Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Feb. 12, 2014 | Mar. 18, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'LUBYS INC | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--08-27 | ' |
Entity Common Stock, Shares Outstanding | ' | 28,387,504 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000016099 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 12-Feb-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Feb. 12, 2014 | Aug. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $1,685 | $1,523 |
Trade accounts and other receivables, net | 3,625 | 4,083 |
Food and supply inventories | 5,325 | 4,985 |
Prepaid expenses | 2,520 | 3,310 |
Assets related to discontinued operations | 12 | 81 |
Deferred income taxes | 1,672 | 1,635 |
Total current assets | 14,839 | 15,617 |
Property held for sale | ' | 449 |
Assets related to discontinued operations | 4,047 | 4,203 |
Property and equipment, net | 199,643 | 190,510 |
Intangible assets, net | 24,810 | 25,517 |
Goodwill | 1,755 | 2,169 |
Deferred income taxes | 10,961 | 7,923 |
Other assets | 3,867 | 4,257 |
Total assets | 259,922 | 250,645 |
Current Liabilities: | ' | ' |
Accounts payable | 19,515 | 23,655 |
Liabilities related to discontinued operations | 493 | 477 |
Accrued expenses and other liabilities | 20,629 | 21,868 |
Total current liabilities | 40,637 | 46,000 |
Credit facility debt | 37,000 | 19,200 |
Liabilities related to discontinued operations | 396 | 327 |
Other liabilities | 7,998 | 7,986 |
Total liabilities | 86,031 | 73,513 |
SHAREHOLDERS’ EQUITY | ' | ' |
Common stock, $0.32 par value; 100,000,000 shares authorized; Shares issued were 28,877,504 and 28,804,344, respectively; Shares outstanding were 28,377,504 and 28,304,344, respectively | 9,244 | 9,217 |
Paid-in capital | 26,526 | 26,065 |
Retained earnings | 142,896 | 146,625 |
Less cost of treasury stock, 500,000 shares | -4,775 | -4,775 |
Total shareholders’ equity | 173,891 | 177,132 |
Total liabilities and shareholders’ equity | $259,922 | $250,645 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Feb. 12, 2014 | Aug. 28, 2013 |
Common stock, par value (in Dollars per share) | $0.32 | $0.32 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, Shares issued | 28,877,504 | 28,804,344 |
Common stock, Shares outstanding | 28,377,504 | 28,304,344 |
Treasury stock, shares | 500,000 | 500,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 13, 2013 |
SALES: | ' | ' | ' | ' |
Restaurant sales | $83,907 | $81,685 | $164,852 | $155,654 |
Culinary contract services | 3,979 | 3,667 | 8,249 | 7,508 |
Franchise revenue | 1,545 | 1,540 | 3,060 | 3,062 |
Vending revenue | 115 | 119 | 227 | 241 |
TOTAL SALES | 89,546 | 87,011 | 176,388 | 166,465 |
COSTS AND EXPENSES: | ' | ' | ' | ' |
Cost of food | 24,338 | 23,619 | 47,527 | 44,461 |
Payroll and related costs | 29,705 | 29,108 | 58,333 | 55,112 |
Other operating expenses | 15,642 | 14,022 | 31,031 | 27,370 |
Occupancy costs | 4,959 | 4,902 | 9,752 | 8,943 |
Opening costs | 682 | 261 | 1,031 | 467 |
Cost of culinary contract services | 3,496 | 3,342 | 7,169 | 6,808 |
Depreciation and amortization | 4,499 | 4,312 | 8,843 | 8,430 |
General and administrative expenses | 8,117 | 7,652 | 16,184 | 15,072 |
Provision for asset impairments, net | 1,640 | ' | 1,850 | 90 |
Net loss (gain) on disposition of property and equipment | 16 | -1,321 | 67 | -1,563 |
Total costs and expenses | 93,094 | 85,897 | 181,787 | 165,190 |
INCOME (LOSS) FROM OPERATIONS | -3,548 | 1,114 | -5,399 | 1,275 |
Interest income | 1 | 2 | 3 | 4 |
Interest expense | -292 | -214 | -545 | -389 |
Other income, net | 260 | 207 | 556 | 451 |
Income (loss) before income taxes and discontinued operations | -3,579 | 1,109 | -5,385 | 1,341 |
Provision (benefit) for income taxes | -1,526 | 475 | -2,474 | 534 |
Income (loss) from continuing operations | -2,053 | 634 | -2,911 | 807 |
Loss from discontinued operations, net of income taxes | -131 | -454 | -818 | -536 |
NET (LOSS) INCOME | ($2,184) | $180 | ($3,729) | $271 |
Income (loss) per share from continuing operations: | ' | ' | ' | ' |
Basic (in Dollars per share) | ($0.07) | $0.02 | ($0.10) | $0.03 |
Assuming dilution (in Dollars per share) | ($0.07) | $0.02 | ($0.10) | $0.03 |
Loss per share from discontinued operations: | ' | ' | ' | ' |
Basic (in Dollars per share) | ($0.01) | ($0.01) | ($0.03) | ($0.02) |
Assuming dilution (in Dollars per share) | ($0.01) | ($0.01) | ($0.03) | ($0.02) |
Net (loss) income per share: | ' | ' | ' | ' |
Basic (in Dollars per share) | ($0.08) | $0.01 | ($0.13) | $0.01 |
Assuming dilution (in Dollars per share) | ($0.08) | $0.01 | ($0.13) | $0.01 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 28,775 | 28,614 | 28,770 | 28,500 |
Assuming dilution (in Shares) | 28,775 | 28,825 | 28,770 | 28,698 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders’ Equity (unaudited) (USD $) | Nonemployee Benefit Plan [Member] | Nonemployee Benefit Plan [Member] | Nonemployee Benefit Plan [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Share data in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | |||||||
Balance in dollars at Aug. 28, 2013 (Scenario, Previously Reported [Member]) | ' | ' | ' | ' | ' | ' | $9,217,000 | ($4,775,000) | $26,065,000 | $147,011,000 | $177,518,000 |
Balance in dollars at Aug. 28, 2013 | ' | ' | ' | ' | ' | ' | 9,217,000 | -4,775,000 | 26,065,000 | 146,625,000 | 177,132,000 |
Balance in shares (in Shares) at Aug. 28, 2013 (Scenario, Previously Reported [Member]) | ' | ' | ' | ' | ' | ' | 28,804 | -500 | ' | ' | ' |
Balance in shares (in Shares) at Aug. 28, 2013 | ' | ' | ' | ' | ' | ' | 28,804 | -500 | ' | ' | ' |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,729,000 | -3,729,000 |
Share-based compensation expense | ' | ' | ' | ' | ' | ' | 7,000 | ' | 156,000 | ' | 163,000 |
Share-based compensation expense (in Shares) | ' | ' | ' | ' | ' | ' | 23 | ' | ' | ' | ' |
Common stock issued under nonemployee benefit plans | 9,000 | 132,000 | 141,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued under nonemployee benefit plans (in Shares) | 27 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued under employee benefit plans | ' | ' | ' | 11,000 | 173,000 | 184,000 | ' | ' | ' | ' | ' |
Common stock issued under employee benefit plans (in Shares) | ' | ' | ' | 34 | ' | ' | ' | ' | ' | ' | ' |
Correction of prior years cumulative error | ' | ' | ' | ' | ' | ' | ' | ' | ' | -386,000 | -386,000 |
Balance in dollars at Feb. 12, 2014 | ' | ' | ' | ' | ' | ' | $9,244,000 | ($4,775,000) | $26,526,000 | $142,896,000 | $173,891,000 |
Balance in shares (in Shares) at Feb. 12, 2014 | ' | ' | ' | ' | ' | ' | 28,888 | -500 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Feb. 12, 2014 | Feb. 13, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | ($3,729) | $271 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for asset impairments, net of gains/losses on property sales | 2,362 | -967 |
Depreciation and amortization | 8,916 | 8,467 |
Amortization of debt issuance cost | 52 | 52 |
Non-cash compensation expense | 163 | 157 |
Share-based compensation expense | 325 | 371 |
Tax increase on stock options | ' | 37 |
Deferred tax benefit | -3,075 | -146 |
Cash provided by operating activities before changes in operating assets and liabilities | 5,014 | 8,242 |
Decrease in trade accounts and other receivables | 458 | 385 |
Increase in food and supply inventories | -299 | -412 |
Decrease (increase) in prepaid expenses and other assets | 1,131 | -37 |
Decrease in accounts payable, accrued expenses and other liabilities | -5,464 | -611 |
Net cash provided by operating activities | 840 | 7,567 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from disposal of assets and property held for sale | 567 | 3,571 |
Purchases of property and equipment | -19,082 | -11,435 |
Acquisition of Cheeseburger in Paradise | ' | -10,706 |
Decrease in note receivable | 23 | 20 |
Net cash used in investing activities | -18,492 | -18,550 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Credit facility borrowings | 57,300 | 37,100 |
Credit facility repayments | -39,500 | -24,600 |
Proceed from exercise of stock options | 9 | 157 |
Net cash provided by financing activities | 17,809 | 12,657 |
Net increase in cash and cash equivalents | 157 | 1,674 |
Cash and cash equivalents at beginning of period | 1,523 | 1,223 |
Cash and cash equivalents at end of period | 1,685 | 2,897 |
Cash paid for: | ' | ' |
Income taxes | ' | 0 |
Interest | $470 | $334 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 6 Months Ended | ||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||||||||||||||||
Note 1. Basis of Presentation | |||||||||||||||||
The accompanying unaudited consolidated financial statements of Luby’s, Inc. (the “Company” 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 the Company’s 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 ended February 12, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending August 27, 2014. | |||||||||||||||||
The consolidated balance sheet dated August 28, 2013, included in this Form 10-Q, has been derived from the audited consolidated financial statements at that date. However, this Form 10-Q does not include all of the information and footnotes required by GAAP for an annual filing of complete 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 28, 2013. | |||||||||||||||||
The results of operations, assets and liabilities for all units included in the Company’s disposal plans discussed in Note 8 have been reclassified to discontinued operations in the statements of operations and balance sheets for all periods presented. All prior period corrections, discussed below, have been reflected in the statements of operations, statement of shareholders equity, statements of cash flows and balance sheets. | |||||||||||||||||
Correction of Immaterial Errors in Previously Issued Financial Statements | |||||||||||||||||
In the second quarter of fiscal 2014, we identified accounting errors in prepaid assets and payroll related liabilities. The Company did not expense amounts related to these accounts properly in the appropriate prior periods. The errors impacted all prior reporting periods beginning in 2007. While these errors were not material to any previously issued annual or quarterly consolidated financial statements, management concluded that correcting the cumulative errors and related tax effects would be material to consolidated financial statements for the three months and six months ended February 12, 2014 and to the expected results of operations for the fiscal year ending August 27, 2014. Management evaluated the cumulative impact of the errors on prior periods under the guidance in ASC 25010 relating to SEC Staff Accounting Bulletin (“SAB”) Topic1.M, Assessing Materiality. The Company also evaluated the impact of correcting the errors through an adjustment to its financial statements and concluded, based on the guidance within ASC 250-10 relating to SAB Topic 1.N, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, to revise its previously issued financial statements to reflect the impact of the correction of these errors when it files subsequent reports on Form 10Q and Form 10K. Accordingly, the Company has revised its consolidated financial statements for the quarter ended February 12, 2014, to correct these errors. Revisions to periods not presented will be reflected accordingly as they are included in future filings. The prior period error corrections did not change the net cash flows provided by or used in operating, investing or financing activities previously reported. The cumulative effect on retained earnings as of August 28, 2013, was a reduction of $386,000, as reflected in the Statement of Shareholders Equity as of February 12, 2014. | |||||||||||||||||
Consolidated Balance Sheet. | |||||||||||||||||
The following table presents the impact of the accounting errors on the Company’s previously-reported consolidated balance sheet for the year ended August 28, 2013: | |||||||||||||||||
Balance Sheet August 28, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
As Reported | Reclassifications1 | Adjustments | Revised | ||||||||||||||
ASSETS | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 1,528 | $ | (5 | ) | $ | - | $ | 1,523 | ||||||||
Trade accounts and other receivables, net | 4,083 | - | - | 4,083 | |||||||||||||
Food and supply inventories | 5,026 | (41 | ) | - | 4,985 | ||||||||||||
Prepaid expenses | 3,183 | (14 | ) | 141 | 3,310 | ||||||||||||
Assets related to discontinued operations | 21 | 60 | - | 81 | |||||||||||||
Deferred income taxes | 1,436 | - | 199 | 1,635 | |||||||||||||
Total current assets | 15,277 | - | 340 | 15,617 | |||||||||||||
Property held for sale | 449 | - | - | 449 | |||||||||||||
Assets related to discontinued operations | 4,189 | 14 | - | 4,203 | |||||||||||||
Property and equipment, net | 190,519 | (10 | ) | - | 190,510 | ||||||||||||
Intangible assets, net | 25,517 | - | - | 25,517 | |||||||||||||
Goodwill | 2,169 | - | - | 2,169 | |||||||||||||
Deferred income taxes | 7,923 | - | - | 7,923 | |||||||||||||
Other assets | 4,262 | (4 | ) | - | 4,257 | ||||||||||||
Total assets | $ | 250,305 | $ | - | $ | 340 | $ | 250,645 | |||||||||
LIABILITIES AND SHAREHOLDER EQUITY | - | - | |||||||||||||||
Current Liabilities: | |||||||||||||||||
Accounts payable | $ | 23,655 | $ | - | $ | - | $ | 23,655 | |||||||||
Liabilities related to discontinued operations | 440 | 37 | - | 477 | |||||||||||||
Accrued expenses and other liabilities | 21,178 | (37 | ) | 726 | 21,868 | ||||||||||||
Total current liabilities | 45,273 | - | 726 | 46,000 | |||||||||||||
Credit facility debt | 19,200 | - | - | 19,200 | |||||||||||||
Liabilities related to discontinued operations | 304 | 23 | - | 327 | |||||||||||||
Other liabilities | 8,010 | (23 | ) | - | 7,986 | ||||||||||||
Total liabilities | 72,787 | (0 | ) | 726 | 73,513 | ||||||||||||
Commitments and Contingencies | - | - | - | - | |||||||||||||
SHAREHOLDER'S EQUITY | |||||||||||||||||
Common Stock | 9,217 | - | - | 9,217 | |||||||||||||
Paid-in capital | 26,065 | - | - | 26,065 | |||||||||||||
Retained earnings | 147,011 | - | (386 | ) | 146,625 | ||||||||||||
Less cost of treasury stock | (4,775 | ) | - | - | (4,775 | ) | |||||||||||
Total shareholders' equity | 177,518 | - | (386 | ) | 177,132 | ||||||||||||
Total liabilities and shareholders' equity | $ | 250,305 | $ | - | $ | 340 | $ | 250,645 | |||||||||
1 | The results of operations, assets and liabilities for all units included in the Company's disposal plans discussed in Note 8 have been reclassified to discontinued operations in the statements of operations and balance sheets for all periods presented. Some table rows may not sum due to rounding. | ||||||||||||||||
Consolidated Statements of Operations. | |||||||||||||||||
The following table presents the impact of the accounting errors on the Company’s previously-reported consolidated Statement of operations for the quarter and two quarters ended February 13, 2013: | |||||||||||||||||
Quarter Ended February 13, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
As Reported | Reclassifications(1) | Adjustments | Revised | ||||||||||||||
Restaurant sales | $ | 82,152 | $ | (467 | ) | $ | - | $ | 81,685 | ||||||||
Cost of food | 23,763 | (144 | ) | - | 23,619 | ||||||||||||
Payroll and related costs | 28,817 | 292 | (1 | ) | 29,108 | ||||||||||||
Other operating expenses | 19,593 | (5,571 | ) | - | 14,022 | ||||||||||||
Occupancy costs | - | 4,902 | - | 4,902 | |||||||||||||
General and administrative expenses | 7,616 | - | 36 | 7,652 | |||||||||||||
Provision (benefit) for income taxes | 487 | - | (12 | ) | 475 | ||||||||||||
Income (loss) from continuing operations | 603 | 54 | (23 | ) | 634 | ||||||||||||
(1) Certain reclassification of amounts have been made to conform with the current year presentation for comparative purposes. The results of operations, assets and liabilities for all units included in the Company’s disposal plans discussed in Note 8 have been reclassified to discontinued operations in the statements of operations and balance sheets for all periods presented. Occupancy costs have been reclassified from Other operating expenses to a separate line item on the Consolidated Statement of Operations and group insurance, employer 401k matching and employee meal costs have been reclassified from Other operating expenses to Payroll and related costs to provide comparability to financial results reported by our peers in the industry. | |||||||||||||||||
Two Quarters Ended February 13, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
As Reported | Reclassifications(1) | Adjustments | Revised | ||||||||||||||
Restaurant sales | $ | 156,120 | $ | (466 | ) | $ | - | $ | 155,654 | ||||||||
Cost of food | 44,606 | (145 | ) | - | 44,461 | ||||||||||||
Payroll and related costs | 54,346 | 751 | 15 | 55,112 | |||||||||||||
Other operating expenses | 37,434 | (10,064 | ) | - | 27,370 | ||||||||||||
Occupancy costs | - | 8,943 | - | 8,943 | |||||||||||||
General and administrative expenses | 14,994 | - | 78 | 15,072 | |||||||||||||
Provision (benefit) for income taxes | 566 | - | (32 | ) | 534 | ||||||||||||
Income (loss) from continuing operations | 819 | 49 | (62 | ) | 807 | ||||||||||||
(1) Certain reclassification of amounts have been made to conform with the current year presentation for comparative purposes. The results of operations, assets and liabilities for all units included in the Company’s disposal plans discussed in Note 8 have been reclassified to discontinued operations in the statements of operations and balance sheets for all periods presented. Occupancy costs have been reclassified from Other operating expenses to a separate line item on the Consolidated Statement of Operations and group insurance, employer 401k matching and employee meal costs have been reclassified from Other operating expenses to Payroll and related costs to provide comparability to financial results reported by our peers in the industry. |
Note_2_Accounting_Periods
Note 2 - Accounting Periods | 6 Months Ended |
Feb. 12, 2014 | |
Accounting Periods Disclosure [Abstract] | ' |
Accounting Periods Disclosure [Text Block] | ' |
Note 2. 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. Each of the first three quarters of each fiscal year consists of three four-week periods, while the fourth quarter normally consists of four four-week periods. Fiscal years 2014 and 2013 contain 52 weeks. Comparability between quarters may be affected by the varying lengths of the quarters, as well as the seasonality associated with our business segments. Seasonality factors affecting a quarter include timing of holidays, weather and school years. Interim results may not be indicative of full year results. |
Note_3_Acquisition
Note 3 - Acquisition | 6 Months Ended | ||||||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' | ||||||||||||||||||||
Note 3. Acquisition | |||||||||||||||||||||
The Company through its newly created subsidiary, Paradise Cheeseburgers, LLC, purchased 100% of the membership units of Paradise Restaurant Group, LLC and affiliated companies which operate Cheeseburger in Paradise brand restaurants (collectively, “Cheeseburger in Paradise”) on December 6, 2012 for $10.2 million in cash. The Company assumed $2.4 million of Cheeseburger in Paradise obligations, real estate leases and contracts. The Company funded the purchase with existing cash reserves and borrowings from its credit facility. | |||||||||||||||||||||
The Company has accounted for the acquisition of Cheeseburger in Paradise using the acquisition method, and accordingly, the results of operations related to this acquisition have been included in the consolidated results of the Company since the acquisition date. The Company incurred $0.4 million in acquisition costs, which were expensed as incurred and classified as general and administrative expenses on the consolidated statements of operations. | |||||||||||||||||||||
The allocation of the purchase price for the acquisition requires extensive use of accounting estimates and judgments to allocate the purchase price to tangible and intangible assets acquired and liabilities assumed based on respective fair values. The purchase price for the Company’s acquisition of Cheeseburger in Paradise and the assumption of liabilities is based on estimates of fair values at the acquisition date. | |||||||||||||||||||||
Such valuations require significant estimates and assumptions. The Company believes the fair values assigned to the assets acquired and liabilities assumed are based on reasonable assumptions. | |||||||||||||||||||||
The following table summarizes the estimated fair values of net assets acquired and liabilities assumed, in thousands, at the date of acquisition: | |||||||||||||||||||||
Cash and cash equivalents | $ | 58 | |||||||||||||||||||
Accounts receivable | 93 | ||||||||||||||||||||
Inventories | 561 | ||||||||||||||||||||
Other current assets | 376 | ||||||||||||||||||||
Property and equipment | 6,374 | ||||||||||||||||||||
Liquor licenses and permits | 188 | ||||||||||||||||||||
Favorable leases | 2,646 | ||||||||||||||||||||
License agreement and trade name | 254 | ||||||||||||||||||||
Goodwill | 1,975 | ||||||||||||||||||||
Accrued liabilities | (2,356 | ) | |||||||||||||||||||
Net acquisition cost | $ | 10,169 | |||||||||||||||||||
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 will pay a royalty fee of 2.5% of gross sales less discounts at acquired Cheeseburger in Paradise locations 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. | |||||||||||||||||||||
The Company will amortize the fair value allocated to the license agreement and trade name over an expected accounting life of 15 years based on the expected use of its assets and the restaurant environment in which it is being used. The Company recorded approximately $4 thousand of amortization expense for the quarter ended February 12, 2014, which is classified as depreciation and amortization expense in the accompanying consolidated statement of operations. Because the value of these assets will be amortized using the straight-line method over 15 years, the annual amortization will be $17 thousand in future years. | |||||||||||||||||||||
A portion of the acquired lease portfolio contained favorable leases. Acquired lease terms were compared to current market lease terms to determine if the acquired leases were below or above the current rates tenants would pay for similar leases. The favorable lease assets totaled $2.6 million and are recorded in other assets. There were determined to be no unfavorable leases. The favorable leases are amortized to rent expense on a straight line basis over the lives of the related leases. The Company recorded $30 thousand of amortization expense for the quarter ended February 12, 2014, which is classified as additional rent expense in the accompanying consolidated statement of operations. | |||||||||||||||||||||
The following table shows the prospective amortization of the favorable lease asset: | |||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||
August 27, | August 26, | August 31, | August 30, | August 29, | |||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Favorable | $ | 126 | $ | 121 | $ | 121 | $ | 121 | $ | 121 | |||||||||||
Annual depreciation expense will be approximately $0.5 million of the $6.4 million of property and equipment. | |||||||||||||||||||||
The Company also recorded an intangible asset for goodwill in the amount of $2.0 million. Goodwill is considered to have an indefinite useful life and is not amortized but is tested for impairment at least annually. The total amount of goodwill is expected to be deductible for income tax purposes. |
Note_4_Reportable_Segments
Note 4 - Reportable Segments | 6 Months Ended | ||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
Note 4. Reportable Segments | |||||||||||||||||
The Company has three reportable segments: Company-owned restaurants, franchise operations and Culinary Contract Services (“CCS”). | |||||||||||||||||
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 margin 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 Cafeteria, Fuddruckers and Cheeseburger in Paradise, with a couple of non-core restaurant locations under other brand names (i.e., Koo Koo Roo Chicken Bistro and Bob Luby’s Seafood). 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 181 at February 12, 2014 and 180 at August 28, 2013. | |||||||||||||||||
Culinary Contract Services | |||||||||||||||||
CCS, branded as Luby’s Culinary Contract Services, consists of a business line servicing healthcare, higher education and corporate dining clients. 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, behavioral hospitals, business and industry clients, and higher education institutions. 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 costs of culinary contract services on the Consolidated Statements of Operations include all food, payroll and related costs and other operating expenses related to CCS sales. | |||||||||||||||||
The total number of CCS contracts was 22 at February 12, 2014 and 21 at August 28, 2013. | |||||||||||||||||
Franchise Operations | |||||||||||||||||
We offer franchises for only 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, usually a four-mile radius surrounding the franchised restaurant. | |||||||||||||||||
Franchisees bear all direct costs involved in the development, construction and operation of their restaurants. In exchange for a franchise fee, the Company provides franchise assistance 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, and operations and accounting 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 114 at February 12, 2014 and 116 at August 28, 2013. | |||||||||||||||||
The table below shows financial information as required by ASC 280 for segment reporting. ASC 280 requires depreciation and amortization be disclosed for each reportable segment, even if not used by the chief operating decision maker. The table also lists total assets for each reportable segment. Corporate assets include cash and cash equivalents, tax refunds receivable, property and equipment, assets related to discontinued operations, property held for sale, deferred tax assets, prepaid expenses, intangible assets and goodwill. | |||||||||||||||||
Quarter Ended | Two Quarters Ended | ||||||||||||||||
February 12, | February 13, | February 12, | February 13, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(12 weeks) | (12 weeks) | (24 weeks) | (24 weeks) | ||||||||||||||
(In thousands) | |||||||||||||||||
Sales: | |||||||||||||||||
Company-owned restaurants(1) | $ | 84,022 | $ | 81,804 | $ | 165,079 | $ | 155,895 | |||||||||
Culinary contract services | 3,979 | 3,667 | 8,249 | 7,508 | |||||||||||||
Franchising | 1,545 | 1,540 | 3,060 | 3,062 | |||||||||||||
Total | 89,546 | 87,011 | 176,388 | 166,465 | |||||||||||||
Segment level profit: | |||||||||||||||||
Company-owned restaurants | $ | 9,378 | $ | 10,152 | $ | 18,436 | $ | 20,009 | |||||||||
Culinary contract services | 483 | 325 | 1,080 | 700 | |||||||||||||
Franchising | 1,545 | 1,540 | 3,060 | 3,061 | |||||||||||||
Total | 11,406 | 12,017 | 22,576 | 23,770 | |||||||||||||
Depreciation and amortization: | |||||||||||||||||
Company-owned restaurants | $ | 4,054 | $ | 3,853 | $ | 7,817 | $ | 7,528 | |||||||||
Culinary contract services | 91 | 106 | 184 | 214 | |||||||||||||
Franchising | 177 | 177 | 354 | 354 | |||||||||||||
Corporate | 177 | 176 | 488 | 334 | |||||||||||||
Total | 4,499 | 4,312 | 8,843 | 8,430 | |||||||||||||
Capital expenditures: | |||||||||||||||||
Company-owned restaurants | $ | 9,447 | $ | 6,402 | $ | 18,505 | $ | 11,222 | |||||||||
Culinary contract services | — | 40 | — | 41 | |||||||||||||
Franchising | — | — | — | — | |||||||||||||
Corporate | 428 | 119 | 577 | 172 | |||||||||||||
Total | $ | 9,875 | $ | 6,561 | $ | 19,082 | $ | 11,435 | |||||||||
Income (loss) before income taxes and discontinued operations: | |||||||||||||||||
Segment level profit | $ | 11,406 | $ | 12,017 | $ | 22,576 | $ | 23,770 | |||||||||
Opening costs | (682 | ) | (261 | ) | (1,031 | ) | (467 | ) | |||||||||
Depreciation and amortization | (4,499 | ) | (4,312 | ) | (8,843 | ) | (8,430 | ) | |||||||||
General and administrative expenses | (8,117 | ) | (7,652 | ) | (16,184 | ) | (15,072 | ) | |||||||||
Provision for asset impairments, net | (1,640 | ) | — | (1,850 | ) | (90 | ) | ||||||||||
Net gain (loss) on disposition of property and equipment | (16 | ) | 1,321 | (67 | ) | 1,563 | |||||||||||
Interest income | 1 | 2 | 3 | 4 | |||||||||||||
Interest expense | (292 | ) | (214 | ) | (545 | ) | (389 | ) | |||||||||
Other income, net | 260 | 207 | 556 | 451 | |||||||||||||
Total | $ | (3,579 | ) | $ | 1,109 | $ | (5,385 | ) | $ | 1,341 | |||||||
-1 | Includes vending revenue of $115 and $119 thousand for the quarters ended February 12, 2014 and February 13, 2013, respectively and $227 and $241 thousand for the two quarters ended February 12, 2014 and February 13, 2013, respectively. | ||||||||||||||||
February 12, | August 28, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total assets: | |||||||||||||||||
Company-owned restaurants | $ | 211,698 | $ | 204,123 | |||||||||||||
Culinary contract services | 3,293 | 3,550 | |||||||||||||||
Franchising | 13,939 | 14,674 | |||||||||||||||
Corporate | 30,992 | 28,298 | |||||||||||||||
Total | $ | 259,922 | $ | 250,645 | |||||||||||||
Note_5_Fair_Value_Measurements
Note 5 - Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||||||
Note 5. 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 statements require or permit asset 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: | |||||||||||||||||||||
=font> | 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. | ||||||||||||||||||||
=font> | 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. | ||||||||||||||||||||
=font> | 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. | ||||||||||||||||||||
Non-recurring fair value measurements related to impaired property and equipment consisted of the following: | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Measurement Using | |||||||||||||||||||||
Two Quarters Ended | Quoted | Significant | Significant | Total | |||||||||||||||||
February 12, | Prices in | Other | Unobservable | Impairments | |||||||||||||||||
2014 | Active | Observable | Inputs | ||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||
Property and equipment related to company- owned restaurant assets | $ | 3,498 | $ | — | $ | — | $ | 3,498 | $ | (1,850 | ) | ||||||||||
Discontinued Operations | |||||||||||||||||||||
Property and equipment related to corporate assets | $ | 1,567 | $ | — | $ | — | $ | 1,567 | $ | (451 | ) | ||||||||||
Fair Value | |||||||||||||||||||||
Measurement Using | |||||||||||||||||||||
Two Quarters Ended | Quoted | Significant | Significant | Total | |||||||||||||||||
February 13, | Prices in | Other | Unobservable | Impairments | |||||||||||||||||
2013 | Active | Observable | Inputs | ||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||
Property and equipment related to company- owned restaurant assets | $ | 20 | $ | — | $ | — | $ | 20 | $ | (90 | ) | ||||||||||
Discontinued Operations | |||||||||||||||||||||
Property and equipment related to corporate assets | $ | 1,634 | $ | — | $ | — | $ | 1,634 | $ | (506 | ) | ||||||||||
Note_6_Income_Taxes
Note 6 - Income Taxes | 6 Months Ended |
Feb. 12, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 6. Income Taxes | |
No cash payments of estimated federal income taxes were made during the quarter ended February 12, 2014. | |
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. | |
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 the financial statements. Amounts considered probable of settlement within one year have been included in the accrued expenses and other liabilities in the accompanying consolidated balance sheet. |
Note_7_Property_and_Equipment_
Note 7 - Property and Equipment, Intangible Assets and Goodwill | 6 Months Ended | ||||||||||||||
Feb. 12, 2014 | |||||||||||||||
Property Equipment Intangible Assets And Goodwill Disclosure [Abstract] | ' | ||||||||||||||
Property Equipment Intangible Assets And Goodwill Disclosure [Text Block] | ' | ||||||||||||||
Note 7. Property and Equipment, Intangible Assets and Goodwill | |||||||||||||||
The cost, net of impairment, and accumulated depreciation of property and equipment at February 12, 2014 and August 28, 2013, together with the related estimated useful lives used in computing depreciation and amortization, were as follows: | |||||||||||||||
February 12, | August 28, | Estimated | |||||||||||||
2014 | 2013 | Useful Lives (years) | |||||||||||||
(In thousands) | |||||||||||||||
Land | $ | 65,463 | $ | 62,191 | — | ||||||||||
Restaurant equipment and furnishings | 125,953 | 116,655 | 1 | to | 15 | ||||||||||
Buildings | 178,022 | 172,342 | 20 | to | 33 | ||||||||||
Leasehold and leasehold improvements | 39,178 | 39,108 | Lesser of lease term or estimated useful life | ||||||||||||
Office furniture and equipment | 8,021 | 7,466 | 3 | to | 10 | ||||||||||
Construction in progress | 5,762 | 7,814 | |||||||||||||
422,399 | 405,576 | ||||||||||||||
Less accumulated depreciation and amortization | (222,756 | ) | (215,066 | ) | |||||||||||
Property and equipment, net | $ | 199,643 | $ | 190,510 | |||||||||||
Intangible assets, net | $ | 24,810 | $ | 25,517 | 15 | to | 21 | ||||||||
Goodwill | $ | 1,755 | $ | 2,169 | |||||||||||
Intangible assets, net consist of the Fuddruckers trade name and franchise agreements and will be amortized. The Company believes the Fuddruckers trade 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 and will be amortized over this period of time. The Company recorded $5.0 million of accumulated amortization as of February 12, 2014 and $4.5 million of accumulated amortization as of August 28, 2013. | |||||||||||||||
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 sale of beverages with alcohol. These assets have an expected accounting life of 15 years from the date of acquisition December 6, 2012. The Company recorded accumulated amortization of $25 thousand as of February 12, 2014 and approximately $12 thousand of accumulated amortization as of August 28, 2013. | |||||||||||||||
The Company recorded an intangible asset for goodwill in the amount of $0.2 million related to the acquisition of substantially all of the assets of Fuddruckers. The Company also recorded an intangible asset for goodwill in the amount of $2.0 million related to the acquisition of the membership units of Paradise Restaurant Group, LLC. Goodwill is considered to have an indefinite useful life and is not amortized. Goodwill was $1.8 million as of February 12, 2014 and $2.2 million as of August 28, 2013 and relates to our Company-owned restaurants reportable segment. | |||||||||||||||
Generally accepted accounting principles in the United States require the Company to perform a goodwill impairment test annually and more frequently when negative conditions or a triggering event arise. In September 2011, the FASB issued amended guidance that simplified how entities test goodwill for impairment. After an assessment of certain qualitative factors, if it is determined to be more likely than not that the fair value of a reporting unit is less than its carrying amount, entities must perform the quantitative analysis of the goodwill impairment test. Otherwise, the quantitative test(s) become optional. For the annual analysis in fiscal year 2014, the Company has elected to bypass the qualitative assessment and proceed directly to performing the first step of the goodwill impairment test. In future periods, the Company may determine that facts and circumstances indicate use of the qualitative assessment may be the most reasonable approach; however, management has determined that goodwill resulting from the Cheeseburger in Paradise acquisition will be evaluated using the quantitative approach for fiscal 2014. Management will be performing it’s formal annual assessment as of the second quarter each fiscal year, and will formally perform on an interim basis if an event occurs or circumstances exist that indicate that it is more likely than not that a goodwill impairment exists. The company considers each of its restaurants to be a reporting unit. Management has therefore performed valuations using a discounted cash flow analysis for each of its restaurants to determine the fair value of each reporting unit for comparison with the reporting unit’s carrying value. | |||||||||||||||
Management determined that $0.4 million in impairment losses related to goodwill which was recognized in full in the second quarter ended February 12, 2014. |
Note_8_Impairment_of_LongLived
Note 8 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale | 6 Months Ended | ||||||||
Feb. 12, 2014 | |||||||||
Impairment Of Long Lived Assets Discontinued Operations And Property Held For Sale Disclosure [Abstract] | ' | ||||||||
Impairment Of Long Lived Assets Discontinued Operations And Property Held For Sale Disclosure [Text Block] | ' | ||||||||
Note 8. Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale | |||||||||
Impairment of Long-Lived Assets and Store Closings | |||||||||
The Company periodically evaluates 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. The Company analyzes historical cash flows of operating locations and compares results of poorer performing locations to more profitable locations. The Company also analyzes 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, the Company estimates future cash flows using assumptions based on possible outcomes of the areas analyzed. If the undiscounted future cash flows are less than the carrying value of the location’s assets, the Company records 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. The Company considers 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. | |||||||||
The Company recognized the following impairment charges to income from operations: | |||||||||
Two Quarters Ended | |||||||||
February 12, | February 13, | ||||||||
2014 | 2013 | ||||||||
(24 weeks) | (24 weeks) | ||||||||
(In thousands, except per share data) | |||||||||
Provision for asset impairments | $ | 1,850 | $ | 90 | |||||
Net (gain) loss on disposition of property and equipment | — | (1,563 | ) | ||||||
$ | 1,850 | $ | (1,473 | ) | |||||
Effect on EPS: | |||||||||
Basic | $ | (0.06 | ) | $ | 0.05 | ||||
Assuming dilution | $ | (0.06 | ) | $ | 0.05 | ||||
The impairment charge for the two quarters ended February 12, 2014 is related to assets at one Fuddruckers location and assets and allocated goodwill at seven Cheeseburger in Paradise locations. | |||||||||
The impairment charge for the two quarters ended February 13, 2013 is related to an operating Fuddruckers restaurant at a leased location. | |||||||||
The net gain for the two quarters ended February 13, 2013 includes the gain on disposal of assets at a Koo Koo Roo leased location and proceeds from the eminent domain disposition of part of a parking lot at a Luby’s cafeteria location net of asset retirements. | |||||||||
Discontinued Operations | |||||||||
As a result of the first quarter fiscal 2010 adoption of the Company’s Cash Flow Improvement and Capital Redeployment Plan (“the Plan”), the Company reclassified 23 operating stores and one previously closed location to discontinued operations. The results of operations, assets and liabilities for all units included in the Plan have been reclassified to discontinued operations in the statement of operations and balance sheets for all periods presented. | |||||||||
On March 21, 2014, the Company adopted a disposal plan for selected under-performing recently acquired leaseholds operating as Cheeseburger in Paradise restaurants, see Note 3 regarding the purchase of Cheeseburger in Paradise. As of February 12, 2014, two Cheeseburger in Paradise locations have been reclassified to discontinued operations in the statement of operations and balance sheet accordingly. | |||||||||
The following table sets forth the assets and liabilities for all discontinued operations: | |||||||||
February 12, | August 28, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Cash | $ | — | $ | 5 | |||||
Food and supply inventories | — | 41 | |||||||
Prepaid expenses | 12 | 35 | |||||||
Assets related to discontinued operations—current | $ | 12 | $ | 81 | |||||
Property and equipment | $ | 3,751 | $ | 3,892 | |||||
Deferred income taxes | 290 | 290 | |||||||
Other assets | 6 | 21 | |||||||
Assets related to discontinued operations—non-current | $ | 4,047 | $ | 4,203 | |||||
Deferred income taxes | $ | 246 | $ | 246 | |||||
Accrued expenses and other liabilities | 247 | 231 | |||||||
Liabilities related to discontinued operations—current | $ | 493 | $ | 477 | |||||
Other liabilities | $ | 396 | $ | 327 | |||||
Liabilities related to discontinued operations—non-current | $ | 396 | $ | 327 | |||||
As of August 28, 2013, the Company had six restaurant properties classified as discontinued operations assets. The carrying value of four owned properties was $3.8 million at August 28, 2013. The carrying values of two ground leases were previously impaired to zero. | |||||||||
During the second quarter of fiscal 2014, construction began at one of the ground lease locations. Consequently, the property was reclassified as a continuing operations asset. Also during the second quarter of fiscal 2014, two Cheeseburger in Paradise restaurants at in-line leased locations were closed and reclassified as part of discontinued operations. | |||||||||
As of February 12, 2014, the Company had seven restaurant properties classified as discontinued operations. The carrying value of four owned properties was $3.7 million at February 12, 2014. The carrying value of the one ground lease and two in-line leases were previously impaired to zero. | |||||||||
The Company is actively marketing all of these properties for lease or sale and the Company’s results of discontinued operations will be affected by the disposal of properties related to discontinued operations to the extent proceeds from the sales exceed or are less than net book value. | |||||||||
The following table sets forth the sales and pretax income (losses) reported for discontinued operations: | |||||||||
Two Quarters Ended | |||||||||
February 12, | February 13, | ||||||||
2014 | 2013 | ||||||||
(24 weeks) | (24 weeks) | ||||||||
(In thousands, except discontinued locations) | |||||||||
Sales | $ | 565 | $ | 466 | |||||
Pretax loss | (1,167 | ) | (817 | ) | |||||
Income tax benefit from discontinued operations | 350 | 280 | |||||||
Loss on discontinued operations | (818 | ) | (537 | ) | |||||
Discontinued locations closed during the period | 2 | — | |||||||
The following table summarizes discontinued operations for the first two quarters of fiscal 2014 and 2013: | |||||||||
Two Quarters Ended | |||||||||
February 12, | February 13, | ||||||||
2014 | 2013 | ||||||||
(24 weeks) | (24 weeks) | ||||||||
(In thousands, except per share data) | |||||||||
Impairments | $ | (451 | ) | $ | (506 | ) | |||
Gains (losses) | 6 | — | |||||||
Net gains (losses) | $ | (445 | ) | (506 | ) | ||||
Other | (373 | ) | (31 | ) | |||||
Discontinued operations | $ | (818 | ) | $ | (537 | ) | |||
Effect on EPS from discontinued operations—basic | $ | (0.03 | ) | $ | (0.02 | ) | |||
Within discontinued operations, the Company offsets gains from applicable property disposals against total impairments. The amounts in the table described as “Other” include employment termination and shut-down costs, as well as operating losses through each restaurant’s closing date and carrying costs until the locations are finally disposed of. | |||||||||
The impairment charges included above relate to properties closed and designated for immediate disposal. The assets of these individual operating units have been written down to their net realizable values. In turn, the related properties have either been sold or are being actively marketed for sale. All dispositions are expected to be completed within one to three years. Within discontinued operations, the Company also recorded the related fiscal year-to-date net operating results, employee terminations and carrying costs of the closed units. | |||||||||
Property Held for Sale | |||||||||
The Company periodically reviews long-lived assets against its plans to retain or ultimately dispose of properties. If the Company decides to dispose of a property, it will be moved to property held for sale and actively marketed. The Company analyzes market conditions each reporting period and records 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 the Company’s. Gains are not recognized until the properties are sold. | |||||||||
Property held for sale includes unimproved land, closed restaurant properties 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 August 28, 2013, the Company had one owned property recorded at approximately $0.6 million in property held for sale. The Company sold this property during the quarter ended November 20, 2013. |
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 6 Months Ended |
Feb. 12, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 9. 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. | |
Construction Activity | |
From time to time, the Company enters into non-cancelable contracts for the construction of its new restaurants. This construction activity exposes the Company to the risks inherent in new construction, including but not limited to rising material prices, labor shortages, delays in getting required permits and inspections, adverse weather conditions, and injuries sustained by workers. The Company had no non-cancelable contracts as of February 12. 2014. |
Note_10_Related_Parties
Note 10 - Related Parties | 6 Months Ended | ||||||||
Feb. 12, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Transactions Disclosure [Text Block] | ' | ||||||||
Note 10. Related Parties | |||||||||
Affiliate Services | |||||||||
Christopher J. Pappas, the Company’s Chief Executive Officer, and Harris J. Pappas, director and former 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 effective November 8, 2013 among the Company and the Pappas entities. | |||||||||
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 total costs under the Amended and Restated Master Sales Agreement of custom-fabricated and refurbished equipment in the two quarters ended February 12, 2014 and February 13, 2013 were zero and zero, respectively. Services provided under this agreement are subject to review and approval by the Finance and Audit Committee of the Board of Directors of the Company (the “Board”). | |||||||||
Operating Leases | |||||||||
In the third quarter 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 and occupied space in that center since July 1969. | |||||||||
On November 22, 2006, the Company executed a new lease agreement in connection with the replacement and relocation of the existing restaurant with a new prototype restaurant in the retail strip center described above. The new restaurant opened in July 2008 and the new lease agreement provides for a primary term of approximately twelve years with two subsequent five-year options. The new lease also gives the landlord an option to buy out the agreement on or after the calendar year 2015 by paying the unamortized cost of the Company’s improvements. The Company is currently obligated to pay rent of $22.00 per square foot ($22.00 per square foot beginning January 2014) plus maintenance, taxes, and insurance during the primary term of the lease. Thereafter, the lease provides for increases in rent at set intervals. The new lease agreement was approved by both the Finance and Audit Committee of the Board and full Board. The Company made payments of $163 thousand and $144 thousand in the two quarters ended February 12, 2014 and February 13, 2013, respectively. | |||||||||
On November14, 2012, the Company executed an additional lease agreement in connection with a proposed future restaurant concept in the retail strip center described above. This lease agreement provides for a primary term of approximately eight years with no renewal options. This lease agreement was approved by the Finance and Audit Committee of the Board. The Company made payments of $8,300 in the two quarters ended February 12, 2014. Affiliated rents paid for this restaurant property lease represented 2.1% and 2.2% of total rents for continuing operations for the two quarters ended February 12, 2014 and February 13, 2013, respectively. The Company terminated the lease on October 31, 2013. | |||||||||
Two Quarters Ended | |||||||||
February 12, | February 13, | ||||||||
2014 | 2013 | ||||||||
(24 weeks) | (24 weeks) | ||||||||
(In thousands, except percentages) | |||||||||
AFFILIATED COSTS INCURRED: | |||||||||
General and administrative expenses – professional and other costs | $ | — | $ | 25 | |||||
Capital expenditures – custom-fabricated and refurbished equipment and furnishings | — | — | |||||||
Other operating expenses and opening costs, including property leases | 163 | 145 | |||||||
Total | $ | 163 | $ | 170 | |||||
RELATIVE TOTAL COMPANY COSTS: | |||||||||
General and administrative expenses | $ | 16,184 | $ | 15,072 | |||||
Capital expenditures | 19,082 | 11,435 | |||||||
Other operating expenses, occupancy costs and opening costs | 41,814 | 36,780 | |||||||
Total | $ | 77,080 | $ | 63,287 | |||||
AFFILIATED COSTS INCURRED AS A PERCENTAGE OF RELATIVE TOTAL COMPANY COSTS | 0.21 | % | 0.27 | % | |||||
Board of Directors | |||||||||
Pursuant to the terms of a Purchase Agreement dated March 9, 2001, entered into by and among the Company, Christopher J. Pappas and Harris J. Pappas, the Company agreed to submit three persons designated by Christopher J. Pappas and Harris J. Pappas as nominees for election at the 2002 Annual Meeting of Shareholders. Messrs. Pappas designated themselves and Frank Markantonis as their nominees for directors, all of whom were subsequently elected. Christopher J. Pappas and Harris J. Pappas are brothers and Frank Markantonis is an attorney whose principal client is Pappas Restaurants, Inc., an entity owned by Harris J. Pappas and Christopher J. Pappas. | |||||||||
Christopher J. Pappas is a member of the Advisory Board of Amegy Bank, National Association, which is a lender and syndication agent under the Company’s 2013 Revolving Credit Facility. In January 2014, Christopher J. Pappas was also appointed to the Amegy Bank Legal Board. | |||||||||
Key Management Personnel | |||||||||
On January 24, 2014, Luby’s Inc. (the “Company”) entered into a new employment agreement (the “Employment Agreement”) with Christopher J. Pappas, the Company’s President and Chief Executive Officer. The Employment Agreement was unanimously approved by the Executive Compensation Committee (the “Committee”) of the Board as well as by the full Board. | |||||||||
The Employment Agreement provides for a term that begins on January 24, 2014 and expires on December 31, 2014. Pursuant to the Employment Agreement, Mr. Pappas will devote his primary working time, attention, energies and business efforts to his duties to the Company. | |||||||||
On January 25, 2013, the Board approved the renewal of a consultant agreement with Ernest Pekmezaris, the Company’s former Chief Financial Officer. Under the agreement, Mr. Pekmezaris furnished to the Company advisory and consulting services related to finance and accounting matters and other related consulting services. The agreement expired on July 31, 2013. Mr. Pekmezaris is also the Treasurer of Pappas Restaurants, Inc. Compensation for the services provided by Mr. Pekmezaris to Pappas Restaurants, Inc. is paid entirely by that entity. | |||||||||
Peter Tropoli, the Company’s Chief Operating Officer, and formerly the Company’s Senior Vice President, Administration, General Counsel and Secretary, is an attorney and stepson of Frank Markantonis, who is a director of the Company. On March 7, 2014, the Board selected Peter Tropoli to serve as a director of the Company. | |||||||||
Paulette Gerukos, Vice President of Human Resources of the Company, is the sister-in-law of Harris J. Pappas, who is a director of the Company. |
Note_11_ShareBased_Compensatio
Note 11 - Share-Based Compensation | 6 Months Ended | ||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
Note 11. Share-Based Compensation | |||||||||||||||||
We have two active share based stock plans, the Employee Stock Plan and the Nonemployee Director Stock Plan. Both plans authorize the granting of stock options, restricted stock and other types of awards consistent with the purpose of the plans. | |||||||||||||||||
Of the 1.1 million shares approved for issuance under the Nonemployee Director Stock Plan, 0.7 million options, restricted stock units and restricted stock awards were granted, and 0.1 million options were cancelled or expired and added back into the plan. Approximately 0.5 million shares remain available for future issuance as of February 12, 2014. Compensation cost for share-based payment arrangements under the Nonemployee Director Stock Plan, recognized in general and administrative expenses for the two quarters ended February 12, 2014 and February 13, 2013 were approximately $273,000 and $57,000, respectively. | |||||||||||||||||
Of the 2.6 million shares approved for issuance under the Employee Stock Plan, 4.6 million options and restricted stock units were granted, and 3.0 million options and restricted stock units were cancelled or expired and added back into the plan. Approximately 1.0 million shares remain available for future issuance as of February 12, 2014. Compensation cost for share-based payment arrangements under the Employee Stock Plan, recognized in general and administrative expenses for the two quarters ended February 12, 2014 and February 13, 2013, were approximately $0.3 million and $0.3 million, 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 two quarters ended February 12, 2014. However, options to purchase 22,000 shares at option prices from $4.47 to $6.45 per share remain outstanding as of February 12, 2014. | |||||||||||||||||
Options granted under the Employee Stock Plan generally vest 25% on the anniversary date of each grant and expire six years from the date of the grant. However, options granted to executive officers under the Employee Stock Plan vest 50% on the first anniversary date of the grant date, 25% on the second anniversary of the grant date and the remaining 25% vest on the third anniversary of the grant date and expire ten years from the grant date. No options were granted under the Employee Stock Plan in the two quarters ended February 12, 2014. Options to purchase 812,443 shares at option prices of $3.44 to $11.10 per share remain outstanding as of February 12, 2014. | |||||||||||||||||
A summary of the Company’s stock option activity for the quarter ended February 12, 2014 is presented in the following table: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Under | Average | Average | Intrinsic | ||||||||||||||
Fixed | Exercise | Remaining | Value | ||||||||||||||
Options | Price | Contractual | |||||||||||||||
Term | |||||||||||||||||
(Years) | (In thousands) | ||||||||||||||||
Outstanding at August 28, 2013 | 882,768 | $ | 5.23 | 4.7 | $ | 2,042 | |||||||||||
Granted | — | — | — | — | |||||||||||||
Exercised | (2,000 | ) | 4.42 | — | — | ||||||||||||
Forfeited/Expired | (46,325 | ) | — | — | — | ||||||||||||
Outstanding at February 12, 2014 | 834,443 | $ | 4.92 | 4.5 | $ | 1,168 | |||||||||||
Exercisable at February 12, 2014 | 694,456 | $ | 4.8 | 4.1 | $ | 1,074 | |||||||||||
The intrinsic value for stock options is defined as the difference between the current market value, or closing price on February 12, 2014, and the grant price on the measurement dates in the table above. | |||||||||||||||||
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 two quarters ended February 12, 2014 is presented in the following table: | |||||||||||||||||
Restricted | Weighted | Weighted- | |||||||||||||||
Stock | Average | Average | |||||||||||||||
Units | Fair Value | Remaining | |||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
(Per share) | (In years) | ||||||||||||||||
Unvested at August 28, 2013 | 424,236 | $ | 5.74 | 2.1 | |||||||||||||
Granted | 63,238 | 7.09 | — | ||||||||||||||
Vested | (75,180 | ) | 5.39 | — | |||||||||||||
Forfeited | (4,702 | ) | 5.79 | — | |||||||||||||
Unvested at February 12, 2014 | 407,592 | $ | 6.02 | 2.1 | |||||||||||||
At February 12, 2014, there was approximately $1.5 million of total unrecognized compensation cost related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 1.9 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. The number of shares granted is valued at the closing market 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. Directors may receive a 20% premium of additional restricted stock by opting to receive stock in lieu of cash. |
Note_12_Earnings_Per_Share
Note 12 - Earnings Per Share | 6 Months Ended | ||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Note 12. 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 and unvested restricted stock 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 two quarters ended February 12, 2014 include approximately 37,000 shares with exercise prices exceeding market prices and approximately 250,000 shares whose inclusion would also be anti-dilutive. | |||||||||||||||||
The components of basic and diluted net income per share are as follows: | |||||||||||||||||
Quarter Ended | Two Quarters Ended | ||||||||||||||||
February 12, | February 13, | February 12, | February 13, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(12 weeks) | (12 weeks) | (24 weeks) | (24 weeks) | ||||||||||||||
(In thousands except per share data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations | $ | (2,053 | ) | $ | 634 | $ | (2,911 | ) | $ | 807 | |||||||
Loss from discontinued operations | (131 | ) | (454 | ) | (818 | ) | (536 | ) | |||||||||
Net income (loss) | $ | (2,184 | ) | $ | 180 | $ | (3,729 | ) | 271 | ||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share – weighted-average shares | 28,775 | 28,614 | 28,770 | 28,500 | |||||||||||||
Effect of potentially dilutive securities: | |||||||||||||||||
Employee and non-employee stock options | — | 211 | — | 198 | |||||||||||||
Denominator for earnings per share assuming dilution | 28,775 | 28,825 | 28,770 | 28,698 | |||||||||||||
Income (loss) per share from continuing operations: | |||||||||||||||||
Basic | $ | (0.07 | ) | $ | 0.02 | $ | (0.10 | ) | $ | 0.03 | |||||||
Assuming dilution | $ | (0.07 | ) | $ | 0.02 | $ | (0.10 | ) | $ | 0.03 | |||||||
Loss per share from discontinued operations: | |||||||||||||||||
Basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.02 | ) | |||||
Assuming dilution | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.02 | ) | |||||
Net income (loss) per share: | |||||||||||||||||
Basic | $ | (0.08 | ) | $ | 0.01 | $ | (0.13 | ) | $ | 0.01 | |||||||
Assuming dilution | $ | (0.08 | ) | $ | 0.01 | $ | (0.13 | ) | $ | 0.01 | |||||||
Note_1_Basis_of_Presentation_T
Note 1 - Basis of Presentation (Tables) | 6 Months Ended | ||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||
Consolidated Balance Sheet [Member] | ' | ||||||||||||||||
Note 1 - Basis of Presentation (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | ' | ||||||||||||||||
Balance Sheet August 28, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
As Reported | Reclassifications1 | Adjustments | Revised | ||||||||||||||
ASSETS | |||||||||||||||||
Current Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 1,528 | $ | (5 | ) | $ | - | $ | 1,523 | ||||||||
Trade accounts and other receivables, net | 4,083 | - | - | 4,083 | |||||||||||||
Food and supply inventories | 5,026 | (41 | ) | - | 4,985 | ||||||||||||
Prepaid expenses | 3,183 | (14 | ) | 141 | 3,310 | ||||||||||||
Assets related to discontinued operations | 21 | 60 | - | 81 | |||||||||||||
Deferred income taxes | 1,436 | - | 199 | 1,635 | |||||||||||||
Total current assets | 15,277 | - | 340 | 15,617 | |||||||||||||
Property held for sale | 449 | - | - | 449 | |||||||||||||
Assets related to discontinued operations | 4,189 | 14 | - | 4,203 | |||||||||||||
Property and equipment, net | 190,519 | (10 | ) | - | 190,510 | ||||||||||||
Intangible assets, net | 25,517 | - | - | 25,517 | |||||||||||||
Goodwill | 2,169 | - | - | 2,169 | |||||||||||||
Deferred income taxes | 7,923 | - | - | 7,923 | |||||||||||||
Other assets | 4,262 | (4 | ) | - | 4,257 | ||||||||||||
Total assets | $ | 250,305 | $ | - | $ | 340 | $ | 250,645 | |||||||||
LIABILITIES AND SHAREHOLDER EQUITY | - | - | |||||||||||||||
Current Liabilities: | |||||||||||||||||
Accounts payable | $ | 23,655 | $ | - | $ | - | $ | 23,655 | |||||||||
Liabilities related to discontinued operations | 440 | 37 | - | 477 | |||||||||||||
Accrued expenses and other liabilities | 21,178 | (37 | ) | 726 | 21,868 | ||||||||||||
Total current liabilities | 45,273 | - | 726 | 46,000 | |||||||||||||
Credit facility debt | 19,200 | - | - | 19,200 | |||||||||||||
Liabilities related to discontinued operations | 304 | 23 | - | 327 | |||||||||||||
Other liabilities | 8,010 | (23 | ) | - | 7,986 | ||||||||||||
Total liabilities | 72,787 | (0 | ) | 726 | 73,513 | ||||||||||||
Commitments and Contingencies | - | - | - | - | |||||||||||||
SHAREHOLDER'S EQUITY | |||||||||||||||||
Common Stock | 9,217 | - | - | 9,217 | |||||||||||||
Paid-in capital | 26,065 | - | - | 26,065 | |||||||||||||
Retained earnings | 147,011 | - | (386 | ) | 146,625 | ||||||||||||
Less cost of treasury stock | (4,775 | ) | - | - | (4,775 | ) | |||||||||||
Total shareholders' equity | 177,518 | - | (386 | ) | 177,132 | ||||||||||||
Total liabilities and shareholders' equity | $ | 250,305 | $ | - | $ | 340 | $ | 250,645 | |||||||||
Statement of Operations [Member] | ' | ||||||||||||||||
Note 1 - Basis of Presentation (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | ' | ||||||||||||||||
Quarter Ended February 13, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
As Reported | Reclassifications(1) | Adjustments | Revised | ||||||||||||||
Restaurant sales | $ | 82,152 | $ | (467 | ) | $ | - | $ | 81,685 | ||||||||
Cost of food | 23,763 | (144 | ) | - | 23,619 | ||||||||||||
Payroll and related costs | 28,817 | 292 | (1 | ) | 29,108 | ||||||||||||
Other operating expenses | 19,593 | (5,571 | ) | - | 14,022 | ||||||||||||
Occupancy costs | - | 4,902 | - | 4,902 | |||||||||||||
General and administrative expenses | 7,616 | - | 36 | 7,652 | |||||||||||||
Provision (benefit) for income taxes | 487 | - | (12 | ) | 475 | ||||||||||||
Income (loss) from continuing operations | 603 | 54 | (23 | ) | 634 | ||||||||||||
Two Quarters Ended February 13, 2013 | |||||||||||||||||
(In thousands) | |||||||||||||||||
As Reported | Reclassifications(1) | Adjustments | Revised | ||||||||||||||
Restaurant sales | $ | 156,120 | $ | (466 | ) | $ | - | $ | 155,654 | ||||||||
Cost of food | 44,606 | (145 | ) | - | 44,461 | ||||||||||||
Payroll and related costs | 54,346 | 751 | 15 | 55,112 | |||||||||||||
Other operating expenses | 37,434 | (10,064 | ) | - | 27,370 | ||||||||||||
Occupancy costs | - | 8,943 | - | 8,943 | |||||||||||||
General and administrative expenses | 14,994 | - | 78 | 15,072 | |||||||||||||
Provision (benefit) for income taxes | 566 | - | (32 | ) | 534 | ||||||||||||
Income (loss) from continuing operations | 819 | 49 | (62 | ) | 807 |
Note_3_Acquisition_Tables
Note 3 - Acquisition (Tables) | 6 Months Ended | ||||||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | ||||||||||||||||||||
Cash and cash equivalents | $ | 58 | |||||||||||||||||||
Accounts receivable | 93 | ||||||||||||||||||||
Inventories | 561 | ||||||||||||||||||||
Other current assets | 376 | ||||||||||||||||||||
Property and equipment | 6,374 | ||||||||||||||||||||
Liquor licenses and permits | 188 | ||||||||||||||||||||
Favorable leases | 2,646 | ||||||||||||||||||||
License agreement and trade name | 254 | ||||||||||||||||||||
Goodwill | 1,975 | ||||||||||||||||||||
Accrued liabilities | (2,356 | ) | |||||||||||||||||||
Net acquisition cost | $ | 10,169 | |||||||||||||||||||
Summary Of Prospective Amortization Of Lease Disclosure [Table Text Block] | ' | ||||||||||||||||||||
Fiscal Year Ended | |||||||||||||||||||||
August 27, | August 26, | August 31, | August 30, | August 29, | |||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||||
(In thousands) | |||||||||||||||||||||
Favorable | $ | 126 | $ | 121 | $ | 121 | $ | 121 | $ | 121 |
Note_4_Reportable_Segments_Tab
Note 4 - Reportable Segments (Tables) | 6 Months Ended | ||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||
Note 4 - Reportable Segments (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Quarter Ended | Two Quarters Ended | ||||||||||||||||
February 12, | February 13, | February 12, | February 13, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(12 weeks) | (12 weeks) | (24 weeks) | (24 weeks) | ||||||||||||||
(In thousands) | |||||||||||||||||
Sales: | |||||||||||||||||
Company-owned restaurants(1) | $ | 84,022 | $ | 81,804 | $ | 165,079 | $ | 155,895 | |||||||||
Culinary contract services | 3,979 | 3,667 | 8,249 | 7,508 | |||||||||||||
Franchising | 1,545 | 1,540 | 3,060 | 3,062 | |||||||||||||
Total | 89,546 | 87,011 | 176,388 | 166,465 | |||||||||||||
Segment level profit: | |||||||||||||||||
Company-owned restaurants | $ | 9,378 | $ | 10,152 | $ | 18,436 | $ | 20,009 | |||||||||
Culinary contract services | 483 | 325 | 1,080 | 700 | |||||||||||||
Franchising | 1,545 | 1,540 | 3,060 | 3,061 | |||||||||||||
Total | 11,406 | 12,017 | 22,576 | 23,770 | |||||||||||||
Depreciation and amortization: | |||||||||||||||||
Company-owned restaurants | $ | 4,054 | $ | 3,853 | $ | 7,817 | $ | 7,528 | |||||||||
Culinary contract services | 91 | 106 | 184 | 214 | |||||||||||||
Franchising | 177 | 177 | 354 | 354 | |||||||||||||
Corporate | 177 | 176 | 488 | 334 | |||||||||||||
Total | 4,499 | 4,312 | 8,843 | 8,430 | |||||||||||||
Capital expenditures: | |||||||||||||||||
Company-owned restaurants | $ | 9,447 | $ | 6,402 | $ | 18,505 | $ | 11,222 | |||||||||
Culinary contract services | — | 40 | — | 41 | |||||||||||||
Franchising | — | — | — | — | |||||||||||||
Corporate | 428 | 119 | 577 | 172 | |||||||||||||
Total | $ | 9,875 | $ | 6,561 | $ | 19,082 | $ | 11,435 | |||||||||
Income (loss) before income taxes and discontinued operations: | |||||||||||||||||
Segment level profit | $ | 11,406 | $ | 12,017 | $ | 22,576 | $ | 23,770 | |||||||||
Opening costs | (682 | ) | (261 | ) | (1,031 | ) | (467 | ) | |||||||||
Depreciation and amortization | (4,499 | ) | (4,312 | ) | (8,843 | ) | (8,430 | ) | |||||||||
General and administrative expenses | (8,117 | ) | (7,652 | ) | (16,184 | ) | (15,072 | ) | |||||||||
Provision for asset impairments, net | (1,640 | ) | — | (1,850 | ) | (90 | ) | ||||||||||
Net gain (loss) on disposition of property and equipment | (16 | ) | 1,321 | (67 | ) | 1,563 | |||||||||||
Interest income | 1 | 2 | 3 | 4 | |||||||||||||
Interest expense | (292 | ) | (214 | ) | (545 | ) | (389 | ) | |||||||||
Other income, net | 260 | 207 | 556 | 451 | |||||||||||||
Total | $ | (3,579 | ) | $ | 1,109 | $ | (5,385 | ) | $ | 1,341 | |||||||
assets (Member) | ' | ||||||||||||||||
Note 4 - Reportable Segments (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
February 12, | August 28, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total assets: | |||||||||||||||||
Company-owned restaurants | $ | 211,698 | $ | 204,123 | |||||||||||||
Culinary contract services | 3,293 | 3,550 | |||||||||||||||
Franchising | 13,939 | 14,674 | |||||||||||||||
Corporate | 30,992 | 28,298 | |||||||||||||||
Total | $ | 259,922 | $ | 250,645 |
Note_5_Fair_Value_Measurements1
Note 5 - Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Measurement Using | |||||||||||||||||||||
Two Quarters Ended | Quoted | Significant | Significant | Total | |||||||||||||||||
February 12, | Prices in | Other | Unobservable | Impairments | |||||||||||||||||
2014 | Active | Observable | Inputs | ||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||
Property and equipment related to company- owned restaurant assets | $ | 3,498 | $ | — | $ | — | $ | 3,498 | $ | (1,850 | ) | ||||||||||
Discontinued Operations | |||||||||||||||||||||
Property and equipment related to corporate assets | $ | 1,567 | $ | — | $ | — | $ | 1,567 | $ | (451 | ) | ||||||||||
Fair Value | |||||||||||||||||||||
Measurement Using | |||||||||||||||||||||
Two Quarters Ended | Quoted | Significant | Significant | Total | |||||||||||||||||
February 13, | Prices in | Other | Unobservable | Impairments | |||||||||||||||||
2013 | Active | Observable | Inputs | ||||||||||||||||||
Markets for | Inputs | (Level 3) | |||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||
Property and equipment related to company- owned restaurant assets | $ | 20 | $ | — | $ | — | $ | 20 | $ | (90 | ) | ||||||||||
Discontinued Operations | |||||||||||||||||||||
Property and equipment related to corporate assets | $ | 1,634 | $ | — | $ | — | $ | 1,634 | $ | (506 | ) |
Note_7_Property_and_Equipment_1
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Tables) | 6 Months Ended | ||||||||||||||
Feb. 12, 2014 | |||||||||||||||
Property Equipment Intangible Assets And Goodwill Disclosure [Abstract] | ' | ||||||||||||||
Property Equipment Intangible Assets And Goodwill Disclosure Table Text Block | ' | ||||||||||||||
February 12, | August 28, | Estimated | |||||||||||||
2014 | 2013 | Useful Lives (years) | |||||||||||||
(In thousands) | |||||||||||||||
Land | $ | 65,463 | $ | 62,191 | — | ||||||||||
Restaurant equipment and furnishings | 125,953 | 116,655 | 1 | to | 15 | ||||||||||
Buildings | 178,022 | 172,342 | 20 | to | 33 | ||||||||||
Leasehold and leasehold improvements | 39,178 | 39,108 | Lesser of lease term or estimated useful life | ||||||||||||
Office furniture and equipment | 8,021 | 7,466 | 3 | to | 10 | ||||||||||
Construction in progress | 5,762 | 7,814 | |||||||||||||
422,399 | 405,576 | ||||||||||||||
Less accumulated depreciation and amortization | (222,756 | ) | (215,066 | ) | |||||||||||
Property and equipment, net | $ | 199,643 | $ | 190,510 | |||||||||||
Intangible assets, net | $ | 24,810 | $ | 25,517 | 15 | to | 21 | ||||||||
Goodwill | $ | 1,755 | $ | 2,169 |
Note_8_Impairment_of_LongLived1
Note 8 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Tables) | 6 Months Ended | ||||||||
Feb. 12, 2014 | |||||||||
Impairment Of Long Lived Assets Discontinued Operations And Property Held For Sale Disclosure [Abstract] | ' | ||||||||
Schedule Of Restructuring And Asset Impairment Charges Table [Text Block] | ' | ||||||||
Two Quarters Ended | |||||||||
February 12, | February 13, | ||||||||
2014 | 2013 | ||||||||
(24 weeks) | (24 weeks) | ||||||||
(In thousands, except per share data) | |||||||||
Provision for asset impairments | $ | 1,850 | $ | 90 | |||||
Net (gain) loss on disposition of property and equipment | — | (1,563 | ) | ||||||
$ | 1,850 | $ | (1,473 | ) | |||||
Effect on EPS: | |||||||||
Basic | $ | (0.06 | ) | $ | 0.05 | ||||
Assuming dilution | $ | (0.06 | ) | $ | 0.05 | ||||
Schedule Of Assets And Liabilities Of Discontinued Operations Table [Text Block] | ' | ||||||||
February 12, | August 28, | ||||||||
2014 | 2013 | ||||||||
(in thousands) | |||||||||
Cash | $ | — | $ | 5 | |||||
Food and supply inventories | — | 41 | |||||||
Prepaid expenses | 12 | 35 | |||||||
Assets related to discontinued operations—current | $ | 12 | $ | 81 | |||||
Property and equipment | $ | 3,751 | $ | 3,892 | |||||
Deferred income taxes | 290 | 290 | |||||||
Other assets | 6 | 21 | |||||||
Assets related to discontinued operations—non-current | $ | 4,047 | $ | 4,203 | |||||
Deferred income taxes | $ | 246 | $ | 246 | |||||
Accrued expenses and other liabilities | 247 | 231 | |||||||
Liabilities related to discontinued operations—current | $ | 493 | $ | 477 | |||||
Other liabilities | $ | 396 | $ | 327 | |||||
Liabilities related to discontinued operations—non-current | $ | 396 | $ | 327 | |||||
Schedule Of Discontinued Operations Income Statement Table [Text Block] | ' | ||||||||
Two Quarters Ended | |||||||||
February 12, | February 13, | ||||||||
2014 | 2013 | ||||||||
(24 weeks) | (24 weeks) | ||||||||
(In thousands, except discontinued locations) | |||||||||
Sales | $ | 565 | $ | 466 | |||||
Pretax loss | (1,167 | ) | (817 | ) | |||||
Income tax benefit from discontinued operations | 350 | 280 | |||||||
Loss on discontinued operations | (818 | ) | (537 | ) | |||||
Discontinued locations closed during the period | 2 | — | |||||||
Discontinued Operations Table [Text Block] | ' | ||||||||
Two Quarters Ended | |||||||||
February 12, | February 13, | ||||||||
2014 | 2013 | ||||||||
(24 weeks) | (24 weeks) | ||||||||
(In thousands, except per share data) | |||||||||
Impairments | $ | (451 | ) | $ | (506 | ) | |||
Gains (losses) | 6 | — | |||||||
Net gains (losses) | $ | (445 | ) | (506 | ) | ||||
Other | (373 | ) | (31 | ) | |||||
Discontinued operations | $ | (818 | ) | $ | (537 | ) | |||
Effect on EPS from discontinued operations—basic | $ | (0.03 | ) | $ | (0.02 | ) |
Note_10_Related_Parties_Tables
Note 10 - Related Parties (Tables) | 6 Months Ended | ||||||||
Feb. 12, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||
Two Quarters Ended | |||||||||
February 12, | February 13, | ||||||||
2014 | 2013 | ||||||||
(24 weeks) | (24 weeks) | ||||||||
(In thousands, except percentages) | |||||||||
AFFILIATED COSTS INCURRED: | |||||||||
General and administrative expenses – professional and other costs | $ | — | $ | 25 | |||||
Capital expenditures – custom-fabricated and refurbished equipment and furnishings | — | — | |||||||
Other operating expenses and opening costs, including property leases | 163 | 145 | |||||||
Total | $ | 163 | $ | 170 | |||||
RELATIVE TOTAL COMPANY COSTS: | |||||||||
General and administrative expenses | $ | 16,184 | $ | 15,072 | |||||
Capital expenditures | 19,082 | 11,435 | |||||||
Other operating expenses, occupancy costs and opening costs | 41,814 | 36,780 | |||||||
Total | $ | 77,080 | $ | 63,287 | |||||
AFFILIATED COSTS INCURRED AS A PERCENTAGE OF RELATIVE TOTAL COMPANY COSTS | 0.21 | % | 0.27 | % |
Note_11_ShareBased_Compensatio1
Note 11 - Share-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Under | Average | Average | Intrinsic | ||||||||||||||
Fixed | Exercise | Remaining | Value | ||||||||||||||
Options | Price | Contractual | |||||||||||||||
Term | |||||||||||||||||
(Years) | (In thousands) | ||||||||||||||||
Outstanding at August 28, 2013 | 882,768 | $ | 5.23 | 4.7 | $ | 2,042 | |||||||||||
Granted | — | — | — | — | |||||||||||||
Exercised | (2,000 | ) | 4.42 | — | — | ||||||||||||
Forfeited/Expired | (46,325 | ) | — | — | — | ||||||||||||
Outstanding at February 12, 2014 | 834,443 | $ | 4.92 | 4.5 | $ | 1,168 | |||||||||||
Exercisable at February 12, 2014 | 694,456 | $ | 4.8 | 4.1 | $ | 1,074 | |||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||
Restricted | Weighted | Weighted- | |||||||||||||||
Stock | Average | Average | |||||||||||||||
Units | Fair Value | Remaining | |||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
(Per share) | (In years) | ||||||||||||||||
Unvested at August 28, 2013 | 424,236 | $ | 5.74 | 2.1 | |||||||||||||
Granted | 63,238 | 7.09 | — | ||||||||||||||
Vested | (75,180 | ) | 5.39 | — | |||||||||||||
Forfeited | (4,702 | ) | 5.79 | — | |||||||||||||
Unvested at February 12, 2014 | 407,592 | $ | 6.02 | 2.1 |
Note_12_Earnings_Per_Share_Tab
Note 12 - Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Feb. 12, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Quarter Ended | Two Quarters Ended | ||||||||||||||||
February 12, | February 13, | February 12, | February 13, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(12 weeks) | (12 weeks) | (24 weeks) | (24 weeks) | ||||||||||||||
(In thousands except per share data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations | $ | (2,053 | ) | $ | 634 | $ | (2,911 | ) | $ | 807 | |||||||
Loss from discontinued operations | (131 | ) | (454 | ) | (818 | ) | (536 | ) | |||||||||
Net income (loss) | $ | (2,184 | ) | $ | 180 | $ | (3,729 | ) | 271 | ||||||||
Denominator: | |||||||||||||||||
Denominator for basic earnings per share – weighted-average shares | 28,775 | 28,614 | 28,770 | 28,500 | |||||||||||||
Effect of potentially dilutive securities: | |||||||||||||||||
Employee and non-employee stock options | — | 211 | — | 198 | |||||||||||||
Denominator for earnings per share assuming dilution | 28,775 | 28,825 | 28,770 | 28,698 | |||||||||||||
Income (loss) per share from continuing operations: | |||||||||||||||||
Basic | $ | (0.07 | ) | $ | 0.02 | $ | (0.10 | ) | $ | 0.03 | |||||||
Assuming dilution | $ | (0.07 | ) | $ | 0.02 | $ | (0.10 | ) | $ | 0.03 | |||||||
Loss per share from discontinued operations: | |||||||||||||||||
Basic | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.02 | ) | |||||
Assuming dilution | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.02 | ) | |||||
Net income (loss) per share: | |||||||||||||||||
Basic | $ | (0.08 | ) | $ | 0.01 | $ | (0.13 | ) | $ | 0.01 | |||||||
Assuming dilution | $ | (0.08 | ) | $ | 0.01 | $ | (0.13 | ) | $ | 0.01 |
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details) (USD $) | 6 Months Ended |
Feb. 12, 2014 | |
Disclosure Text Block [Abstract] | ' |
$386,000 |
Note_1_Basis_of_Presentation_D1
Note 1 - Basis of Presentation (Details) - Previously Reported Accounting Errors in Consolidated Balance Sheet (USD $) | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 13, 2013 | Aug. 29, 2012 | |
In Thousands, unless otherwise specified | |||||
Current Assets: | ' | ' | ' | ' | |
Cash and cash equivalents | $1,685 | $1,523 | $2,897 | $1,223 | |
Trade accounts and other receivables, net | 3,625 | 4,083 | ' | ' | |
Food and supply inventories | 5,325 | 4,985 | ' | ' | |
Prepaid expenses | ' | 3,310 | ' | ' | |
Assets related to discontinued operations | 12 | 81 | ' | ' | |
Deferred income taxes | ' | 1,635 | ' | ' | |
Total current assets | 14,839 | 15,617 | ' | ' | |
Property held for sale | ' | 449 | ' | ' | |
Assets related to discontinued operations | 4,047 | 4,203 | ' | ' | |
Property and equipment, net | 199,643 | 190,510 | ' | ' | |
Intangible assets, net | 24,810 | 25,517 | ' | ' | |
Goodwill | 1,755 | 2,169 | ' | ' | |
Deferred income taxes | 10,961 | 7,923 | ' | ' | |
Other assets | 3,867 | 4,257 | ' | ' | |
Total assets | 259,922 | 250,645 | ' | ' | |
SHAREHOLDER'S EQUITY | ' | ' | ' | ' | |
Common Stock | 9,244 | 9,217 | ' | ' | |
Paid-in capital | 26,526 | 26,065 | ' | ' | |
Retained earnings | 142,896 | 146,625 | ' | ' | |
Less cost of treasury stock | -4,775 | -4,775 | ' | ' | |
Total shareholders' equity | 173,891 | 177,132 | ' | ' | |
Total liabilities and shareholders' equity | 259,922 | 250,645 | ' | ' | |
Current Liabilities: | ' | ' | ' | ' | |
Accounts payable | 19,515 | 23,655 | ' | ' | |
Liabilities related to discontinued operations | 493 | 477 | ' | ' | |
Accrued expenses and other liabilities | 20,629 | 21,868 | ' | ' | |
Total current liabilities | 40,637 | 46,000 | ' | ' | |
Credit facility debt | 37,000 | 19,200 | ' | ' | |
Liabilities related to discontinued operations | 396 | 327 | ' | ' | |
Other liabilities | 7,998 | 7,986 | ' | ' | |
Total liabilities | 86,031 | 73,513 | ' | ' | |
Scenario, Previously Reported [Member] | Accounting Error [Member] | ' | ' | ' | ' | |
Current Assets: | ' | ' | ' | ' | |
Cash and cash equivalents | ' | 1,528 | ' | ' | |
Trade accounts and other receivables, net | ' | 4,083 | ' | ' | |
Food and supply inventories | ' | 5,026 | ' | ' | |
Prepaid expenses | ' | 3,183 | ' | ' | |
Assets related to discontinued operations | ' | 21 | ' | ' | |
Deferred income taxes | ' | 1,436 | ' | ' | |
Total current assets | ' | 15,277 | ' | ' | |
Property held for sale | ' | 449 | ' | ' | |
Assets related to discontinued operations | ' | 4,189 | ' | ' | |
Property and equipment, net | ' | 190,519 | ' | ' | |
Intangible assets, net | ' | 25,517 | ' | ' | |
Goodwill | ' | 2,169 | ' | ' | |
Deferred income taxes | ' | 7,923 | ' | ' | |
Other assets | ' | 4,262 | ' | ' | |
Total assets | ' | 250,305 | ' | ' | |
SHAREHOLDER'S EQUITY | ' | ' | ' | ' | |
Common Stock | ' | 9,217 | ' | ' | |
Paid-in capital | ' | 26,065 | ' | ' | |
Retained earnings | ' | 147,011 | ' | ' | |
Less cost of treasury stock | ' | -4,775 | ' | ' | |
Total shareholders' equity | ' | 177,518 | ' | ' | |
Total liabilities and shareholders' equity | ' | 250,305 | ' | ' | |
Current Liabilities: | ' | ' | ' | ' | |
Accounts payable | ' | 23,655 | ' | ' | |
Liabilities related to discontinued operations | ' | 440 | ' | ' | |
Accrued expenses and other liabilities | ' | 21,178 | ' | ' | |
Total current liabilities | ' | 45,273 | ' | ' | |
Credit facility debt | ' | 19,200 | ' | ' | |
Liabilities related to discontinued operations | ' | 304 | ' | ' | |
Other liabilities | ' | 8,010 | ' | ' | |
Total liabilities | ' | 72,787 | ' | ' | |
Scenario, Previously Reported [Member] | ' | ' | ' | ' | |
SHAREHOLDER'S EQUITY | ' | ' | ' | ' | |
Total shareholders' equity | ' | 177,518 | ' | ' | |
Scenario, Reclassifications [Member] | Accounting Error [Member] | ' | ' | ' | ' | |
Current Assets: | ' | ' | ' | ' | |
Cash and cash equivalents | ' | -5 | [1] | ' | ' |
Trade accounts and other receivables, net | ' | ' | [1] | ' | ' |
Food and supply inventories | ' | -41 | [1] | ' | ' |
Prepaid expenses | ' | -14 | [1] | ' | ' |
Assets related to discontinued operations | ' | 60 | [1] | ' | ' |
Deferred income taxes | ' | ' | [1] | ' | ' |
Total current assets | ' | ' | [1] | ' | ' |
Property held for sale | ' | ' | [1] | ' | ' |
Assets related to discontinued operations | ' | 14 | [1] | ' | ' |
Property and equipment, net | ' | -10 | [1] | ' | ' |
Intangible assets, net | ' | ' | [1] | ' | ' |
Goodwill | ' | ' | [1] | ' | ' |
Deferred income taxes | ' | ' | [1] | ' | ' |
Other assets | ' | -4 | [1] | ' | ' |
Total assets | ' | ' | [1] | ' | ' |
SHAREHOLDER'S EQUITY | ' | ' | ' | ' | |
Common Stock | ' | ' | [1] | ' | ' |
Paid-in capital | ' | ' | [1] | ' | ' |
Retained earnings | ' | ' | [1] | ' | ' |
Less cost of treasury stock | ' | ' | [1] | ' | ' |
Total shareholders' equity | ' | ' | [1] | ' | ' |
Total liabilities and shareholders' equity | ' | ' | [1] | ' | ' |
Current Liabilities: | ' | ' | ' | ' | |
Accounts payable | ' | ' | [1] | ' | ' |
Liabilities related to discontinued operations | ' | 37 | [1] | ' | ' |
Accrued expenses and other liabilities | ' | -37 | [1] | ' | ' |
Total current liabilities | ' | ' | [1] | ' | ' |
Credit facility debt | ' | ' | [1] | ' | ' |
Liabilities related to discontinued operations | ' | 23 | [1] | ' | ' |
Other liabilities | ' | -23 | [1] | ' | ' |
Total liabilities | ' | 0 | [1] | ' | ' |
Commitments and Contingencies | ' | ' | [1] | ' | ' |
Scenario, Adjustment [Member] | Accounting Error [Member] | ' | ' | ' | ' | |
Current Assets: | ' | ' | ' | ' | |
Prepaid expenses | ' | 141 | ' | ' | |
Deferred income taxes | ' | 199 | ' | ' | |
Total current assets | ' | 340 | ' | ' | |
Total assets | ' | 340 | ' | ' | |
SHAREHOLDER'S EQUITY | ' | ' | ' | ' | |
Retained earnings | ' | -386 | ' | ' | |
Total shareholders' equity | ' | -386 | ' | ' | |
Total liabilities and shareholders' equity | ' | 340 | ' | ' | |
Current Liabilities: | ' | ' | ' | ' | |
Accrued expenses and other liabilities | ' | 726 | ' | ' | |
Total current liabilities | ' | 726 | ' | ' | |
Total liabilities | ' | $726 | ' | ' | |
[1] | The results of operations, assets and liabilities for all units included in the Company's disposal plans discussed in Note 8 have been reclassified to discontinued operations in the statements of operations and balance sheets for all periods presented. Some table rows may not sum due to rounding. |
Note_1_Basis_of_Presentation_D2
Note 1 - Basis of Presentation (Details) - Previously reported Accounting Errors in Statement of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 13, 2013 | ||
Restaurant sales | $83,907 | $81,685 | $164,852 | $155,654 | ||
Cost of food | 24,338 | 23,619 | 47,527 | 44,461 | ||
Payroll and related costs | 29,705 | 29,108 | 58,333 | 55,112 | ||
Other operating expenses | 15,642 | 14,022 | 31,031 | 27,370 | ||
Occupancy costs | 4,959 | 4,902 | 9,752 | 8,943 | ||
General and administrative expenses | 8,117 | 7,652 | 16,184 | 15,072 | ||
Provision (benefit) for income taxes | -1,526 | 475 | -2,474 | 534 | ||
Income (loss) from continuing operations | ' | 634 | ' | 807 | ||
Scenario, Previously Reported [Member] | Accounting Error [Member] | ' | ' | ' | ' | ||
Restaurant sales | ' | 82,152 | ' | 156,120 | ||
Cost of food | ' | 23,763 | ' | 44,606 | ||
Payroll and related costs | ' | 28,817 | ' | 54,346 | ||
Other operating expenses | ' | 19,593 | ' | 37,434 | ||
General and administrative expenses | ' | 7,616 | ' | 14,994 | ||
Provision (benefit) for income taxes | ' | 487 | ' | 566 | ||
Income (loss) from continuing operations | ' | 603 | ' | 819 | ||
Scenario, Reclassifications [Member] | Accounting Error [Member] | ' | ' | ' | ' | ||
Restaurant sales | ' | -467 | [1] | ' | -466 | [1] |
Cost of food | ' | -144 | [1] | ' | -145 | [1] |
Payroll and related costs | ' | 292 | [1] | ' | 751 | [1] |
Other operating expenses | ' | -5,571 | [1] | ' | -10,064 | [1] |
Occupancy costs | ' | 4,902 | [1] | ' | 8,943 | [1] |
General and administrative expenses | ' | ' | [1] | ' | ' | [1] |
Provision (benefit) for income taxes | ' | ' | [1] | ' | ' | [1] |
Income (loss) from continuing operations | ' | 54 | [1] | ' | 49 | [1] |
Scenario, Adjustment [Member] | Accounting Error [Member] | ' | ' | ' | ' | ||
Payroll and related costs | ' | -1 | ' | 15 | ||
General and administrative expenses | ' | 36 | ' | 78 | ||
Provision (benefit) for income taxes | ' | -12 | ' | -32 | ||
Income (loss) from continuing operations | ' | ($23) | ' | ($62) | ||
[1] | Certain reclassification of amounts have been made to conform with the current year presentation for comparative purposes. The results of operations, assets and liabilities for all units included in the Company's disposal plans discussed in Note 8 have been reclassified to discontinued operations in the statements of operations and balance sheets for all periods presented. Occupancy costs have been reclassified from Other operating expenses to a separate line item on the Consolidated Statement of Operations and group insurance, employer 401k matching and employee meal costs have been reclassified from Other operating expenses to Payroll and related costs to provide comparability to financial results reported by our peers in the industry. |
Note_3_Acquisition_Details
Note 3 - Acquisition (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | |||||
Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 13, 2013 | Aug. 28, 2013 | Dec. 06, 2012 | Feb. 12, 2014 | Dec. 06, 2012 | Feb. 12, 2014 | Nov. 20, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | |
Paradise Restaurant Group, LLC (Member) | Cheeseburger in Paradise [Member] | Cheeseburger in Paradise [Member] | Cheeseburger in Paradise [Member] | Acquired Lease portfolio (Member) | Property and Equipment (Member) | License Agreement and Trade Name (Member) | ||||||
License Agreement and Trade Name (Member) | ||||||||||||
Note 3 - Acquisition (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Membership Units | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | ' | ' | ' | ' | ' | ' | $10,200,000 | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | ' | ' | ' | ' |
General and Administrative Expense | 8,117,000 | 7,652,000 | 16,184,000 | 15,072,000 | ' | ' | ' | 400,000 | ' | ' | ' | ' |
Royalty Fee, Percent | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | '15 years |
Segment Reporting Depreciation And Amortization | ' | ' | 17,000 | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' |
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 2,600,000 | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Rent Expense | 30,000 | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | 422,399,000 | ' | 422,399,000 | ' | 405,576,000 | ' | ' | ' | ' | ' | 6,400,000 | ' |
Goodwill | $1,755,000 | ' | $1,755,000 | ' | $2,169,000 | ' | ' | ' | ' | $2,000,000 | ' | ' |
Note_3_Acquisition_Details_Est
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed (Cheeseburger in Paradise [Member], USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Feb. 12, 2014 |
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | ' |
Fair Value of Assets Acquired | $10,169 |
Accrued Liabilities [Member] | ' |
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | ' |
Accrued liabilities | -2,356 |
Cash and Cash Equivalents [Member] | ' |
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | ' |
Fair Value of Assets Acquired | 58 |
Accounts Receivable [Member] | ' |
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | ' |
Fair Value of Assets Acquired | 93 |
Inventory [Member] | ' |
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | ' |
Fair Value of Assets Acquired | 561 |
Other Current Assets [Member] | ' |
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | ' |
Fair Value of Assets Acquired | 376 |
Property, Plant and Equipment [Member] | ' |
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | ' |
Fair Value of Assets Acquired | 6,374 |
Liquor Licenses and Permits (Member) | ' |
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | ' |
Fair Value of Assets Acquired | 188 |
Favorable Leases (Member) | ' |
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | ' |
Fair Value of Assets Acquired | 2,646 |
License Agreement and Trade Name (Member) | ' |
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | ' |
Fair Value of Assets Acquired | 254 |
Goodwill [Member] | ' |
Note 3 - Acquisition (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | ' |
Fair Value of Assets Acquired | $1,975 |
Note_3_Acquisition_Details_Pro
Note 3 - Acquisition (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Feb. 12, 2014 |
2014 [Member] | ' |
Note 3 - Acquisition (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities [Line Items] | ' |
Favorable | $126 |
2015 [Member] | ' |
Note 3 - Acquisition (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities [Line Items] | ' |
Favorable | 121 |
2016 [Member] | ' |
Note 3 - Acquisition (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities [Line Items] | ' |
Favorable | 121 |
2017 [Member] | ' |
Note 3 - Acquisition (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities [Line Items] | ' |
Favorable | 121 |
2018 [Member] | ' |
Note 3 - Acquisition (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities [Line Items] | ' |
Favorable | $121 |
Note_4_Reportable_Segments_Det
Note 4 - Reportable Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 13, 2013 | Aug. 28, 2013 | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | Aug. 28, 2013 |
Company Owned Restaurants [Member] | Company Owned Restaurants [Member] | Franchise [Member] | Franchise [Member] | Franchise [Member] | ||||||
Note 4 - Reportable Segments (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | ' | ' | 3 | ' | ' | 1 | ' | ' | ' | ' |
Number of Restaurants | ' | ' | ' | ' | ' | 181 | 180 | ' | ' | 116 |
Number of Contracts | ' | ' | '22 | ' | '21 | ' | ' | ' | ' | ' |
Franchise Term | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' |
Number of Operating Segments | ' | ' | ' | ' | ' | ' | ' | 114 | ' | ' |
Vending Revenue (in Dollars) | $115 | $119 | $227 | $241 | ' | ' | ' | ' | ' | ' |
Note_4_Reportable_Segments_Det1
Note 4 - Reportable Segments (Details) - Financial Information as Required by ASC 280 for Segment Reporting (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 13, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | $83,907 | $81,685 | $164,852 | $155,654 |
Segment Level Profit | 89,546 | 87,011 | 176,388 | 166,465 |
Depreciation and Amortization | ' | ' | 8,916 | 8,467 |
Income (loss) before income taxes and discontinued operations | -3,579 | 1,109 | -5,385 | 1,341 |
Company Owned Restaurants [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | 84,022 | 81,804 | 165,079 | 155,895 |
Segment Level Profit | 9,378 | 10,152 | 18,436 | 20,009 |
Depreciation and Amortization | 4,054 | 3,853 | 7,817 | 7,528 |
Capital Expenditures | 9,447 | 6,402 | 18,505 | 11,222 |
Culinary Contract Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | 3,979 | 3,667 | 8,249 | 7,508 |
Segment Level Profit | 483 | 325 | 1,080 | 700 |
Depreciation and Amortization | 91 | 106 | 184 | 214 |
Capital Expenditures | ' | 40 | ' | 41 |
Franchise [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | 1,545 | 1,540 | 3,060 | 3,062 |
Segment Level Profit | 1,545 | 1,540 | 3,060 | 3,061 |
Depreciation and Amortization | 177 | 177 | 354 | 354 |
Segment Sales Total [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Sales | 89,546 | 87,011 | 176,388 | 166,465 |
Segment Level Profit Total [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Level Profit | 11,406 | 12,017 | 22,576 | 23,770 |
Corporate Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and Amortization | 177 | 176 | 488 | 334 |
Capital Expenditures | 428 | 119 | 577 | 172 |
Depreciation and Amortization Total [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Depreciation and Amortization | 4,499 | 4,312 | 8,843 | 8,430 |
Capital Expenditures Total [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Capital Expenditures | 9,875 | 6,561 | 19,082 | 11,435 |
Segment Level Profit Total [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | 11,406 | 12,017 | 22,576 | 23,770 |
Opening Costs [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | -682 | -261 | -1,031 | -467 |
Depreciation and Amortization Total [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | -4,499 | -4,312 | -8,843 | -8,430 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | -8,117 | -7,652 | -16,184 | -15,072 |
Provision For Asset Impairments, Net [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | -1,640 | ' | -1,850 | -90 |
Net Gain (Loss) on Disposition of Property and Equipment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | -16 | 1,321 | -67 | 1,563 |
Interest Income [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | 1 | 2 | 3 | 4 |
Interest Expense [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | -292 | -214 | -545 | -389 |
Other Income [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income (loss) before income taxes and discontinued operations | $260 | $207 | $556 | $451 |
Note_4_Reportable_Segments_Det2
Note 4 - Reportable Segments (Details) - Components of Total Assets (USD $) | Feb. 12, 2014 | Aug. 28, 2013 |
In Thousands, unless otherwise specified | ||
Total assets: | ' | ' |
Total Assets | $259,922 | $250,645 |
Company Owned Restaurants [Member] | ' | ' |
Total assets: | ' | ' |
Total Assets | 211,698 | 204,123 |
Culinary Contract Services [Member] | ' | ' |
Total assets: | ' | ' |
Total Assets | 3,293 | 3,550 |
Franchise [Member] | ' | ' |
Total assets: | ' | ' |
Total Assets | 13,939 | 14,674 |
Corporate Assets [Member] | ' | ' |
Total assets: | ' | ' |
Total Assets | $30,992 | $28,298 |
Note_5_Fair_Value_Measurements2
Note 5 - Fair Value Measurements (Details) - Non-recurring Fair Value Measurements Related to Impaired Property and Equipment (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Feb. 12, 2014 | Feb. 13, 2013 |
Company Owned Restaurants [Member] | Continuing Operations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 5 - Fair Value Measurements (Details) - Non-recurring Fair Value Measurements Related to Impaired Property and Equipment [Line Items] | ' | ' |
Property and equipment - Fair value measurement | $3,498 | $20 |
Company Owned Restaurants [Member] | Continuing Operations [Member] | ' | ' |
Note 5 - Fair Value Measurements (Details) - Non-recurring Fair Value Measurements Related to Impaired Property and Equipment [Line Items] | ' | ' |
Property and equipment - Fair value measurement | 3,498 | 20 |
Property and equipment - Total impairments | -1,850 | -90 |
Corporate Assets [Member] | Discontinued Operations [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Note 5 - Fair Value Measurements (Details) - Non-recurring Fair Value Measurements Related to Impaired Property and Equipment [Line Items] | ' | ' |
Property and equipment - Fair value measurement | 1,567 | 1,634 |
Corporate Assets [Member] | Discontinued Operations [Member] | ' | ' |
Note 5 - Fair Value Measurements (Details) - Non-recurring Fair Value Measurements Related to Impaired Property and Equipment [Line Items] | ' | ' |
Property and equipment - Fair value measurement | 1,567 | 1,634 |
Property and equipment - Total impairments | ($451) | ($506) |
Note_7_Property_and_Equipment_2
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) (USD $) | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 14, 2014 | Feb. 14, 2014 | Feb. 14, 2014 | Feb. 14, 2014 | Feb. 14, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | Aug. 28, 2013 |
Fuddruckers (Member) | Paradise Restaurants Group, LLC [Member] | Trade Names [Member] | Franchise [Member] | Fuddruckers (Member) | Fuddruckers (Member) | License Agreement and Trade Name (Member) | Cheeseburger in Paradise [Member] | Cheeseburger in Paradise [Member] | |||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | '21 years | '21 years | ' | ' | '15 years | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ' | ' | ' | ' | ' | ' | $5,000,000 | $4,500,000 | ' | $25,000 | $12,000 |
Goodwill, Acquired During Period | ' | ' | 200,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Goodwill | $1,755,000 | $2,169,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_7_Property_and_Equipment_3
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment (USD $) | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Feb. 12, 2014 |
In Thousands, unless otherwise specified | Land [Member] | Land [Member] | Restaurant Equipment and Furnishings [Member] | Restaurant Equipment and Furnishings [Member] | Restaurant Equipment and Furnishings [Member] | Restaurant Equipment and Furnishings [Member] | Building [Member] | Building [Member] | Building [Member] | Building [Member] | Leaseholds and Leasehold Improvements [Member] | Leaseholds and Leasehold Improvements [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Construction in Progress [Member] | Construction in Progress [Member] | Relating to Property, Plant and Equipment (Member) | Relating to Property, Plant and Equipment (Member) | Relating to Property, Plant and Equipment (Member) | Relating to Property, Plant and Equipment (Member) | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance | $422,399 | $405,576 | $65,463 | $62,191 | $125,953 | $116,655 | ' | ' | $178,022 | $172,342 | ' | ' | $39,178 | $39,108 | $8,021 | $7,466 | ' | ' | $5,762 | $7,814 | ' | ' | ' | ' |
Estimated Useful Lives (years) | ' | ' | ' | ' | ' | ' | '1 year | '15 years | ' | ' | '20 years | '33 years | ' | ' | ' | ' | '3 years | '10 years | ' | ' | ' | ' | ' | ' |
Less accumulated depreciation and amortization | -222,756 | -215,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | 199,643 | 190,510 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 24,810 | 25,517 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,810 | 25,517 | ' | ' |
Intangible assets, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '21 years |
Goodwill | $1,755 | $2,169 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,755 | $2,169 | ' | ' |
Note_8_Impairment_of_LongLived2
Note 8 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) (USD $) | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||
Feb. 12, 2014 | Aug. 28, 2013 | Nov. 20, 2013 | Aug. 28, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | |
Fuddruckers (Member) | Koo Koo Roo [Member] | Previuosly Closed [Member] | Discontinued Properties [Member] | Discontinued Properties [Member] | Newer Properties [Member] | Newer Properties [Member] | Older Properties [Member] | Older Properties [Member] | Impairment Charge Related to Locations Previously Closed [Member] | |||
Impairment Charge Related to Locations Not Closed [Member] | Discontinued Properties [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||
Note 8 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time Span for Future Cash Flow | ' | ' | ' | ' | ' | ' | ' | '20 years | '25 years | '5 years | '10 years | ' |
Disposal Group Including Discontinued Operation Assets Of Disposal Group Number | ' | ' | ' | ' | 1 | 23 | ' | ' | ' | ' | ' | ' |
Number of Restaurants | ' | ' | 2 | 7 | ' | ' | 6 | ' | ' | ' | ' | ' |
Carrying Value Of Intangible Assets | $3,700,000 | $3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Impairment | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Property Plant And Equipment Including Asset Held For Sale | ' | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_8_Impairment_of_LongLived3
Note 8 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) - Impairment Charges to Income From Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 13, 2013 |
Note 8 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) - Impairment Charges to Income From Operations [Line Items] | ' | ' | ' | ' |
Provision for asset impairments | ' | ' | $1,850 | $90 |
Net (gain) loss on disposition of property and equipment | 16 | -1,321 | 67 | -1,563 |
' | ' | $1,850 | ($1,473) | |
Effect on EPS: | ' | ' | ' | ' |
Basic (in Dollars per share) | ($0.08) | $0.01 | ($0.13) | $0.01 |
Assuming dilution (in Dollars per share) | ' | ' | ($0.06) | $0.05 |
Dispostion of Property Plant and Equipment Impairment [Member] | ' | ' | ' | ' |
Effect on EPS: | ' | ' | ' | ' |
Basic (in Dollars per share) | ' | ' | ($0.06) | $0.05 |
Note_8_Impairment_of_LongLived4
Note 8 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) - Assets and Liabilities for All Discontinued Operations (USD $) | Feb. 12, 2014 | Aug. 28, 2013 |
In Thousands, unless otherwise specified | ||
Assets and Liabilities for All Discontinued Operations [Abstract] | ' | ' |
Cash | ' | $5 |
Food and supply inventories | ' | 41 |
Prepaid expenses | 12 | 35 |
Assets related to discontinued operations—current | 12 | 81 |
Property and equipment | 3,751 | 3,892 |
Deferred income taxes | 290 | 290 |
Other assets | 6 | 21 |
Assets related to discontinued operations—non-current | 4,047 | 4,203 |
Deferred income taxes | 246 | 246 |
Accrued expenses and other liabilities | 247 | 231 |
Liabilities related to discontinued operations—current | 493 | 477 |
Other liabilities | 396 | 327 |
Liabilities related to discontinued operations—non-current | $396 | $327 |
Note_8_Impairment_of_LongLived5
Note 8 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) - Sales and Pretax Income (losses) Reported For Discontinued Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 13, 2013 |
Sales and Pretax Income (losses) Reported For Discontinued Operations [Abstract] | ' | ' | ' | ' |
Sales | ' | ' | $565 | $466 |
Pretax loss | ' | ' | -1,167 | -817 |
Income tax benefit from discontinued operations | ' | ' | 350 | 280 |
Loss on discontinued operations | ($131) | ($454) | ($818) | ($536) |
Discontinued locations closed during the period | ' | ' | 2 | ' |
Note_8_Impairment_of_LongLived6
Note 8 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) - Discontinued Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 13, 2013 |
Discontinued Operations [Abstract]0 | ' | ' | ' | ' |
Impairments | ' | ' | ($451) | ($506) |
Gains (losses) | ' | ' | 6 | ' |
Net gains (losses) | ' | ' | -445 | -506 |
Other | ' | ' | -373 | -31 |
Discontinued operations | ($131) | ($454) | ($818) | ($536) |
Effect on EPS from discontinued operations—basic (in Dollars per share) | ($0.01) | ($0.01) | ($0.03) | ($0.02) |
Note_10_Related_Parties_Detail
Note 10 - Related Parties (Details) (USD $) | 0 Months Ended | 6 Months Ended | |
Nov. 14, 2012 | Feb. 12, 2014 | Feb. 13, 2013 | |
Note 10 - Related Parties (Details) [Line Items] | ' | ' | ' |
Number of Related Party Entities | ' | 2 | ' |
Related Party Transaction, Amounts of Transaction | ' | $8,300 | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | ' | 50.00% | ' |
Lease Annual Rent Payments | ' | 163,000 | 144,000 |
Lease Term | '8 years | ' | ' |
Percent of Total Rents from Continuing Operations | ' | 2.10% | 2.20% |
Amended and Restated Master Sales Agreement [Member] | ' | ' | ' |
Note 10 - Related Parties (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Amounts of Transaction | ' | $0 | $0 |
New Lease Agreement [Member] | ' | ' | ' |
Note 10 - Related Parties (Details) [Line Items] | ' | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | '12 years | ' |
Option To Extend Lease Years | ' | 2 | ' |
Optional Lease Term | ' | '5 years | ' |
Lease Annual Rent Payments Per Square Foot | ' | 22 | ' |
New Lease Agreement [Member] | 2014 [Member] | ' | ' | ' |
Note 10 - Related Parties (Details) [Line Items] | ' | ' | ' |
Lease Annual Rent Payments Per Square Foot | ' | 22 | ' |
Note_10_Related_Parties_Detail1
Note 10 - Related Parties (Details) - Affiliated Rents Paid for Restaurant Property Lease (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 13, 2013 |
AFFILIATED COSTS INCURRED: | ' | ' | ' | ' |
General and administrative expenses | $8,117 | $7,652 | $16,184 | $15,072 |
AFFILIATED COSTS INCURRED AS A PERCENTAGE OF RELATIVE TOTAL COMPANY COSTS | 0.21% | 0.27% | 0.21% | 0.27% |
Affiliated Cost Incurred [Member] | ' | ' | ' | ' |
AFFILIATED COSTS INCURRED: | ' | ' | ' | ' |
General and administrative expenses | ' | ' | ' | 25 |
Other operating expenses, occupancy costs and opening costs | ' | ' | 163 | 145 |
Total | ' | ' | 163 | 170 |
Relative Company Cost [Member] | ' | ' | ' | ' |
AFFILIATED COSTS INCURRED: | ' | ' | ' | ' |
General and administrative expenses | ' | ' | 16,184 | 15,072 |
Capital expenditures | ' | ' | 19,082 | 11,435 |
Other operating expenses, occupancy costs and opening costs | ' | ' | 41,814 | 36,780 |
Total | ' | ' | $77,080 | $63,287 |
Note_11_ShareBased_Compensatio2
Note 11 - Share-Based Compensation (Details) (USD $) | Feb. 12, 2014 | Aug. 28, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 12, 2014 |
Restricted Stock Units (RSUs) [Member] | Non Employee Directors Stock Plan [Member] | Non Employee Directors Stock Plan [Member] | Non Employee Directors Stock Plan [Member] | Non Employee Directors Stock Plan [Member] | Non Employee Directors Stock Plan [Member] | Employee Stock Plan [Member] | Employee Stock Plan [Member] | Employee Stock Plan [Member] | Employee Stock Plan [Member] | Employee Stock Plan [Member] | |||
To Date [Member] | Minimum [Member] | Maximum [Member] | Third Anniversary [Member] | Minimum [Member] | Maximum [Member] | ||||||||
Note 11 - Share-Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Stock Plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | 4,600,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | ' | $273,000 | $57,000 | ' | ' | ' | ' | $300,000 | $300,000 | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Granted During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Percentage Of Vesting In First Anniversary | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Award Expiration Period | ' | ' | ' | 'ten | ' | ' | ' | ' | 'ten | 'six | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | 0 | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 834,443 | 882,768 | ' | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $4.92 | $5.23 | ' | ' | ' | ' | $4.47 | $6.45 | ' | ' | ' | ' | ' |
Percentage Of Vesting Benefit Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' |
Percentage Of Vesting In Second Anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' |
Percentage Of Vesting In Third Anniversary | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' |
Option To Purchase Common Stock Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 812,443 | ' | ' | ' |
Company Common Stock At Purchase Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3.44 | $11.10 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options (in Dollars) | ' | ' | $1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '1 year 328 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted Stock And Unit Awards Granted To Named Executive Officers Percentage | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_11_ShareBased_Compensatio3
Note 11 - Share-Based Compensation (Details) - Stock Option Activity (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Feb. 12, 2014 | Aug. 28, 2013 |
Stock Option Activity [Abstract] | ' | ' |
Shares Under Fixed Options Outstanding | 834,443 | 882,768 |
Weighted-Average Exercise Price Outstanding (in Dollars per share) | $4.92 | $5.23 |
Weighted-Average Remaining Contractual Term Outstanding | '4 years 6 months | '4 years 255 days |
Aggregate Intrinsic Value Outstanding (in Dollars) | $1,168 | $2,042 |
Exercisable at February 12, 2014 | 694,456 | ' |
Exercisable at February 12, 2014 (in Dollars per share) | $4.80 | ' |
Exercisable at February 12, 2014 | '4 years 36 days | ' |
Exercisable at February 12, 2014 (in Dollars) | $1,074 | ' |
Exercised | -2,000 | ' |
Exercised (in Dollars per share) | $4.42 | ' |
Forfeited/Expired | -46,325 | ' |
Note_11_ShareBased_Compensatio4
Note 11 - Share-Based Compensation (Details) - Restricted Stock Unit Activity (Restricted Stock Units (RSUs) [Member], USD $) | 0 Months Ended | |
Feb. 12, 2014 | Aug. 28, 2013 | |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Note 11 - Share-Based Compensation (Details) - Restricted Stock Unit Activity [Line Items] | ' | ' |
Restricted Stock Units Unvested | 407,592 | 424,236 |
Weighted Average Fair Value Unvested | $6.02 | $5.74 |
Weighted-Average Remaining Contractual Term Unvested | '2 years 36 days | '2 years 36 days |
Granted | ' | 63,238 |
Granted | ' | $7.09 |
Vested | ' | -75,180 |
Vested | ' | $5.39 |
Forfeited | ' | -4,702 |
Forfeited | ' | $5.79 |
Note_12_Earnings_Per_Share_Det
Note 12 - Earnings Per Share (Details) | 6 Months Ended |
Feb. 12, 2014 | |
Note 12 - Earnings Per Share (Details) [Line Items] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 250,000 |
Employee Stock Option [Member] | ' |
Note 12 - Earnings Per Share (Details) [Line Items] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 37,000 |
Note_12_Earnings_Per_Share_Det1
Note 12 - Earnings Per Share (Details) - Components of Basic and Diluted Net Income Per Share (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 12, 2014 | Feb. 13, 2013 | Feb. 12, 2014 | Feb. 13, 2013 |
Numerator: | ' | ' | ' | ' |
Income (loss) from continuing operations (in Dollars) | ($2,053) | $634 | ($2,911) | $807 |
Loss from discontinued operations (in Dollars) | -131 | -454 | -818 | -536 |
Net income (loss) (in Dollars) | ($2,184) | $180 | ($3,729) | $271 |
Denominator: | ' | ' | ' | ' |
Denominator for basic earnings per share – weighted-average shares (in Shares) | 28,775 | 28,614 | 28,770 | 28,500 |
Effect of potentially dilutive securities: | ' | ' | ' | ' |
Employee and non-employee stock options (in Shares) | ' | 211 | ' | 198 |
Denominator for earnings per share assuming dilution (in Shares) | 28,775 | 28,825 | 28,770 | 28,698 |
Income (loss) per share from continuing operations: | ' | ' | ' | ' |
Basic | ($0.07) | $0.02 | ($0.10) | $0.03 |
Assuming dilution | ($0.07) | $0.02 | ($0.10) | $0.03 |
Loss per share from discontinued operations: | ' | ' | ' | ' |
Basic | ($0.01) | ($0.01) | ($0.03) | ($0.02) |
Assuming dilution | ($0.01) | ($0.01) | ($0.03) | ($0.02) |
Net income (loss) per share: | ' | ' | ' | ' |
Basic | ($0.08) | $0.01 | ($0.13) | $0.01 |
Assuming dilution | ($0.08) | $0.01 | ($0.13) | $0.01 |