities $ 9 $ 14 Liabilities related to discontinued operations—current $ 9 $ 14 Other liabilities $ 16 $ 16 Liabilities related to discontinued operations—non-current $ 16 $ 16 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Jun. 05, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes credit facility debt, less current portion at June 5, 2019 and August 29, 2018 : June 5, August 29, Long-Term Debt 2016 Credit Agreement - Revolver $ — $ 20,000 2016 Credit Agreement - Term Loan — 19,506 2018 Credit Agreement - Revolver 2,000 — 2018 Credit Agreement - Term Loan 43,399 — Total credit facility debt 45,399 39,506 Less: Unamortized debt issue costs (2,000 ) (168 ) Unamortized debt discount (1,447 ) — Total credit facility debt, less unamortized debt issuance costs 41,952 39,338 Current portion of credit facility debt — 39,338 Credit facility debt, less current portion $ 41,952 $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Jun. 05, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the Company’s stock option activity for the three quarters ended June 5, 2019 is presented in the following table: Shares Under Fixed Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value (Per share) (In years) (In thousands) Outstanding at August 29, 2018 1,653,414 $ 4.10 6.5 $ — Forfeited (102,102 ) 4.10 — — Expired (87,302 ) 5.54 — — Outstanding at June 5, 2019 1,464,010 $ 4.01 6.0 $ — Exercisable at June 5, 2019 1,217,957 $ 4.19 5.6 $ — |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of the Company’s restricted stock unit activity during the three quarters ended June 5, 2019 is presented in the following table: Restricted Stock Units Weighted Average Fair Value Weighted- Average Remaining Contractual Term (Per share) (In years) Unvested at August 29, 2018 517,291 $ 3.79 1.8 Vested (153,757 ) 4.66 — Forfeited (22,491 ) 3.60 — Unvested at June 5, 2019 341,043 $ 3.41 1.3 |
Schedule of Nonvested Performance-based Units Activity | A summary of the Company’s restricted stock Performance Based Incentive Plan activity during the three quarters ended June 5, 2019 is presented in the following table: Units Weighted (Per share) Unvested at August 29, 2018 373,294 $ 3.68 Forfeited (19,864 ) 3.68 Unvested at June 5, 2019 353,430 $ 3.68 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jun. 05, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The components of basic and diluted net loss per share are as follows: Quarter Ended Three Quarters Ended June 5, June 6, June 5, June 6, (12 weeks) (12 weeks) (40 weeks) (40 weeks) (In thousands, expect per share data) Numerator: Loss from continuing operations $ (5,295 ) $ (14,133 ) $ (6,139 ) $ (31,096 ) Loss from discontinued operations, net of income taxes (6 ) (463 ) (18 ) (608 ) NET LOSS $ (5,301 ) $ (14,596 ) $ (6,157 ) $ (31,704 ) Denominator: Denominator for basic earnings per share—weighted-average shares 29,874 30,005 29,732 29,863 Effect of potentially dilutive securities: Employee and non-employee stock options — — — Denominator for earnings per share assuming dilution 29,874 30,005 29,732 29,863 Loss per share from continuing operations: Basic $ (0.18 ) $ (0.47 ) $ (0.21 ) $ (1.04 ) Assuming dilution $ (0.18 ) $ (0.47 ) $ (0.21 ) $ (1.04 ) Loss per share from discontinued operations: Basic $ 0.00 $ (0.02 ) $ 0.00 $ (0.02 ) Assuming dilution $ 0.00 $ (0.02 ) $ 0.00 $ (0.02 ) Net loss per share: Basic $ (0.18 ) $ (0.49 ) $ (0.21 ) $ (1.06 ) Assuming dilution $ (0.18 ) $ (0.49 ) $ (0.21 ) $ (1.06 ) |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 05, 2019 | Aug. 30, 2018 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Franchise agreement term | 20 years | |
Cumulative effect of accounting changes from the adoption of ASC Topic 606 | $ 2,479 | |
Accounting Standards Update 2014-09 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Cumulative effect of accounting changes from the adoption of ASC Topic 606 | 2,500 | |
Accounting Standards Update 2014-09 - Gift Card Breakage | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Cumulative effect of accounting changes from the adoption of ASC Topic 606 | 3,100 | |
Accounting Standards Update 2014-09 - Franchise Fees | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Cumulative effect of accounting changes from the adoption of ASC Topic 606 | $ (600) |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 05, 2019 | Aug. 29, 2018 | Jun. 06, 2018 | Aug. 30, 2017 |
Cash and Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 3,193 | $ 3,722 | ||
Restricted cash and cash equivalents | 9,588 | 0 | ||
Total cash and cash equivalents shown in the statement of cash flows | $ 12,781 | $ 3,722 | $ 1,509 | $ 1,096 |
Revenue Recognition - Contract
Revenue Recognition - Contract Liabilities (Details) $ in Thousands | 9 Months Ended |
Jun. 05, 2019USD ($) | |
Gift Cards, net of discounts | |
Revenue From Contract With Customer, Contract Liability [Roll Forward] | |
Contract liability, beginning of period | $ 2,707 |
Revenue recognized that was included in the contract liability balance at the beginning of the year | (1,163) |
Increase (decrease), net of amounts recognized as revenue during the period | 1,514 |
Contract liability, end of period | 3,058 |
Franchise Fees | |
Revenue From Contract With Customer, Contract Liability [Roll Forward] | |
Contract liability, beginning of period | 1,891 |
Revenue recognized that was included in the contract liability balance at the beginning of the year | (512) |
Increase (decrease), net of amounts recognized as revenue during the period | (40) |
Contract liability, end of period | $ 1,339 |
Revenue Recognition - Performan
Revenue Recognition - Performance Obligations (Details) $ in Thousands | 9 Months Ended |
Jun. 05, 2019USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Revenue, performance obligation, amount | $ 1,339 |
Total operating franchise restaurants | 568 |
Franchise restaurants not yet opened | $ 771 |
Franchise agreement term | 20 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-06-06 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, performance obligation, amount | $ 9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, performance obligation, period | 84 days |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-08-29 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, performance obligation, amount | $ 40 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-08-27 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, performance obligation, amount | $ 40 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-08-26 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, performance obligation, amount | $ 39 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-09-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, performance obligation, amount | $ 39 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-08-31 | |
Revenue from Contract with Customer [Abstract] | |
Revenue, performance obligation, amount | $ 401 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, performance obligation, period |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 05, 2019 | Jun. 06, 2018 | Jun. 05, 2019 | Jun. 06, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 74,766 | $ 86,004 | $ 252,107 | $ 281,294 |
Satisfied over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 5,400 | 17,700 | ||
Satisfied at point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 69,400 | $ 234,400 |
Reportable Segments - Narrative
Reportable Segments - Narrative (Details) | 9 Months Ended | ||
Jun. 05, 2019managercontractsegmentrestaurant | Jan. 31, 2019restaurant | Aug. 29, 2018contractrestaurant | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 3 | ||
Licensee | |||
Segment Reporting Information [Line Items] | |||
Number of restaurants | 33 | ||
Company-owned restaurants | |||
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Number of restaurants | 130 | 146 | |
Culinary contract services | |||
Segment Reporting Information [Line Items] | |||
Number of CCS locations | contract | 32 | 28 | |
Franchise operations | |||
Segment Reporting Information [Line Items] | |||
Number of restaurants | 107 | 105 | |
Franchise term | 20 years | ||
Minimum number of managers to successfully complete training | manager | 3 |
Reportable Segments - Segment R
Reportable Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 05, 2019 | Jun. 06, 2018 | Jun. 05, 2019 | Jun. 06, 2018 | |
Sales: | ||||
Total revenue | $ 74,766 | $ 86,004 | $ 252,107 | $ 281,294 |
Segment level profit: | ||||
Segment level profit | 8,638 | 8,280 | 29,501 | 28,303 |
Depreciation and amortization: | ||||
Depreciation and amortization | 2,927 | 4,050 | 11,052 | 13,402 |
Capital expenditures: | ||||
Purchases of property and equipment | 1,085 | 3,700 | 2,866 | 11,730 |
Loss before income taxes and discontinued operations | ||||
Segment level profit | 8,638 | 8,280 | 29,501 | 28,303 |
Opening costs | (6) | (85) | (49) | (490) |
Depreciation and amortization | (2,927) | (4,050) | (11,052) | (13,402) |
Selling, general and administrative expenses | (9,426) | (8,507) | (29,666) | (29,219) |
Provision for asset impairments and restaurant closings | (675) | (4,464) | (3,097) | (6,716) |
Net gain (loss) on disposition of property and equipment | 434 | (154) | 12,935 | (172) |
Interest income | 11 | 1 | 30 | 12 |
Interest expense | (1,324) | (1,042) | (4,593) | (2,235) |
Other income, net | 112 | 9 | 198 | 317 |
Loss before income taxes and discontinued operations | (5,163) | (10,012) | (5,793) | (23,602) |
Company-owned restaurants | ||||
Sales: | ||||
Total revenue | 65,713 | 77,921 | 222,371 | 257,149 |
Segment level profit: | ||||
Segment level profit | 6,706 | 6,642 | 22,938 | 23,469 |
Loss before income taxes and discontinued operations | ||||
Segment level profit | 6,706 | 6,642 | 22,938 | 23,469 |
Culinary contract services | ||||
Sales: | ||||
Total revenue | 7,571 | 6,639 | 24,610 | 19,413 |
Segment level profit: | ||||
Segment level profit | 780 | 535 | 2,286 | 1,300 |
Loss before income taxes and discontinued operations | ||||
Segment level profit | 780 | 535 | 2,286 | 1,300 |
Franchise operations | ||||
Sales: | ||||
Total revenue | 1,482 | 1,444 | 5,126 | 4,732 |
Segment level profit: | ||||
Segment level profit | 1,152 | 1,103 | 4,277 | 3,534 |
Loss before income taxes and discontinued operations | ||||
Segment level profit | 1,152 | 1,103 | 4,277 | 3,534 |
Operating Segments | Company-owned restaurants | ||||
Depreciation and amortization: | ||||
Depreciation and amortization | 2,498 | 3,381 | 9,502 | 11,155 |
Capital expenditures: | ||||
Purchases of property and equipment | 991 | 3,152 | 2,553 | 9,569 |
Loss before income taxes and discontinued operations | ||||
Depreciation and amortization | (2,498) | (3,381) | (9,502) | (11,155) |
Operating Segments | Culinary contract services | ||||
Depreciation and amortization: | ||||
Depreciation and amortization | 25 | 18 | 70 | 54 |
Capital expenditures: | ||||
Purchases of property and equipment | 12 | 55 | 22 | 185 |
Loss before income taxes and discontinued operations | ||||
Depreciation and amortization | (25) | (18) | (70) | (54) |
Operating Segments | Franchise operations | ||||
Depreciation and amortization: | ||||
Depreciation and amortization | 177 | 178 | 590 | 592 |
Loss before income taxes and discontinued operations | ||||
Depreciation and amortization | (177) | (178) | (590) | (592) |
Corporate | ||||
Depreciation and amortization: | ||||
Depreciation and amortization | 227 | 473 | 890 | 1,601 |
Capital expenditures: | ||||
Purchases of property and equipment | 82 | 493 | 291 | 1,976 |
Loss before income taxes and discontinued operations | ||||
Depreciation and amortization | (227) | (473) | (890) | (1,601) |
Vending revenue | ||||
Sales: | ||||
Total revenue | 102 | $ 118 | 292 | $ 412 |
Gift Cards, net of discounts | ||||
Loss before income taxes and discontinued operations | ||||
Amortization of discounts, net of gift card breakage | $ 131 | $ 375 |
Reportable Segments - Segment A
Reportable Segments - Segment Assets (Details) - USD ($) $ in Thousands | Jun. 05, 2019 | Aug. 29, 2018 |
ASSETS | ||
Total assets | $ 192,066 | $ 199,989 |
Finite-lived intangible assets | 29,632 | 29,907 |
Operating Segments | Company-owned restaurants | ||
ASSETS | ||
Total assets | 148,800 | 152,281 |
Operating Segments | Company-owned restaurants | Fuddruckers Trade Name Cheeseburger In Paradise Liquor Licenses And Jimmy Buffet Intangibles | ||
ASSETS | ||
Finite-lived intangible assets | 7,700 | 7,800 |
Operating Segments | Culinary contract services | ||
ASSETS | ||
Total assets | 7,033 | 4,569 |
Operating Segments | Franchise operations | ||
ASSETS | ||
Total assets | 10,263 | 10,212 |
Operating Segments | Franchise operations | Royalty Intangibles | ||
ASSETS | ||
Finite-lived intangible assets | 9,400 | 9,500 |
Corporate | ||
ASSETS | ||
Total assets | $ 25,970 | $ 32,927 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Details) - Interest Rate Swap - Not Designated as Hedging Instrument - USD ($) $ in Millions | Dec. 14, 2016 | Dec. 19, 2018 | Jun. 05, 2019 | Jun. 06, 2018 |
Derivative [Line Items] | ||||
Derivative, constant notional amount | $ 17.5 | |||
Derivative, fixed interest rate | 1.965% | |||
Derivative, term of contract | 5 years | |||
Derivative, gain (loss) on derivative, net | $ (0.1) | $ 0.7 | ||
Proceeds from termination of derivative instrument | $ 0.3 |
Fair Value Measurements - Recur
Fair Value Measurements - Recurring Fair Value Measurements Related to Assets (Details) - USD ($) $ in Thousands | 4 Months Ended | |||
Dec. 19, 2018 | Jun. 05, 2019 | Aug. 29, 2018 | Jun. 06, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total credit facility debt, less unamortized debt issuance costs | $ 41,952 | $ 39,338 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative - Interest Rate Swap, Asset | 0 | $ 435 | ||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative - Interest Rate Swap, Asset | 0 | 0 | ||
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative - Interest Rate Swap, Asset | 0 | 435 | ||
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative - Interest Rate Swap, Asset | $ 0 | $ 0 | ||
Interest Rate Swap | Not Designated as Hedging Instrument | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Proceeds from termination of derivative instrument | $ 300 |
Fair Value Measurements - Rec_2
Fair Value Measurements - Recurring Fair Value Measurements Related to Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) | Jun. 05, 2019 | Jun. 06, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
TSR Performance Based Incentive Plan | $ 0 | $ 229,000 |
Total liabilities at Fair Value | 229,000 | |
Performance Shares | 2016 Performance Based Incentive Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
TSR Performance Based Incentive Plan | 167,000 | |
Performance Shares | 2017 Performance Based Incentive Plan | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
TSR Performance Based Incentive Plan | 0 | 62,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
TSR Performance Based Incentive Plan | 0 | 0 |
Total liabilities at Fair Value | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
TSR Performance Based Incentive Plan | 0 | 229,000 |
Total liabilities at Fair Value | 229,000 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
TSR Performance Based Incentive Plan | $ 0 | 0 |
Total liabilities at Fair Value | $ 0 |
Fair Value Measurements - Non-r
Fair Value Measurements - Non-recurring Fair Value Measurements Related to Impaired Property and Equipment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 05, 2019 | Jun. 06, 2018 | Jun. 05, 2019 | Jun. 06, 2018 | Aug. 29, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Goodwill, Total Impairments | $ 0 | $ (600,000) | |||
Total Nonrecurring Fair Value Measurements, Total Impairments | $ (675,000) | $ (4,464,000) | (3,097,000) | (6,716,000) | |
Property and equipment, net | 127,189,000 | 127,189,000 | $ 138,287,000 | ||
Continuing Operations | Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | 8,030,000 | 9,074,000 | 8,030,000 | 9,074,000 | |
Property held for sale, Total Impairments | 70,000 | 2,808,000 | |||
Property and equipment related to company-owned restaurants | 704,000 | 1,519,000 | 704,000 | 1,519,000 | |
Property and equipment related to company-owned restaurants, Total Impairments | (3,476,000) | (2,721,000) | |||
Goodwill | 0 | 0 | $ 513,000 | ||
Goodwill, Total Impairments | (513,000) | ||||
Total Nonrecurring Fair Value Measurements | 8,734,000 | 10,593,000 | 8,734,000 | 10,593,000 | |
Total Nonrecurring Fair Value Measurements, Total Impairments | (3,546,000) | (6,042,000) | |||
Property held for sale, net | 8,100,000 | 12,900,000 | 8,100,000 | 12,900,000 | |
Net proceeds from sale | 1,000,000 | ||||
Continuing Operations | Fair Value, Measurements, Nonrecurring | Company-owned restaurants | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property and equipment related to company-owned restaurants | 700,000 | 1,500,000 | 700,000 | 1,500,000 | |
Property and equipment related to company-owned restaurants, Total Impairments | (3,500,000) | (2,700,000) | |||
Property and equipment, net | 4,200,000 | 4,200,000 | 4,200,000 | 4,200,000 | |
Continuing Operations | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | 0 | 0 | 0 | 0 | |
Property and equipment related to company-owned restaurants | 0 | 0 | 0 | 0 | |
Goodwill | 0 | 0 | |||
Total Nonrecurring Fair Value Measurements | 0 | 0 | 0 | 0 | |
Continuing Operations | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | 0 | 0 | 0 | 0 | |
Property and equipment related to company-owned restaurants | 0 | 0 | 0 | 0 | |
Goodwill | 0 | 0 | |||
Total Nonrecurring Fair Value Measurements | 0 | 0 | 0 | 0 | |
Continuing Operations | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | 8,030,000 | 9,074,000 | 8,030,000 | 9,074,000 | |
Property and equipment related to company-owned restaurants | 704,000 | 1,519,000 | 704,000 | 1,519,000 | |
Goodwill | 0 | 0 | |||
Total Nonrecurring Fair Value Measurements | 8,734,000 | 10,593,000 | 8,734,000 | 10,593,000 | |
Discontinued Operations | Fair Value, Measurements, Nonrecurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | 0 | 0 | |||
Property held for sale, Total Impairments | 0 | ||||
Discontinued Operations | Fair Value, Measurements, Nonrecurring | Company-owned restaurants | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | 1,800,000 | 1,800,000 | |||
Property held for sale, Total Impairments | 100,000 | ||||
Property held for sale, net | 1,900,000 | 1,900,000 | |||
Discontinued Operations | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | 0 | 0 | |||
Discontinued Operations | Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Company-owned restaurants | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | 0 | 0 | |||
Discontinued Operations | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | 0 | 0 | |||
Discontinued Operations | Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | Company-owned restaurants | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | 0 | 0 | |||
Discontinued Operations | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | $ 0 | $ 0 | |||
Discontinued Operations | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Company-owned restaurants | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Property held for sale | $ 1,800,000 | $ 1,800,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 05, 2019 | Jun. 06, 2018 | Jun. 05, 2019 | Jun. 06, 2018 | |
Valuation Allowance [Line Items] | ||||
Effective tax rate | (2.60%) | (41.20%) | (6.00%) | (31.80%) |
Domestic Tax Authority | ||||
Valuation Allowance [Line Items] | ||||
Income taxes paid | $ 0 | $ 0 |
Property and Equipment, Intan_3
Property and Equipment, Intangible Assets and Goodwill - Property and Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 05, 2019 | Aug. 29, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 273,017 | $ 278,820 |
Less accumulated depreciation and amortization | (145,828) | (140,533) |
Property and equipment, net | 127,189 | 138,287 |
Intangible assets, net | $ 17,105 | 18,179 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Intangible assets, net, estimated useful lives | 15 years | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Intangible assets, net, estimated useful lives | 21 years | |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 46,336 | 46,817 |
Restaurant equipment and furnishings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 70,181 | 69,678 |
Restaurant equipment and furnishings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Restaurant equipment and furnishings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 15 years | |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 129,866 | 131,557 |
Buildings | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 20 years | |
Buildings | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 33 years | |
Leasehold and leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 23,229 | 27,172 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,405 | $ 3,596 |
Office furniture and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 3 years | |
Office furniture and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, estimated useful lives | 10 years |
Property and Equipment, Intan_4
Property and Equipment, Intangible Assets and Goodwill - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||||
Mar. 13, 2019USD ($) | Mar. 13, 2019USD ($)properties | Mar. 13, 2019USD ($)property | Mar. 13, 2019USD ($) | Jun. 05, 2019USD ($) | Jun. 06, 2018USD ($) | Aug. 29, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||
Number of properties sold, previously included In asset sales program | 2 | 2 | |||||
Sale leaseback net sales price | $ 19,600,000 | ||||||
Total net gain on leaseback sale | $ 15,300,000 | $ 15,300,000 | $ 15,300,000 | 15,300,000 | |||
Amortization of intangible assets | $ 1,000,000 | $ 1,100,000 | |||||
Intangible assets amortization expense, 2019 | 1,400,000 | ||||||
Intangible assets amortization expense, 2020 | 1,400,000 | ||||||
Intangible assets amortization expense, 2021 | 1,400,000 | ||||||
Intangible assets amortization expense, 2022 | 1,400,000 | ||||||
Intangible assets amortization expense, 2023 | 1,400,000 | ||||||
Goodwill, accumulated impairment loss | 1,900,000 | $ 1,900,000 | |||||
Goodwill | 555,000 | $ 555,000 | |||||
Goodwill, impairment charges | $ 0 | 600,000 | |||||
Fuddruckers Brand Name | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Intangible assets, net, estimated useful lives | 21 years | ||||||
Franchise Rights | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Intangible assets, net, estimated useful lives | 21 years | ||||||
Intangible Assets Related to Cheeseburger in Paradise | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Intangible assets, net, estimated useful lives | 15 years | ||||||
Sale Leaseback Property One | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Leaseback period | 36 months | ||||||
Leaseback, annual rental payments | 450,000 | ||||||
Sale Leaseback Property Two | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Leaseback period | 60 months | ||||||
Leaseback, annual rental payments | 295,000 | ||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Gain (loss) on disposal of assets | $ 12,900,000 | $ 13,100,000 | $ 300,000 |
Property and Equipment, Intan_5
Property and Equipment, Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 05, 2019 | Aug. 29, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 29,632 | $ 29,907 |
Accumulated Amortization | (12,527) | (11,728) |
Net Carrying Amount | 17,105 | 18,179 |
Fuddruckers trade name and franchise agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 29,486 | 29,701 |
Accumulated Amortization | (12,429) | (11,653) |
Net Carrying Amount | 17,057 | 18,048 |
Cheeseburger in Paradise trade name and license agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 146 | 206 |
Accumulated Amortization | (98) | (75) |
Net Carrying Amount | $ 48 | 131 |
Adjustment | Fuddruckers trade name and franchise agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ (88) |
Impairment of Long-Lived Asse_3
Impairment of Long-Lived Assets, Discontinued Operations, Property Held for Sale and Store Closings - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 05, 2019USD ($)locationpropertyrestaurant | Mar. 13, 2019USD ($) | Jun. 06, 2018USD ($)property | Nov. 18, 2009location | Jun. 05, 2019USD ($)locationpropertyrestaurantjoint_ventures | Jun. 06, 2018USD ($)locationproperty | Aug. 29, 2018USD ($)propertyrestaurant | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | $ 675 | $ 4,464 | $ 3,097 | $ 6,716 | |||
Net gain (loss) on disposition of property and equipment | 434 | $ (154) | 12,935 | (172) | |||
Accrued lease termination expense | $ 1,700 | $ 1,700 | $ 2,100 | ||||
Company-owned restaurants | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of restaurants | restaurant | 130 | 130 | 146 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operation | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | $ 3,097 | $ 6,716 | |||||
Number of restaurants with impaired assets | location | 9 | 10 | |||||
Number of restaurants with impaired assets on international joint venture | location | 6 | ||||||
Number of International Joint Ventures | joint_ventures | 1 | ||||||
Number of restaurants with impaired goodwill | location | 3 | ||||||
Lease termination costs | $ 700 | ||||||
Number of restaurants with lease termination costs | location | 5 | ||||||
Net gain (loss) on disposition of property and equipment | $ 12,935 | $ (172) | |||||
Number of leaseback properties | restaurant | 2 | ||||||
Number of underdeveloped properties | restaurant | 1 | ||||||
Number of restaurants related to asset retirements | location | 6 | ||||||
Discontinued Operations, Held-for-sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of restaurants | property | 1 | 10 | 1 | 10 | |||
Discontinued Operations, Held-for-sale | Company-owned restaurants | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Property and equipment | $ 1,800 | $ 1,800 | |||||
Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of restaurants | property | 1 | 1 | |||||
Property and equipment | $ 1,813 | $ 1,813 | $ 1,813 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of restaurants | restaurant | 2 | ||||||
Assets of disposal group, number | property | 13 | 15 | |||||
Property held for sale | $ 15,100 | $ 15,100 | $ 19,500 | ||||
Pretax profit (loss) for the disposal group of locations | 13,100 | $ 900 | $ (1,200) | ||||
Gain (loss) on disposal of assets | $ 12,900 | 13,100 | $ 300 | ||||
Number of owned properties with multiple restaurants | property | 1 | ||||||
Discontinued Operations, Disposed of by Means Other than Sale, Abandonment | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Asset impairment charges | $ (500) | ||||||
Number of restaurants | restaurant | 8 | 8 | |||||
Newer Properties | Minimum | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Time span for future cash flow | 20 years | ||||||
Newer Properties | Maximum | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Time span for future cash flow | 25 years | ||||||
Older Properties | Minimum | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Time span for future cash flow | 5 years | ||||||
Older Properties | Maximum | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Time span for future cash flow | 10 years | ||||||
Lubys Cafetria | Discontinued Operations, Held-for-sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of restaurants | location | 1 | 1 | |||||
Lubys Cafetria | Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Assets of disposal group, number | location | 24 | ||||||
Property Subject to Ground Lease | Discontinued Operations | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Property and equipment | $ 0 | $ 0 |
Impairment of Long-Lived Asse_4
Impairment of Long-Lived Assets, Discontinued Operations, Property Held for Sale and Store Closings - Impairment Charges to Income from Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 05, 2019 | Jun. 06, 2018 | Jun. 05, 2019 | Jun. 06, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Provision for asset impairments and restaurant closings | $ 675 | $ 4,464 | $ 3,097 | $ 6,716 |
Net loss (gain) on disposition of property and equipment | $ (434) | $ 154 | (12,935) | 172 |
Disposal Group, Disposed of by Sale, Not Discontinued Operation | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Provision for asset impairments and restaurant closings | 3,097 | 6,716 | ||
Net loss (gain) on disposition of property and equipment | (12,935) | 172 | ||
Total | $ (9,838) | $ 6,888 | ||
Effect on EPS: | ||||
Basic (in dollars per share) | $ 0.33 | $ (0.23) | ||
Assuming dilution (in dollars per share) | $ 0.33 | $ (0.23) |
Impairment of Long-Lived Asse_5
Impairment of Long-Lived Assets, Discontinued Operations, Property Held for Sale and Store Closings - Assets and Liabilities for All Discontinued Operations (Details) - USD ($) $ in Thousands | Jun. 05, 2019 | Aug. 29, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets related to discontinued operations—non-current | $ 1,813 | $ 1,813 |
Liabilities related to discontinued operations—current | 9 | 14 |
Liabilities related to discontinued operations—non-current | 16 | 16 |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Property and equipment | 1,813 | 1,813 |
Assets related to discontinued operations—non-current | 1,813 | 1,813 |
Accrued expenses and other liabilities | 9 | 14 |
Liabilities related to discontinued operations—current | 9 | 14 |
Other liabilities | 16 | 16 |
Liabilities related to discontinued operations—non-current | $ 16 | $ 16 |
Impairment of Long-Lived Asse_6
Impairment of Long-Lived Assets, Discontinued Operations, Property Held for Sale and Store Closings - Sales and Pretax Income (Losses) Reported for Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 05, 2019 | Jun. 06, 2018 | Jun. 05, 2019 | Jun. 06, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss from discontinued operations, net of income taxes | $ (6) | $ (463) | $ (18) | $ (608) |
Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sales | 0 | 0 | ||
Pretax loss | (18) | (73) | ||
Income tax expense from discontinued operations | 0 | (535) | ||
Loss from discontinued operations, net of income taxes | $ (18) | $ (608) |
Impairment of Long-Lived Asse_7
Impairment of Long-Lived Assets, Discontinued Operations, Property Held for Sale and Store Closings - Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 05, 2019 | Jun. 06, 2018 | Jun. 05, 2019 | Jun. 06, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss from discontinued operations, net of income taxes | $ (6) | $ (463) | $ (18) | $ (608) |
Effect on EPS from discontinued operations—basic (in dollars per share) | $ 0 | $ (0.02) | $ 0 | $ (0.02) |
Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Discontinued operating loss | $ (18) | $ (14) | ||
Impairments | 0 | (59) | ||
Pretax loss | (18) | (73) | ||
Income tax expense from discontinued operations | 0 | (535) | ||
Loss from discontinued operations, net of income taxes | $ (18) | $ (608) | ||
Effect on EPS from discontinued operations—basic (in dollars per share) | $ 0 | $ (0.02) |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 9 Months Ended |
Jun. 05, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Royalty fee percent | 2.50% |
Related Parties - Narrative (De
Related Parties - Narrative (Details) $ in Thousands | Mar. 12, 2014usd_per_square_footoption | Jun. 05, 2019USD ($)usd_per_square_footentity | Jun. 06, 2018USD ($) | Jul. 31, 2008option |
Related Party Transaction [Line Items] | ||||
Related party, ownership of common stock (greater than) | 0.05 | |||
New Lease Agreement | ||||
Related Party Transaction [Line Items] | ||||
Ownership interest | 50.00% | |||
Percent of space rented | 7.00% | |||
Lessee leasing arrangements, term of contract | 6 years | |||
Number of options to extend lease years | option | 2 | |||
Lessee leasing arrangements, renewal term | 5 years | |||
Lease annual rent payments, per square foot (in dolars per square foot) | usd_per_square_foot | 27.56 | |||
Lease Agreement Executed in 2006 | ||||
Related Party Transaction [Line Items] | ||||
Lessee leasing arrangements, term of contract | 12 years | |||
Number of options to extend lease years | option | 2 | |||
Lessee leasing arrangements, renewal term | 5 years | |||
Lease annual rent payments, per square foot (in dolars per square foot) | usd_per_square_foot | 22 | |||
Pappas Entities | ||||
Related Party Transaction [Line Items] | ||||
Number of related party entities | entity | 2 | |||
Related party transaction, amount of transaction | $ 2 | |||
Affiliated costs incurred as a percentage of relative total Company costs | 0.55% | 0.47% | ||
Rent expense | $ 454 | $ 470 | ||
Pappas Entities | Amended And Restated Master Sales Agreement | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction, amount of transaction | $ 15 | $ 31 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 05, 2019 | Aug. 29, 2018 |
Long-Term Debt | ||
Total credit facility debt | $ 45,399 | $ 39,506 |
Unamortized debt issue costs | (2,000) | (168) |
Unamortized debt discount | (1,447) | 0 |
Total credit facility debt, less unamortized debt issuance costs | 41,952 | 39,338 |
Current portion of credit facility debt | 0 | 39,338 |
Credit facility debt, less current portion | 41,952 | 0 |
2016 Credit Agreement | Term Loan | ||
Long-Term Debt | ||
Total credit facility debt | 0 | 19,506 |
2016 Credit Agreement | Revolver | ||
Long-Term Debt | ||
Total credit facility debt | 0 | 20,000 |
2018 Credit Agreement | Medium-term Notes | ||
Long-Term Debt | ||
Total credit facility debt | 43,399 | 0 |
2018 Credit Agreement | Revolver | ||
Long-Term Debt | ||
Total credit facility debt | $ 2,000 | $ 0 |
Debt - 2018 Credit Agreement (D
Debt - 2018 Credit Agreement (Details) | Dec. 13, 2018USD ($) | Dec. 13, 2022USD ($) | Dec. 13, 2021USD ($) | Dec. 13, 2020USD ($) | Dec. 13, 2019USD ($) | Jun. 05, 2019USD ($) |
Debt Instrument [Line Items] | ||||||
Letters of credit | $ 1,300,000 | |||||
Other indebtedness | 100,000 | |||||
2018 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 60,000,000 | |||||
Pre-funded amount held in restricted cash | $ 6,900,000 | |||||
Commitment fee percentage | 0.50% | |||||
Prepayment fee percentage, year three | 0.02 | |||||
Prepayment fee percentage, year four | 0.01 | |||||
Minimum liquidity covenant threshold | $ 3,000,000 | |||||
Coverage ratio | 2.50 | |||||
Medium-term Notes | 2018 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 80,000,000 | |||||
Delayed Draw Term Loan | 2018 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 10,000,000 | |||||
Revolver | Line of Credit | 2018 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 10,000,000 | |||||
LIBOR | 2018 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 7.75% | |||||
Scenario, Forecast | 2018 Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Periodic payment | $ 15,000,000 | $ 15,000,000 | $ 10,000,000 | $ 10,000,000 |
Debt - 2016 Credit Agreement (D
Debt - 2016 Credit Agreement (Details) - 2016 Credit Agreement - USD ($) | Mar. 14, 2018 | Nov. 08, 2016 |
Debt Instrument [Line Items] | ||
Debt face amount | $ 65,000,000 | |
Minimum | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.30% | |
Maximum | ||
Debt Instrument [Line Items] | ||
Commitment fee percentage | 0.35% | |
Term Loan | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 35,000,000 | |
Debt term | 5 years | |
Revolver | Base Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Revolver | Line of Credit | ||
Debt Instrument [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 30,000,000 | |
Debt term | 5 years | |
Revolver | Line of Credit | 30-Day (LIBOR) | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Revolver | Line of Credit | 30-Day (LIBOR) | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Revolver | Line of Credit | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.50% | |
Revolver | Line of Credit | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.50% |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 13 Months Ended | 42 Months Ended | ||||
Jun. 05, 2019USD ($)planshares | Jun. 06, 2018USD ($) | Jun. 05, 2019USD ($)plan$ / sharesshares | Jun. 06, 2018USD ($) | Mar. 13, 2019shares | Jun. 06, 2019shares | Aug. 29, 2018shares | Dec. 05, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of stock plans | plan | 2 | 2 | ||||||
Share-based payment award, options, forfeitures (in shares) | 102,102 | |||||||
Stock Options [Abstract] | ||||||||
Share-based payment award, options, outstanding (in shares) | 1,464,010 | 1,464,010 | 1,653,414 | |||||
Share-based payment award, compensation not yet recognized, stock options | $ | $ 200 | $ 200 | ||||||
Stock Options | ||||||||
Stock Options [Abstract] | ||||||||
Share-based payment award, compensation not yet recognized, period for recognition | 1 year 3 months 15 days | |||||||
Restricted Stock Units and Performance Based Incentive Plan [Abstract] | ||||||||
Share-based payment award, compensation not yet recognized, period for recognition | 1 year 3 months 15 days | |||||||
Restricted Stock Units (RSUs) | ||||||||
Stock Options [Abstract] | ||||||||
Share-based payment award, compensation not yet recognized, period for recognition | 1 year 3 months 11 days | |||||||
Restricted Stock Units and Performance Based Incentive Plan [Abstract] | ||||||||
Share-based payment award, award vesting period | 3 years | |||||||
Share-based payment award, compensation not yet recognized, share-based awards other than options | $ | $ 400 | $ 400 | ||||||
Share-based payment award, compensation not yet recognized, period for recognition | 1 year 3 months 11 days | |||||||
Target number of shares for distribution (in shares) | 341,043 | 341,043 | 517,291 | |||||
Performance Based Incentive Plan | ||||||||
Stock Options [Abstract] | ||||||||
Share-based payment award, compensation not yet recognized, stock options | $ | $ 600 | $ 600 | ||||||
Share-based payment award, compensation not yet recognized, period for recognition | 1 year 2 months 19 days | |||||||
Restricted Stock Units and Performance Based Incentive Plan [Abstract] | ||||||||
Share-based payment award, award vesting period | 3 years | |||||||
Share-based payment award, compensation not yet recognized, period for recognition | 1 year 2 months 19 days | |||||||
Target number of shares for distribution (in shares) | 353,430 | 353,430 | 373,294 | |||||
Selling, General and Administrative Expense | Performance Based Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | $ | $ 118 | $ (4) | $ 355 | $ 69 | ||||
Non Employee Directors Stock Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based payment award, number of shares authorized (in shares) | 2,100,000 | 2,100,000 | ||||||
Share-based payment award, shares issued (in shares) | 1,500,000 | |||||||
Share-based payment award, options, forfeitures (in shares) | 100,000 | |||||||
Share-based payment award, number of shares available for grant (in shares) | 700,000 | 700,000 | ||||||
Stock Options [Abstract] | ||||||||
Share-based payment award, expiration period | 10 years | |||||||
Share-based payment award, options, grants (in shares) | 0 | |||||||
Share-based payment award, options, outstanding (in shares) | 0 | 0 | ||||||
Restricted Stock Awards [Abstract] | ||||||||
Restricted stock and unit awards granted to named executive officers, percentage | 20.00% | |||||||
Non Employee Directors Stock Plan | First Anniversary | ||||||||
Stock Options [Abstract] | ||||||||
Share-based payment award, award vesting rights, percentage | 100.00% | |||||||
Non Employee Directors Stock Plan | Selling, General and Administrative Expense | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | $ | $ 151 | 111 | $ 440 | 432 | ||||
Employee Stock Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based payment award, number of shares authorized (in shares) | 4,100,000 | |||||||
Share-based payment award, shares issued (in shares) | 7,300,000 | |||||||
Share-based payment award, options, forfeitures (in shares) | 4,100,000 | |||||||
Share-based payment award, number of shares available for grant (in shares) | 900,000 | 900,000 | ||||||
Stock Options [Abstract] | ||||||||
Share-based payment award, expiration period | 10 years | |||||||
Share-based payment award, options, outstanding (in shares) | 1,464,010 | 1,464,010 | ||||||
Share-based payment award, exercise price range, lower range limit (in dollars per share) | $ / shares | $ 2.82 | |||||||
Share-based payment award, exercise price range, upper range limit (in dollars per share) | $ / shares | $ 5.95 | |||||||
Employee Stock Plan | First Anniversary | ||||||||
Stock Options [Abstract] | ||||||||
Share-based payment award, award vesting rights, percentage | 50.00% | |||||||
Employee Stock Plan | Second Anniversary | ||||||||
Stock Options [Abstract] | ||||||||
Share-based payment award, award vesting rights, percentage | 25.00% | |||||||
Employee Stock Plan | Third Anniversary | ||||||||
Stock Options [Abstract] | ||||||||
Share-based payment award, award vesting rights, percentage | 25.00% | |||||||
Employee Stock Plan | Selling, General and Administrative Expense | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Allocated share-based compensation expense | $ | $ 101 | $ 204 | $ 397 | $ 659 |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Jun. 05, 2019 | Aug. 29, 2018 | |
Shares Under Fixed Options | ||
Outstanding beginning balance (in shares) | 1,653,414 | |
Forfeited (in shares) | (102,102) | |
Expired (in shares) | (87,302) | |
Outstanding ending balance (in shares) | 1,464,010 | 1,653,414 |
Exercisable (in shares) | 1,217,957 | |
Weighted- Average Exercise Price | ||
Outstanding beginning balance (in dollars per share) | $ 4.10 | |
Forfeited (in dollars per share) | 4.10 | |
Expired (in dollars per share) | 5.54 | |
Outstanding ending balance (in dollars per share) | 4.01 | $ 4.10 |
Exercisable, Weighted-average exercise price (in dollars per share) | $ 4.19 | |
Additional Information | ||
Outstanding Weighted- Average Remaining Contractual Term | 6 years 17 days | 6 years 6 months |
Exercisable, Weighted-average remaining contractual term | 5 years 7 months 5 days | |
Outstanding Aggregate intrinsic value | $ 0 | $ 0 |
Exercisable, Aggregate intrinsic value | $ 0 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | 9 Months Ended | 12 Months Ended |
Jun. 05, 2019 | Aug. 29, 2018 | |
Restricted Stock Units | ||
Beginning balance (in shares) | 517,291 | |
Vested (in shares) | (153,757) | |
Forfeited (in shares) | (22,491) | |
Ending balance (in shares) | 341,043 | 517,291 |
Weighted Average Fair Value | ||
Beginning balance (in dollars per share) | $ 3.79 | |
Vested (in dollars per share) | 4.66 | |
Forfeited (in dollars per share) | 3.60 | |
Ending balance (in dollars per share) | $ 3.41 | $ 3.79 |
Weighted- Average Remaining Contractual Term | ||
Weighted- Average Remaining Contractual Term | 1 year 3 months 11 days | 1 year 9 months 18 days |
Share-Based Compensation - Perf
Share-Based Compensation - Performance Based Incentive Plans (Details) - Performance Based Incentive Plan | 9 Months Ended |
Jun. 05, 2019$ / sharesshares | |
Units | |
Beginning balance (in shares) | shares | 373,294 |
Forfeited (in shares) | shares | (19,864) |
Ending balance (in shares) | shares | 353,430 |
Weighted Average Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 3.68 |
Forfeited (in dollars per share) | $ / shares | 3.68 |
Ending balance (in dollars per share) | $ / shares | $ 3.68 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended |
Jun. 05, 2019 | Jun. 05, 2019 | |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share amount | 1,464,010 | 1,464,010 |
Earnings Per Share - Components
Earnings Per Share - Components of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 4 Months Ended | 9 Months Ended | |||||
Jun. 05, 2019 | Mar. 13, 2019 | Jun. 06, 2018 | Mar. 14, 2018 | Dec. 19, 2018 | Dec. 20, 2017 | Jun. 05, 2019 | Jun. 06, 2018 | |
Numerator: | ||||||||
Loss from continuing operations | $ (5,295) | $ (14,133) | $ (6,139) | $ (31,096) | ||||
Loss from discontinued operations, net of income taxes | (6) | (463) | (18) | (608) | ||||
NET LOSS | $ (5,301) | $ 6,632 | $ (14,596) | $ (11,571) | $ (7,489) | $ (5,537) | $ (6,157) | $ (31,704) |
Denominator: | ||||||||
Denominator for basic earnings per share—weighted-average shares (in shares) | 29,874 | 30,005 | 29,732 | 29,863 | ||||
Effect of potentially dilutive securities: | ||||||||
Employee and non-employee stock options (in shares) | 0 | 0 | 0 | |||||
Denominator for earnings per share assuming dilution (in shares) | 29,874 | 30,005 | 29,732 | 29,863 | ||||
Loss per share from continuing operations: | ||||||||
Basic (in dollars per share) | $ (0.18) | $ (0.47) | $ (0.21) | $ (1.04) | ||||
Assuming dilution (in dollars per share) | (0.18) | (0.47) | (0.21) | (1.04) | ||||
Loss per share from discontinued operations: | ||||||||
Basic (in dollars per share) | 0 | (0.02) | 0 | (0.02) | ||||
Assuming dilution (in dollars per share) | 0 | (0.02) | 0 | (0.02) | ||||
Net loss per share: | ||||||||
Basic (in dollars per share) | (0.18) | (0.49) | (0.21) | (1.06) | ||||
Assuming dilution (in dollars per share) | $ (0.18) | $ (0.49) | $ (0.21) | $ (1.06) |
Shareholder Rights Plan - Narra
Shareholder Rights Plan - Narrative (Details) - Stockholder Rights Plan | Feb. 15, 2018$ / sharesshares |
Class of Warrant or Right [Line Items] | |
Stockholder rights plan, ownership triggering threshold | 10.00% |
Number of shares to be received per right, upon specified terms and conditions (in shares) | shares | 0.5 |
Exercise price of rights (in dollars per share) | $ 12 |
Redemption rights per shares (in dollars per share) | $ 0.01 |
Harris J. Pappas And Affiliates | |
Class of Warrant or Right [Line Items] | |
Stockholder rights plan, ownership triggering threshold | 35.50% |
Christopher J. Pappas And Affiliates | |
Class of Warrant or Right [Line Items] | |
Stockholder rights plan, ownership triggering threshold | 35.50% |
Uncategorized Items - lub-20190
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,479,000 |