Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Nov. 19, 2014 | Dec. 17, 2014 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | LUBYS INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -18 | |
Entity Common Stock, Shares Outstanding | 28,535,076 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 16099 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 19-Nov-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Consolidated_Balance_Sheets_Cu
Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Nov. 19, 2014 | Aug. 27, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $1,814 | $2,788 |
Trade accounts and other receivables, net | 4,802 | 4,112 |
Food and supply inventories | 7,554 | 5,556 |
Prepaid expenses | 1,766 | 2,815 |
Assets related to discontinued operations | 17 | 52 |
Deferred income taxes | 587 | 587 |
Total current assets | 16,540 | 15,910 |
Property held for sale | 991 | 991 |
Assets related to discontinued operations | 4,820 | 4,817 |
Property and equipment, net | 211,046 | 212,879 |
Intangible assets, net | 23,681 | 24,014 |
Goodwill | 1,681 | 1,681 |
Deferred income taxes | 13,321 | 11,294 |
Other assets | 3,831 | 3,849 |
Total assets | 275,911 | 275,435 |
Current Liabilities: | ||
Accounts payable | 22,422 | 26,269 |
Liabilities related to discontinued operations | 564 | 590 |
Accrued expenses and other liabilities | 24,188 | 23,107 |
Total current liabilities | 47,174 | 49,966 |
Credit facility debt | 48,300 | 42,000 |
Liabilities related to discontinued operations | 121 | 278 |
Other liabilities | 7,989 | 8,167 |
Total liabilities | 103,584 | 100,411 |
Commitments and Contingencies | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, $0.32 par value; 100,000,000 shares authorized; shares issued were 28,966,641 and 28,949,523, respectively; shares outstanding were 28,466,641 and 28,449,523, respectively | 9,269 | 9,264 |
Paid-in capital | 27,673 | 27,356 |
Retained earnings | 140,160 | 143,179 |
Less cost of treasury stock, 500,000 shares | -4,775 | -4,775 |
Total shareholders’ equity | 172,327 | 175,024 |
Total liabilities and shareholders’ equity | $275,911 | $275,435 |
Consolidated_Balance_Sheets_Cu1
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Nov. 19, 2014 | Aug. 27, 2014 |
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 | 28,966,641 | 28,949,523 |
Common stock, shares outstanding | 28,466,641 | 28,449,523 |
Treasury stock, shares | 500,000 | 500,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Nov. 19, 2014 | Nov. 20, 2013 |
SALES: | ||
Restaurant sales | $80,557,000 | $79,952,000 |
Culinary Contract Services | 4,598,000 | 4,270,000 |
Franchise revenue | 1,581,000 | 1,514,000 |
Vending revenue | 125,000 | 112,000 |
TOTAL SALES | 86,861,000 | 85,848,000 |
COSTS AND EXPENSES: | ||
Cost of food | 23,493,000 | 22,869,000 |
Payroll and related costs | 29,319,000 | 28,164,000 |
Other operating expenses | 15,823,000 | 15,143,000 |
Occupancy costs | 4,629,000 | 4,689,000 |
Opening costs | 925,000 | 350,000 |
Cost of Culinary Contract Services | 3,951,000 | 3,672,000 |
Depreciation and amortization | 5,058,000 | 4,319,000 |
General and administrative expenses | 7,703,000 | 8,067,000 |
Provision for asset impairments | 0 | 210,000 |
Net loss on disposition of property and equipment | 290,000 | 51,000 |
Total costs and expenses | 91,191,000 | 87,534,000 |
LOSS FROM OPERATIONS | -4,330,000 | -1,686,000 |
Interest income | 1,000 | 2,000 |
Interest expense | -456,000 | -253,000 |
Other income, net | 187,000 | 296,000 |
Loss before income taxes and discontinued operations | -4,598,000 | -1,641,000 |
Benefit for income taxes | -1,782,000 | -948,000 |
Loss from continuing operations | -2,816,000 | -693,000 |
Loss from discontinued operations, net of income taxes | -203,000 | -853,000 |
NET LOSS | ($3,019,000) | ($1,546,000) |
Loss per share from continuing operations: | ||
Basic (in Dollars per share) | ($0.10) | ($0.02) |
Assuming dilution (in Dollars per share) | ($0.10) | ($0.02) |
Loss per share from discontinued operations: | ||
Basic (in Dollars per share) | ($0.01) | ($0.03) |
Assuming dilution (in Dollars per share) | ($0.01) | ($0.03) |
Net loss per share: | ||
Basic (in Dollars per share) | ($0.11) | ($0.05) |
Assuming dilution (in Dollars per share) | ($0.11) | ($0.05) |
Weighted average shares outstanding: | ||
Basic (in Shares) | 28,890 | 28,765 |
Assuming dilution (in Shares) | 28,890 | 28,765 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders’ Equity (Unaudited) (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Employee Stock Option [Member] | Total |
In Thousands | Employee Stock Option [Member] | ||||||
Balance in dollars at Aug. 27, 2014 | $9,264 | ($4,775) | $27,356 | $143,179 | $175,024 | ||
Balance in shares (in Shares) at Aug. 27, 2014 | 28,950 | -500 | |||||
Net loss | -3,019 | -3,019 | |||||
Share-based compensation expense | 5 | 277 | 282 | ||||
Share-based compensation expense (in Shares) | 17 | ||||||
Common stock issued under employee benefit plans | 40 | 40 | |||||
Balance in dollars at Nov. 19, 2014 | $9,269 | ($4,775) | $27,673 | $140,160 | $172,327 | ||
Balance in shares (in Shares) at Nov. 19, 2014 | 28,967 | -500 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 19, 2014 | Nov. 20, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($3,019) | ($1,546) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Provision for asset impairments, net of gains/losses on property sales | 290 | 538 |
Depreciation and amortization | 5,073 | 4,413 |
Amortization of debt issuance cost | 36 | 26 |
Share-based compensation expense | 322 | 325 |
Deferred tax benefit | -2,028 | -1,271 |
Cash provided by operating activities before changes in operating assets and liabilities | 674 | 2,485 |
Decrease (Increase) in trade accounts and other receivables | -690 | 262 |
Increase in food and supply inventories | -1,998 | -1,996 |
Decrease in prepaid expenses and other assets | 1,118 | 1,281 |
Increase (Decrease) in accounts payable, accrued expenses and other liabilities | -3,431 | 1,908 |
Net cash provided by (used in) operating activities | -4,327 | 3,940 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from disposal of assets and property held for sale | 692 | 467 |
Purchases of property and equipment | -3,589 | -9,207 |
Net cash used in investing activities | -2,897 | -8,740 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Credit facility borrowings | 25,800 | 22,300 |
Credit facility repayments | -19,500 | -17,200 |
Debt issuance costs | -50 | |
Net cash provided by financing activities | 6,250 | 5,100 |
Net increase (decrease) in cash and cash equivalents | -974 | 300 |
Cash and cash equivalents at beginning of period | 2,788 | 1,528 |
Cash and cash equivalents at end of period | 1,814 | 1,828 |
Cash paid for: | ||
Income taxes | 0 | 0 |
Interest | $451 | $200 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Nov. 19, 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 November 19, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending August 26, 2015. | |
The Consolidated Balance Sheet dated August 27, 2014, included in this Quarterly Report on Form 10-Q (this “Form 10-Q”), has been derived from the audited Consolidated Financial Statements as of that date. However, this Form 10-Q does not include all of the information and footnotes required by GAAP for 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 27, 2014. | |
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. |
Note_2_Accounting_Periods
Note 2 - Accounting Periods | 3 Months Ended |
Nov. 19, 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 contained 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_Reportable_Segments
Note 3 - Reportable Segments | 3 Months Ended | ||||||||
Nov. 19, 2014 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Reporting Disclosure [Text Block] | Note 3. 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 Cafeterias, 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 175 at November 19, 2014 and 174 at August 27, 2014. | |||||||||
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 CCS 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 26 at November 19, 2014 and 25 at August 27, 2014. | |||||||||
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 110 at November 19, 2014 and at August 27, 2014. | |||||||||
The table on the following page shows financial information as required by Accounting Standards Codification Topic 280 (“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. | |||||||||
Licensee | |||||||||
In November 1997, a prior owner of the Fuddruckers – World’s Greatest Hamburgers ® brand granted to a licensee the exclusive right to use the Fuddruckers proprietary marks, trade dress and system to develop Fuddruckers restaurants in a territory consisting of certain countries in Africa, the Middle East and parts of Asia. As of November 2014, this licensee operated 31 restaurants that are licensed to use the Fuddruckers Proprietary Marks in Saudi Arabia, Egypt, Lebanon, United Arab Emirates, Qatar, Jordon, Bahrain and Kuwait. The Company does not receive revenue or royalties from these restaurants. | |||||||||
Quarter Ended | |||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands) | |||||||||
Sales: | |||||||||
Company-owned restaurants (1) | $ | 80,682 | $ | 80,064 | |||||
Culinary Contract Services | 4,598 | 4,270 | |||||||
Franchise Operations | 1,581 | 1,514 | |||||||
Total | 86,861 | 85,848 | |||||||
Segment level profit: | |||||||||
Company-owned restaurants | $ | 7,418 | $ | 9,199 | |||||
Culinary Contract Services | 647 | 598 | |||||||
Franchise Operations | 1,581 | 1,514 | |||||||
Total | 9,646 | 11,311 | |||||||
Depreciation and amortization: | |||||||||
Company-owned restaurants | $ | 4,374 | $ | 3,734 | |||||
Culinary Contract Services | 69 | 89 | |||||||
Franchise Operations | 177 | 177 | |||||||
Corporate | 438 | 319 | |||||||
Total | 5,058 | 4,319 | |||||||
Total assets: | |||||||||
Company-owned restaurants | $ | 229,860 | $ | 214,647 | |||||
Culinary Contract Services | 1,796 | 1,952 | |||||||
Franchise Operations | 12,952 | 13,699 | |||||||
Corporate | 31,303 | 26,193 | |||||||
Total | 275,911 | 256,491 | |||||||
Capital expenditures: | |||||||||
Company-owned restaurants | $ | 3,169 | $ | 9,058 | |||||
Culinary Contract Services | — | — | |||||||
Franchise Operations | — | — | |||||||
Corporate | 420 | 149 | |||||||
Total | 3,589 | 9,207 | |||||||
Loss before income taxes and discontinued operations: | |||||||||
Segment level profit | $ | 9,646 | $ | 11,311 | |||||
Opening costs | (925 | ) | (350 | ) | |||||
Depreciation and amortization | (5,058 | ) | (4,319 | ) | |||||
General and administrative expenses | (7,703 | ) | (8,067 | ) | |||||
Provision for asset impairments | — | (210 | ) | ||||||
Net loss on disposition of property and equipment | (290 | ) | (51 | ) | |||||
Interest income | 1 | 2 | |||||||
Interest expense | (456 | ) | (253 | ) | |||||
Other income, net | 187 | 296 | |||||||
Total | $ | (4,598 | ) | $ | (1,641 | ) | |||
-1 | Includes vending revenue of $125 thousand and $112 thousand for the quarters ended November 19, 2014 and November 20, 2013, respectively. | ||||||||
Note_4_Fair_Value_Measurements
Note 4 - Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Nov. 19, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Disclosures [Text Block] | Note 4. 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: | |||||||||||||||||||||
● | Level 1: Defined as observable inputs such as quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. | ||||||||||||||||||||
● | Level 2: Defined as pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. | ||||||||||||||||||||
● | Level 3: Defined as pricing inputs that are unobservable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. | ||||||||||||||||||||
Non-recurring fair value measurements related to impaired property and equipment consisted of the following: | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
Measurement Using | |||||||||||||||||||||
Quarter | Quoted | Significant | Significant | Total | |||||||||||||||||
Ended | Prices in | Other | Unobservable | Impairments | |||||||||||||||||
November 19, | Active | Observable | Inputs | ||||||||||||||||||
2014 | Markets for | Inputs | (Level 3) | ||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||
Property and equipment related to company-owned restaurants | $ | 6,446 | $ | — | $ | — | $ | 6,446 | $ | — | |||||||||||
Fair Value | |||||||||||||||||||||
Measurement Using | |||||||||||||||||||||
Quarter | Quoted | Significant | Significant | Total | |||||||||||||||||
Ended | Prices in | Other | Unobservable | Impairments | |||||||||||||||||
November 20, | Active | Observable | Inputs | ||||||||||||||||||
2013 | Markets for | Inputs | (Level 3) | ||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||
Property and equipment related to corporate assets | $ | 1,144 | $ | — | $ | — | $ | 1,144 | $ | — | |||||||||||
Note_5_Income_Taxes
Note 5 - Income Taxes | 3 Months Ended |
Nov. 19, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 5. Income Taxes |
No cash payments of estimated federal income taxes were made during the quarter ended November 19, 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_6_Property_and_Equipment_
Note 6 - Property and Equipment, Intangible Assets and Goodwill | 3 Months Ended | ||||||||||
Nov. 19, 2014 | |||||||||||
Property Equipment Intangible Assets And Goodwill Disclosure [Abstract] | |||||||||||
Property Equipment Intangible Assets And Goodwill Disclosure [Text Block] | Note 6. Property and Equipment, Intangible Assets and Goodwill | ||||||||||
The costs, net of impairment, and accumulated depreciation of property and equipment at November 19, 2014 and August 27, 2014, together with the related estimated useful lives used in computing depreciation and amortization, were as follows: | |||||||||||
November 19, | August 27, | Estimated | |||||||||
2014 | 2014 | Useful Lives | |||||||||
(years) | |||||||||||
(In thousands) | |||||||||||
Land | $ | 69,767 | $ | 69,767 | — | ||||||
Restaurant equipment and furnishings | 133,998 | 131,932 | 3 | to | 15 | ||||||
Buildings | 182,104 | 180,922 | 20 | to | 33 | ||||||
Leasehold and leasehold improvements | 42,717 | 40,835 | Lesser of lease | ||||||||
term or estimated | |||||||||||
useful life | |||||||||||
Office furniture and equipment | 7,859 | 7,537 | 3 | to | 10 | ||||||
Construction in progress | 7,815 | 10,313 | — | ||||||||
444,260 | 441,306 | ||||||||||
Less accumulated depreciation and amortization | (233,214 | ) | (228,427 | ) | |||||||
Property and equipment, net | $ | 211,046 | $ | 212,879 | |||||||
Intangible assets, net | $ | 23,681 | $ | 24,014 | 21 | ||||||
Goodwill | $ | 1,681 | $ | 1,681 | — | ||||||
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 approximately $0.3 million of accumulated amortization as of November 19, 2014 and approximately $6.0 million of accumulated amortization as of August 27, 2014. | |||||||||||
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. The Company recorded accumulated amortization of approximately $6 thousand as of November 19, 2014 and approximately $42 thousand of accumulated amortization as of August 27, 2014. | |||||||||||
The Company recorded an intangible asset for goodwill in the amount of approximately $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 approximately $2.0 million related to the acquisition of Cheeseburger in Paradise. Goodwill is considered to have an indefinite useful life and is not amortized. Goodwill was approximately $1.7 million as of November 19, 2014 and approximately $1.7 million as of August 27, 2014 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 Financial Accounting Standards Board (“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 2014, the Company elected to bypass the qualitative assessment and proceeded 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 its formal annual assessment as of the second quarter each fiscal year, and will formally perform additional assessments 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 approximately $0.5 million in impairment losses related to goodwill, which was recognized in full in fiscal 2014. |
Note_7_Impairment_of_LongLived
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale | 3 Months Ended | ||||||||
Nov. 19, 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 7. 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: | |||||||||
Quarter Ended | |||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands, except per share data) | |||||||||
Provision for asset impairments | $ | — | $ | 210 | |||||
Net loss on disposition of property and equipment | 290 | 51 | |||||||
$ | 290 | $ | 261 | ||||||
Effect on EPS: | |||||||||
Basic | $ | (0.01 | ) | $ | (0.01 | ) | |||
Assuming dilution | $ | (0.01 | ) | $ | (0.01 | ) | |||
There was no impairment charge for the quarter ended November 19, 2014. | |||||||||
The impairment charge for the quarter ended November 20, 2013 is related to one operating Fuddruckers location, two operating Cheeseburger in Paradise locations that were closed after the end of the quarter and one Cheeseburger in Paradise location that was converted to a Fuddruckers. | |||||||||
The net loss for the quarter ended November 19, 2014 includes losses on the sale of equipment and other normal asset retirement activity. | |||||||||
The net loss for the quarter ended November 20, 2013 includes the sale of one property held for sale and other normal asset retirement activity. | |||||||||
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. As of November 19, 2014, five Cheeseburger in Paradise locations have been reclassified to discontinued operations in the statements of operations and balance sheet accordingly. | |||||||||
The following table sets forth the assets and liabilities for all discontinued operations: | |||||||||
November 19, | August 27, | ||||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Cash | $ | — | $ | — | |||||
Food and supply inventories | — | — | |||||||
Prepaid expenses | 17 | 52 | |||||||
Assets related to discontinued operations—current | $ | 17 | $ | 52 | |||||
Property and equipment, net | 3,435 | 3,430 | |||||||
Other assets | 1,385 | 1,387 | |||||||
Assets related to discontinued operations—non-current | $ | 4,820 | $ | 4,817 | |||||
Deferred income taxes | $ | — | $ | — | |||||
Accrued expenses and other liabilities | 564 | 590 | |||||||
Liabilities related to discontinued operations—current | $ | 564 | $ | 590 | |||||
Other liabilities | $ | 121 | $ | 278 | |||||
Liabilities related to discontinued operations—non-current | $ | 121 | $ | 278 | |||||
As of August 27, 2014, the Company had nine restaurant properties classified as discontinued operations assets. The carrying value of four Company-owned properties was $5.3 million at August 27, 2014. The carrying values of two ground 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 from discontinued operations: | |||||||||
Quarter Ended | |||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands, except discontinued locations) | |||||||||
Sales | $ | — | $ | 1,494 | |||||
Pretax loss | (308 | ) | (910 | ) | |||||
Income tax benefit from discontinued operations | 105 | 57 | |||||||
Loss from discontinued operations | (203 | ) | (853 | ) | |||||
Discontinued locations closed during the period | — | — | |||||||
The following table summarizes discontinued operations for the first quarters of fiscal 2015 and 2014: | |||||||||
Quarter Ended | |||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands, except per share data) | |||||||||
Discontinued operating losses | $ | (308 | ) | $ | (633 | ) | |||
Impairments | — | (277 | ) | ||||||
Net gains (losses) | — | — | |||||||
Pretax loss | $ | (308 | ) | (910 | ) | ||||
Income tax benefit from discontinued operations | 105 | 57 | |||||||
Loss from discontinued operations | $ | (203 | ) | $ | (853 | ) | |||
Effect on EPS from discontinued operations—basic | $ | (0.01 | ) | $ | (0.03 | ) | |||
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 November 19, 2014 and August 27, 2014, the Company had one owned property recorded at approximately $1.0 million in property held for sale. The Company is actively marketing the location currently classified as property held for sale. | |||||||||
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_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 3 Months Ended |
Nov. 19, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 8. 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 and contract termination expenses. The Company had no non-cancelable contracts as of November 19, 2014. |
Note_9_Related_Parties
Note 9 - Related Parties | 3 Months Ended | ||||||||
Nov. 19, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Related Party Transactions Disclosure [Text Block] | Note 9. 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 quarters ended November 19, 2014 and November 20, 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 | |||||||||
During the third quarter fiscal 2014, a company owned by Messrs. Pappas purchased from the landlord the land underlying an existing leased Fuddruckers restaurant in Houston, Texas. Messrs. Pappas each own a 50% interest in the company that purchased the land. There were no changes to the existing lease. The company is currently obligated to pay $27.56 per square foot, plus maintenance fees, taxes and insurance, during the present term of the lease which expires May 31, 2020 with two five year options remaining. The Company made payments of $27,000 and zero in the quarters ended November 19, 2014 and November 20, 2013, respectively. | |||||||||
On November 14, 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 provided 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 zero and $8,000 in the quarters ended November 19, 2014 and November 20, 2013, respectively. The Company terminated the lease on October 31, 2013. | |||||||||
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 $20.00 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 the Finance and Audit Committee and full Board of Directors. The Company made payments of $68,000 and $60,000 in the quarters ended November 19, 2014 and November 20, 2013, respectively. | |||||||||
Quarter Ended | |||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands, except percentages) | |||||||||
AFFILIATED COSTS INCURRED: | |||||||||
General and administrative expenses—professional and other costs | $ | — | $ | — | |||||
Capital expenditures | — | — | |||||||
Other operating expenses, occupancy costs and opening costs, including property leases | 94 | 69 | |||||||
Total | $ | 94 | $ | 69 | |||||
RELATIVE TOTAL COMPANY COSTS: | |||||||||
General and administrative expenses | $ | 7,703 | $ | 8,067 | |||||
Capital expenditures | 3,589 | 9,207 | |||||||
Other operating expenses, occupancy costs and opening costs | 21,377 | 20,182 | |||||||
Total | $ | 32,669 | $ | 37,456 | |||||
AFFILIATED COSTS INCURRED AS A PERCENTAGE OF RELATIVE TOTAL COMPANY COSTS | 0.29 | % | 0.18 | % | |||||
Board of Directors | |||||||||
Christopher J. Pappas is a member of the Board of Directors 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 | |||||||||
The Company entered into a new employment agreement with Christopher Pappas on January 24, 2014. The employment agreement was amended on December 1, 2014, to extend the termination date thereof to August 31, 2016, unless earlier terminated. Mr. Pappas continues to devote his primary time and business efforts to the Company while maintaining his role at Pappas Restaurants, Inc. | |||||||||
Peter Tropoli, a director of the Company and 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. | |||||||||
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_10_ShareBased_Compensatio
Note 10 - Share-Based Compensation | 3 Months Ended | ||||||||||||||||
Nov. 19, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 10. 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 November 19, 2014. Compensation cost for share-based payment arrangements under the Nonemployee Director Stock Plan, recognized in general and administrative expenses for the quarters ended November 19, 2014 and November 20, 2013 were approximately $167,000 and $130,000, 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 November 19, 2014. Compensation cost for share-based payment arrangements under the Employee Stock Plan, recognized in general and administrative expenses for the quarters ended November 19, 2014 and November 20, 2013, were approximately $154,000 and $194,000, 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 quarter ended November 19, 2014. However, options to purchase 14,000 shares at option prices of $6.45 per share remain outstanding as of November 19, 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 25% on the third anniversary of the grant date, with all options expiring ten years from the grant date. All options granted in fiscal 2014 were granted under the Employee Stock Plan. Options to purchase 719,000 shares at option prices of $3.44 to $11.10 per share remain outstanding as of November 19, 2014. | |||||||||||||||||
A summary of the Company’s stock option activity for the quarter ended November 19, 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 27, 2014 | 800,754 | $ | 4.95 | 4.1 | $ | 583 | |||||||||||
Granted | — | — | — | — | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited/Expired | — | — | — | — | |||||||||||||
Outstanding at November 19, 2014 | 800,754 | $ | 4.95 | 3.9 | $ | 343 | |||||||||||
Exercisable at November 19, 2014 | 732,738 | $ | 4.88 | 3.7 | $ | 338 | |||||||||||
The intrinsic value for stock options is defined as the difference between the current market value, or closing price on November 19, 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 quarter ended November 19, 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 27, 2014 | 397,837 | $ | 6.03 | 1.6 | |||||||||||||
Granted | 4,000 | 5.15 | — | ||||||||||||||
Vested | — | — | — | ||||||||||||||
Forfeited | — | — | — | ||||||||||||||
Unvested at November 19, 2014 | 401,837 | $ | 6.02 | 1.5 | |||||||||||||
At November 19, 2014, there was approximately $0.9 million of total unrecognized compensation cost related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 1.5 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_11_Earnings_Per_Share
Note 11 - Earnings Per Share | 3 Months Ended | ||||||||
Nov. 19, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | Note 11. 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 quarter ended November 19, 2014 include approximately 431,000 shares with exercise prices exceeding market prices and approximately 200 shares whose inclusion would also be anti dilutive. | |||||||||
The components of basic and diluted net income per share are as follows: | |||||||||
Quarter Ended | |||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands expect per share data) | |||||||||
Numerator: | |||||||||
Loss from continuing operations | $ | (2,816 | ) | $ | (693 | ) | |||
Loss from discontinued operations | (203 | ) | (853 | ) | |||||
Net loss | $ | (3,019 | ) | $ | (1,546 | ) | |||
Denominator: | |||||||||
Denominator for basic earnings per share—weighted-average shares | 28,890 | 28,765 | |||||||
Effect of potentially dilutive securities: | |||||||||
Employee and non-employee stock options | — | — | |||||||
Denominator for earnings per share assuming dilution | 28,890 | 28,765 | |||||||
Loss per share from continuing operations: | |||||||||
Basic | $ | (0.10 | ) | $ | (0.02 | ) | |||
Assuming dilution | (0.10 | ) | (0.02 | ) | |||||
Loss per share from discontinued operations: | |||||||||
Basic | $ | (0.01 | ) | $ | (0.03 | ) | |||
Assuming dilution | (0.01 | ) | (0.03 | ) | |||||
Net loss per share: | |||||||||
Basic | $ | (0.11 | ) | $ | (0.05 | ) | |||
Assuming dilution | (0.11 | ) | (0.05 | ) | |||||
Note_3_Reportable_Segments_Tab
Note 3 - Reportable Segments (Tables) | 3 Months Ended | ||||||||
Nov. 19, 2014 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended | ||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands) | |||||||||
Sales: | |||||||||
Company-owned restaurants (1) | $ | 80,682 | $ | 80,064 | |||||
Culinary Contract Services | 4,598 | 4,270 | |||||||
Franchise Operations | 1,581 | 1,514 | |||||||
Total | 86,861 | 85,848 | |||||||
Segment level profit: | |||||||||
Company-owned restaurants | $ | 7,418 | $ | 9,199 | |||||
Culinary Contract Services | 647 | 598 | |||||||
Franchise Operations | 1,581 | 1,514 | |||||||
Total | 9,646 | 11,311 | |||||||
Depreciation and amortization: | |||||||||
Company-owned restaurants | $ | 4,374 | $ | 3,734 | |||||
Culinary Contract Services | 69 | 89 | |||||||
Franchise Operations | 177 | 177 | |||||||
Corporate | 438 | 319 | |||||||
Total | 5,058 | 4,319 | |||||||
Total assets: | |||||||||
Company-owned restaurants | $ | 229,860 | $ | 214,647 | |||||
Culinary Contract Services | 1,796 | 1,952 | |||||||
Franchise Operations | 12,952 | 13,699 | |||||||
Corporate | 31,303 | 26,193 | |||||||
Total | 275,911 | 256,491 | |||||||
Capital expenditures: | |||||||||
Company-owned restaurants | $ | 3,169 | $ | 9,058 | |||||
Culinary Contract Services | — | — | |||||||
Franchise Operations | — | — | |||||||
Corporate | 420 | 149 | |||||||
Total | 3,589 | 9,207 | |||||||
Loss before income taxes and discontinued operations: | |||||||||
Segment level profit | $ | 9,646 | $ | 11,311 | |||||
Opening costs | (925 | ) | (350 | ) | |||||
Depreciation and amortization | (5,058 | ) | (4,319 | ) | |||||
General and administrative expenses | (7,703 | ) | (8,067 | ) | |||||
Provision for asset impairments | — | (210 | ) | ||||||
Net loss on disposition of property and equipment | (290 | ) | (51 | ) | |||||
Interest income | 1 | 2 | |||||||
Interest expense | (456 | ) | (253 | ) | |||||
Other income, net | 187 | 296 | |||||||
Total | $ | (4,598 | ) | $ | (1,641 | ) |
Note_4_Fair_Value_Measurements1
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Nov. 19, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value | ||||||||||||||||||||
Measurement Using | |||||||||||||||||||||
Quarter | Quoted | Significant | Significant | Total | |||||||||||||||||
Ended | Prices in | Other | Unobservable | Impairments | |||||||||||||||||
November 19, | Active | Observable | Inputs | ||||||||||||||||||
2014 | Markets for | Inputs | (Level 3) | ||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Continuing Operations | |||||||||||||||||||||
Property and equipment related to company-owned restaurants | $ | 6,446 | $ | — | $ | — | $ | 6,446 | $ | — | |||||||||||
Fair Value | |||||||||||||||||||||
Measurement Using | |||||||||||||||||||||
Quarter | Quoted | Significant | Significant | Total | |||||||||||||||||
Ended | Prices in | Other | Unobservable | Impairments | |||||||||||||||||
November 20, | Active | Observable | Inputs | ||||||||||||||||||
2013 | Markets for | Inputs | (Level 3) | ||||||||||||||||||
Identical | (Level 2) | ||||||||||||||||||||
Assets | |||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||
Property and equipment related to corporate assets | $ | 1,144 | $ | — | $ | — | $ | 1,144 | $ | — |
Note_6_Property_and_Equipment_1
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Tables) | 3 Months Ended | ||||||||||
Nov. 19, 2014 | |||||||||||
Property Equipment Intangible Assets And Goodwill Disclosure [Abstract] | |||||||||||
Property Equipment Intangible Assets and Goodwill Disclosure [Table Text Block] | November 19, | August 27, | Estimated | ||||||||
2014 | 2014 | Useful Lives | |||||||||
(years) | |||||||||||
(In thousands) | |||||||||||
Land | $ | 69,767 | $ | 69,767 | — | ||||||
Restaurant equipment and furnishings | 133,998 | 131,932 | 3 | to | 15 | ||||||
Buildings | 182,104 | 180,922 | 20 | to | 33 | ||||||
Leasehold and leasehold improvements | 42,717 | 40,835 | Lesser of lease | ||||||||
term or estimated | |||||||||||
useful life | |||||||||||
Office furniture and equipment | 7,859 | 7,537 | 3 | to | 10 | ||||||
Construction in progress | 7,815 | 10,313 | — | ||||||||
444,260 | 441,306 | ||||||||||
Less accumulated depreciation and amortization | (233,214 | ) | (228,427 | ) | |||||||
Property and equipment, net | $ | 211,046 | $ | 212,879 | |||||||
Intangible assets, net | $ | 23,681 | $ | 24,014 | 21 | ||||||
Goodwill | $ | 1,681 | $ | 1,681 | — |
Note_7_Impairment_of_LongLived1
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Tables) | 3 Months Ended | ||||||||
Nov. 19, 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] | Quarter Ended | ||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands, except per share data) | |||||||||
Provision for asset impairments | $ | — | $ | 210 | |||||
Net loss on disposition of property and equipment | 290 | 51 | |||||||
$ | 290 | $ | 261 | ||||||
Effect on EPS: | |||||||||
Basic | $ | (0.01 | ) | $ | (0.01 | ) | |||
Assuming dilution | $ | (0.01 | ) | $ | (0.01 | ) | |||
Schedule Of Assets and Liabilities of Discontinued Operations [Table Text Block] | November 19, | August 27, | |||||||
2014 | 2014 | ||||||||
(in thousands) | |||||||||
Cash | $ | — | $ | — | |||||
Food and supply inventories | — | — | |||||||
Prepaid expenses | 17 | 52 | |||||||
Assets related to discontinued operations—current | $ | 17 | $ | 52 | |||||
Property and equipment, net | 3,435 | 3,430 | |||||||
Other assets | 1,385 | 1,387 | |||||||
Assets related to discontinued operations—non-current | $ | 4,820 | $ | 4,817 | |||||
Deferred income taxes | $ | — | $ | — | |||||
Accrued expenses and other liabilities | 564 | 590 | |||||||
Liabilities related to discontinued operations—current | $ | 564 | $ | 590 | |||||
Other liabilities | $ | 121 | $ | 278 | |||||
Liabilities related to discontinued operations—non-current | $ | 121 | $ | 278 | |||||
Schedule of Discontinued Operations Income Statement [Table Text Block] | Quarter Ended | ||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands, except discontinued locations) | |||||||||
Sales | $ | — | $ | 1,494 | |||||
Pretax loss | (308 | ) | (910 | ) | |||||
Income tax benefit from discontinued operations | 105 | 57 | |||||||
Loss from discontinued operations | (203 | ) | (853 | ) | |||||
Discontinued locations closed during the period | — | — | |||||||
Discontinued Operations Table [Table Text Block] | Quarter Ended | ||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands, except per share data) | |||||||||
Discontinued operating losses | $ | (308 | ) | $ | (633 | ) | |||
Impairments | — | (277 | ) | ||||||
Net gains (losses) | — | — | |||||||
Pretax loss | $ | (308 | ) | (910 | ) | ||||
Income tax benefit from discontinued operations | 105 | 57 | |||||||
Loss from discontinued operations | $ | (203 | ) | $ | (853 | ) | |||
Effect on EPS from discontinued operations—basic | $ | (0.01 | ) | $ | (0.03 | ) |
Note_9_Related_Parties_Tables
Note 9 - Related Parties (Tables) | 3 Months Ended | ||||||||
Nov. 19, 2014 | |||||||||
Related Party Transactions [Abstract] | |||||||||
Schedule of Related Party Transactions [Table Text Block] | Quarter Ended | ||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands, except percentages) | |||||||||
AFFILIATED COSTS INCURRED: | |||||||||
General and administrative expenses—professional and other costs | $ | — | $ | — | |||||
Capital expenditures | — | — | |||||||
Other operating expenses, occupancy costs and opening costs, including property leases | 94 | 69 | |||||||
Total | $ | 94 | $ | 69 | |||||
RELATIVE TOTAL COMPANY COSTS: | |||||||||
General and administrative expenses | $ | 7,703 | $ | 8,067 | |||||
Capital expenditures | 3,589 | 9,207 | |||||||
Other operating expenses, occupancy costs and opening costs | 21,377 | 20,182 | |||||||
Total | $ | 32,669 | $ | 37,456 | |||||
AFFILIATED COSTS INCURRED AS A PERCENTAGE OF RELATIVE TOTAL COMPANY COSTS | 0.29 | % | 0.18 | % |
Note_10_ShareBased_Compensatio1
Note 10 - Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Nov. 19, 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 27, 2014 | 800,754 | $ | 4.95 | 4.1 | $ | 583 | |||||||||||
Granted | — | — | — | — | |||||||||||||
Exercised | — | — | — | — | |||||||||||||
Forfeited/Expired | — | — | — | — | |||||||||||||
Outstanding at November 19, 2014 | 800,754 | $ | 4.95 | 3.9 | $ | 343 | |||||||||||
Exercisable at November 19, 2014 | 732,738 | $ | 4.88 | 3.7 | $ | 338 | |||||||||||
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 27, 2014 | 397,837 | $ | 6.03 | 1.6 | |||||||||||||
Granted | 4,000 | 5.15 | — | ||||||||||||||
Vested | — | — | — | ||||||||||||||
Forfeited | — | — | — | ||||||||||||||
Unvested at November 19, 2014 | 401,837 | $ | 6.02 | 1.5 |
Note_11_Earnings_Per_Share_Tab
Note 11 - Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Nov. 19, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarter Ended | ||||||||
November 19, | November 20, | ||||||||
2014 | 2013 | ||||||||
(12 weeks) | (12 weeks) | ||||||||
(In thousands expect per share data) | |||||||||
Numerator: | |||||||||
Loss from continuing operations | $ | (2,816 | ) | $ | (693 | ) | |||
Loss from discontinued operations | (203 | ) | (853 | ) | |||||
Net loss | $ | (3,019 | ) | $ | (1,546 | ) | |||
Denominator: | |||||||||
Denominator for basic earnings per share—weighted-average shares | 28,890 | 28,765 | |||||||
Effect of potentially dilutive securities: | |||||||||
Employee and non-employee stock options | — | — | |||||||
Denominator for earnings per share assuming dilution | 28,890 | 28,765 | |||||||
Loss per share from continuing operations: | |||||||||
Basic | $ | (0.10 | ) | $ | (0.02 | ) | |||
Assuming dilution | (0.10 | ) | (0.02 | ) | |||||
Loss per share from discontinued operations: | |||||||||
Basic | $ | (0.01 | ) | $ | (0.03 | ) | |||
Assuming dilution | (0.01 | ) | (0.03 | ) | |||||
Net loss per share: | |||||||||
Basic | $ | (0.11 | ) | $ | (0.05 | ) | |||
Assuming dilution | (0.11 | ) | (0.05 | ) |
Note_3_Reportable_Segments_Det
Note 3 - Reportable Segments (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 19, 2014 | Nov. 20, 2013 | Aug. 27, 2014 |
Note 3 - Reportable Segments (Details) [Line Items] | |||
Number of Reportable Segments | 3 | ||
Vending Revenue (in Dollars) | $125 | $112 | |
Licensee [Member] | |||
Note 3 - Reportable Segments (Details) [Line Items] | |||
Number of Restaurants | 31 | ||
Company Owned Restaurants [Member] | |||
Note 3 - Reportable Segments (Details) [Line Items] | |||
Number of Reportable Segments | 1 | ||
Number of Restaurants | 175 | 174 | |
Vending Revenue (in Dollars) | $125 | $112 | |
Culinary Contract Services [Member] | |||
Note 3 - Reportable Segments (Details) [Line Items] | |||
Number of Contracts | 26 | 25 | |
Franchise [Member] | |||
Note 3 - Reportable Segments (Details) [Line Items] | |||
Number of Restaurants | 110 | 110 | |
Franchise Term | 20 years |
Note_3_Reportable_Segments_Det1
Note 3 - Reportable Segments (Details) - Financial Information as Required by ASC 280 for Segment Reporting (USD $) | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Nov. 19, 2014 | Nov. 20, 2013 | Aug. 27, 2014 | ||
Sales: | |||||
Sales | $80,557 | $79,952 | |||
Segment level profit: | |||||
Segment level profit | 86,861 | 85,848 | |||
Depreciation and amortization: | |||||
Depreciation and amortization | 5,073 | 4,413 | |||
Total assets: | |||||
Total assets | 275,911 | 275,435 | |||
Loss before income taxes and discontinued operations: | |||||
Loss before income taxes and discontinued operations | -4,598 | -1,641 | |||
Segment Level Profit Total [Member] | |||||
Loss before income taxes and discontinued operations: | |||||
Loss before income taxes and discontinued operations | 9,646 | 11,311 | |||
Opening Costs [Member] | |||||
Loss before income taxes and discontinued operations: | |||||
Loss before income taxes and discontinued operations | -925 | -350 | |||
Depreciation and Amortization Total [Member] | |||||
Loss before income taxes and discontinued operations: | |||||
Loss before income taxes and discontinued operations | -5,058 | -4,319 | |||
General and Administrative Expense [Member] | |||||
Loss before income taxes and discontinued operations: | |||||
Loss before income taxes and discontinued operations | -7,703 | -8,067 | |||
Provision For Asset Impairments, Net [Member] | |||||
Loss before income taxes and discontinued operations: | |||||
Loss before income taxes and discontinued operations | -210 | ||||
Net Gain (Loss) on Disposition of Property and Equipment [Member] | |||||
Loss before income taxes and discontinued operations: | |||||
Loss before income taxes and discontinued operations | -290 | -51 | |||
Interest Income [Member] | |||||
Loss before income taxes and discontinued operations: | |||||
Loss before income taxes and discontinued operations | 1 | 2 | |||
Interest Expense [Member] | |||||
Loss before income taxes and discontinued operations: | |||||
Loss before income taxes and discontinued operations | -456 | -253 | |||
Other Income [Member] | |||||
Loss before income taxes and discontinued operations: | |||||
Loss before income taxes and discontinued operations | 187 | 296 | |||
Company Owned Restaurants [Member] | |||||
Sales: | |||||
Sales | 80,682 | [1] | 80,064 | [1] | |
Segment level profit: | |||||
Segment level profit | 7,418 | 9,199 | |||
Depreciation and amortization: | |||||
Depreciation and amortization | 4,374 | 3,734 | |||
Total assets: | |||||
Total assets | 229,860 | 214,647 | |||
Capital expenditures: | |||||
Capital expenditures | 3,169 | 9,058 | |||
Culinary Contract Services [Member] | |||||
Sales: | |||||
Sales | 4,598 | 4,270 | |||
Segment level profit: | |||||
Segment level profit | 647 | 598 | |||
Depreciation and amortization: | |||||
Depreciation and amortization | 69 | 89 | |||
Total assets: | |||||
Total assets | 1,796 | 1,952 | |||
Franchise [Member] | |||||
Sales: | |||||
Sales | 1,581 | 1,514 | |||
Segment level profit: | |||||
Segment level profit | 1,581 | 1,514 | |||
Depreciation and amortization: | |||||
Depreciation and amortization | 177 | 177 | |||
Total assets: | |||||
Total assets | 12,952 | 13,699 | |||
Segment Sales Total [Member] | |||||
Sales: | |||||
Sales | 86,861 | 85,848 | |||
Segment Level Profit Total [Member] | |||||
Segment level profit: | |||||
Segment level profit | 9,646 | 11,311 | |||
Corporate Segment [Member] | |||||
Depreciation and amortization: | |||||
Depreciation and amortization | 438 | 319 | |||
Total assets: | |||||
Total assets | 31,303 | 26,193 | |||
Capital expenditures: | |||||
Capital expenditures | 420 | 149 | |||
Depreciation and Amortization Total [Member] | |||||
Depreciation and amortization: | |||||
Depreciation and amortization | 5,058 | 4,319 | |||
Total Assets [Member] | |||||
Total assets: | |||||
Total assets | 275,911 | 256,491 | |||
Capital Expenditures Total [Member] | |||||
Capital expenditures: | |||||
Capital expenditures | $3,589 | $9,207 | |||
[1] | Includes vending revenue of $125 thousand and $112 thousand for the quarters ended November 19, 2014 and November 20, 2013, respectively. |
Note_4_Fair_Value_Measurements2
Note 4 - Fair Value Measurements (Details) - Non-recurring Fair Value Measurements Related to Impaired Property and Equipment (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 19, 2014 | Nov. 20, 2013 |
Company Owned Restaurants [Member] | Fair Value, Inputs, Level 3 [Member] | Continuing Operations [Member] | ||
Continuing Operations | ||
Property and equipment - Fair value measurement | $6,446 | |
Company Owned Restaurants [Member] | Continuing Operations [Member] | ||
Continuing Operations | ||
Property and equipment - Fair value measurement | 6,446 | |
Property and equipment - Total impairments | ||
Corporate Assets [Member] | Fair Value, Inputs, Level 3 [Member] | Discontinued Operations [Member] | ||
Continuing Operations | ||
Property and equipment - Fair value measurement | 1,144 | |
Corporate Assets [Member] | Discontinued Operations [Member] | ||
Continuing Operations | ||
Property and equipment - Fair value measurement | 1,144 | |
Property and equipment - Total impairments |
Note_5_Income_Taxes_Details
Note 5 - Income Taxes (Details) (Domestic Tax Authority [Member], USD $) | 3 Months Ended |
Nov. 19, 2014 | |
Domestic Tax Authority [Member] | |
Note 5 - Income Taxes (Details) [Line Items] | |
Income Taxes Paid, Net | $0 |
Note_6_Property_and_Equipment_2
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) (USD $) | 12 Months Ended | 3 Months Ended |
Aug. 27, 2014 | Nov. 19, 2014 | |
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||
Goodwill | $1,681,000 | 1,681,000 |
Goodwill, Impairment Loss | 500,000 | |
Company Owned Restaurants [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||
Goodwill | 1,700,000 | 1,700,000 |
Trade Names [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 21 years | |
Franchise [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 21 years | |
Fuddruckers Trade Name and Franchise Agreement [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||
Amortization of Intangible Assets | 300,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 6,000,000 | |
Intangible Assets Related to Cheeseburger in Paradise [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | |
Amortization of Intangible Assets | 6,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 42,000 | |
Fuddruckers (Member) | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||
Goodwill, Gross | 200,000 | |
Cheeseburger in Paradise [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||
Goodwill, Gross | 2,000,000 |
Note_6_Property_and_Equipment_3
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 19, 2014 | Aug. 27, 2014 |
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | $444,260 | $441,306 |
Less accumulated depreciation and amortization | -233,214 | -228,427 |
Property and equipment, net | 211,046 | 212,879 |
Intangible assets, net | 23,681 | 24,014 |
Goodwill | 1,681 | 1,681 |
Land [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | 69,767 | 69,767 |
Restaurant Equipment and Furnishings [Member] | Minimum [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 3 years | |
Restaurant Equipment and Furnishings [Member] | Maximum [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 15 years | |
Restaurant Equipment and Furnishings [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | 133,998 | 131,932 |
Building [Member] | Minimum [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 20 years | |
Building [Member] | Maximum [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 33 years | |
Building [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | 182,104 | 180,922 |
Leaseholds and Leasehold Improvements [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | 42,717 | 40,835 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 10 years | |
Furniture and Fixtures [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | 7,859 | 7,537 |
Construction in Progress [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | 7,815 | 10,313 |
Relating to Property, Plant and Equipment [Member] | ||
Note 6 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Intangible assets, net | 23,681 | 24,014 |
Intangible assets, net | 21 years | |
Goodwill | $1,681 | $1,681 |
Note_7_Impairment_of_LongLived2
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Nov. 19, 2014 | Nov. 20, 2013 | Aug. 27, 2014 | Aug. 28, 2013 | |
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Asset Impairment Charges | $0 | $210,000 | ||
Property, Plant and Equipment, Net | 211,046,000 | 212,879,000 | ||
Number of Properties Subject to Ground Leases | 2 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | 1,000,000 | 1,000,000 | 600,000 | |
Newer Properties [Member] | Minimum [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Time Span for Future Cash Flow | 20 years | |||
Newer Properties [Member] | Maximum [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Time Span for Future Cash Flow | 25 years | |||
Older Properties [Member] | Minimum [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Time Span for Future Cash Flow | 5 years | |||
Older Properties [Member] | Maximum [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Time Span for Future Cash Flow | 10 years | |||
Impairment Charge Related to Locations Previously Closed [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Lease Impairment | 0 | |||
Discontinued Properties [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 9 | |||
Four Owned Properties [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Property, Plant and Equipment, Net | $5,300,000 | |||
Cheeseburger in Paradise [Member] | Discontinued Operations [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 5 | |||
Discontinued Properties [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Disposal Group Including Discontinued Operation Assets Of Disposal Group Number | 23 | |||
Previously Closed [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Disposal Group Including Discontinued Operation Assets Of Disposal Group Number | 1 | |||
Minimum [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Expected Disposal Period | 1 year | |||
Maximum [Member] | ||||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Expected Disposal Period | 3 years |
Note_7_Impairment_of_LongLived3
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) - Impairment Charges to Income from Operations (USD $) | 3 Months Ended | |
Nov. 19, 2014 | Nov. 20, 2013 | |
Impairment Charges to Income from Operations [Abstract] | ||
Provision for asset impairments | $0 | $210,000 |
Net loss on disposition of property and equipment | 290,000 | 51,000 |
$290,000 | $261,000 | |
Effect on EPS: | ||
Basic (in Dollars per share) | ($0.01) | ($0.01) |
Assuming dilution (in Dollars per share) | ($0.01) | ($0.01) |
Note_7_Impairment_of_LongLived4
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) - Assets and Liabilities for All Discontinued Operations (USD $) | Nov. 19, 2014 | Aug. 27, 2014 |
In Thousands, unless otherwise specified | ||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) - Assets and Liabilities for All Discontinued Operations [Line Items] | ||
Assets related to discontinued operations—current | $17 | $52 |
Property and equipment, net | 991 | 991 |
Liabilities related to discontinued operations—current | 564 | 590 |
Liabilities related to discontinued operations—non-current | 121 | 278 |
Discontinued Operations [Member] | ||
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) - Assets and Liabilities for All Discontinued Operations [Line Items] | ||
Prepaid expenses | 17 | 52 |
Assets related to discontinued operations—current | 17 | 52 |
Property and equipment, net | 3,435 | 3,430 |
Other assets | 1,385 | 1,387 |
Assets related to discontinued operations—non-current | 4,820 | 4,817 |
Accrued expenses and other liabilities | 564 | 590 |
Liabilities related to discontinued operations—current | 564 | 590 |
Other liabilities | 121 | 278 |
Liabilities related to discontinued operations—non-current | $121 | $278 |
Note_7_Impairment_of_LongLived5
Note 7 - 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 | |
In Thousands, unless otherwise specified | Nov. 19, 2014 | Nov. 20, 2013 |
Sales and Pretax Income (Losses) Reported for Discontinued Operations [Abstract] | ||
Sales | $1,494 | |
Pretax loss | -308 | -910 |
Income tax benefit from discontinued operations | 105 | 57 |
Loss from discontinued operations | ($203) | ($853) |
Note_7_Impairment_of_LongLived6
Note 7 - Impairment of Long-Lived Assets, Discontinued Operations and Property Held for Sale (Details) - Discontinued Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 19, 2014 | Nov. 20, 2013 |
Discontinued Operations [Abstract] | ||
Discontinued operating losses | ($308) | ($633) |
Impairments | -277 | |
Pretax loss | -308 | -910 |
Income tax benefit from discontinued operations | 105 | 57 |
Loss from discontinued operations | ($203) | ($853) |
Effect on EPS from discontinued operations—basic (in Dollars per share) | ($0.01) | ($0.03) |
Note_9_Related_Parties_Details
Note 9 - Related Parties (Details) (USD $) | 3 Months Ended | 0 Months Ended | 4 Months Ended | 11 Months Ended | |
Nov. 19, 2014 | Nov. 20, 2013 | Nov. 14, 2012 | Dec. 31, 2013 | Nov. 19, 2014 | |
Note 9 - Related Parties (Details) [Line Items] | |||||
Number of Related Party Entities | 2 | 2 | |||
Amended and Restated Master Sales Agreement [Member] | |||||
Note 9 - Related Parties (Details) [Line Items] | |||||
Related Party Transaction, Amounts of Transaction | $0 | $0 | |||
New Lease Agreement [Member] | |||||
Note 9 - Related Parties (Details) [Line Items] | |||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 50.00% | ||||
Option To Extend Lease Years | 2 | ||||
Optional Lease Term | 5 years | ||||
Lease Annual Rent Payments Per Square Foot (in Dollars per Square Foot) | 27.56 | ||||
Operating Leases, Rent Expense | 27,000 | 0 | |||
Previous Lease Agreement [Member] | |||||
Note 9 - Related Parties (Details) [Line Items] | |||||
Operating Leases, Rent Expense | 0 | 8,000 | |||
Lease Term | 8 years | ||||
Lease Agreement Executed in 2006 [Member] | |||||
Note 9 - Related Parties (Details) [Line Items] | |||||
Option To Extend Lease Years | 2 | ||||
Optional Lease Term | 5 years | ||||
Lease Annual Rent Payments Per Square Foot (in Dollars per Square Foot) | 20 | 22 | |||
Operating Leases, Rent Expense | $68,000 | $60,000 | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 12 years |
Note_9_Related_Parties_Details1
Note 9 - Related Parties (Details) - Affiliated Rents Paid for Restaurant Property Lease (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Nov. 19, 2014 | Nov. 20, 2013 |
Related Party Transaction [Line Items] | ||
AFFILIATED COSTS INCURRED AS A PERCENTAGE OF RELATIVE TOTAL COMPANY COSTS | 0.29% | 0.18% |
General and administrative expenses | $7,703 | $8,067 |
Affiliated Cost Incurred [Member] | ||
Related Party Transaction [Line Items] | ||
Other operating expenses | 94 | 69 |
Total | 94 | 69 |
Relative Company Cost [Member] | ||
Related Party Transaction [Line Items] | ||
Capital expenditures | 3,589 | 9,207 |
Other operating expenses | 21,377 | 20,182 |
Total | 32,669 | 37,456 |
General and administrative expenses | $7,703 | $8,067 |
Note_10_ShareBased_Compensatio2
Note 10 - Share-Based Compensation (Details) (USD $) | 3 Months Ended | ||
Nov. 19, 2014 | Nov. 20, 2013 | Aug. 27, 2014 | |
Note 10 - Share-Based Compensation (Details) [Line Items] | |||
Number of Stock Plans | 2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 800,754 | 800,754 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | 4.95 | $4.95 | |
To Date [Member] | Non Employee Directors Stock Plan [Member] | |||
Note 10 - Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 700,000 | ||
Restricted Stock Units (RSUs) [Member] | |||
Note 10 - Share-Based Compensation (Details) [Line Items] | |||
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) | 900,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | ||
Executive Officer [Member] | Employee Stock Plan [Member] | |||
Note 10 - Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Non Employee Directors Stock Plan [Member] | |||
Note 10 - Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,100,000 | ||
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 | ||
Allocated Share-based Compensation Expense (in Dollars) | 167,000 | 130,000 | |
Percentage Of Vesting In First Anniversary | 100.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 14,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | 6.45 | ||
Restricted Stock And Unit Awards Granted To Named Executive Officers Percentage | 20.00% | ||
Employee Stock Plan [Member] | |||
Note 10 - Share-Based Compensation (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 4,600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 3,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,000,000 | ||
Allocated Share-based Compensation Expense (in Dollars) | 154,000 | $194,000 | |
Percentage Of Vesting In First Anniversary | 50.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 719,000 | ||
Percentage Of Vesting Benefit Plan | 25.00% | ||
Percentage Of Vesting In Second Anniversary | 25.00% | ||
Percentage Of Vesting In Third Anniversary | 25.00% | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in Dollars per share) | 3.44 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in Dollars per share) | 11.1 |
Note_10_ShareBased_Compensatio3
Note 10 - Share-Based Compensation (Details) - Stock Option Activity (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Nov. 19, 2014 | Aug. 27, 2014 |
Stock Option Activity [Abstract] | ||
Outstanding | 800,754 | 800,754 |
Outstanding | $4.95 | $4.95 |
Outstanding | 3 years 328 days | 4 years 36 days |
Outstanding | $343 | $583 |
Exercisable at November 19, 2014 | 732,738 | |
Exercisable at November 19, 2014 | $4.88 | |
Exercisable at November 19, 2014 | 3 years 255 days | |
Exercisable at November 19, 2014 | $338 |
Note_10_ShareBased_Compensatio4
Note 10 - Share-Based Compensation (Details) - Restricted Stock Unit Activity (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended | 12 Months Ended |
Nov. 19, 2014 | Aug. 27, 2014 | |
Restricted Stock Units (RSUs) [Member] | ||
Note 10 - Share-Based Compensation (Details) - Restricted Stock Unit Activity [Line Items] | ||
Restricted Stock Units - Unvested | 401,837 | 397,837 |
Weighted average fair value - Unvested | $6.02 | $6.03 |
Weighted-average remaining contractual term - Unvested | 1 year 6 months | 1 year 219 days |
Granted | 4,000 | |
Granted | $5.15 |
Note_11_Earnings_Per_Share_Det
Note 11 - Earnings Per Share (Details) | 3 Months Ended |
Nov. 19, 2014 | |
Note 11 - Earnings Per Share (Details) [Line Items] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200 |
Employee Stock Option [Member] | |
Note 11 - Earnings Per Share (Details) [Line Items] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 431,000 |
Note_11_Earnings_Per_Share_Det1
Note 11 - Earnings Per Share (Details) - Components of Basic and Diluted Net Income Per Share (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Nov. 19, 2014 | Nov. 20, 2013 |
Numerator: | ||
Loss from continuing operations (in Dollars) | ($2,816) | ($693) |
Loss from discontinued operations (in Dollars) | -203 | -853 |
Net loss (in Dollars) | ($3,019) | ($1,546) |
Denominator: | ||
Denominator for basic earnings per share—weighted-average shares (in Shares) | 28,890 | 28,765 |
Denominator for earnings per share assuming dilution (in Shares) | 28,890 | 28,765 |
Loss per share from continuing operations: | ||
Basic | ($0.10) | ($0.02) |
Assuming dilution | ($0.10) | ($0.02) |
Loss per share from discontinued operations: | ||
Basic | ($0.01) | ($0.03) |
Assuming dilution | ($0.01) | ($0.03) |
Net loss per share: | ||
Basic | ($0.11) | ($0.05) |
Assuming dilution | ($0.11) | ($0.05) |