Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Aug. 26, 2015 | Nov. 03, 2015 | Feb. 11, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | LUBYS INC | ||
Trading Symbol | lub | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --08-26 | ||
Entity Common Stock, Shares Outstanding | 28,651,970 | ||
Entity Public Float | $ 98,945,391 | ||
Amendment Flag | false | ||
Entity Central Index Key | 16,099 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Aug. 26, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Aug. 26, 2015 | Aug. 27, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 1,501 | $ 2,788 |
Trade accounts and other receivables, net | 5,175 | 4,112 |
Food and supply inventories | 4,483 | 5,556 |
Prepaid expenses | 3,388 | 2,815 |
Assets related to discontinued operations | 24 | 52 |
Deferred income taxes | 577 | 587 |
Total current assets | 15,148 | 15,910 |
Property held for sale | 4,536 | 991 |
Assets related to discontinued operations | 4,014 | 4,204 |
Property and equipment, net | 199,859 | 213,492 |
Intangible assets, net | 22,570 | 24,014 |
Goodwill | 1,643 | 1,681 |
Deferred income taxes | 12,917 | 11,294 |
Other assets | 3,571 | 3,849 |
Total assets | 264,258 | 275,435 |
Current Liabilities: | ||
Accounts payable | 20,173 | 26,269 |
Liabilities related to discontinued operations | 417 | 590 |
Accrued expenses and other liabilities | 23,958 | 23,107 |
Total current liabilities | 44,548 | 49,966 |
Credit facility debt | 37,500 | 42,000 |
Liabilities related to discontinued operations | 190 | 278 |
Other liabilities | 7,361 | 8,167 |
Total liabilities | $ 89,599 | $ 100,411 |
Commitments and Contingencies | ||
SHAREHOLDERS’ EQUITY | ||
Common stock, $0.32 par value; 100,000,000 shares authorized; Shares issued were 29,134,603 and 28,949,523, respectively; Shares outstanding were 28,634,603 and 28,449,523, respectively | $ 9,323 | $ 9,264 |
Paid-in capital | 29,006 | 27,356 |
Retained earnings | 141,105 | 143,179 |
Less cost of treasury stock, 500,000 shares | (4,775) | (4,775) |
Total shareholders’ equity | 174,659 | 175,024 |
Total liabilities and shareholders’ equity | $ 264,258 | $ 275,435 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Aug. 26, 2015 | 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 | 29,134,603 | 28,949,523 |
Common stock, shares outstanding | 28,634,603 | 28,949,523 |
Treasury stock, shares | 500,000 | 500,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | ||
SALES: | ||||
Restaurant sales | $ 370,192 | $ 368,267 | $ 360,001 | |
Culinary contract services | 16,401 | 18,555 | 16,693 | |
Franchise revenue | 6,961 | 7,027 | 6,937 | |
Vending revenue | 531 | 532 | 565 | |
TOTAL SALES | 394,085 | 394,381 | 384,196 | |
COSTS AND EXPENSES: | ||||
Cost of food | 107,053 | 106,254 | 103,052 | |
Payroll and related costs | 127,694 | 126,046 | 122,865 | |
Other operating expenses | 63,090 | 61,700 | 58,985 | |
Occupancy costs | 20,977 | 21,881 | 21,680 | |
Opening costs | 2,686 | 2,164 | 783 | |
Cost of culinary contract services | 14,786 | 16,847 | 15,604 | |
Cost of franchise operations | 1,668 | 1,733 | 1,629 | |
Depreciation and amortization | 21,367 | 20,062 | 18,376 | |
Selling, general and administrative expenses | 38,758 | 40,686 | 36,123 | |
Provision for asset impairments | 636 | 2,498 | 615 | |
Net gain on disposition of property and equipment | (3,994) | (2,357) | (1,723) | |
Total costs and expenses | 394,721 | 397,514 | 377,989 | |
INCOME (LOSS) FROM OPERATIONS | (636) | (3,133) | 6,207 | |
Interest income | 4 | 6 | 9 | |
Interest expense | (2,336) | (1,247) | (920) | |
Other income, net | 520 | 1,101 | 1,026 | |
Income (loss) before income taxes and discontinued operations | (2,448) | (3,273) | 6,322 | |
Provision (benefit) for income taxes, net | (1,076) | (1,660) | 1,775 | |
Income (loss) from continuing operations | (1,372) | (1,613) | 4,547 | |
Loss from discontinued operations, net of income taxes | (702) | (1,834) | (1,386) | |
NET INCOME (LOSS) | $ (2,074) | $ (3,447) | $ 3,161 | |
Income (loss) per share from continuing operations: | ||||
Basic (in Dollars per share) | $ (0.05) | $ (0.06) | $ 0.16 | |
Assuming dilution (in Dollars per share) | [1] | (0.05) | (0.06) | 0.16 |
Loss per share from discontinued operations: | ||||
Basic (in Dollars per share) | (0.02) | (0.06) | (0.05) | |
Assuming dilution (in Dollars per share) | (0.02) | (0.06) | (0.05) | |
Net income (loss) per share: | ||||
Basic (in Dollars per share) | (0.07) | (0.12) | 0.11 | |
Assuming dilution (in Dollars per share) | [1] | $ (0.07) | $ (0.12) | $ 0.11 |
Weighted-average shares outstanding: | ||||
Basic (in Shares) | 28,974 | 28,812 | 28,618 | |
Assuming dilution (in Shares) | 28,974 | 28,812 | 28,866 | |
[1] | Potentially dilutive shares not included in the computation of net income per share because to do so would have been antidilutive amounted to 77,000 in fiscal year 2015, 180,000 in fiscal year 2014 and zero shares in fiscal year 2013. Additionally, stock options with exercise prices exceeding market close prices that were excluded from the computation of net income per share amounted to 415,000 shares in fiscal year 2015, 143,000 shares in fiscal year 2014 and 67,000 shares in fiscal year 2013. |
Consolidated Statement of Share
Consolidated Statement of Shareholders’ Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Aug. 29, 2012 | $ 9,176 | $ (4,775) | $ 24,532 | $ 143,465 | $ 172,398 |
Balance (in Shares) at Aug. 29, 2012 | 28,677 | (500) | |||
Net income for the year | 3,161 | 3,161 | |||
Common stock issued under nonemployee director benefit plans - Shares | $ 9 | 19 | 28 | ||
Common stock issued under nonemployee director benefit plans - Amount (in Shares) | 28 | ||||
Common stock issued under employee benefit plans - Shares | $ 26 | 350 | 376 | ||
Common stock issued under employee benefit plans (in Shares) | 80 | ||||
Increase in excess tax benefits from share-based compensation | 64 | 64 | |||
Share-based compensation expense - Shares | $ 6 | 1,100 | 1,106 | ||
Share-based compensation expense- Amount (in Shares) | 19 | ||||
Balance at Aug. 28, 2013 | $ 9,217 | $ (4,775) | 26,065 | 146,626 | 177,133 |
Balance (in Shares) at Aug. 28, 2013 | 28,804 | (500) | |||
Net income for the year | (3,447) | (3,447) | |||
Common stock issued under nonemployee director benefit plans - Shares | $ 10 | 17 | 27 | ||
Common stock issued under nonemployee director benefit plans - Amount (in Shares) | 31 | ||||
Common stock issued under employee benefit plans - Shares | $ 20 | 78 | 98 | ||
Common stock issued under employee benefit plans (in Shares) | 63 | ||||
Increase in excess tax benefits from share-based compensation | 50 | 50 | |||
Share-based compensation expense - Shares | $ 17 | 1,146 | 1,163 | ||
Share-based compensation expense- Amount (in Shares) | 52 | ||||
Balance at Aug. 27, 2014 | $ 9,264 | $ (4,775) | 27,356 | 143,179 | 175,024 |
Balance (in Shares) at Aug. 27, 2014 | 28,950 | (500) | |||
Net income for the year | (2,074) | (2,074) | |||
Common stock issued under nonemployee director benefit plans - Shares | $ 13 | (13) | |||
Common stock issued under nonemployee director benefit plans - Amount (in Shares) | 40 | ||||
Common stock issued under employee benefit plans - Shares | $ 26 | 164 | 190 | ||
Common stock issued under employee benefit plans (in Shares) | 82 | ||||
Increase in excess tax benefits from share-based compensation | 5 | 5 | |||
Share-based compensation expense - Shares | $ 20 | 1,494 | 1,514 | ||
Share-based compensation expense- Amount (in Shares) | 63 | ||||
Balance at Aug. 26, 2015 | $ 9,323 | $ (4,775) | $ 29,006 | $ 141,105 | $ 174,659 |
Balance (in Shares) at Aug. 26, 2015 | 29,135 | (500) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ (2,074,000) | $ (3,447,000) | $ 3,161,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for asset impairments and gains on property sales | (3,385,000) | 1,347,000 | (451,000) |
Depreciation and amortization | 21,431,000 | 20,221,000 | 18,571,000 |
Amortization of debt issuance cost | 204,000 | 123,000 | 112,000 |
Non-cash compensation expense | 190,000 | 125,000 | 404,000 |
Share-based compensation expense | 1,514,000 | 1,163,000 | 1,106,000 |
Tax benefit on share-based compensation | (5,000) | (50,000) | (64,000) |
Deferred tax expense (benefit) | (1,996,000) | (3,348,000) | 522,000 |
Cash provided by operating activities before changes in operating asset and liabilities | 15,879,000 | 16,134,000 | 23,361,000 |
Changes in operating assets and liabilities: | |||
Decrease (increase) in trade accounts and other receivables | (1,063,000) | (29,000) | 10,000 |
Decrease (increase) in food and supply inventories | 1,073,000 | (530,000) | (903,000) |
Decrease (increase) in prepaid expenses and other assets | (268,000) | 917,000 | 356,000 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (5,305,000) | 3,947,000 | 6,618,000 |
Net cash provided by operating activities | 10,316,000 | 20,439,000 | 29,442,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Repayment of note receivable | 57,000 | 23,000 | 80,000 |
Acquisition of Cheeseburger in Paradise | (10,169,000) | ||
Proceeds from disposal of assets and property held for sale | 13,278,000 | 4,130,000 | 5,961,000 |
Purchases of property and equipment | (20,378,000) | (46,184,000) | (31,339,000) |
Net cash used in investing activities | (7,043,000) | (42,031,000) | (35,467,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Credit facility borrowings | 108,000,000 | 105,900,000 | 69,700,000 |
Credit facility repayments | (112,500,000) | (83,100,000) | (63,500,000) |
Debt issuance costs | (255,000) | (123,000) | (338,000) |
Tax benefit on share-based compensation | 5,000 | 50,000 | 64,000 |
Proceeds received on the exercise of employee stock options | 190,000 | 125,000 | 404,000 |
Net cash provided by (used in) financing activities | (4,560,000) | 22,852,000 | 6,330,000 |
Net increase (decrease) in cash and cash equivalents | (1,287,000) | 1,260,000 | 305,000 |
Cash and cash equivalents at beginning of year | 2,788,000 | 1,528,000 | 1,223,000 |
Cash and cash equivalents at end of year | $ 1,501,000 | $ 2,788,000 | $ 1,528,000 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Significant Accounting Policies | 12 Months Ended |
Aug. 26, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Note 1. Nature of Operations and Significant Accounting Policies Nature of Operations Luby’s, Inc. is based in Houston, Texas. As of August 26, 2015, the Company owned and operated 177 restaurants, with 128 in Texas and the remainder in other states. In addition, the Company received royalties from 106 franchises as of August 26, 2015 located primarily throughout the United States. The Company’s owned and franchised restaurant locations are convenient to shopping and business developments as well as to residential areas. Accordingly, the restaurants appeal to a variety of customers at breakfast, lunch and dinner. Culinary Contract Services consists of contract arrangements to manage food services for clients operating in primarily three lines of business: healthcare, higher education and corporate dining. Reclassification of Certain Expenses Marketing expenses and other certain non-store specific restaurant business segment costs have been reclassified from Payroll and related costs and Other operating expenses to Selling, general, and administrative expenses. The occupancy costs (mainly rent expense and property tax expense) for our centralized bakery and facility service center locations have also moved to Selling, general, and administrative expenses. Insurance costs directly associated with our restaurant property locations have been reclassified from Other operating expenses to Occupancy costs. Direct costs associated with our Culinary Contract Services business segment have been reclassified to Cost of culinary contract services. Direct costs associated with our Franchise Operations business segment have bene reclassified to a new expense line Cost of franchise operations. Below is a summary of the reclassified expenses: Year Ended August 2 7 , 4 August 2 8 , 3 (364 days) (364 days) (In thousands) Payroll and related costs Payroll and related costs (previous classification) $ 127,792 $ 123,864 Management training reclassification (1,746 ) (999 ) Payroll and related costs (as reported) 126,046 122,865 Other operating expenses Other operating expenses (previous classification) 68,820 64,918 Restaurant level marketing expense reclassification (3,775 ) (3,043 ) Non-store specific travel and insurance expense reclassification 1 (3,345 ) (2,890 ) Other operating expenses (as reported) 61,700 58,985 Occupancy costs Occupancy costs (previous classification) 21,060 21,012 Property insurance expense reclassification 1,107 979 Centralized Bakery and Facility Service Center occupancy reclassification (286 ) (311 ) Occupancy costs 21,881 21,680 Selling, general and administrative General and administrative costs (previous classification) 35,038 32,217 Restaurant level marketing expense reclassification 3,775 3,043 Management training reclassification 1,699 999 Centralized bakery and Facility Service Center occupancy reclassification 286 311 Non-store specific travel and insurance expense reclassification 2,186 1,895 Culinary services administration costs reclassification (618 ) (707 ) Franchise administration costs reclassification (1,680 ) (1,635 ) Selling, general and administrative (as reported) 40,686 36,123 Cost of culinary contract services Cost of culinary contract services (previous classification) 16,177 14,874 Culinary services administration costs reclassification 2 670 730 Cost of culinary contract services (as reported) 16,847 15,604 Cost of franchise operations Cost of franchise operations (previous reclassification) — — Franchise administration costs reclassification 3 1,733 1,629 Cost of franchise operations (as reported) 1,733 1,629 1 2 3 Principles of Consolidation The accompanying consolidated financial statements include the accounts of Luby’s, Inc. and its wholly owned subsidiaries. Luby’s, Inc. was restructured into a holding company on February 1, 1997, at which time all of the operating assets were transferred to Luby’s Restaurants Limited Partnership, a Texas limited partnership consisting of two wholly owned, indirect corporate subsidiaries of the Company. On July 9, 2010, Luby’s Restaurants Limited Partnership was converted into Luby’s Fuddruckers Restaurants, LLC, a Texas limited liability company (“LFR”). Unless the context indicates otherwise, the word “Company” as used herein includes Luby’s, Inc., LFR and the consolidated subsidiaries of Luby’s, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. Reportable Segments Each restaurant is an operating segment because operating results and cash flow can be determined for each restaurant which is regularly reviewed by the chief operating decision maker. The Company has three reportable segments: Company-owned restaurants, franchise operations and Culinary Contract Services (“CCS”). Company-owned restaurants 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 and the nature of the regulatory environment are alike. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments such as money market funds that have a maturity of three months or less. All of the Company’s bank account balances are insured by the Federal Deposit Insurance Corporation. However, balances in money market fund accounts are not insured. Amounts in transit from credit card companies are also considered cash equivalents because they are both short-term and highly liquid in nature and are typically converted to cash within three days of the sales transaction. Trade Accounts and Other Receivables, net Receivables consist principally of amounts due from franchises, culinary contract service clients, catering customers and restaurant food sales to corporations. Receivables are recorded at the invoiced amount. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on historical loss experience for contract service clients, catering customers and restaurant sales to corporations. The Company determines the allowance for CCS receivables and franchise royalty and marketing and advertising receivables based on the franchisees’ and CCS clients’ unsecured default status. The Company periodically reviews its allowance for doubtful accounts. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Inventories Food and supply inventories are stated at the lower of cost (first-in, first-out) or market. 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. Property held for sale is recorded at amounts not in excess of what management currently expects to receive upon sale, less costs of disposal. Gains are not recognized until the properties are sold. Impairment of Long-Lived Assets Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount. The Company evaluates impairments on a restaurant-by-restaurant basis and uses cash flow results and other market conditions as indicators of impairment. Debt Issuance Costs Debt issuance costs include costs incurred in connection with the arrangement of long-term financing agreements. These costs are amortized using the effective interest method over the respective term of the debt to which they specifically relate. Fair Value of Financial Instruments The carrying value of cash and cash equivalents, trade accounts and other receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts. The carrying value of credit facility debt also approximates fair value based on its recent renewal. Self-Insurance Accrued Expenses The Company self-insures a significant portion of expected losses under its workers’ compensation, employee injury and general liability programs. Accrued liabilities have been recorded based on estimates of the ultimate costs to settle incurred claims, both reported and not yet reported. These recorded estimated liabilities are based on judgments and independent actuarial estimates, which include the use of claim development factors based on loss history; economic conditions; the frequency or severity of claims and claim development patterns; and claim reserve management settlement practices. Revenue Recognition Revenue from restaurant sales is recognized when food and beverage products are sold. Unearned revenues are recorded as a liability for dining cards that have been sold but not yet redeemed and are recorded at their expected redemption value. When dining cards are redeemed, revenue is recognized and unearned revenue is reduced. Revenue from culinary contract services is recognized when services are provided and reimbursable costs are incurred within contractual terms. Revenue from franchise royalties is recognized each fiscal period based on contractual royalty rates applied to the franchise’s restaurant sales each fiscal period. Royalties are accrued as earned and are calculated each period based on the franchisee’s reported sales. Area development fees and franchise fees are recognized as revenue when the Company has performed all material obligations and initial services. Area development fees are recognized proportionately with the opening of each new restaurant, which generally occurs upon the opening of the new restaurant. Until earned, these fees are accounted for as an accrued liability. Cost of CCS The cost of CCS includes all food, payroll and related expenses, other operating expenses and selling, general and administrative expenses related to culinary contract service sales. All depreciation and amortization, property disposal, asset impairment expenses associated with CCS are reported within those respective lines as applicable. Cost of Franchise Operations The cost of franchise operations includes all food, payroll and related expenses, other operating expenses and selling, general and administrative expenses related to franchise operations sales. All depreciation and amortization, property disposal, asset impairment expenses associated with franchise operations are reported within those respective lines as applicable. Advertising Expenses Advertising costs are expensed as incurred. Total advertising expense included in other operating expenses and selling, general and administrative expense was $4.4 million, $4.7 million and $3.9 million in fiscal 2015, 2014 and 2013, respectively. We record advertising attributable to local store marketing and local community involvement efforts in other operating expenses; we record advertising attributable to our brand identity, our promotional offers, and our other marketing messages intended to drive guest awareness of our brands, in selling, general, and administrative expenses. We believe this separation of our marketing and advertising costs assists with measurement of the profitability of individual restaurant locations by associating only the local store marketing efforts with the operations of each restaurant. Advertising expense included in other operating expenses attributable to local store marketing was $1.2 million, $0.8 million and $0.8 million in fiscal 2015, 2014 and 2013, respectively. Advertising expense included in selling, general and administrative expense was $3.2 million, $3.9 million and $3.1 million in fiscal 2015, 2014 and 2013, respectively. Depreciation and Amortization Property and equipment are recorded at cost. The Company depreciates the cost of equipment over its estimated useful life using the straight-line method. Leasehold improvements are amortized over the lesser of their estimated useful lives or the related lease terms. Depreciation of buildings is provided on a straight-line basis over the estimated useful lives. Opening Costs Opening costs are expenditures related to the opening of new restaurants through its opening periods, other than those for capital assets. Such costs are charged to expense when incurred. Operating Leases The Company leases restaurant and administrative facilities and administrative equipment under operating leases. Building lease agreements generally include rent holidays, rent escalation clauses and contingent rent provisions for a percentage of sales in excess of specified levels. Contingent rental expenses are recognized prior to the achievement of a specified target, provided that the achievement of the target is considered probable. Most of the Company’s lease agreements include renewal periods at the Company’s option. The Company recognizes rent holiday periods and scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased space. Income Taxes The estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, as well as operating loss and tax credit carrybacks and carryforwards are recorded. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities (temporary differences) and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not a portion or all of the deferred tax asset will not be recognized. Management makes judgments regarding the interpretation of tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions as well as by the Internal Revenue Service (“IRS”). In management’s opinion, adequate provisions for income taxes have been made for all open tax years. The potential outcomes of examinations are regularly assessed in determining the adequacy of the provision for income taxes and income tax liabilities. Management believes that adequate provisions have been made for reasonably possible outcomes related to uncertain tax matters. Sales Taxes GAAP provides that a company may adopt a policy of presenting sales taxes either gross within revenue or on a net basis. The Company presents these taxes on a net basis (excluded from revenue). Discontinued Operations Management evaluates unit closures for presentation in discontinued operations following guidance from ASC 205-20-55. To qualify for presentation as a discontinued operation, management determines if the closure or exit of a business location or activity meets the following conditions: (1) the operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity as a result of the disposal transaction and (2) there will not be any significant continuing involvement in the operations of the component after the disposal transaction. To evaluate whether these conditions are met, management considers whether the cash flows lost will not be recovered and generated by the ongoing entity, the level of guest traffic and sales transfer, the significance of the number of locations closed and expectancy of cash flow replacement by sales from new and existing locations, as well as the level of continuing involvement in the disposed operation. Operating and non-operating results of these locations are then classified and reported as discontinued operations of all periods presented. Share-Based Compensation Share-based compensation expense is estimated for equity awards at fair value at the grant date. The Company determines fair value of restricted stock awards based on the average of the high and low price of its common stock on the date awarded by the Board of Directors. The Company determines the fair value of stock option awards using a Black-Sholes option pricing model. The Black-Sholes option pricing model requires various judgmental assumptions including the expected dividend yield, stock price volatility and the expected life of the award. If any of the assumptions used in the model change significantly, share-based compensation expense may differ materially in the future, from that recorded in the current period. The fair value of performance share based award liabilities are estimated based on a Monte Carlo simulation model. For further discussion, see Note 14, “Share-Based Compensation,” below. Earnings Per Share Basic income per share is computed by dividing net income by the weighted-average number of shares outstanding, including restricted stock units, during each period presented. 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. Accounting Periods The Company’s fiscal year ends on the last Wednesday in August. Accordingly, each fiscal year normally consists of 13 four-week periods, or accounting periods, accounting for 364 days in the aggregate. However, every fifth or sixth year, we have a fiscal year that consists of 53 weeks, accounting for 371 days in the aggregate; fiscal year 2016 will be such a year. 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. However, the fourth quarter of fiscal year 2011, as a result of the additional week, consisted of three four-week periods and one five-week period, accounting for 17 weeks, or 119 days, in the aggregate. Fiscal 2013 and 2012 both contained 52 weeks. Comparability between quarters may be affected by the varying lengths of the quarters, as well as the seasonality associated with the restaurant business. Beginning in fiscal 2016, we will change our fiscal quarter ending dates with the first fiscal quarter end being extended by one accounting period and the fiscal fourth quarter being reduced by one accounting period. The purpose of this change is in part to minimize the Thanksgiving calendar shift by extending the first fiscal quarter until after Thanksgiving. With this change in fiscal quarter ending dates, our first quarter will be 16 weeks, and the remaining three quarters will typically be 12 weeks in length. The fourth fiscal quarter will be 13 weeks in certain fiscal years to adjust for our standard 52 week, or 364 day, fiscal year compared to the 365 day calendar year. Fiscal 2016 is such a year where the fourth quarter will have 13 weeks, resulting in a 53 week fiscal year. Comparability between quarters may be affected by varying lengths of the quarters, as well as the seasonality associated with the restaurant business. Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from these estimates. Subsequent Events Events subsequent to the Company’s fiscal year ended August 26, 2015 through the date of issuance of the financial statements are evaluated to determine if the nature and significance of the event warrants inclusion in the Company’s annual report. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Aug. 26, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2. Acquisitions Cheeseburger in Paradise The Company through a 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 fiscal 2013 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 selling, 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. The Company’s fair value estimates for the purchase price allocation may change during the allowable period, which is up to one year from the acquisition date to provide sufficient time to develop fair value estimates. The fair values that take longer to estimate and are more likely to change include property and equipment, intangible assets and leases. 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: 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 $14 thousand of amortization expense for the fiscal year ended August 26, 2015, 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 $14 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 $2.4 million, $2.6 million and $2.6 million in fiscal years 2015, 2014 and 2013, respectively, and are recorded in other assets. After considering renewal periods, the favorable lease assets have an estimated weighted average life of approximately 18.1 years, 19.1 years and 20.3 years at the end of the fiscal years 2015, 2014 and 2013, respectively. 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 $120 thousand, $126 thousand and $88 thousand of amortization for fiscal years ended 2015, 2014 and 2013, respectively, 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 31, August 30, August 29, August 28, August 26, (In thousands) Favorable $ 121 $ 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. In fiscal 2015, the Company impaired goodwill $38 thousand. 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. The following unaudited pro forma information assumes the Cheeseburger in Paradise acquisition occurred as of the beginning of the fiscal year ended August 29, 2012. The unaudited pro forma data is presented for informational purposes only and does not purport to be indicative of the results of future operations of the Company or of the results that would have actually been attained had the acquisition taken place at the beginning of the fiscal year ended August 29, 2012. Year Ended August 28, 2013 August 29, 2012 (Unaudited) (Unaudited) (In thousands, except per share data) Pro forma total sales $ 401,960 $ 403,572 Pro forma income from continuing operations 3,397 8,494 Pro forma net income 2,274 7,734 Pro forma income from continuing operations per share Basic 0.12 0.30 Diluted 0.12 0.30 Pro forma net income per share Basic 0.08 0.27 Diluted 0.08 0.27 Included in the Consolidated Statement of Operations for fiscal 2013 were actual restaurant sales for Cheeseburger in Paradise of $35.7 million and loss from operations for Cheeseburger in Paradise of $1.8 million. Excluding first year integration costs of $0.7 million after-tax, the loss from operations related to Cheeseburger in Paradise included in the Consolidated Statement of Operations for the year ended August 28, 2013 was $1.1 million. |
Note 3 - Reportable Segments
Note 3 - Reportable Segments | 12 Months Ended |
Aug. 26, 2015 | |
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. Company-owned restaurants Company-owned restaurants consists of several brands which are aggregated into one reportable segment due to the following: the nature of the products and services, the production processes, the customers, the methods used to distribute the products and services, the regulatory environment, and store level profit margin is similar. The chief operating decision maker analyzes Company-owned restaurant store level profit which is defined as restaurant sales, vending revenue less cost of food, payroll and related costs, and 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. Both Luby’s Cafeteria and Fuddruckers are casual dining, counter service 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 at the end of fiscal years 2015, 2014 and 2013 were 177, 174 and 180, respectively. Culinary Contract Services CCS operation, 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 had contracts with long-term acute care hospitals, acute care medical centers, ambulatory surgical centers, behavioral hospitals, business and industry clients, and higher education institutions. Culinary Contract Services 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 includes all food, payroll and related costs, other operating expenses, and other direct general and administrative expenses related to Culinary Contract Services sales. The total number of Culinary Contract Services contracts at the end of fiscal 2015, 2014 and 2013 were 23, 25 and 21, respectively. Franchising We only offer franchises for the Fuddruckers brand. Franchises are sold in markets where expansion is deemed advantageous to the development of the Fuddruckers concept and system of restaurants. Initial franchise agreements have a term of 20 years. Franchise agreements typically grant franchisees an exclusive territorial license to operate a single restaurant within a specified area, 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 standards evaluation reports. The number of franchised restaurants at the end of fiscal 2015, 2014 and 2013 were 106, 110, 116, respectively. 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 and prepaid expenses. Fisal Year Ended August 2 6 , 5 August 27, August 28, (In thousands) Sales: Company-owned restaurants (1) $ 370,723 $ 368,799 $ 360,566 Culinary contract services 16,401 18,555 16,693 Franchise operations 6,961 7,027 6,937 Total $ 394,085 $ 394,381 $ 384,196 Segment level profit: Company-owned restaurants $ 51,909 $ 52,918 $ 53,984 Culinary contract services 1,615 1,708 1,089 Franchise operations 5,293 5,294 5,308 Total $ 58,817 $ 59,920 $ 60,381 Depreciation and amortization: Company-owned restaurants $ 18,080 $ 17,357 $ 16,417 Culinary contract services 164 409 440 Franchise operations 767 767 767 Corporate 2,356 1,529 752 Total $ 21,367 $ 20,062 $ 18,376 Total assets: Company-owned restaurants (2 ) $ 218,492 $ 220,793 $ 203,850 Culinary contract services 1,644 2,724 3,547 Franchise operations (3 ) 13,034 13,906 14,674 Corporate (4 ) 31,088 38,012 28,574 Total $ 264,258 $ 275,435 $ 250,645 Capital expenditures: Company-owned restaurants $ 19,726 $ 43,075 $ 30,741 Culinary contract services 18 64 95 Franchise operations — — — Corporate 634 3,045 503 Total $ 20,378 $ 46,184 $ 31,339 Income (loss) before income taxes and discontinued operations: Segment level profit $ 58,817 $ 59,920 $ 60,381 Opening costs (2,686 ) (2,164 ) (783 ) Depreciation and amortization (21,367 ) (20,062 ) (18,376 ) Selling, general and administrative expenses (38,758 ) (40,686 ) (36,123 ) Provision for asset impairments (636 ) (2,498 ) (615 ) Net gain on disposition of property and equipment 3,994 2,357 1,723 Interest income 4 6 9 Interest expense (2,336 ) (1,247 ) (920 ) Other income, net 520 1,101 1,026 Total $ (2,448 ) $ (3,273 ) $ 6,322 (1) Includes vending revenue of $531, $532 and $565 thousand for the year ended August 26, 2015, August 27, 2014 and August 28, 2013, respectively. (2) Company-owned restaurants segment includes $10.6 million of Fuddruckers trade name, Cheeseburger in Paradise liquor licenses, and Jimmy Buffett intangibles. (3) Franchise operations segment includes approximately $12.2 million in royalty intangibles. (4) Goodwill was disclosed in corporate segment in our fiscal 2014 Annual Report on Form 10-K and our first quarter fiscal 2015 Quarterly Report on Form 10-Q. The current draft reflects a revised classification of goodwill into the Company-owned restaurants segment. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Aug. 26, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 4. Fair Value Measurement 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 ● 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 Fiscal Year Ended August 2 6 , 201 5 Quoted Significant Significant Total (In thousands) Continuing Operations Property and equipment related to company-owned restaurants $ 5,282 $ — $ — $ 5,282 $ (636 ) Discontinued Operations Property and equipment related to corporate assets $ 903 $ — $ — $ 903 $ (90 ) Fair Value Fiscal Year Ended August 27, 2014 Quoted Significant Significant Total (In thousands) Continuing Operations Property and equipment related to company-owned restaurants $ 6,446 — — $ 6,446 $ (2,498 ) $ (2,498 ) Discontinued Operations Property and equipment related to corporate assets $ 1,144 — — $ 1,144 $ (1,200 ) Fair Value Fiscal Year Ended August 28, 2013 Quoted Significant Significant Total (In thousands) Continuing Operations Property and equipment related to company-owned restaurants $ 722 $ — $ — $ 722 $ (462 ) Property and equipment related to corporate assets $ 447 $ — $ — $ 447 $ (153 ) $ (615 ) Discontinued Operations Property and equipment related to corporate assets $ 3,159 $ — $ — $ 3,159 $ (663 ) |
Note 5 - Trade Receivables and
Note 5 - Trade Receivables and Other | 12 Months Ended |
Aug. 26, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5. Trade Receivables and Other Trade and other receivables, net, consist of the following: August 2 6 , 5 August 2 7 , 4 (In thousands) Trade and other receivables $ 4,150 $ 2,940 Franchise royalties and marketing and advertising receivables 706 705 Trade receivables, unbilled 874 979 Allowance for doubtful accounts (555 ) (512 ) Total, net $ 5,175 $ 4,112 The Company does not have a concentration of credit risk in total trade and other receivables, net. CCS receivable balance at August 26, 2015 was $3.0 million, primarily the result of 10 contracts with balances of $0.01 million to $0.1 million per contract entity. The Company had certain customer’s contracts whose accounts receivable balances collectively represented approximately 30% of the Company’s total accounts receivables. Contract payment terms for its CCS customers’ receivables are due within 30 to 45 days. The Company recorded receivables related to Fuddruckers franchise operations royalty and marketing and advertising payments from the franchisees, as required by their franchise agreements. Franchise royalty and marketing and advertising fund receivables balance at August 26, 2015 was $0.7 million. At August 26, 2015, the Company had 106 operating franchise restaurants with no concentration of accounts receivable. The change in allowances for doubtful accounts for each of the years in the three-year periods ended as of the dates below is as follows: Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands) Beginning balance $ 512 $ 586 $ 678 Provisions for doubtful accounts 51 61 (1 ) Write-offs (8 ) (135 ) (91 ) Ending balance $ 555 $ 512 $ 586 |
Note 6 - Income Taxes
Note 6 - Income Taxes | 12 Months Ended |
Aug. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 6. Income Taxes The following table details the categories of total income tax assets and liabilities for both continuing and discontinued operations resulting from the cumulative tax effects of temporary differences: August 2 6 , 5 August 27, (In thousands) Deferred income tax assets: Workers’ compensation, employee injury, and general liability claims $ 342 $ 158 Deferred compensation 137 354 Net operating losses 808 5 General business and foreign tax credits 10,011 8,911 Depreciation, amortization and impairments 1,484 1,379 Straight-line rent, dining cards, accruals, and other 3,930 3,719 Total deferred income tax assets 16,712 14,526 Deferred income tax liabilities: Property taxes and other 1,765 1,576 Total deferred income tax liabilities 1,765 1,576 Net deferred income tax asset $ 14,947 $ 12,950 The Company had deferred tax assets at August 26, 2015 of approximately $16.7 million, the most significant of which include the Company’s general business tax credits carryovers to future years of approximately $9.6 million of deferred tax assets, combined. This item may be carried forward up to twenty years for possible utilization in the future. The carryover of general business tax credits, beginning in fiscal 2002, will begin to expire at the end of fiscal 2022 through 2034, if not utilized by then. Management has evaluated both positive and negative evidence, including its forecasts of the Company’s future operational performance and taxable income, adjusted by varying probability factors, in making a determination as to whether it is more likely than not that all or some portion of the deferred tax assets will be realized. Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, which will result in taxable or deductible amounts in the future, as well as from tax NOL and tax credit carryovers. We establish a valuation allowance when we no longer consider it more likely than not that a deferred tax asset will be realized. In evaluating our ability to recover our deferred tax assets, we consider available positive and negative evidence, including scheduled reversals of deferred tax liabilities, tax-planning strategies, projected future taxable income, and results of recent operations. Positive evidence that we consider includes the Company’s history of realizing fully its tax NOL and tax credit carryovers prior to expiration and the considered use of tax-planning strategies. The later includes the acceleration of unrealized gains from our owned property locations through sale or exchange, if and when necessary on a selective basis, which we consider to be a significant piece of positive evidence. We regularly evaluate our portfolio of owned properties, long-lived assets and their relative values, for many different business purposes, and have estimated the resulting unrealized net gains thereon to be of sufficient measure to recover our deferred tax assets, including tax NOL and tax credit carryovers. Tax-planning strategies involving the acceleration of unrealized gains, as well as the reversals of our deferred tax liabilities, are of the same character and should reverse in both the same period and jurisdiction as the temporary differences giving rise to the deferred tax. In evaluating negative evidence, we consider three years of cumulative operating income (loss). A significant contributor to the Company’s three year cumulative loss involves a number of underperforming locations, principally all of which have been disposed of under the Company’s disposal plan. The Company has recorded a deferred tax asset of $10.8 million reflecting the benefit of $0.8 million in tax NOL and $10.0 tax credit carryovers, which expire in varying amounts between fiscal 2022 and 2034. Realization is dependent on generating sufficient taxable income, and if necessary gain on sale of owned properties, prior to expiration of the tax NOL and tax credit carryovers. Management believes it is more likely than not that all of the deferred tax asset will be realized. An analysis of the provision for income taxes for continuing operations is as follows: August 2 6 , 5 August 27, August 28, (In thousands) Current federal and state income tax expense $ 523 $ 371 $ 614 Current foreign income tax expense 63 87 89 Deferred income tax expense (benefit) (1,662 ) (2,118 ) 1,072 Total income tax expense (benefit) $ (1,076 ) $ (1,660 ) $ 1,775 Relative only to continuing operations, the reconciliation of the expense (benefit) for income taxes to the expected income tax expense (benefit), computed using the statutory tax rate, was as follows: Fiscal Year Ended August 2 6 , 5 August 2 7 , 4 August 2 8 , 3 Amount % Amount % Amount % (In thousands and as a percent of pretax income from continuing operations) Income tax expense (benefit) from continuing operations at the federal rate $ (832 ) 34.0 % $ (1,120 ) 34.0 % $ 2,149 34.0 % Permanent and other differences: Federal jobs tax credits (wage deductions) 302 (12.3 ) 404 (12.3 ) 355 5.6 Stock options and restricted stock 74 (3.0 ) 54 (1.7 ) 50 0.8 Other permanent differences 60 (2.5 ) 185 (5.6 ) 68 1.1 State income tax, net of federal benefit 200 (8.2 ) 52 (1.6 ) 338 5.3 General Business Tax Credits (888 ) 36.3 (1,187 ) 36.1 (1,043 ) (16.5 ) Other 8 (0.3 ) (48 ) 1.5 (142 ) (2.2 ) Income tax expense (benefit) from continuing operations $ (1,076 ) 44.0 % $ (1,660 ) 50.4 % $ 1,775 28.1 % For the fiscal year ended August 26, 2015, including both continuing and discontinued operations, the Company is estimated to report federal taxable income of approximately $4.7 million. The Company will be able to utilize NOL carryovers from prior years to reduce the current year federal income tax liability to zero. For the fiscal year ended August 27, 2014, including both continuing and discontinued operations, the Company generated federal taxable loss of approximately $6.5 million. For the fiscal year ended August 28, 2013, including both continuing and discontinued operations, the Company generated federal taxable income of approximately $4.1 million. The Company utilized NOL carryovers from prior years to reduce the current year federal tax liability to zero. The IRS has periodically reviewed the Company’s federal income tax returns. The IRS concluded a review of the federal income tax return for fiscal year 2008 on March 12, 2011. The IRS made no changes to the return. The State of Texas examined the franchise tax filings for report years 2008 through 2011 based on accounting years 2007 through 2010 resulting in additional taxes of $33,000. The State of Louisiana is currently examining income tax returns for fiscal years 2013 and 2014. Prior to fiscal 2010, the Company operated in five states and was subject to state and local income taxes in addition to federal income taxes. With the acquisition of Fuddruckers restaurants at the end of fiscal 2010 and Cheeseburger in Paradise in fiscal 2013, the Company has income tax filing requirements in over 30 states. There were no payments of federal income taxes in fiscal 2013, 2014 or 2015. State income tax payments were approximately $0.5 million each year during fiscal 2013, 2014 and 2015. The following table is a reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of fiscal years 2013, 2014 and 2015 (in thousands): Balance at August 29, 2012 $ 970 Decrease based on prior year tax positions (273 ) Interest Expense 72 Balance as of August 28, 2013 $ 769 Decrease based on prior year tax positions (707 ) Interest Expense — Balance as of August 27, 2014 $ 62 Interest Expense 1 Balance as of August 26, 2015 $ 63 The unrecognized tax benefits would favorably affect the Company’s effective tax rate in future periods if they are recognized. The estimate of interest associated with unrecognized benefits is approximately $1 thousand as of August 26, 2015. The Company has included interest or penalties related to income tax matters as part of income tax expense (or benefit). It is reasonably possible that the amount of unrecognized tax benefits with respect to our uncertain tax positions could significantly increase or decrease within 12 months. However, based on the current status of examinations, it is not possible to estimate the future impact, if any, to recorded uncertain tax positions as August 26, 2015. 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. Tangible Property Regulations In September 2013, the U.S. Treasury issued final regulations addressing the tax consequences associated with the acquisition, production and improvement of tangible property and which are generally effective for taxable years beginning on or after January 1, 2014, which for the Company was its year beginning August 28, 2014. The Company plans to timely adopt these regulations and, at this time, has not evaluated the impact of these regulations on its consolidated financial statements. |
Note 7 - Property and Equipment
Note 7 - Property and Equipment, Intangible Assets and Goodwill | 12 Months Ended |
Aug. 26, 2015 | |
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 August 26, 2015 and August 27, 2014, together with the related estimated useful lives used in computing depreciation and amortization, were as follows: August 2 6 , 5 August 27, Estimated (In thousands) Land $ 63,298 $ 69,767 — Restaurant equipment and furnishings 85,642 77,967 3 to 15 Buildings 159,391 156,308 20 to 33 Leasehold and leasehold improvements 29,229 26,389 Lesser of lease term or e stimated useful life Office furniture and equipment 3,559 2,997 3 to 10 Construction in progress 504 10,313 — 341,623 343,741 Less accumulated depreciation and amortization (141,764 ) (130,249 ) Property and equipment, net $ 199,859 $ 213,492 Intangible assets, net $ 22,570 $ 24,014 21 Goodwill $ 1,643 $ 1,681 Intangible assets, net, consist of the Fuddruckers trade name and franchise agreements and will be amortized. The Company believes the Fuddruckers brand name has an expected accounting life of 21 years from the date of acquisition based on the expected use of its assets and the restaurant environment in which it is being used. The trade name represents a respected brand with customer loyalty and the Company intends to cultivate and protect the use of the trade name. The franchise agreements, after considering renewal periods, have an estimated accounting life of 21 years from the date of acquisition and will be amortized over this period of time. Intangible assets, net, also includes the license agreement and trade name related to Cheeseburger in Paradise and the value of the acquired licenses and permits allowing the sales of beverages with alcohol. These assets have an expected accounting life of 15 years from the date of acquisition December 6, 2012. The aggregate amortization expense related to intangible assets subject to amortization for fiscal years 2015, 2014 and 2013 was $1.4 million, $1.5 million and $1.6 million, respectively. The aggregate amortization expense related to intangible assets subject to amortization is expected to be $1.4 million in each of the next five successive years. The following table presents intangible assets as of August 26, 2015 and August 27, 2014: August 26, 2015 August 27, 2014 (In thousands) (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets Subject to Amortization: Fuddruckers trade name and franchise agreements $ 29,607 $ (7,166 ) $ 22,441 $ 29,607 $ (5,767 ) $ 23,840 Cheeseburger in Paradise trade name and license agreements $ 416 $ (287 ) $ 129 $ 416 $ (242 ) $ 174 Intangible assets, net $ 30,023 $ (7,453 ) $ 22,570 $ 30,023 $ (6,009 ) $ 24,014 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. The Company performs a goodwill impairment test annually and more frequently when negative conditions or a triggering event arise. 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 years 2014 and 2015, 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. Management performed its formal annual assessment as of the second quarter each fiscal year. The individual restaurant level is the level at which goodwill is assessed for impairment under ASC 350. In accordance with our understanding of ASC 350, we have allocated the goodwill value to each reporting unit in proportion to each location’s fair value at the date of acquisition. The result of these assessments were impairment of goodwill of $38 thousand and $0.5 million in fiscal years 2015 and 2014, respectively. The Company 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. As of November 3, 2015, of the 23 locations that were acquired, eight locations remain operating as Cheeseburger in Paradise restaurants, eight locations were closed and converted to Fuddruckers restaurants, two locations where the option to extend the lease was not exercised, two locations subleased to franchisees and three closed and held for future use. The remaining three locations closed may also be converted to Fuddruckers, which continues as a contingency strategy from when the acquisition was initially consummated. As we are not moving any of the former Cheeseburger in Paradise restaurants out of their respective market, the goodwill associated with the acquired location and market area is expected to be realized through operating these former Cheeseburger in Paradise branded restaurants as Fuddruckers branded restaurants. The Company has experience converting and opening new restaurant locations and the Fuddruckers brand units have positive cash flow history. This historical data was considered when completing our fair value estimates for recovery of the remaining net book value including goodwill. In addition, we included the incremental conversion costs in our cash flow projections when completing our routine impairment of long-lived assets testing. 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. Goodwill was approximately $1.6 million as of August 26, 2015 and approximately $1.7 million as of August 27, 2014 and relates to our Company-owned restaurants reportable segment. |
Note 8 - Current Accrued Expens
Note 8 - Current Accrued Expenses and Other Liabilities | 12 Months Ended |
Aug. 26, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | Note 8. Current Accrued Expenses and Other Liabilities The following table sets forth current accrued expenses and other liabilities as of August 26, 2015 and August 27, 2014: August 26, August 27, (In thousands) Salaries, compensated absences, incentives, and bonuses $ 5,435 $ 6,504 Operating expenses 1,118 1,280 Unredeemed gift cards and certificates 5,472 4,144 Taxes, other than income 7,760 6,943 Accrued claims and insurance 1,267 1,076 Income taxes, legal and other 2,906 3,160 Total $ 23,958 $ 23,107 |
Note 9 - Other Long-Term Liabil
Note 9 - Other Long-Term Liabilities | 12 Months Ended |
Aug. 26, 2015 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Liabilities Disclosure [Text Block] | Note 9. Other Long-Term Liabilities The following table sets forth other long-term liabilities as of August 26, 2015 and August 27, 2014: August 2 6 , 5 August 27, (In thousands) Workers’ compensation and general liability insurance reserve $ 846 $ 729 Capital leases 291 758 Deferred rent and unfavorable leases 5,849 6,450 Deferred compensation 222 125 Other 153 105 Total $ 7,361 $ 8,167 |
Note 10 - Debt
Note 10 - Debt | 12 Months Ended |
Aug. 26, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 10. Debt Revolving Credit Facility In August 2013, the Company entered into a revolving credit facility with Wells Fargo Bank, National Association, as Administrative Agent, and Amegy Bank, National Association, as Syndication Agent. The following description summarizes the material terms of the revolving credit facility, as subsequently amended on March 21, 2014, November 7, 2014 and October 2, 2015, (the revolving credit facility is referred to as the “2013 Credit Facility”). The 2013 Credit Facility is governed by the credit agreement dated as of August 14, 2013 (the “2013 Credit Agreement”) among the Company, the lenders from time to time party thereto, Wells Fargo Bank, National Association, as Administrative Agent, and Amegy Bank, National Association, as Syndication Agent. The maturity date of the 2013 Credit Facility is September 1, 2017. The aggregate amount of the lenders’ commitments under the 2013 Credit Facility was $70.0 million as of August 28, 2013. The 2013 Credit Facility also provides for the issuance of letters of credit in a maximum aggregate amount of $5.0 million outstanding as of August 14, 2013 and $15.0 million outstanding at any one time with prior written consent of the Administrative Agent and the Issuing Bank. At August 26, 2015, under the 2013 Credit Facility, the total available borrowing capacity was up to $30.7 million after applying the Lease Adjusted Leverage Ratio Limitation. Pursuant to the October 2, 2015 amendment, the total aggregate amount of lenders’ commitments was lowered to $60.0 million from $70.0 million. After applying the Lease Adjusted Leverage Ratio Limitation, the available borrowing capacity was $20.7 million. The 2013 Credit Facility is guaranteed by all of the Company’s present subsidiaries and will be guaranteed by our future subsidiaries. In addition to the bank’s increased commitment under the 2013 Credit Agreement, it may be increased to a maximum commitment of $90 million. At any time throughout the term of the 2013 Credit Facility, the Company has the option to elect one of two bases of interest rates. One interest rate option is the greater of (a) the Federal Funds Effective Rate plus 0.50%, or (b) prime, plus, in either case, an applicable spread that ranges from 0.75% to 2.25% per annum. The other interest rate option is the London InterBank Offered Rate plus a spread that ranges from 2.50% to 4.0% per annum. The applicable spread under each option is dependent upon the ratio of our debt to EBITDA at the most recent determination date. The Company is obligated to pay to the Administrative Agent for the account of each lender a quarterly commitment fee based on the average daily unused amount of the commitment of such lender, ranging from 0.30% to 0.40% per annum depending on the Total Leverage Ratio at the most recent determination date. The proceeds of the 2013 Credit Facility are available for the Company’s general corporate purposes and general working capital purposes and capital expenditures. Borrowings under the 2013 Credit Facility are subject to mandatory repayment with the proceeds of sales of certain of the Company’s real property, subject to certain exceptions. The 2013 Credit Facility is secured by a perfected first priority lien on certain of the Company’s real property and all of the material personal property owned by the Company or any of its subsidiaries, other than certain excluded assets (as defined in the 2013 Credit Agreement). At August 26, 2015, the carrying value of the collateral securing the 2013 Credit Facility was $116.7 million. The 2013 Credit Agreement, as amended, contains the following covenants among others: ● Debt Service Coverage Ratio of not less than (i) 1.10 to 1.00 at all times during the first, second and third fiscal quarters of the Borrower’s fiscal year 2015, (ii) 1.25 to 1.00 at all times during the fourth fiscal quarter of the Borrower’s fiscal year 2015, and (iii) 1.50 to 1.00 at all times thereafter. ● Lease Adjusted Leverage Ratio of not more than (i) 5.75 to 1.00 at all times during the first, second and third fiscal quarters of the Borrower’s fiscal year 2015, (ii) 5.50 to 1.00 at all times during the fourth fiscal quarter of the Borrower’s fiscal year 2015, (iii) 5.25 to 1.00 at all times during the first fiscal quarter of the Borrower’s fiscal year 2016, (iv) 5.00 to 1.00 at all times during the second fiscal quarter of the Borrower’s fiscal year 2016, and (v) 4.75 to 1.00 at all times thereafter. ● capital expenditures limited to $25.0 million per year, ● restrictions on incurring indebtedness, including certain guarantees and capital lease obligations, ● restrictions on incurring liens on certain of our property and the property of our subsidiaries, ● restrictions on transactions with affiliates and materially changing our business, ● restrictions on making certain investments, loans, advances and guarantees, ● restrictions on selling assets outside the ordinary course of business, ● prohibitions on entering into sale and leaseback transactions, ● restrictions on certain acquisitions of all or a substantial portion of the assets, property and/or equity interests of any person, including share repurchases and dividends. The Company was in compliance with the covenants contained in the Credit Agreement as of August 26, 2015. The 2013 Credit Agreement also includes customary events of default. If a default occurs and is continuing, the lenders’ commitments under the 2013 Credit Facility may be immediately terminated and/or the company may be required to repay all amounts outstanding under the 2013 Credit Facility. As of August 26, 2015, the Company had $37.5 million in outstanding loans and $1.1 million committed under letters of credit, which the company reissued as security for the payment of insurance obligations and $0.7 million in capital lease commitments. Interest Expense Total interest expense incurred for fiscal 2015, 2014 and 2013 was $2.3 million, $1.2 million and $0.9 million, respectively. Interest paid was approximately $2.1 million, $1.4 million and $0.8 million in fiscal 2015, 2014 and 2013, respectively. No interest expense was allocated to discontinued operations in fiscal 2015, 2014 or 2013. Interest was capitalized on properties in fiscal 2015, 2014 and 2013, in the amounts of $80, $269 thousand and zero, respectively. |
Note 11 - Impairment of Long-Li
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale | 12 Months Ended |
Aug. 26, 2015 | |
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 11. Impairment of Long-Lived Assets, Store Closings, 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 is longer and 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 (credits) to income from operations: Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except per share data) Provision for asset impairments $ 636 $ 2,498 $ 615 Net gain on disposition of property and equipment (3,994 ) (2,357 ) (1,723 ) $ (3,358 ) $ 141 $ (1,108 ) Effect on EPS: Basic $ 0.12 $ — $ 0.04 Assuming dilution $ 0.12 $ — $ 0.04 The $0.6 million charge in fiscal 2015 is related to three operating Fuddruckers restaurants. The $2.5 million charge in fiscal 2014 is related to one operating Luby’s Cafeteria, two operating Fuddruckers restaurants, two operating Cheeseburger in Paradise restaurants and nine closed Cheeseburger in Paradise restaurants. The $0.6 million charge in fiscal 2013 is related to one property held for sale, one operating Fuddruckers restaurant and one operating Koo Koo Roo Chicken Bistro ®restaurant as well as a reduction of the estimated fair value of used assets to be refurbished and reused. Discontinued Operations On March 21, 2014, the Board of Directors of the Company approved a plan focused on improving cash flow from the acquired Cheeseburger in Paradise leasehold locations. On March 24, 2014, the Company announced that it has initiated a plan focused on improving cash flow from the recently acquired Cheeseburger in Paradise leasehold locations. This underperforming Cheeseburger in Paradise leasehold disposal plan called for five or more units to be closed by the end of Fiscal 2014 and disposed of within 12 months. As of August 26, 2015, five locations have been closed for disposal and reclassified to discontinued operations. As a result of the first quarter fiscal year 2010 adoption of the Company’s Cash Flow Improvement and Capital Redeployment Plan, the Company reclassified 24 Luby’s Cafeterias to discontinued operations. As of August 26, 2015, two locations remain, one is under lease to a third party and one remains held for sale. We believe the majority of cash flows lost will not be recovered by ongoing operations and the majority of sales lost by closing will not be recovered. In addition, there will not be any ongoing involvement or significant cash flows from the closed stores. Stores we close, but do not classify as discontinued operations, follow the implementation guidance in ASC 205-20-55 because cash flows are expected to be generated by the ongoing entity. There is some migration of customer traffic to existing or new locations, and ultimately the majority of sales lost by closing these stores are expected to be eventually replaced by sales from new locations. 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. Assets related to discontinued operations include accounts receivable, accrued liabilities, prepaid expenses, deferred taxes, unimproved land, closed restaurant properties and related equipment for locations classified as discontinued operations. The following table sets forth the assets and liabilities for all discontinued operations: August 2 6 , 5 August 27, (In thousands) Prepaid expenses $ 24 $ 52 Assets related to discontinued operations—current $ 24 $ 52 Property and equipment $ 2,211 $ 2,817 Other assets 1,803 1,387 Assets related to discontinued operations—non-current $ 4,014 $ 4,204 Deferred income taxes $ 343 $ 308 Accrued expenses and other liabilities 74 282 Liabilities related to discontinued operations—current $ 417 $ 590 Other liabilities $ 190 $ 278 Liabilities related to discontinued operations—non-current $ 190 $ 278 As of August 26, 2015, under both closure plans, the Company had six properties classified as discontinued operations assets and the asset carrying value of the owned properties was $1.9 million and is included in assets related to discontinued operations. The asset carrying values of the ground leases were previously impaired to zero. The Company is actively marketing all but one of these properties for 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 losses reported for all discontinued locations: Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except locations) Sales $ — $ 4,691 $ 6,153 Pretax loss $ (1,108 ) $ (2,813 ) $ (1,926 ) Income tax benefit on discontinued operations $ 406 $ 979 $ 540 Loss on discontinued operations $ (702 ) $ (1,834 ) $ (1,386 ) Discontinued locations closed during the period 0 5 0 The following table summarizes discontinued operations for fiscal 2015, 2014 and 2013: Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except per share data) Discontinued operating losses $ (1,135 ) $ (1,607 ) $ (1,268 ) Impairments (90 ) (1,199 ) (663 ) Gains (losses) 117 (7 ) 5 Net loss $ (1,108 ) $ (2,813 ) $ (1,926 ) Income tax benefit from discontinued operations 406 979 540 Loss from discontinued operations $ (702 ) $ (1,834 ) $ (1,386 ) Effect on EPS from discontinued operations—decrease—basic $ (0.02 ) $ (0.06 ) $ (0.05 ) 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. 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 two years. Within discontinued operations, the Company also recorded the related fiscal year-to-date net operating results, employee terminations and basic 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 reclassified 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. The Company actively markets all locations classified as property held for sale. At August 26, 2015, the Company had four owned properties recorded at approximately $4.5 million in property held for sale. At August 27, 2014, the Company had one owned properties recorded at approximately $1.0 million in property held for sale. At August 28, 2013, the Company had one owned property recorded at approximately $0.4 million in property held for sale. The Company’s results of continuing operations will be affected to the extent proceeds from sales exceed or are less than net book value. A roll forward of property held for sale for fiscal 2015, 2014 and 2013 is provided below (in thousands) Balance as of August 29, 2012 $ 602 Disposals 0 Net impairment charges (153 ) Balance as of August 28, 2013 $ 449 Disposals (449 ) Net transfers to property held for sale 991 Balance as of August 27, 2014 $ 991 Disposals (3,203 ) Net transfers to property held for sale 6,748 Balance as of August 26, 2015 $ 4,536 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Aug. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12. Commitments and Contingencies Off-Balance Sheet Arrangements The Company has no off-balance sheet arrangements, except for operating leases for the Company’s corporate office, facility service warehouse and certain restaurant properties. Claims From time to time, the Company is subject to various other 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 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 has no non-cancelable contracts as of August 26, 2015. |
Note 13. Operating Leases
Note 13. Operating Leases | 12 Months Ended |
Aug. 26, 2015 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | Note 13. Operating Leases The Company conducts part of its operations from facilities that are leased under non-cancelable lease agreements. Lease agreements generally contain a primary term of five to 30 years with options to renew or extend the lease from one to 25 years. As of August 26, 2015, the Company has lease agreements for 95 properties which include the Company’s corporate office, facility service warehouses and restaurant properties. The leasing terms of the 95 properties consist of 10 properties expiring in less than one year, 60 properties expiring between one and five years and the remaining 25 properties having current terms that are greater than five years. Of the 95 leased properties, 73 properties have options remaining to renew or extend the lease. A majority of the leases include periodic escalation clauses. Accordingly, the Company follows the straight-line rent method of recognizing lease rental expense. As of August 26, 2015, the Company has entered into noncancelable operating lease agreements for certain office equipment with terms ranging from 36 to 72 months. Annual future minimum lease payments under noncancelable operating leases with terms in excess of one year as of August 26, 2015 are as follows: Year Ending: (In thousands) August 31, 2016 11,996 August 30, 2017 9,232 August 29, 2018 7,739 August 28, 2019 6,808 August 26, 2020 5,036 Thereafter 21,846 Total minimum lease payments $ 62,657 Most of the leases are for periods of fifteen to thirty years and some leases provide for contingent rentals based on sales in excess of a base amount. Total rent expense for operating leases for the last three fiscal years was as follows: Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except percentages) Minimum rent-facilities $ 12,521 $ 13,160 $ 13,718 Contingent rentals 129 251 182 Minimum rent-equipment 805 829 818 Total rent expense (including amounts in discontinued operations) $ 13,455 $ 14,240 $ 14,718 Percent of sales 3.4 % 3.6 % 3.8 % See Note 15, “Related Parties,” for lease payments associated with related parties. |
Note 14 - Share-Based Compensat
Note 14 - Share-Based Compensation | 12 Months Ended |
Aug. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 14. 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, 0.8 million options, restricted stock units and restricted stock awards were granted, 0.1 million options were cancelled or expired and added back into the plan. Approximately 0.4 million shares remain available for future issuance as of August 26, 2015. In 2015, the Company approved a Total Shareholder Return, “TSR”, Performance Based Incentive Plan which provides for a right to receive an unspecified number of shares of common stock under the Employee Stock Plan based on the total shareholder return ranking compared to a selection of peer companies over a three-year cycle. The award value varies from 0% to 200% of a base amount, as a result of the Company’s TSR performance in comparison to its peers over the measurement period. The fair value of the performance shares liability at the end of Fiscal 2017, of $0.5 million, has been determined based on a Monte Carlo simulation model. Based on this estimate, management will accrue expense ratably over the three-year service period. As of August 26, 2015, the Company has recorded $0.1 million in non-cash compensation expense in selling, general and administrative expenses related to its TSR Performance Based Incentive Plan. The number of shares at the end of the three-year period will be determined as the award value divided by the closing stock price on the last day of fiscal 2017. A valuation estimate of the future liability associated with each fiscal year's performance award plan will be performed periodically with adjustments made to the outstanding liability at each reporting period, as appropriate. Compensation cost for share-based payment arrangements under the Nonemployee Director Stock Plan, recognized in selling, general and administrative expenses for fiscal years 2015, 2014 and 2013 was approximately $0.7 million, $0.6 million and $0.3 million, respectively. Of the 2.6 million shares approved for issuance under the Employee Stock Plan, 5.2 million options and restricted stock units were granted, 3.0 million options and restricted stock units were cancelled or expired and added back into the plan. Approximately 0.4 million shares remain available for future issuance as of August 26, 2015. Compensation cost for share-based payment arrangements under the Employee Stock Plan, recognized in selling, general and administrative expenses for fiscal years 2015, 2014 and 2013 was approximately $0.9 million, $0.7 million and $0.8 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. The market price under the Employee Stock Plan is the closing price at the date of the grant. The market price under the Nonemployee Director Plan is the average of the high and the low price on 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 fiscal years 2015, 2014 or 2013. No options to purchase shares remain outstanding, under this plan, as of August 26, 2015. 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. All options granted in fiscal years 2015, 2014 and 2013 were granted under the Employee Stock Plan. Options to purchase 1,288,099 shares at options prices from $3.44 to $11.10 per share remain outstanding as of August 26, 2015. The Company has segregated option awards into two homogenous groups for the purpose of determining fair values for its options because of differences in option terms and historical exercise patterns among the plans. Valuation assumptions are determined separately for the two groups which represent, respectively, the Employee Stock Plans and the Nonemployee Director Stock Option Plan. The assumptions are as follows: ● The Company estimated volatility using its historical share price performance over the expected life of the option. Management believes the historical estimated volatility is materially indicative of expectations about expected future volatility. ● The Company uses an estimate of expected lives for options granted during the period based on historical data. ● The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for the expected term of the option. ● The expected dividend yield is based on the Company’s current dividend yield and the best estimate of projected dividend yield for future periods within the expected life of the option. The fair value of each option award is estimated on the date of the grant using the Black-Scholes option pricing model which determine inputs as shown in the following table for options granted under the Employee Stock Plan: Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except percentages) Dividend yield 0 % — 0 % Volatility 42.30 % — 44.49 % Risk-free interest rate 1.41 % — 0.72 % Expected life (in years) 5.61 — 4.25 No options were granted during fiscal year ended August 27, 2014. A summary of the Company’s stock option activity for the three fiscal years ended August 26, 2015, August 27, 2014 and August 28, 2013 is presented in the following table: Shares Under Options Weighted- Average Price Weighted- Average Term Aggregate Intrinsic (Years) (In thousands) Outstanding at August 29, 2012 1,177,769 $ 6.30 3.1 $ 1,500 Granted 109,335 5.95 0 0 Exercised (93,973 ) 4.29 0 0 Forfeited/Expired (310,363 ) 9.85 0 0 Outstanding at August 28, 2013 882,768 $ 5.23 4.7 $ 2,042 Exercised (29,253 ) 4.27 0 0 Forfeited/Expired (52,761 ) 10.30 0 0 Outstanding at August 27, 2014 800,754 $ 4.95 4.1 $ 583 Granted 628,060 4.49 0 0 Exercised (57,007 ) 3.45 0 0 Forfeited/Expired (83,708 ) 5.47 0 0 Outstanding at August 26, 2015 1,288,099 $ 4.76 6.5 $ 350 Exercisable at August 26, 2015 594,549 $ 4.94 3.7 $ 240 The intrinsic value for stock options is defined as the difference between the current market value and the grant price. At August 26, 2015, there was approximately $0.7 million of total unrecognized compensation cost related to unvested options that are expected to be recognized over a weighted-average period of 2.2 years. The weighted-average grant-date fair value of options granted during fiscal years 2015 and 2013 was $1.83 and $2.44 per share, respectively. There was no grant of options during fiscal year 2014. During fiscal years 2015, 2014 and 2013, cash received from options exercised was approximately $190,000, $125,000 and $404,000, respectively. 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 market price of the Company’s common stock at the date of grant. The market price under the Employee Stock Plan is the closing price at the date of the grant. The market price under the Nonemployee Director Plan is the average of the high and the low price on the date of the grant. A summary of the Company’s restricted stock unit activity during fiscal years is presented in the following table: Restricted Stock Weighted Weighted- (Per share) (In years) Unvested at August 29, 2012 163,946 $ 4.83 1.8 Granted 274,290 6.17 – Vested (14,000 ) 3.46 – Unvested at August 28, 2013 424,236 $ 5.74 2.1 Granted 63,238 7.09 – Vested (80,233 ) 5.39 – Forfeited (9,404 ) 5.79 – Unvested at August 27, 2014 397,837 $ 6.03 1.6 Granted 84,495 4.54 – Vested (72,915 ) 4.55 – Forfeited 0 – – Unvested at August 26, 2015 409,417 $ 5.98 1.6 At August 26, 2015, there was approximately $1.8 million of total unrecognized compensation cost related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 1.6 years. Restricted Stock Awards Under the Nonemployee Director Stock Plan, directors are granted restricted stock in lieu of cash payments, for all or a portion of their compensation as directors. Directors may opt to receive 20% more shares of restricted stock awards by accepting more than the minimum required stock instead of cash. The number of shares granted is valued at the average of the high and low price of the Company’s stock at the date of the grant. Restricted stock awards vest when granted because they are granted in lieu of a cash payment. However, directors are restricted from selling their shares until after the third anniversary of the date of the grant. Supplemental Executive Retirement Plan The Company has a Supplemental Executive Retirement Plan (“SERP”) designed to provide benefits for selected officers at normal retirement age with 25 years of service equal to 50% of their final average compensation offset by Social Security, profit sharing benefits, and deferred compensation. None of the Company’s executive officers participates in the Supplemental Executive Retirement Plan. Some of the officers designated to participate in the plan have retired and are receiving benefits under the plan. Accrued benefits of all actively employed participants become fully vested upon termination of the plan or a change in control (as defined in the plan). The plan is unfunded and the Company is obligated to make benefit payments solely on a current disbursement basis. On December 6, 2005, the Board of Directors voted to amend the SERP and suspend the further accrual of benefits and participation. As a result, a curtailment gain of approximately $88,000 was recognized. The net benefit recognized for the SERP for the years ended August 26, 2015, August 27, 2014 and August 28, 2013, was zero, and the unfunded accrued liability included in “Other Liabilities” on the Company’s consolidated Balance Sheets as of August 26, 2015 and August 27, 2014 was approximately $71,000 and $83,000, respectively. Nonemployee Director Phantom Stock Plan Under the Company’s Nonemployee Director Phantom Stock Plan (“Phantom Stock Plan”), nonemployee directors deferred portions of their retainer and meeting fees which, along with certain matching incentives, were credited to phantom stock accounts in the form of phantom shares priced at the market value of the Company’s common stock on the date of grant. Additionally, the phantom stock accounts were credited with dividends, if any, paid on the common stock represented by phantom shares. Authorized shares (100,000 shares) under the Phantom Stock Plan were fully depleted in early fiscal year 2003; since that time, no deferrals, incentives or dividends have been credited to phantom stock accounts. As participants cease to be directors, their phantom shares are converted into an equal number of shares of common stock and issued from the Company’s treasury stock. As of August 26, 2015, 29,627 phantom shares remained unissued under the Phantom Stock Plan. 401(k) Plan The Company has a voluntary 401(k) employee savings plan to provide substantially all employees of the Company an opportunity to accumulate personal funds for their retirement. The Company matches 25% of participants’ contributions made to the plan up to 6% of their salary. The net expense recognized in connection with the employer match feature of the voluntary 401(k) employee savings plan for the years ended August 26, 2015, August 27, 2014 and August 28, 2013, was $261,000, $501,000 and $421,000, respectively. |
Note 15 - Related Parties
Note 15 - Related Parties | 12 Months Ended |
Aug. 26, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 15. Related Parties Affiliate Services The Company’s Chief Executive Officer, Christopher J. Pappas, and Harris J. Pappas, a Director of the Company, own two restaurant entities (the “Pappas entities”) that may provide services to the Company and its subsidiaries, as detailed in the Master Sales Agreement dated December 9, 2005 among the Company and the Pappas entities. Under the terms of the Master Sales Agreement, the Pappas entities continue to provide specialized (customized) equipment fabrication primarily for new construction and basic equipment maintenance, including stainless steel stoves, shelving, rolling carts, and chef tables. The total costs under the Master Sales Agreement of custom-fabricated and refurbished equipment in fiscal 2015, 2014 and 2013 were approximately zero, $4,000 and zero, respectively. The decrease in fiscal 2013 was primarily due to fewer restaurant openings in fiscal year 2013 than fiscal 2012. Services provided under this agreement are subject to review and approval by the Finance and Audit Committee of the Company’s Board of Directors. Operating Leases In the third quarter of fiscal 2004, Messrs. Pappas became partners in a limited partnership which purchased a retail strip center in Houston, Texas. Messrs. Pappas collectively own a 50% limited partnership interest and a 50% general partnership interest in the limited partnership. A third party company manages the center. One of the Company’s restaurants has rented approximately 7% of the space in that center since July 1969. No changes were made to the Company’s lease terms as a result of the transfer of ownership of the center to the new partnership. The Company made payments of approximately $416,000 $388,000 and $426,000 in fiscal years 2015, 2014 and 2013, respectively, under the lease agreement which currently includes an annual base rate of $22.00 per square foot. On November 22, 2006, the Company executed a new lease agreement with respect to this shopping center. Effective upon the Company’s relocation and occupancy into the new space in July 2008, the new lease agreement provides for a primary term of approximately 12 years with two subsequent five-year options and gives the landlord an option to buy out the tenant on or after the calendar year 2015 by paying the then unamortized cost of improvements to the tenant. The Company is currently obligated to pay rent of $22.00 per square foot plus maintenance, taxes, and insurance during the remaining primary term of the lease. Thereafter, the lease provides for reasonable increases in rent at set intervals. The new lease agreement was approved by the Finance and Audit Committee. In the third quarter of fiscal year 2014, on March 12, 2014, the Company executed a new lease agreement which one of the Company’s Houston Fuddruckers location was purchased from a prior landlord by Pappas Restaurants, Inc., a 100% undivided interest. No changes were made to our lease terms as a result of the transfer of ownership. The lease provides for a primary term of approximately six years with two subsequent five-year options. Pursuant to the new ground lease agreement, the Company is currently obligated to pay $27.56 per square foot plus maintenance, taxes, and insurance from March 12, 2014 until November 30. 2016. Thereafter, the new ground lease agreement provides for reasonable increases in rent at set intervals. The Company made payments of $159,900 and $79,950 during fiscal years 2015 and 2014, respectively. Affiliated rents paid for the Houston property lease represented 2.7%, 2.1% and 2.0% of total rents for continuing operations for fiscal years 2015, 2014 and 2013, respectively. Board of Directors Pursuant to the terms of a separate 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 Board of Directors of Amegy Bank, National Association, which is a lender and syndication agent under the Company’s 2013 Revolving Credit Facility. Key Management Personnel In December 2014, Christopher Pappas and the Company entered into an amendment to Mr. Pappas’ existing employment agreement to extend the termination date thereof to August 2016. Mr. Pappas continues to devote his primary time and business efforts to the Company while maintaining his role at Pappas Restaurants, Inc. On December 20, 2011, the Board of Directors of the Company approved the renewal of a consultant agreement with Ernest Pekmezaris, the Company’s former Chief Financial Officer. The agreement expired on July 31, 2013. Under the agreement, Mr. Pekmezaris furnished to the Company advisory and consulting services related to finance and accounting matters and other related consulting services. 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, 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 16 - Common Stock
Note 16 - Common Stock | 12 Months Ended |
Aug. 26, 2015 | |
Common Stock [Abstract] | |
Common Stock [Text Block] | Note 16. Common Stock At August 26, 2015, the Company had 500,000 shares of common stock reserved for issuance upon the exercise of outstanding stock options. Treasury Shares In February 2008, the Company acquired 500,000 treasury shares for $4.8 million. |
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share | 12 Months Ended |
Aug. 26, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Note 17. Earnings Per Share A reconciliation of the numerators and denominators of basic earnings per share and earnings per share assuming dilution is shown in the table below: Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except per share data) Numerator: Income (loss) from continuing operations $ (1,372 ) $ (1,613 ) $ 4,547 Net income (loss) $ (2,074 ) $ (3,447 ) $ 3,161 Denominator: Denominator for basic earnings per share—weighted-average shares 28,974 28,812 28,618 Effect of potentially dilutive securities: Employee and non-employee stock options — — 248 Denominator for earnings per share assuming dilution 28,974 28,812 28,866 Income (loss) from continuing operations: Basic $ (0.05 ) $ (0.06 ) $ 0.16 Assuming dilution (a) $ (0.05 ) $ (0.06 ) $ 0.16 Net income (loss) per share: Basic $ (0.07 ) $ (0.12 ) $ 0.11 Assuming dilution (a) $ (0.07 ) $ (0.12 ) $ 0.11 (a) Potentially dilutive shares not included in the computation of net income per share because to do so would have been antidilutive amounted to 77,000 in fiscal year 2015, 180,000 in fiscal year 2014 and zero shares in fiscal year 2013. Additionally, stock options with exercise prices exceeding market close prices that were excluded from the computation of net income per share amounted to 415,000 shares in fiscal year 2015, 143, 000 shares in fiscal year 2014 and 67,000 shares in fiscal year 2013. |
Note 18 - Quarterly Financial I
Note 18 - Quarterly Financial Information | 12 Months Ended |
Aug. 26, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | Note 18. Quarterly Financial Information The following tables summarize quarterly unaudited financial information for fiscal years 2015 and 2014. Quarter Ended (a) August 2 6, May 6 , 5 February 1 1 , 5 November 19 , 2014 (112 days) (84 days) (84 days) (84 days) (In thousands, except per share data) Restaurant sales $ 115,361 $ 88,788 $ 85,486 $ 80,557 Franchise revenue 2,197 1,578 1,605 1,581 Culinary contract services 4,408 3,624 3,771 4,598 Vending revenue 175 112 119 125 Total sales 122,141 94,102 90,981 86,861 Income (loss) from continuing operations 141 2,532 (1,229 ) (2,816 ) Loss from discontinued operations (190 ) (179 ) (130 ) (203 ) Net income (loss) (49 ) 2,353 (1,359 ) (3,019 ) Net income (loss) per share: Basic — 0.08 (0.05 ) (0.11 ) Assuming dilution — 0.08 (0.05 ) (0.11 ) Costs and Expenses (As a percentage of restaurant sales) Cost of food 28.5 % 28.4 % 29.8 % 29.2 % Payroll and related costs 34.3 % 33.8 % 34.5 % 35.6 % Other operating expenses 17.7 % 16.1 % 16.6 % 17.6 % Occupancy costs 5.4 % 5.4 % 5.8 % 6.1 % Quarter Ended (a) August 27, May 7, February 12, November 20, (112 days) (84 days) (84 days) (84 days) (In thousands, except per share data) Restaurant sales $ 115,375 $ 90,010 $ 82,930 $ 79,952 Franchise revenue 2,284 1,684 1,545 1,514 Culinary contract services 5,772 4,534 3,979 4,270 Vending revenue 174 131 115 112 Total sales 123,605 96,359 88,569 85,848 Income (loss) from continuing operations (1,081 ) 1,742 (1,581 ) (693 ) Loss from discontinued operations (366 ) (12 ) (603 ) (853 ) Net income (loss) (1,447 ) 1,730 (2,184 ) (1,546 ) Net income (loss) per share: Basic (0.05 ) 0.06 (0.08 ) (0.05 ) Assuming dilution (0.05 ) 0.06 (0.08 ) (0.05 ) Costs and Expenses (As a percentage of restaurant sales) Cost of food 29.1 % 28.6 % 29.0 % 28.6 % Payroll and related costs 34.5 % 32.9 % 34.9 % 34.7 % Other operating expenses 17.5 % 15.8 % 16.3 % 17.2 % Occupancy costs 6.1 % 5.5 % 6.2 % 6.0 % (a) The quarters ended August 26, 2015 and August 27, 2014 consists of four four-week periods. All other quarters presented represent three four-week periods. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Aug. 26, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations, Policy [Policy Text Block] | Nature of Operations Luby’s, Inc. is based in Houston, Texas. As of August 26, 2015, the Company owned and operated 177 restaurants, with 128 in Texas and the remainder in other states. In addition, the Company received royalties from 106 franchises as of August 26, 2015 located primarily throughout the United States. The Company’s owned and franchised restaurant locations are convenient to shopping and business developments as well as to residential areas. Accordingly, the restaurants appeal to a variety of customers at breakfast, lunch and dinner. Culinary Contract Services consists of contract arrangements to manage food services for clients operating in primarily three lines of business: healthcare, higher education and corporate dining. |
Reclassification, Policy [Policy Text Block] | Reclassification of Certain Expenses Marketing expenses and other certain non-store specific restaurant business segment costs have been reclassified from Payroll and related costs and Other operating expenses to Selling, general, and administrative expenses. The occupancy costs (mainly rent expense and property tax expense) for our centralized bakery and facility service center locations have also moved to Selling, general, and administrative expenses. Insurance costs directly associated with our restaurant property locations have been reclassified from Other operating expenses to Occupancy costs. Direct costs associated with our Culinary Contract Services business segment have been reclassified to Cost of culinary contract services. Direct costs associated with our Franchise Operations business segment have bene reclassified to a new expense line Cost of franchise operations. Below is a summary of the reclassified expenses: Year Ended August 2 7 , 4 August 2 8 , 3 (364 days) (364 days) (In thousands) Payroll and related costs Payroll and related costs (previous classification) $ 127,792 $ 123,864 Management training reclassification (1,746 ) (999 ) Payroll and related costs (as reported) 126,046 122,865 Other operating expenses Other operating expenses (previous classification) 68,820 64,918 Restaurant level marketing expense reclassification (3,775 ) (3,043 ) Non-store specific travel and insurance expense reclassification 1 (3,345 ) (2,890 ) Other operating expenses (as reported) 61,700 58,985 Occupancy costs Occupancy costs (previous classification) 21,060 21,012 Property insurance expense reclassification 1,107 979 Centralized Bakery and Facility Service Center occupancy reclassification (286 ) (311 ) Occupancy costs 21,881 21,680 Selling, general and administrative General and administrative costs (previous classification) 35,038 32,217 Restaurant level marketing expense reclassification 3,775 3,043 Management training reclassification 1,699 999 Centralized bakery and Facility Service Center occupancy reclassification 286 311 Non-store specific travel and insurance expense reclassification 2,186 1,895 Culinary services administration costs reclassification (618 ) (707 ) Franchise administration costs reclassification (1,680 ) (1,635 ) Selling, general and administrative (as reported) 40,686 36,123 Cost of culinary contract services Cost of culinary contract services (previous classification) 16,177 14,874 Culinary services administration costs reclassification 2 670 730 Cost of culinary contract services (as reported) 16,847 15,604 Cost of franchise operations Cost of franchise operations (previous reclassification) — — Franchise administration costs reclassification 3 1,733 1,629 Cost of franchise operations (as reported) 1,733 1,629 1 2 3 |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Luby’s, Inc. and its wholly owned subsidiaries. Luby’s, Inc. was restructured into a holding company on February 1, 1997, at which time all of the operating assets were transferred to Luby’s Restaurants Limited Partnership, a Texas limited partnership consisting of two wholly owned, indirect corporate subsidiaries of the Company. On July 9, 2010, Luby’s Restaurants Limited Partnership was converted into Luby’s Fuddruckers Restaurants, LLC, a Texas limited liability company (“LFR”). Unless the context indicates otherwise, the word “Company” as used herein includes Luby’s, Inc., LFR and the consolidated subsidiaries of Luby’s, Inc. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Segment Reporting, Policy [Policy Text Block] | Reportable Segments Each restaurant is an operating segment because operating results and cash flow can be determined for each restaurant which is regularly reviewed by the chief operating decision maker. The Company has three reportable segments: Company-owned restaurants, franchise operations and Culinary Contract Services (“CCS”). Company-owned restaurants 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 and the nature of the regulatory environment are alike. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments such as money market funds that have a maturity of three months or less. All of the Company’s bank account balances are insured by the Federal Deposit Insurance Corporation. However, balances in money market fund accounts are not insured. Amounts in transit from credit card companies are also considered cash equivalents because they are both short-term and highly liquid in nature and are typically converted to cash within three days of the sales transaction. |
Receivables, Policy [Policy Text Block] | Trade Accounts and Other Receivables, net Receivables consist principally of amounts due from franchises, culinary contract service clients, catering customers and restaurant food sales to corporations. Receivables are recorded at the invoiced amount. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on historical loss experience for contract service clients, catering customers and restaurant sales to corporations. The Company determines the allowance for CCS receivables and franchise royalty and marketing and advertising receivables based on the franchisees’ and CCS clients’ unsecured default status. The Company periodically reviews its allowance for doubtful accounts. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
Inventory, Policy [Policy Text Block] | Inventories Food and supply inventories are stated at the lower of cost (first-in, first-out) or market. |
Properties Held for Sale Policy, [Policy Text Block] | 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. Property held for sale is recorded at amounts not in excess of what management currently expects to receive upon sale, less costs of disposal. Gains are not recognized until the properties are sold. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the carrying amount. The Company evaluates impairments on a restaurant-by-restaurant basis and uses cash flow results and other market conditions as indicators of impairment. |
Deferred Charges, Policy [Policy Text Block] | Debt Issuance Costs Debt issuance costs include costs incurred in connection with the arrangement of long-term financing agreements. These costs are amortized using the effective interest method over the respective term of the debt to which they specifically relate. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying value of cash and cash equivalents, trade accounts and other receivables, accounts payable and accrued expenses approximates fair value based on the short-term nature of these accounts. The carrying value of credit facility debt also approximates fair value based on its recent renewal. |
Insurance Expense Policy, [Policy Text Block] | Self-Insurance Accrued Expenses The Company self-insures a significant portion of expected losses under its workers’ compensation, employee injury and general liability programs. Accrued liabilities have been recorded based on estimates of the ultimate costs to settle incurred claims, both reported and not yet reported. These recorded estimated liabilities are based on judgments and independent actuarial estimates, which include the use of claim development factors based on loss history; economic conditions; the frequency or severity of claims and claim development patterns; and claim reserve management settlement practices. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenue from restaurant sales is recognized when food and beverage products are sold. Unearned revenues are recorded as a liability for dining cards that have been sold but not yet redeemed and are recorded at their expected redemption value. When dining cards are redeemed, revenue is recognized and unearned revenue is reduced. Revenue from culinary contract services is recognized when services are provided and reimbursable costs are incurred within contractual terms. Revenue from franchise royalties is recognized each fiscal period based on contractual royalty rates applied to the franchise’s restaurant sales each fiscal period. Royalties are accrued as earned and are calculated each period based on the franchisee’s reported sales. Area development fees and franchise fees are recognized as revenue when the Company has performed all material obligations and initial services. Area development fees are recognized proportionately with the opening of each new restaurant, which generally occurs upon the opening of the new restaurant. Until earned, these fees are accounted for as an accrued liability. |
Cost of Service and Other Revenues, Policy [Policy Text Block] | Cost of CCS The cost of CCS includes all food, payroll and related expenses, other operating expenses and selling, general and administrative expenses related to culinary contract service sales. All depreciation and amortization, property disposal, asset impairment expenses associated with CCS are reported within those respective lines as applicable. |
Cost of Franchise Operations Policy [Policy Text Block] | Cost of Franchise Operations The cost of franchise operations includes all food, payroll and related expenses, other operating expenses and selling, general and administrative expenses related to franchise operations sales. All depreciation and amortization, property disposal, asset impairment expenses associated with franchise operations are reported within those respective lines as applicable. |
Advertising Costs, Policy [Policy Text Block] | Advertising Expenses Advertising costs are expensed as incurred. Total advertising expense included in other operating expenses and selling, general and administrative expense was $4.4 million, $4.7 million and $3.9 million in fiscal 2015, 2014 and 2013, respectively. We record advertising attributable to local store marketing and local community involvement efforts in other operating expenses; we record advertising attributable to our brand identity, our promotional offers, and our other marketing messages intended to drive guest awareness of our brands, in selling, general, and administrative expenses. We believe this separation of our marketing and advertising costs assists with measurement of the profitability of individual restaurant locations by associating only the local store marketing efforts with the operations of each restaurant. Advertising expense included in other operating expenses attributable to local store marketing was $1.2 million, $0.8 million and $0.8 million in fiscal 2015, 2014 and 2013, respectively. Advertising expense included in selling, general and administrative expense was $3.2 million, $3.9 million and $3.1 million in fiscal 2015, 2014 and 2013, respectively. |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation and Amortization Property and equipment are recorded at cost. The Company depreciates the cost of equipment over its estimated useful life using the straight-line method. Leasehold improvements are amortized over the lesser of their estimated useful lives or the related lease terms. Depreciation of buildings is provided on a straight-line basis over the estimated useful lives. |
Pre Opening Costs, Policy [Policy Text Block] | Opening Costs Opening costs are expenditures related to the opening of new restaurants through its opening periods, other than those for capital assets. Such costs are charged to expense when incurred. |
Lease, Policy [Policy Text Block] | Operating Leases The Company leases restaurant and administrative facilities and administrative equipment under operating leases. Building lease agreements generally include rent holidays, rent escalation clauses and contingent rent provisions for a percentage of sales in excess of specified levels. Contingent rental expenses are recognized prior to the achievement of a specified target, provided that the achievement of the target is considered probable. Most of the Company’s lease agreements include renewal periods at the Company’s option. The Company recognizes rent holiday periods and scheduled rent increases on a straight-line basis over the lease term beginning with the date the Company takes possession of the leased space |
Income Tax, Policy [Policy Text Block] | Income Taxes The estimated future tax effects of temporary differences between the tax bases of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, as well as operating loss and tax credit carrybacks and carryforwards are recorded. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities (temporary differences) and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recognized if, based on the weight of available evidence, it is more likely than not a portion or all of the deferred tax asset will not be recognized. Management makes judgments regarding the interpretation of tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions as well as by the Internal Revenue Service (“IRS”). In management’s opinion, adequate provisions for income taxes have been made for all open tax years. The potential outcomes of examinations are regularly assessed in determining the adequacy of the provision for income taxes and income tax liabilities. Management believes that adequate provisions have been made for reasonably possible outcomes related to uncertain tax matters. |
Sales Tax, Policy [Policy Text Block] | Sales Taxes GAAP provides that a company may adopt a policy of presenting sales taxes either gross within revenue or on a net basis. The Company presents these taxes on a net basis (excluded from revenue). |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations Management evaluates unit closures for presentation in discontinued operations following guidance from ASC 205-20-55. To qualify for presentation as a discontinued operation, management determines if the closure or exit of a business location or activity meets the following conditions: (1) the operations and cash flows of the component have been (or will be) eliminated from the ongoing operations of the entity as a result of the disposal transaction and (2) there will not be any significant continuing involvement in the operations of the component after the disposal transaction. To evaluate whether these conditions are met, management considers whether the cash flows lost will not be recovered and generated by the ongoing entity, the level of guest traffic and sales transfer, the significance of the number of locations closed and expectancy of cash flow replacement by sales from new and existing locations, as well as the level of continuing involvement in the disposed operation. Operating and non-operating results of these locations are then classified and reported as discontinued operations of all periods presented. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Compensation Share-based compensation expense is estimated for equity awards at fair value at the grant date. The Company determines fair value of restricted stock awards based on the average of the high and low price of its common stock on the date awarded by the Board of Directors. The Company determines the fair value of stock option awards using a Black-Sholes option pricing model. The Black-Sholes option pricing model requires various judgmental assumptions including the expected dividend yield, stock price volatility and the expected life of the award. If any of the assumptions used in the model change significantly, share-based compensation expense may differ materially in the future, from that recorded in the current period. The fair value of performance share based award liabilities are estimated based on a Monte Carlo simulation model. For further discussion, see Note 14, “Share-Based Compensation,” below. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic income per share is computed by dividing net income by the weighted-average number of shares outstanding, including restricted stock units, during each period presented. 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. |
Fiscal Period, Policy [Policy Text Block] | Accounting Periods The Company’s fiscal year ends on the last Wednesday in August. Accordingly, each fiscal year normally consists of 13 four-week periods, or accounting periods, accounting for 364 days in the aggregate. However, every fifth or sixth year, we have a fiscal year that consists of 53 weeks, accounting for 371 days in the aggregate; fiscal year 2016 will be such a year. 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. However, the fourth quarter of fiscal year 2011, as a result of the additional week, consisted of three four-week periods and one five-week period, accounting for 17 weeks, or 119 days, in the aggregate. Fiscal 2013 and 2012 both contained 52 weeks. Comparability between quarters may be affected by the varying lengths of the quarters, as well as the seasonality associated with the restaurant business. Beginning in fiscal 2016, we will change our fiscal quarter ending dates with the first fiscal quarter end being extended by one accounting period and the fiscal fourth quarter being reduced by one accounting period. The purpose of this change is in part to minimize the Thanksgiving calendar shift by extending the first fiscal quarter until after Thanksgiving. With this change in fiscal quarter ending dates, our first quarter will be 16 weeks, and the remaining three quarters will typically be 12 weeks in length. The fourth fiscal quarter will be 13 weeks in certain fiscal years to adjust for our standard 52 week, or 364 day, fiscal year compared to the 365 day calendar year. Fiscal 2016 is such a year where the fourth quarter will have 13 weeks, resulting in a 53 week fiscal year. Comparability between quarters may be affected by varying lengths of the quarters, as well as the seasonality associated with the restaurant business. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Events subsequent to the Company’s fiscal year ended August 26, 2015 through the date of issuance of the financial statements are evaluated to determine if the nature and significance of the event warrants inclusion in the Company’s annual report. |
Note 1 - Nature of Operations26
Note 1 - Nature of Operations and Significant Accounting Policies (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Certain Expenses [Member] | |
Note 1 - Nature of Operations and Significant Accounting Policies (Tables) [Line Items] | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Year Ended August 2 7 , 4 August 2 8 , 3 (364 days) (364 days) (In thousands) Payroll and related costs Payroll and related costs (previous classification) $ 127,792 $ 123,864 Management training reclassification (1,746 ) (999 ) Payroll and related costs (as reported) 126,046 122,865 Other operating expenses Other operating expenses (previous classification) 68,820 64,918 Restaurant level marketing expense reclassification (3,775 ) (3,043 ) Non-store specific travel and insurance expense reclassification 1 (3,345 ) (2,890 ) Other operating expenses (as reported) 61,700 58,985 Occupancy costs Occupancy costs (previous classification) 21,060 21,012 Property insurance expense reclassification 1,107 979 Centralized Bakery and Facility Service Center occupancy reclassification (286 ) (311 ) Occupancy costs 21,881 21,680 Selling, general and administrative General and administrative costs (previous classification) 35,038 32,217 Restaurant level marketing expense reclassification 3,775 3,043 Management training reclassification 1,699 999 Centralized bakery and Facility Service Center occupancy reclassification 286 311 Non-store specific travel and insurance expense reclassification 2,186 1,895 Culinary services administration costs reclassification (618 ) (707 ) Franchise administration costs reclassification (1,680 ) (1,635 ) Selling, general and administrative (as reported) 40,686 36,123 Cost of culinary contract services Cost of culinary contract services (previous classification) 16,177 14,874 Culinary services administration costs reclassification 2 670 730 Cost of culinary contract services (as reported) 16,847 15,604 Cost of franchise operations Cost of franchise operations (previous reclassification) — — Franchise administration costs reclassification 3 1,733 1,629 Cost of franchise operations (as reported) 1,733 1,629 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
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 31, August 30, August 29, August 28, August 26, (In thousands) Favorable $ 121 $ 121 $ 121 $ 121 $ 121 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended August 28, 2013 August 29, 2012 (Unaudited) (Unaudited) (In thousands, except per share data) Pro forma total sales $ 401,960 $ 403,572 Pro forma income from continuing operations 3,397 8,494 Pro forma net income 2,274 7,734 Pro forma income from continuing operations per share Basic 0.12 0.30 Diluted 0.12 0.30 Pro forma net income per share Basic 0.08 0.27 Diluted 0.08 0.27 |
Note 3 - Reportable Segments (T
Note 3 - Reportable Segments (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Fisal Year Ended August 2 6 , 5 August 27, August 28, (In thousands) Sales: Company-owned restaurants (1) $ 370,723 $ 368,799 $ 360,566 Culinary contract services 16,401 18,555 16,693 Franchise operations 6,961 7,027 6,937 Total $ 394,085 $ 394,381 $ 384,196 Segment level profit: Company-owned restaurants $ 51,909 $ 52,918 $ 53,984 Culinary contract services 1,615 1,708 1,089 Franchise operations 5,293 5,294 5,308 Total $ 58,817 $ 59,920 $ 60,381 Depreciation and amortization: Company-owned restaurants $ 18,080 $ 17,357 $ 16,417 Culinary contract services 164 409 440 Franchise operations 767 767 767 Corporate 2,356 1,529 752 Total $ 21,367 $ 20,062 $ 18,376 Total assets: Company-owned restaurants (2 ) $ 218,492 $ 220,793 $ 203,850 Culinary contract services 1,644 2,724 3,547 Franchise operations (3 ) 13,034 13,906 14,674 Corporate (4 ) 31,088 38,012 28,574 Total $ 264,258 $ 275,435 $ 250,645 Capital expenditures: Company-owned restaurants $ 19,726 $ 43,075 $ 30,741 Culinary contract services 18 64 95 Franchise operations — — — Corporate 634 3,045 503 Total $ 20,378 $ 46,184 $ 31,339 Income (loss) before income taxes and discontinued operations: Segment level profit $ 58,817 $ 59,920 $ 60,381 Opening costs (2,686 ) (2,164 ) (783 ) Depreciation and amortization (21,367 ) (20,062 ) (18,376 ) Selling, general and administrative expenses (38,758 ) (40,686 ) (36,123 ) Provision for asset impairments (636 ) (2,498 ) (615 ) Net gain on disposition of property and equipment 3,994 2,357 1,723 Interest income 4 6 9 Interest expense (2,336 ) (1,247 ) (920 ) Other income, net 520 1,101 1,026 Total $ (2,448 ) $ (3,273 ) $ 6,322 |
Note 4 - Fair Value Measureme29
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Fiscal Year Ended August 2 6 , 201 5 Quoted Significant Significant Total (In thousands) Continuing Operations Property and equipment related to company-owned restaurants $ 5,282 $ — $ — $ 5,282 $ (636 ) Discontinued Operations Property and equipment related to corporate assets $ 903 $ — $ — $ 903 $ (90 ) Fair Value Fiscal Year Ended August 27, 2014 Quoted Significant Significant Total (In thousands) Continuing Operations Property and equipment related to company-owned restaurants $ 6,446 — — $ 6,446 $ (2,498 ) $ (2,498 ) Discontinued Operations Property and equipment related to corporate assets $ 1,144 — — $ 1,144 $ (1,200 ) Fair Value Fiscal Year Ended August 28, 2013 Quoted Significant Significant Total (In thousands) Continuing Operations Property and equipment related to company-owned restaurants $ 722 $ — $ — $ 722 $ (462 ) Property and equipment related to corporate assets $ 447 $ — $ — $ 447 $ (153 ) $ (615 ) Discontinued Operations Property and equipment related to corporate assets $ 3,159 $ — $ — $ 3,159 $ (663 ) |
Note 5 - Trade Receivables an30
Note 5 - Trade Receivables and Other (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | August 2 6 , 5 August 2 7 , 4 (In thousands) Trade and other receivables $ 4,150 $ 2,940 Franchise royalties and marketing and advertising receivables 706 705 Trade receivables, unbilled 874 979 Allowance for doubtful accounts (555 ) (512 ) Total, net $ 5,175 $ 4,112 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands) Beginning balance $ 512 $ 586 $ 678 Provisions for doubtful accounts 51 61 (1 ) Write-offs (8 ) (135 ) (91 ) Ending balance $ 555 $ 512 $ 586 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | August 2 6 , 5 August 27, (In thousands) Deferred income tax assets: Workers’ compensation, employee injury, and general liability claims $ 342 $ 158 Deferred compensation 137 354 Net operating losses 808 5 General business and foreign tax credits 10,011 8,911 Depreciation, amortization and impairments 1,484 1,379 Straight-line rent, dining cards, accruals, and other 3,930 3,719 Total deferred income tax assets 16,712 14,526 Deferred income tax liabilities: Property taxes and other 1,765 1,576 Total deferred income tax liabilities 1,765 1,576 Net deferred income tax asset $ 14,947 $ 12,950 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | August 2 6 , 5 August 27, August 28, (In thousands) Current federal and state income tax expense $ 523 $ 371 $ 614 Current foreign income tax expense 63 87 89 Deferred income tax expense (benefit) (1,662 ) (2,118 ) 1,072 Total income tax expense (benefit) $ (1,076 ) $ (1,660 ) $ 1,775 |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Table Text Block] | Fiscal Year Ended August 2 6 , 5 August 2 7 , 4 August 2 8 , 3 Amount % Amount % Amount % (In thousands and as a percent of pretax income from continuing operations) Income tax expense (benefit) from continuing operations at the federal rate $ (832 ) 34.0 % $ (1,120 ) 34.0 % $ 2,149 34.0 % Permanent and other differences: Federal jobs tax credits (wage deductions) 302 (12.3 ) 404 (12.3 ) 355 5.6 Stock options and restricted stock 74 (3.0 ) 54 (1.7 ) 50 0.8 Other permanent differences 60 (2.5 ) 185 (5.6 ) 68 1.1 State income tax, net of federal benefit 200 (8.2 ) 52 (1.6 ) 338 5.3 General Business Tax Credits (888 ) 36.3 (1,187 ) 36.1 (1,043 ) (16.5 ) Other 8 (0.3 ) (48 ) 1.5 (142 ) (2.2 ) Income tax expense (benefit) from continuing operations $ (1,076 ) 44.0 % $ (1,660 ) 50.4 % $ 1,775 28.1 % |
Schedule of Unrecognized Tax Benefits Reconciliation [Table Text Block] | Balance at August 29, 2012 $ 970 Decrease based on prior year tax positions (273 ) Interest Expense 72 Balance as of August 28, 2013 $ 769 Decrease based on prior year tax positions (707 ) Interest Expense — Balance as of August 27, 2014 $ 62 Interest Expense 1 Balance as of August 26, 2015 $ 63 |
Note 7 - Property and Equipme32
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Property Equipment Intangible Assets And Goodwill Disclosure [Abstract] | |
Property, Equipment, Intangible Assets, and Goodwill Disclosure [Table Text Block] | August 2 6 , 5 August 27, Estimated (In thousands) Land $ 63,298 $ 69,767 — Restaurant equipment and furnishings 85,642 77,967 3 to 15 Buildings 159,391 156,308 20 to 33 Leasehold and leasehold improvements 29,229 26,389 Lesser of lease term or e stimated useful life Office furniture and equipment 3,559 2,997 3 to 10 Construction in progress 504 10,313 — 341,623 343,741 Less accumulated depreciation and amortization (141,764 ) (130,249 ) Property and equipment, net $ 199,859 $ 213,492 Intangible assets, net $ 22,570 $ 24,014 21 Goodwill $ 1,643 $ 1,681 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | August 26, 2015 August 27, 2014 (In thousands) (In thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible Assets Subject to Amortization: Fuddruckers trade name and franchise agreements $ 29,607 $ (7,166 ) $ 22,441 $ 29,607 $ (5,767 ) $ 23,840 Cheeseburger in Paradise trade name and license agreements $ 416 $ (287 ) $ 129 $ 416 $ (242 ) $ 174 Intangible assets, net $ 30,023 $ (7,453 ) $ 22,570 $ 30,023 $ (6,009 ) $ 24,014 |
Note 8 - Current Accrued Expe33
Note 8 - Current Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | August 26, August 27, (In thousands) Salaries, compensated absences, incentives, and bonuses $ 5,435 $ 6,504 Operating expenses 1,118 1,280 Unredeemed gift cards and certificates 5,472 4,144 Taxes, other than income 7,760 6,943 Accrued claims and insurance 1,267 1,076 Income taxes, legal and other 2,906 3,160 Total $ 23,958 $ 23,107 |
Note 9 - Other Long-Term Liab34
Note 9 - Other Long-Term Liabilities (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |
Other Noncurrent Liabilities [Table Text Block] | August 2 6 , 5 August 27, (In thousands) Workers’ compensation and general liability insurance reserve $ 846 $ 729 Capital leases 291 758 Deferred rent and unfavorable leases 5,849 6,450 Deferred compensation 222 125 Other 153 105 Total $ 7,361 $ 8,167 |
Note 11 - Impairment of Long-35
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Impairment Of Long Lived Assets Discontinued Operations And Property Held For Sale Disclosure [Abstract] | |
Schedule of Restructuring and Asset Impairment Charges [Table Text Block] | Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except per share data) Provision for asset impairments $ 636 $ 2,498 $ 615 Net gain on disposition of property and equipment (3,994 ) (2,357 ) (1,723 ) $ (3,358 ) $ 141 $ (1,108 ) Effect on EPS: Basic $ 0.12 $ — $ 0.04 Assuming dilution $ 0.12 $ — $ 0.04 |
Schedule of Assets and Liabilities of Discontinued Operations [Table Text Block] | August 2 6 , 5 August 27, (In thousands) Prepaid expenses $ 24 $ 52 Assets related to discontinued operations—current $ 24 $ 52 Property and equipment $ 2,211 $ 2,817 Other assets 1,803 1,387 Assets related to discontinued operations—non-current $ 4,014 $ 4,204 Deferred income taxes $ 343 $ 308 Accrued expenses and other liabilities 74 282 Liabilities related to discontinued operations—current $ 417 $ 590 Other liabilities $ 190 $ 278 Liabilities related to discontinued operations—non-current $ 190 $ 278 |
Schedule of Discontinued Operations Income Statement [Table Text Block] | Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except locations) Sales $ — $ 4,691 $ 6,153 Pretax loss $ (1,108 ) $ (2,813 ) $ (1,926 ) Income tax benefit on discontinued operations $ 406 $ 979 $ 540 Loss on discontinued operations $ (702 ) $ (1,834 ) $ (1,386 ) Discontinued locations closed during the period 0 5 0 |
Discontinued Operations [Table Text Block] | Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except per share data) Discontinued operating losses $ (1,135 ) $ (1,607 ) $ (1,268 ) Impairments (90 ) (1,199 ) (663 ) Gains (losses) 117 (7 ) 5 Net loss $ (1,108 ) $ (2,813 ) $ (1,926 ) Income tax benefit from discontinued operations 406 979 540 Loss from discontinued operations $ (702 ) $ (1,834 ) $ (1,386 ) Effect on EPS from discontinued operations—decrease—basic $ (0.02 ) $ (0.06 ) $ (0.05 ) |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Balance as of August 29, 2012 $ 602 Disposals 0 Net impairment charges (153 ) Balance as of August 28, 2013 $ 449 Disposals (449 ) Net transfers to property held for sale 991 Balance as of August 27, 2014 $ 991 Disposals (3,203 ) Net transfers to property held for sale 6,748 Balance as of August 26, 2015 $ 4,536 |
Note 13. Operating Leases (Tabl
Note 13. Operating Leases (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending: (In thousands) August 31, 2016 11,996 August 30, 2017 9,232 August 29, 2018 7,739 August 28, 2019 6,808 August 26, 2020 5,036 Thereafter 21,846 Total minimum lease payments $ 62,657 |
Schedule of Rent Expense [Table Text Block] | Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except percentages) Minimum rent-facilities $ 12,521 $ 13,160 $ 13,718 Contingent rentals 129 251 182 Minimum rent-equipment 805 829 818 Total rent expense (including amounts in discontinued operations) $ 13,455 $ 14,240 $ 14,718 Percent of sales 3.4 % 3.6 % 3.8 % |
Note 14 - Share-Based Compens37
Note 14 - Share-Based Compensation (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except percentages) Dividend yield 0 % — 0 % Volatility 42.30 % — 44.49 % Risk-free interest rate 1.41 % — 0.72 % Expected life (in years) 5.61 — 4.25 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Under Options Weighted- Average Price Weighted- Average Term Aggregate Intrinsic (Years) (In thousands) Outstanding at August 29, 2012 1,177,769 $ 6.30 3.1 $ 1,500 Granted 109,335 5.95 0 0 Exercised (93,973 ) 4.29 0 0 Forfeited/Expired (310,363 ) 9.85 0 0 Outstanding at August 28, 2013 882,768 $ 5.23 4.7 $ 2,042 Exercised (29,253 ) 4.27 0 0 Forfeited/Expired (52,761 ) 10.30 0 0 Outstanding at August 27, 2014 800,754 $ 4.95 4.1 $ 583 Granted 628,060 4.49 0 0 Exercised (57,007 ) 3.45 0 0 Forfeited/Expired (83,708 ) 5.47 0 0 Outstanding at August 26, 2015 1,288,099 $ 4.76 6.5 $ 350 Exercisable at August 26, 2015 594,549 $ 4.94 3.7 $ 240 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Restricted Stock Weighted Weighted- (Per share) (In years) Unvested at August 29, 2012 163,946 $ 4.83 1.8 Granted 274,290 6.17 – Vested (14,000 ) 3.46 – Unvested at August 28, 2013 424,236 $ 5.74 2.1 Granted 63,238 7.09 – Vested (80,233 ) 5.39 – Forfeited (9,404 ) 5.79 – Unvested at August 27, 2014 397,837 $ 6.03 1.6 Granted 84,495 4.54 – Vested (72,915 ) 4.55 – Forfeited 0 – – Unvested at August 26, 2015 409,417 $ 5.98 1.6 |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year Ended August 2 6 , 5 August 27, August 28, (In thousands, except per share data) Numerator: Income (loss) from continuing operations $ (1,372 ) $ (1,613 ) $ 4,547 Net income (loss) $ (2,074 ) $ (3,447 ) $ 3,161 Denominator: Denominator for basic earnings per share—weighted-average shares 28,974 28,812 28,618 Effect of potentially dilutive securities: Employee and non-employee stock options — — 248 Denominator for earnings per share assuming dilution 28,974 28,812 28,866 Income (loss) from continuing operations: Basic $ (0.05 ) $ (0.06 ) $ 0.16 Assuming dilution (a) $ (0.05 ) $ (0.06 ) $ 0.16 Net income (loss) per share: Basic $ (0.07 ) $ (0.12 ) $ 0.11 Assuming dilution (a) $ (0.07 ) $ (0.12 ) $ 0.11 |
Note 18 - Quarterly Financial39
Note 18 - Quarterly Financial Information (Tables) | 12 Months Ended |
Aug. 26, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Quarter Ended (a) August 2 6, May 6 , 5 February 1 1 , 5 November 19 , 2014 (112 days) (84 days) (84 days) (84 days) (In thousands, except per share data) Restaurant sales $ 115,361 $ 88,788 $ 85,486 $ 80,557 Franchise revenue 2,197 1,578 1,605 1,581 Culinary contract services 4,408 3,624 3,771 4,598 Vending revenue 175 112 119 125 Total sales 122,141 94,102 90,981 86,861 Income (loss) from continuing operations 141 2,532 (1,229 ) (2,816 ) Loss from discontinued operations (190 ) (179 ) (130 ) (203 ) Net income (loss) (49 ) 2,353 (1,359 ) (3,019 ) Net income (loss) per share: Basic — 0.08 (0.05 ) (0.11 ) Assuming dilution — 0.08 (0.05 ) (0.11 ) Costs and Expenses (As a percentage of restaurant sales) Cost of food 28.5 % 28.4 % 29.8 % 29.2 % Payroll and related costs 34.3 % 33.8 % 34.5 % 35.6 % Other operating expenses 17.7 % 16.1 % 16.6 % 17.6 % Occupancy costs 5.4 % 5.4 % 5.8 % 6.1 % Quarter Ended (a) August 27, May 7, February 12, November 20, (112 days) (84 days) (84 days) (84 days) (In thousands, except per share data) Restaurant sales $ 115,375 $ 90,010 $ 82,930 $ 79,952 Franchise revenue 2,284 1,684 1,545 1,514 Culinary contract services 5,772 4,534 3,979 4,270 Vending revenue 174 131 115 112 Total sales 123,605 96,359 88,569 85,848 Income (loss) from continuing operations (1,081 ) 1,742 (1,581 ) (693 ) Loss from discontinued operations (366 ) (12 ) (603 ) (853 ) Net income (loss) (1,447 ) 1,730 (2,184 ) (1,546 ) Net income (loss) per share: Basic (0.05 ) 0.06 (0.08 ) (0.05 ) Assuming dilution (0.05 ) 0.06 (0.08 ) (0.05 ) Costs and Expenses (As a percentage of restaurant sales) Cost of food 29.1 % 28.6 % 29.0 % 28.6 % Payroll and related costs 34.5 % 32.9 % 34.9 % 34.7 % Other operating expenses 17.5 % 15.8 % 16.3 % 17.2 % Occupancy costs 6.1 % 5.5 % 6.2 % 6.0 % |
Note 1 - Nature of Operations40
Note 1 - Nature of Operations and Significant Accounting Policies (Details) | 12 Months Ended | ||
Aug. 26, 2015USD ($) | Aug. 27, 2014USD ($) | Aug. 28, 2013USD ($) | |
Note 1 - Nature of Operations and Significant Accounting Policies (Details) [Line Items] | |||
Cost of Culinary Contract Services | $ 14,786,000 | $ 16,847,000 | $ 15,604,000 |
Franchise Costs | $ 1,668,000 | 1,733,000 | 1,629,000 |
Number of Reportable Segments | 3 | ||
Advertising Expense | $ 4,400,000 | $ 4,700,000 | $ 3,900,000 |
Texas [Member] | |||
Note 1 - Nature of Operations and Significant Accounting Policies (Details) [Line Items] | |||
Number of Restaurants | 128 | ||
Company Owned Restaurants [Member] | |||
Note 1 - Nature of Operations and Significant Accounting Policies (Details) [Line Items] | |||
Number of Restaurants | 177 | 174 | 180 |
Number of Reportable Segments | 1 | ||
Franchise [Member] | |||
Note 1 - Nature of Operations and Significant Accounting Policies (Details) [Line Items] | |||
Number of Restaurants | 106 | 110 | 116 |
Selling, General and Administrative Expenses [Member] | |||
Note 1 - Nature of Operations and Significant Accounting Policies (Details) [Line Items] | |||
Cost of Culinary Contract Services | $ 618 | $ 707 | |
Franchise Costs | 1,680 | 1,635 | |
Advertising Expense | $ 3,200,000 | 3,900,000 | 3,100,000 |
Other Operating Income (Expense) [Member] | |||
Note 1 - Nature of Operations and Significant Accounting Policies (Details) [Line Items] | |||
Advertising Expense | $ 1,200,000 | $ 800,000 | $ 800,000 |
Note 1 - Nature of Operations41
Note 1 - Nature of Operations and Significant Accounting Policies (Details) - Presentation of the Reclassification of Certain Expenses - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | ||
Payroll and related costs | ||||
Payroll and related costs | $ 127,694 | $ 126,046 | $ 122,865 | |
Other operating expenses | ||||
Other operating expenses | 63,090 | 61,700 | 58,985 | |
Occupancy costs | ||||
Occupancy costs | 20,977 | 21,881 | 21,680 | |
Selling, general and administrative | ||||
Selling, general and administrative expenses | 38,758 | 40,686 | 36,123 | |
Cost of culinary contract services | ||||
Cost of culinary contract services | 14,786 | 16,847 | 15,604 | |
Cost of franchise operations | ||||
Cost of franchise operations | $ 1,668 | 1,733 | 1,629 | |
Scenario, Previously Reported [Member] | ||||
Payroll and related costs | ||||
Payroll and related costs | 127,792 | 123,864 | ||
Other operating expenses | ||||
Other operating expenses | 68,820 | 64,918 | ||
Occupancy costs | ||||
Occupancy costs | 21,060 | 21,012 | ||
Selling, general and administrative | ||||
Selling, general and administrative expenses | 35,038 | 32,217 | ||
Cost of culinary contract services | ||||
Cost of culinary contract services | 16,177 | 14,874 | ||
Scenario, Adjustment [Member] | ||||
Cost of franchise operations | ||||
Cost of franchise operations | [1] | 1,733 | 1,629 | |
Scenario, Adjustment [Member] | Management Training Reclassification [Member] | ||||
Payroll and related costs | ||||
Payroll and related costs | (1,746) | (999) | ||
Selling, general and administrative | ||||
Selling, general and administrative expenses | 1,699 | 999 | ||
Scenario, Adjustment [Member] | Restaurant Level Marketing Expense Reclassification [Member] | ||||
Other operating expenses | ||||
Other operating expenses | (3,775) | (3,043) | ||
Selling, general and administrative | ||||
Selling, general and administrative expenses | 3,775 | 3,043 | ||
Scenario, Adjustment [Member] | Non-store Specific Travel and Insurance Expense Reclassification [Member] | ||||
Other operating expenses | ||||
Other operating expenses | [2] | (3,345) | (2,890) | |
Selling, general and administrative | ||||
Selling, general and administrative expenses | 2,186 | 1,895 | ||
Scenario, Adjustment [Member] | Property Insurance Expense Reclassification [Member] | ||||
Occupancy costs | ||||
Occupancy costs | 1,107 | 979 | ||
Scenario, Adjustment [Member] | Centralized Bakery and Facility Service Center Occupancy Reclassification [Member] | ||||
Occupancy costs | ||||
Occupancy costs | (286) | (311) | ||
Selling, general and administrative | ||||
Selling, general and administrative expenses | 286 | 311 | ||
Scenario, Adjustment [Member] | Culinary Services Administration Costs Reclassification [Member] | ||||
Selling, general and administrative | ||||
Selling, general and administrative expenses | (618) | (707) | ||
Cost of culinary contract services | ||||
Cost of culinary contract services | [3] | 670 | 730 | |
Scenario, Adjustment [Member] | Franchise Administration Costs Reclassification [Member] | ||||
Selling, general and administrative | ||||
Selling, general and administrative expenses | $ (1,680) | $ (1,635) | ||
[1] | Includes costs previously classified in General and administrative expenses ($1,680 and $1,635 in fiscal 2014 and 2013, respectively) and costs previously in Payroll and related costs and Other operating expenses | |||
[2] | Reflects property and general liability insurance reclassified to Other operating expenses and corporate insurance reclassified to Selling, general and administrative expenses | |||
[3] | Includes costs previously classified in General and administrative expenses ($618 and $707 in fiscal 2014 and 2013, respectively) and costs previously in Payroll and related costs, Other operating expenses and Occupancy costs |
Note 2 - Acquisitions (Details)
Note 2 - Acquisitions (Details) - USD ($) $ in Thousands | Dec. 06, 2012 | May. 06, 2015 | [1] | Feb. 11, 2015 | [1] | Nov. 19, 2014 | [1] | May. 07, 2014 | [1] | Feb. 12, 2014 | [1] | Nov. 20, 2013 | [1] | Aug. 26, 2015 | Aug. 27, 2014 | Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | ||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed Entity Purchase Price | $ 10,200 | |||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 21 years | |||||||||||||||||||
Segment Reporting Depreciation and Amortization | $ 14 | |||||||||||||||||||
Additional Rent Expense | $ 120 | $ 126 | 120 | $ 126 | $ 88 | |||||||||||||||
Depreciation | 500 | |||||||||||||||||||
Property, Plant and Equipment, Gross | 341,623 | 343,741 | 341,623 | 343,741 | ||||||||||||||||
Goodwill | 1,643 | 1,681 | 1,643 | 1,681 | ||||||||||||||||
Goodwill, Impairment Loss | 38 | 500 | ||||||||||||||||||
Restaurant Sales | $ 88,788 | $ 85,486 | $ 80,557 | $ 90,010 | $ 82,930 | $ 79,952 | 115,361 | [1] | 115,375 | [1] | 370,192 | 368,267 | 360,001 | |||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 2,532 | $ (1,229) | $ (2,816) | $ 1,742 | $ (1,581) | $ (693) | 141 | [1] | (1,081) | [1] | $ (1,372) | $ (1,613) | 4,547 | |||||||
Paradise Restaurant Group LLC [Member] | ||||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||||
Percent of Membership Units | 100.00% | |||||||||||||||||||
Cheeseburger in Paradise [Member] | ||||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 2,400 | |||||||||||||||||||
General and Administrative Expense | $ 400 | |||||||||||||||||||
Royalty Fee Percent | 2.50% | |||||||||||||||||||
Restaurant Sales | 35,700 | |||||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 1,800 | |||||||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,100 | |||||||||||||||||||
Acquired Lease Portfolio [Member] | ||||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||||
Goodwill | 2,000 | $ 2,000 | ||||||||||||||||||
Goodwill, Impairment Loss | 38 | |||||||||||||||||||
Property and Equipment [Member] | ||||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||||
Property, Plant and Equipment, Gross | 6,400 | $ 6,400 | ||||||||||||||||||
Cheeseburger in Paradise [Member] | ||||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||||
Business Combination, Integration Related Costs | $ 700 | |||||||||||||||||||
License Agreement and Trade Name [Member] | Cheeseburger in Paradise [Member] | ||||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 15 years | |||||||||||||||||||
Off-Market Favorable Lease [Member] | ||||||||||||||||||||
Note 2 - Acquisitions (Details) [Line Items] | ||||||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 18 years 36 days | 19 years 36 days | 20 years 109 days | |||||||||||||||||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | $ 2,400 | $ 2,600 | $ 2,400 | $ 2,600 | $ 2,600 | |||||||||||||||
[1] | The quarters ended August 26, 2015 and August 27, 2014 consists of four four-week periods. All other quarters presented represent three four-week periods. |
Note 2 - Acquisitions (Detail43
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed - Cheeseburger in Paradise [Member] $ in Thousands | 12 Months Ended |
Aug. 26, 2015USD ($) | |
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | |
Fair values of net assets acquired | $ 10,169 |
Cash and Cash Equivalents [Member] | |
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | |
Fair values of net assets acquired | 58 |
Accounts Receivable [Member] | |
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | |
Fair values of net assets acquired | 93 |
Inventory1 [Member] | |
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | |
Fair values of net assets acquired | 561 |
Other Current Assets1 [Member] | |
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | |
Fair values of net assets acquired | 376 |
Property, Plant and Equipment [Member] | |
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | |
Fair values of net assets acquired | 6,374 |
Liquor Licenses and Permits [Member] | |
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | |
Fair values of net assets acquired | 188 |
Favorable Leases [Member] | |
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | |
Fair values of net assets acquired | 2,646 |
License Agreement and Trade Name [Member] | |
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | |
Fair values of net assets acquired | 254 |
Goodwill [Member] | |
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | |
Fair values of net assets acquired | 1,975 |
Accrued Liabilities1 [Member] | |
Note 2 - Acquisitions (Details) - Estimated Fair Values of Net Assets Acquired and Liabilities Assumed [Line Items] | |
Fair values of net assets acquired | $ (2,356) |
Note 2 - Acquisitions (Detail44
Note 2 - Acquisitions (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities $ in Thousands | 12 Months Ended |
Aug. 26, 2015USD ($) | |
2016 [Member] | |
Note 2 - Acquisitions (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities [Line Items] | |
Favorable | $ 121 |
2017 [Member] | |
Note 2 - Acquisitions (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities [Line Items] | |
Favorable | 121 |
2018 [Member] | |
Note 2 - Acquisitions (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities [Line Items] | |
Favorable | 121 |
2019 [Member] | |
Note 2 - Acquisitions (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities [Line Items] | |
Favorable | 121 |
2020 [Member] | |
Note 2 - Acquisitions (Details) - Prospective Amortization of the Favorable Lease Assets and Unfavorable Lease Liabilities [Line Items] | |
Favorable | $ 121 |
Note 2 - Acquisitions (Detail45
Note 2 - Acquisitions (Details) - Business Acquisitions Unaudited Pro Forma Information - Cheeseburger in Paradise [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Aug. 28, 2013 | Aug. 29, 2012 | |
Note 2 - Acquisitions (Details) - Business Acquisitions Unaudited Pro Forma Information [Line Items] | ||
Pro forma total sales (in Dollars) | $ 401,960 | $ 403,572 |
Pro forma income from continuing operations (in Dollars) | 3,397 | 8,494 |
Pro forma net income (in Dollars) | $ 2,274 | $ 7,734 |
Pro forma income from continuing operations per share | ||
Basic | $ 0.12 | $ 0.30 |
Diluted | 0.12 | 0.30 |
Pro forma net income per share | ||
Basic | 0.08 | 0.27 |
Diluted | $ 0.08 | $ 0.27 |
Note 3 - Reportable Segments (D
Note 3 - Reportable Segments (Details) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
May. 06, 2015USD ($) | Feb. 11, 2015USD ($) | Nov. 19, 2014USD ($) | May. 07, 2014USD ($) | Feb. 12, 2014USD ($) | Nov. 20, 2013USD ($) | Aug. 26, 2015USD ($) | Aug. 27, 2014USD ($) | Aug. 26, 2015USD ($) | Aug. 27, 2014USD ($) | Aug. 28, 2013USD ($) | |
Note 3 - Reportable Segments (Details) [Line Items] | |||||||||||
Number of Reportable Segments | 3 | ||||||||||
Vending Revenue (in Dollars) | $ 112 | $ 119 | $ 125 | $ 131 | $ 115 | $ 112 | $ 175 | $ 174 | $ 531 | $ 532 | $ 565 |
Finite-Lived Intangible Assets, Gross (in Dollars) | $ 30,023 | $ 30,023 | $ 30,023 | $ 30,023 | |||||||
Company Owned Restaurants [Member] | |||||||||||
Note 3 - Reportable Segments (Details) [Line Items] | |||||||||||
Number of Reportable Segments | 1 | ||||||||||
Number of Restaurants | 177 | 174 | 177 | 174 | 180 | ||||||
Vending Revenue (in Dollars) | $ 531 | $ 532 | $ 565 | ||||||||
Company Owned Restaurants [Member] | Fuddruckers Trade Name, Cheeseburger in Paradise Liquor Licenses, and Jimmy Buffet Intangibles [Member] | |||||||||||
Note 3 - Reportable Segments (Details) [Line Items] | |||||||||||
Finite-Lived Intangible Assets, Gross (in Dollars) | $ 10,600 | $ 10,600 | |||||||||
Culinary Contract Services [Member] | |||||||||||
Note 3 - Reportable Segments (Details) [Line Items] | |||||||||||
Number of Contracts | 23 | 25 | 23 | 25 | 21 | ||||||
Franchise [Member] | |||||||||||
Note 3 - Reportable Segments (Details) [Line Items] | |||||||||||
Number of Restaurants | 106 | 110 | 106 | 110 | 116 | ||||||
Franchise Term | 20 years | ||||||||||
Franchise [Member] | Royalty Intangibles [Member] | |||||||||||
Note 3 - Reportable Segments (Details) [Line Items] | |||||||||||
Finite-Lived Intangible Assets, Gross (in Dollars) | $ 12,200 | $ 12,200 |
Note 3 - Reportable Segments 47
Note 3 - Reportable Segments (Details) - Segment Reporting Information - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||||||
May. 06, 2015 | [1] | Feb. 11, 2015 | [1] | Nov. 19, 2014 | [1] | May. 07, 2014 | [1] | Feb. 12, 2014 | [1] | Nov. 20, 2013 | [1] | Aug. 26, 2015 | Aug. 27, 2014 | Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | ||||
Sales: | ||||||||||||||||||||
Sales | $ 88,788 | $ 85,486 | $ 80,557 | $ 90,010 | $ 82,930 | $ 79,952 | $ 115,361 | [1] | $ 115,375 | [1] | $ 370,192 | $ 368,267 | $ 360,001 | |||||||
Segment level profit: | ||||||||||||||||||||
Segment level profit | (636) | (3,133) | 6,207 | |||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Depreciation and amortization | 21,367 | 20,062 | 18,376 | |||||||||||||||||
Total assets: | ||||||||||||||||||||
Assets | 264,258 | 275,435 | 264,258 | 275,435 | ||||||||||||||||
Capital expenditures: | ||||||||||||||||||||
Capital expenditures | 20,378 | 46,184 | 31,339 | |||||||||||||||||
Income (loss) before income taxes and discontinued operations: | ||||||||||||||||||||
Segment level profit | $ 94,102 | $ 90,981 | $ 86,861 | $ 96,359 | $ 88,569 | $ 85,848 | 122,141 | [1] | 123,605 | [1] | 394,085 | 394,381 | 384,196 | |||||||
Opening costs | (2,686) | (2,164) | (783) | |||||||||||||||||
Depreciation and amortization | (21,367) | (20,062) | (18,376) | |||||||||||||||||
Provision for asset impairments | (636) | (2,498) | (615) | |||||||||||||||||
Net gain on disposition of property and equipment | 3,994 | 2,357 | 1,723 | |||||||||||||||||
Interest income | 4 | 6 | 9 | |||||||||||||||||
Interest expense | (2,336) | (1,247) | (920) | |||||||||||||||||
Other income, net | 520 | 1,101 | 1,026 | |||||||||||||||||
Total | (2,448) | (3,273) | 6,322 | |||||||||||||||||
Operating Segments [Member] | ||||||||||||||||||||
Sales: | ||||||||||||||||||||
Sales | 394,085 | 394,381 | 384,196 | |||||||||||||||||
Segment level profit: | ||||||||||||||||||||
Segment level profit | 58,817 | 59,920 | 60,381 | |||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Depreciation and amortization | 21,367 | 20,062 | 18,376 | |||||||||||||||||
Total assets: | ||||||||||||||||||||
Assets | 264,258 | 275,435 | 264,258 | 275,435 | 250,645 | |||||||||||||||
Income (loss) before income taxes and discontinued operations: | ||||||||||||||||||||
Segment level profit | 58,817 | 59,920 | 60,381 | |||||||||||||||||
Opening costs | (2,686) | (2,164) | (783) | |||||||||||||||||
Depreciation and amortization | (21,367) | (20,062) | (18,376) | |||||||||||||||||
Selling, general and administrative expenses | (38,758) | (40,686) | (36,123) | |||||||||||||||||
Provision for asset impairments | (636) | (2,498) | (615) | |||||||||||||||||
Net gain on disposition of property and equipment | 3,994 | 2,357 | 1,723 | |||||||||||||||||
Interest income | 4 | 6 | 9 | |||||||||||||||||
Interest expense | (2,336) | (1,247) | (920) | |||||||||||||||||
Other income, net | 520 | 1,101 | 1,026 | |||||||||||||||||
Corporate, Non-Segment [Member] | ||||||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Depreciation and amortization | 2,356 | 1,529 | 752 | |||||||||||||||||
Total assets: | ||||||||||||||||||||
Assets | [2] | 31,088 | 38,012 | 31,088 | 38,012 | 28,574 | ||||||||||||||
Capital expenditures: | ||||||||||||||||||||
Capital expenditures | 634 | 3,045 | 503 | |||||||||||||||||
Income (loss) before income taxes and discontinued operations: | ||||||||||||||||||||
Depreciation and amortization | (2,356) | (1,529) | (752) | |||||||||||||||||
Company Owned Restaurants [Member] | Operating Segments [Member] | ||||||||||||||||||||
Sales: | ||||||||||||||||||||
Sales | [3] | 370,723 | 368,799 | 360,566 | ||||||||||||||||
Segment level profit: | ||||||||||||||||||||
Segment level profit | 51,909 | 52,918 | 53,984 | |||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Depreciation and amortization | 18,080 | 17,357 | 16,417 | |||||||||||||||||
Total assets: | ||||||||||||||||||||
Assets | [4] | 218,492 | 220,793 | 218,492 | 220,793 | 203,850 | ||||||||||||||
Capital expenditures: | ||||||||||||||||||||
Capital expenditures | 19,726 | 43,075 | 30,741 | |||||||||||||||||
Income (loss) before income taxes and discontinued operations: | ||||||||||||||||||||
Depreciation and amortization | (18,080) | (17,357) | (16,417) | |||||||||||||||||
Culinary Contract Services [Member] | Operating Segments [Member] | ||||||||||||||||||||
Sales: | ||||||||||||||||||||
Sales | 16,401 | 18,555 | 16,693 | |||||||||||||||||
Segment level profit: | ||||||||||||||||||||
Segment level profit | 1,615 | 1,708 | 1,089 | |||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Depreciation and amortization | 164 | 409 | 440 | |||||||||||||||||
Total assets: | ||||||||||||||||||||
Assets | 1,644 | 2,724 | 1,644 | 2,724 | 3,547 | |||||||||||||||
Capital expenditures: | ||||||||||||||||||||
Capital expenditures | 18 | 64 | 95 | |||||||||||||||||
Income (loss) before income taxes and discontinued operations: | ||||||||||||||||||||
Depreciation and amortization | (164) | (409) | (440) | |||||||||||||||||
Franchise [Member] | Operating Segments [Member] | ||||||||||||||||||||
Sales: | ||||||||||||||||||||
Sales | 6,961 | 7,027 | 6,937 | |||||||||||||||||
Segment level profit: | ||||||||||||||||||||
Segment level profit | 5,293 | 5,294 | 5,308 | |||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Depreciation and amortization | 767 | 767 | 767 | |||||||||||||||||
Total assets: | ||||||||||||||||||||
Assets | [5] | $ 13,034 | $ 13,906 | 13,034 | 13,906 | 14,674 | ||||||||||||||
Income (loss) before income taxes and discontinued operations: | ||||||||||||||||||||
Depreciation and amortization | $ (767) | $ (767) | $ (767) | |||||||||||||||||
[1] | The quarters ended August 26, 2015 and August 27, 2014 consists of four four-week periods. All other quarters presented represent three four-week periods. | |||||||||||||||||||
[2] | Goodwill was disclosed in corporate segment in our fiscal 2014 Annual Report on Form 10-K and our first quarter fiscal 2015 Quarterly Report on Form 10-Q. The current draft reflects a revised classification of goodwill into the Company-owned restaurants segment. | |||||||||||||||||||
[3] | Includes vending revenue of $531, $532 and $565 thousand for the year ended August 26, 2015, August 27, 2014 and August 28, 2013, respectively. | |||||||||||||||||||
[4] | Company-owned restaurants segment includes $10.6 million of Fuddruckers trade name, Cheeseburger in Paradise liquor licenses, and Jimmy Buffett intangibles. | |||||||||||||||||||
[5] | Franchise operations segment includes approximately $12.2 million in royalty intangibles. |
Note 4 - Fair Value Measureme48
Note 4 - Fair Value Measurements (Details) - Non-recurring Fair Value Measurements Related to Impaired Property and Equipment - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
Continuing Operations | |||
Property and equipment - Total impairments | $ (2,498) | $ (615) | |
Company Owned Restaurants [Member] | Continuing Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | $ 5,282 | 6,446 | 722 |
Property and equipment - Total impairments | (636) | (2,498) | (462) |
Corporate Assets [Member] | Continuing Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | 447 | ||
Property and equipment - Total impairments | (153) | ||
Corporate Assets [Member] | Discontinued Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | 903 | 1,144 | 3,159 |
Property and equipment - Total impairments | (90) | (1,200) | (663) |
Fair Value, Inputs, Level 1 [Member] | Company Owned Restaurants [Member] | Continuing Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Assets [Member] | Continuing Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Corporate Assets [Member] | Discontinued Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Company Owned Restaurants [Member] | Continuing Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Corporate Assets [Member] | Continuing Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Corporate Assets [Member] | Discontinued Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Company Owned Restaurants [Member] | Continuing Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | 5,282 | 6,446 | 722 |
Fair Value, Inputs, Level 3 [Member] | Corporate Assets [Member] | Continuing Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | 447 | ||
Fair Value, Inputs, Level 3 [Member] | Corporate Assets [Member] | Discontinued Operations [Member] | |||
Continuing Operations | |||
Property and equipment - Fair value measurement | $ 903 | $ 1,144 | $ 3,159 |
Note 5 - Trade Receivables an49
Note 5 - Trade Receivables and Other (Details) $ in Thousands | 12 Months Ended | ||
Aug. 26, 2015USD ($) | Aug. 27, 2014 | Aug. 28, 2013 | |
Note 5 - Trade Receivables and Other (Details) [Line Items] | |||
Percentage of Customer's Accounts Receivables | 30.00% | ||
Franchise Fund Receivables | $ 700 | ||
Culinary Contract Services [Member] | |||
Note 5 - Trade Receivables and Other (Details) [Line Items] | |||
Other Receivables, Net, Current | $ 3,000 | ||
Number of Contracts | 23 | 25 | 21 |
Franchise [Member] | |||
Note 5 - Trade Receivables and Other (Details) [Line Items] | |||
Number of Restaurants | 106 | 110 | 116 |
Primary Contract Receivable [Member] | |||
Note 5 - Trade Receivables and Other (Details) [Line Items] | |||
Number of Contracts | 10 | ||
Minimum [Member] | |||
Note 5 - Trade Receivables and Other (Details) [Line Items] | |||
Number of Days Due for Receivables from Contract | 30 days | ||
Minimum [Member] | Primary Contract Receivable [Member] | |||
Note 5 - Trade Receivables and Other (Details) [Line Items] | |||
Accounts, Notes, Loans and Financing Receivable, Net, Current | $ 10 | ||
Maximum [Member] | |||
Note 5 - Trade Receivables and Other (Details) [Line Items] | |||
Number of Days Due for Receivables from Contract | 45 days | ||
Maximum [Member] | Primary Contract Receivable [Member] | |||
Note 5 - Trade Receivables and Other (Details) [Line Items] | |||
Accounts, Notes, Loans and Financing Receivable, Net, Current | $ 100 |
Note 5 - Trade Receivables an50
Note 5 - Trade Receivables and Other (Details) - Components of Trade and Other Receivables - USD ($) $ in Thousands | Aug. 26, 2015 | Aug. 27, 2014 |
Components of Trade and Other Receivables [Abstract] | ||
Trade and other receivables | $ 4,150 | $ 2,940 |
Franchise royalties and marketing and advertising receivables | 706 | 705 |
Trade receivables, unbilled | 874 | 979 |
Allowance for doubtful accounts | (555) | (512) |
Total, net | $ 5,175 | $ 4,112 |
Note 5 - Trade Receivables an51
Note 5 - Trade Receivables and Other (Details) - Changes in Allowances for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
Changes in Allowances for Doubtful Accounts [Abstract] | |||
Beginning balance | $ 512 | $ 586 | $ 678 |
Provisions for doubtful accounts | 51 | 61 | (1) |
Write-offs | (8) | (135) | (91) |
Ending balance | $ 555 | $ 512 | $ 586 |
Note 6 - Income Taxes (Details)
Note 6 - Income Taxes (Details) | 12 Months Ended | |||
Aug. 26, 2015USD ($) | Aug. 27, 2014USD ($) | Aug. 28, 2013USD ($) | Aug. 25, 2010 | |
Note 6 - Income Taxes (Details) [Line Items] | ||||
Deferred Tax Assets, Gross | $ 16,712,000 | $ 14,526,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 9,600,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards | 10,800,000 | |||
Deferred Tax Assets Tax Credits and Net Operating Losses | 808,000 | 5,000 | ||
Deferred Tax Assets, Other | 10,011,000 | 8,911,000 | ||
Operating Loss Carryforwards | 4,700,000 | 6,500,000 | $ 4,100,000 | |
Income Tax Expense (Benefit) | $ (1,076,000) | (1,660,000) | 1,775,000 | |
Number of States in which Entity Operates | 30 | 5 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 1,000 | |||
Domestic Tax Authority [Member] | ||||
Note 6 - Income Taxes (Details) [Line Items] | ||||
Income Tax Expense (Benefit) | 0 | 0 | ||
Income Taxes Paid, Net | 0 | 0 | 0 | |
State and Local Jurisdiction [Member] | ||||
Note 6 - Income Taxes (Details) [Line Items] | ||||
Income Tax Expense (Benefit) | 500,000 | $ 500,000 | $ 500,000 | |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 33,000 |
Note 6 - Income Taxes (Detail53
Note 6 - Income Taxes (Details) - Income Tax Assets and Liabilities for Continuing and Discontinued Operations - USD ($) $ in Thousands | Aug. 26, 2015 | Aug. 27, 2014 |
Deferred income tax assets: | ||
Workers’ compensation, employee injury, and general liability claims | $ 342 | $ 158 |
Deferred compensation | 137 | 354 |
Net operating losses | 808 | 5 |
General business and foreign tax credits | 10,011 | 8,911 |
Depreciation, amortization and impairments | 1,484 | 1,379 |
Straight-line rent, dining cards, accruals, and other | 3,930 | 3,719 |
Total deferred income tax assets | 16,712 | 14,526 |
Deferred income tax liabilities: | ||
Property taxes and other | 1,765 | 1,576 |
Total deferred income tax liabilities | 1,765 | 1,576 |
Net deferred income tax asset | $ 14,947 | $ 12,950 |
Note 6 - Income Taxes (Detail54
Note 6 - Income Taxes (Details) - Analysis of the Provision For Income Taxes For Continuing Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
Analysis of the Provision For Income Taxes For Continuing Operations [Abstract] | |||
Current federal and state income tax expense | $ 523 | $ 371 | $ 614 |
Current foreign income tax expense | 63 | 87 | 89 |
Deferred income tax expense (benefit) | (1,662) | (2,118) | 1,072 |
Total income tax expense (benefit) | $ (1,076) | $ (1,660) | $ 1,775 |
Note 6 - Income Taxes (Detail55
Note 6 - Income Taxes (Details) - Reconciliation of the Expense (Benefit) for Income Taxes - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
Reconciliation of the Expense (Benefit) for Income Taxes [Abstract] | |||
Income tax expense (benefit) from continuing operations at the federal rate | $ (832) | $ (1,120) | $ 2,149 |
Income tax expense (benefit) from continuing operations at the federal rate | 34.00% | 34.00% | 34.00% |
Permanent and other differences: | |||
Federal jobs tax credits (wage deductions) | $ 302 | $ 404 | $ 355 |
Federal jobs tax credits (wage deductions) | (12.30%) | (12.30%) | 5.60% |
Stock options and restricted stock | $ 74 | $ 54 | $ 50 |
Stock options and restricted stock | (3.00%) | (1.70%) | 0.80% |
Other permanent differences | $ 60 | $ 185 | $ 68 |
Other permanent differences | (2.50%) | (5.60%) | 1.10% |
State income tax, net of federal benefit | $ 200 | $ 52 | $ 338 |
State income tax, net of federal benefit | (8.20%) | (1.60%) | 5.30% |
General Business Tax Credits | $ (888) | $ (1,187) | $ (1,043) |
General Business Tax Credits | 36.30% | 36.10% | (16.50%) |
Other | $ 8 | $ (48) | $ (142) |
Other | (0.30%) | 1.50% | (2.20%) |
Income tax expense (benefit) from continuing operations | $ (1,076) | $ (1,660) | $ 1,775 |
Income tax expense (benefit) from continuing operations | 44.00% | 50.40% | 28.10% |
Note 6 - Income Taxes (Detail56
Note 6 - Income Taxes (Details) - Reconciliation of the Total Amounts of Unrecognized Tax Benefits - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
Reconciliation of the Total Amounts of Unrecognized Tax Benefits [Abstract] | |||
Balance | $ 62 | $ 769 | $ 970 |
Increase (decrease) based on prior year tax positions | (707) | (273) | |
Interest Expense | 1 | 0 | 72 |
Balance | $ 63 | $ 62 | $ 769 |
Note 7 - Property and Equipme57
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) | Nov. 03, 2015USD ($) | Aug. 26, 2015USD ($) | Aug. 27, 2014USD ($) | Aug. 28, 2013USD ($) |
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 21 years | |||
Amortization of Intangible Assets | $ 1,400,000 | $ 1,500,000 | $ 1,600,000 | |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 1,400,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,400,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,400,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,400,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1,400,000 | |||
Goodwill, Impairment Loss | $ 38,000 | 500,000 | ||
Number of Operating Lease Remaining to Renew or Extend | 73 | |||
Goodwill | $ 1,643,000 | $ 1,681,000 | ||
Subsequent Event [Member] | ||||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||||
Number of Restuarants Acquired | 23 | |||
Number of Restaurants Closed for Conversion | 8 | |||
Number of Operating Lease Remaining to Renew or Extend | 2 | |||
Number of Locations Subleased | 2 | |||
Number of Restaurants Closed for Disposal | 3 | |||
Number of Restaurants Not Closed, to Be Converted | $ 3 | |||
Cheeseburger in Paradise [Member] | Subsequent Event [Member] | ||||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||||
Number of Restuarants Acquired | 8 | |||
Fuddruckers [Member] | ||||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||||
Goodwill, Gross | 200,000 | |||
Cheeseburger in Paradise [Member] | ||||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||||
Goodwill, Gross | $ 2,000,000 | |||
Trade Names [Member] | ||||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 21 years | |||
Franchise Rights [Member] | ||||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 21 years | |||
Intangible Assets Related to Cheeseburger in Paradise [Member] | ||||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Note 7 - Property and Equipme58
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 26, 2015 | Aug. 27, 2014 | |
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | $ 341,623 | $ 343,741 |
Less accumulated depreciation and amortization | (141,764) | (130,249) |
Property and equipment, net | 199,859 | 213,492 |
Intangible assets, net | $ 22,570 | 24,014 |
Intangible assets, net | 21 years | |
Goodwill | $ 1,643 | 1,681 |
Land [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | 63,298 | 69,767 |
Restaurant Equipment and Furnishings [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | 85,642 | 77,967 |
Building [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | 159,391 | 156,308 |
Leaseholds and Leasehold Improvements [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | 29,229 | 26,389 |
Furniture and Fixtures [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | 3,559 | 2,997 |
Construction in Progress [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Balance | $ 504 | $ 10,313 |
Minimum [Member] | Restaurant Equipment and Furnishings [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 3 years | |
Minimum [Member] | Building [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 20 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 3 years | |
Maximum [Member] | Restaurant Equipment and Furnishings [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 15 years | |
Maximum [Member] | Building [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 33 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Property and Equipment [Line Items] | ||
Estimated useful lives (years) | 10 years |
Note 7 - Property and Equipme59
Note 7 - Property and Equipment, Intangible Assets and Goodwill (Details) - Intangible Assets - USD ($) $ in Thousands | Aug. 26, 2015 | Aug. 27, 2014 |
Intangible Assets Subject to Amortization: | ||
Gross carrying amount | $ 30,023 | $ 30,023 |
Accumulated amortization | (7,453) | (6,009) |
Net carrying amount | 22,570 | 24,014 |
Fuddruckers Trade Name and Franchise Agreement [Member] | ||
Intangible Assets Subject to Amortization: | ||
Gross carrying amount | 29,607 | 29,607 |
Accumulated amortization | (7,166) | (5,767) |
Net carrying amount | 22,441 | 23,840 |
Cheeseburger in Paradise Trade Name and License Agreements [Member] | ||
Intangible Assets Subject to Amortization: | ||
Gross carrying amount | 416 | 416 |
Accumulated amortization | (287) | (242) |
Net carrying amount | $ 129 | $ 174 |
Note 8 - Current Accrued Expe60
Note 8 - Current Accrued Expenses and Other Liabilities (Details) - Accrued Expenses and Other Liabilities - USD ($) $ in Thousands | Aug. 26, 2015 | Aug. 27, 2014 |
Accrued Expenses and Other Liabilities [Abstract] | ||
Salaries, compensated absences, incentives, and bonuses | $ 5,435 | $ 6,504 |
Operating expenses | 1,118 | 1,280 |
Unredeemed gift cards and certificates | 5,472 | 4,144 |
Taxes, other than income | 7,760 | 6,943 |
Accrued claims and insurance | 1,267 | 1,076 |
Income taxes, legal and other | 2,906 | 3,160 |
Total | $ 23,958 | $ 23,107 |
Note 9 - Other Long-Term Liab61
Note 9 - Other Long-Term Liabilities (Details) - Other Long-Term Liabilities - USD ($) $ in Thousands | Aug. 26, 2015 | Aug. 27, 2014 |
Other Long-Term Liabilities [Abstract] | ||
Workers’ compensation and general liability insurance reserve | $ 846 | $ 729 |
Capital leases | 291 | 758 |
Deferred rent and unfavorable leases | 5,849 | 6,450 |
Deferred compensation | 222 | 125 |
Other | 153 | 105 |
Total | $ 7,361 | $ 8,167 |
Note 10 - Debt (Details)
Note 10 - Debt (Details) | 12 Months Ended | |||||||||
Aug. 26, 2015USD ($) | Aug. 27, 2014USD ($) | Aug. 28, 2013USD ($) | Oct. 02, 2016USD ($) | May. 07, 2016 | Feb. 11, 2016 | Feb. 02, 2016 | Nov. 20, 2015 | May. 06, 2015 | Aug. 14, 2013USD ($) | |
Operations Discontinued1 [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Interest Expense, Debt | $ 0 | $ 0 | $ 0 | |||||||
Revolving Credit Facility 2013 [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Aggregate Amount of Lender Commitments on Credit Facility | 70,000,000 | |||||||||
Letters of Credit Outstanding, Amount | $ 5,000,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,700,000 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||
Debt Instrument, Collateral Amount | $ 116,700,000 | |||||||||
Debt Service Coverage Ratio | 1.50 | 1.25 | 1.10 | |||||||
Lease Adjusted Leverage Ratio | 5.50 | 4.75 | 5 | 5.25 | 5.75 | |||||
Interest Expense, Debt | $ 2,300,000 | 1,200,000 | 900,000 | |||||||
Interest Paid | 2,100,000 | 1,400,000 | 800,000 | |||||||
Interest Costs Capitalized | 80 | $ 269,000 | $ 0 | |||||||
Revolving Credit Facility 2013 [Member] | Max Amount Oustandingat Any One Moment [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Letters of Credit Outstanding, Amount | $ 15,000,000 | |||||||||
Revolving Credit Facility 2013 [Member] | Credit Agreement 2013 Adjustment [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Letters of Credit Outstanding, Amount | 1,100,000 | |||||||||
Principal Amount Outstanding of Loans Held-in-portfolio | 37,500,000 | |||||||||
Revolving Credit Facility 2013 [Member] | Subsequent Event [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Aggregate Amount of Lender Commitments on Credit Facility | $ 60,000,000 | |||||||||
Revolving Credit Facility 2013 [Member] | Subsequent Event [Member] | Lease Adjusted Leverage Ratio Limitation Applied [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,700,000 | |||||||||
Credit Agreement 2013 [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 90,000,000 | |||||||||
Credit Agreement 2013 Adjustment [Member] | Credit Agreement 2013 Adjustment [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Capital Lease Obligations | $ 700,000 | |||||||||
Minimum [Member] | Revolving Credit Facility 2013 [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility 2013 [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |||||||||
Maximum [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Capital Expenditures | $ 25,000,000 | |||||||||
Maximum [Member] | Revolving Credit Facility 2013 [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.40% | |||||||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility 2013 [Member] | ||||||||||
Note 10 - Debt (Details) [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
Note 11 - Impairment of Long-63
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) | 3 Months Ended | 12 Months Ended | ||
Nov. 18, 2009 | Aug. 26, 2015USD ($) | Aug. 27, 2014USD ($) | Aug. 28, 2013USD ($) | |
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Provision for Asset Impairment (in Dollars) | $ 600,000 | $ 2,500,000 | $ 600,000 | |
Disposal Group Including Discontinued Operation, Assets of Disposal Group, Number | 4 | 1 | 1 | |
Property, Plant and Equipment, Net (in Dollars) | $ 199,859,000 | $ 213,492,000 | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current (in Dollars) | $ 4,500,000 | $ 1,000,000 | $ 400,000 | |
Fuddruckers [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 3 | 2 | 1 | |
Lubys Cafetria [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 1 | |||
Previously Closed [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 9 | |||
Held-for-sale [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 1 | |||
Koo Koo Roo Chicken Bistro [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 1 | |||
Company Owned Restaurants [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 177 | 174 | 180 | |
Discontinued Operations [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 6 | |||
Impairment of Leasehold (in Dollars) | $ 0 | |||
Discontinued Operations [Member] | Closure of Leased Locations [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 5,000,000 | |||
Discontinued Operations [Member] | Lubys Cafetria [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Disposal Group Including Discontinued Operation, Assets of Disposal Group, Number | 24 | |||
Discontinued Operations [Member] | Lubys Cafetria [Member] | Closure of Leased Locations [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 2 | |||
Discontinued Operations [Member] | Lubys Cafetria [Member] | Under Lease [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 1 | |||
Discontinued Operations [Member] | Lubys Cafetria [Member] | Held-for-sale [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Number of Restaurants | 1 | |||
Discontinued Operations [Member] | Company Owned Restaurants [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Property, Plant and Equipment, Net (in Dollars) | $ 1,900,000 | |||
Minimum [Member] | Newer Properties [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Time Span for Future Cash Flow | 20 years | |||
Minimum [Member] | Older Properties [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Time Span for Future Cash Flow | 5 years | |||
Minimum [Member] | Discontinued Operations [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Expected Disposal Period | 1 year | |||
Maximum [Member] | Newer Properties [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Time Span for Future Cash Flow | 25 years | |||
Maximum [Member] | Older Properties [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Time Span for Future Cash Flow | 10 years | |||
Maximum [Member] | Discontinued Operations [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) [Line Items] | ||||
Expected Disposal Period | 2 years |
Note 11 - Impairment of Long-64
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) - Impairment Charges to Income from Operations - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
Impairment Charges to Income from Operations [Abstract] | |||
Provision for asset impairments | $ 636 | $ 2,498 | $ 615 |
Net gain on disposition of property and equipment | (3,994) | (2,357) | (1,723) |
$ (3,358) | $ 141 | $ (1,108) | |
Effect on EPS: | |||
Basic (in Dollars per share) | $ 0.12 | $ 0 | $ 0.04 |
Assuming dilution (in Dollars per share) | $ 0.12 | $ 0 | $ 0.04 |
Note 11 - Impairment of Long-65
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) - Assets and Liabilities for All Discontinued Operations - USD ($) $ in Thousands | Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | Aug. 29, 2012 |
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) - Assets and Liabilities for All Discontinued Operations [Line Items] | ||||
Assets related to discontinued operations—current | $ 24 | $ 52 | ||
Property and equipment | 4,536 | 991 | $ 449 | $ 602 |
Assets related to discontinued operations—non-current | 4,014 | 4,204 | ||
Liabilities related to discontinued operations—current | 417 | 590 | ||
Liabilities related to discontinued operations—non-current | 190 | 278 | ||
Discontinued Operations [Member] | ||||
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) - Assets and Liabilities for All Discontinued Operations [Line Items] | ||||
Prepaid expenses | 24 | 52 | ||
Assets related to discontinued operations—current | 24 | 52 | ||
Property and equipment | 2,211 | 2,817 | ||
Other assets | 1,803 | 1,387 | ||
Assets related to discontinued operations—non-current | 4,014 | 4,204 | ||
Deferred income taxes | 343 | 308 | ||
Accrued expenses and other liabilities | 74 | 282 | ||
Liabilities related to discontinued operations—current | 417 | 590 | ||
Other liabilities | 190 | 278 | ||
Liabilities related to discontinued operations—non-current | $ 190 | $ 278 |
Note 11 - Impairment of Long-66
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) - Sales and Pretax Income (Losses) Reported for Discontinued Operations $ in Thousands | 12 Months Ended | ||
Aug. 26, 2015USD ($) | Aug. 27, 2014USD ($) | Aug. 28, 2013USD ($) | |
Sales and Pretax Income (Losses) Reported for Discontinued Operations [Abstract] | |||
Sales | $ 0 | $ 4,691 | $ 6,153 |
Pretax loss | (1,108) | (2,813) | (1,926) |
Income tax benefit on discontinued operations | 406 | 979 | 540 |
Loss on discontinued operations | $ (702) | $ (1,834) | $ (1,386) |
Discontinued locations closed during the period | 0 | 5 | 0 |
Note 11 - Impairment of Long-67
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) - Discontinued Operations - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
Discontinued Operations [Abstract] | |||
Discontinued operating losses | $ (1,135) | $ (1,607) | $ (1,268) |
Impairments | (90) | (1,199) | (663) |
Gains (losses) | 117 | (7) | 5 |
Net loss | (1,108) | (2,813) | (1,926) |
Income tax benefit from discontinued operations | 406 | 979 | 540 |
Loss from discontinued operations | $ (702) | $ (1,834) | $ (1,386) |
Effect on EPS from discontinued operations—decrease—basic (in Dollars per share) | $ (0.02) | $ (0.06) | $ (0.05) |
Note 11 - Impairment of Long-68
Note 11 - Impairment of Long-Lived Assets, Store Closings, Discontinued Operations and Property Held for Sale (Details) - Rollforward of Property Held for Sale - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
Rollforward of Property Held for Sale [Abstract] | |||
Balance as of | $ 991 | $ 449 | $ 602 |
Disposals | (3,203) | (449) | 0 |
Net transfers to property held for sale | 6,748 | 991 | |
Net impairment charges | (153) | ||
Balance as of | $ 4,536 | $ 991 | $ 449 |
Note 12 - Commitments and Con69
Note 12 - Commitments and Contingencies (Details) | Aug. 26, 2015USD ($) |
Non-cancelable Contracts [Member] | |
Note 12 - Commitments and Contingencies (Details) [Line Items] | |
Contractual Obligation | $ 0 |
Note 13. Operating Leases (Deta
Note 13. Operating Leases (Details) | 12 Months Ended |
Aug. 26, 2015 | |
Note 13. Operating Leases (Details) [Line Items] | |
Number Properties on Operating Lease Agreements Gross | 95 |
Number of Operating Lease Remaining to Renew or Extend | 73 |
Lease Term Expires Less Than 1 Year [Member] | |
Note 13. Operating Leases (Details) [Line Items] | |
Number Properties on Operating Lease Agreements | 10 |
Lease Term Expires Between 1 to 5 Years [Member] | |
Note 13. Operating Leases (Details) [Line Items] | |
Number Properties on Operating Lease Agreements | 60 |
Lease Term Expires Greater Than 5 Years [Member] | |
Note 13. Operating Leases (Details) [Line Items] | |
Number Properties on Operating Lease Agreements | 25 |
Minimum [Member] | |
Note 13. Operating Leases (Details) [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 1 year |
Non Cancellable LeaseTerm in Years | 36 months |
Maximum [Member] | |
Note 13. Operating Leases (Details) [Line Items] | |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 30 years |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 25 years |
Non Cancellable LeaseTerm in Years | 72 months |
Note 13. Operating Leases (De71
Note 13. Operating Leases (Details) - Annual Future Minimum Lease Payments $ in Thousands | Aug. 26, 2015USD ($) |
Annual Future Minimum Lease Payments [Abstract] | |
August 31, 2016 | $ 11,996 |
August 30, 2017 | 9,232 |
August 29, 2018 | 7,739 |
August 28, 2019 | 6,808 |
August 26, 2020 | 5,036 |
Thereafter | 21,846 |
Total minimum lease payments | $ 62,657 |
Note 13. Operating Leases (De72
Note 13. Operating Leases (Details) - Rent Expense for Operating Leases - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
Note 13. Operating Leases (Details) - Rent Expense for Operating Leases [Line Items] | |||
Total rent expense (including amounts in discontinued operations) | $ 13,455 | $ 14,240 | $ 14,718 |
Percent of sales | 3.40% | 3.60% | 3.80% |
Contingent rentals | $ 129 | $ 251 | $ 182 |
Building [Member] | |||
Note 13. Operating Leases (Details) - Rent Expense for Operating Leases [Line Items] | |||
Minimum rent | 12,521 | 13,160 | 13,718 |
Equipment [Member] | |||
Note 13. Operating Leases (Details) - Rent Expense for Operating Leases [Line Items] | |||
Minimum rent | $ 805 | $ 829 | $ 818 |
Note 14 - Share-Based Compens73
Note 14 - Share-Based Compensation (Details) | 12 Months Ended | |||
Aug. 26, 2015USD ($)$ / sharesshares | Aug. 27, 2014USD ($)$ / sharesshares | Aug. 28, 2013USD ($)$ / sharesshares | Aug. 29, 2012shares | |
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Number of Stock Plans | 2 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 200.00% | |||
Other Noncash Expense | $ | $ 190,000 | $ 125,000 | $ 404,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 628,060 | 0 | 109,335 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 1,288,099 | 800,754 | 882,768 | 1,177,769 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 700,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | $ 1.83 | $ 0 | $ 2.44 | |
Proceeds from Stock Options Exercised | $ | $ 190,000 | $ 125,000 | $ 404,000 | |
Common Stock, Shares Authorized (in Shares) | 100,000,000 | 100,000,000 | ||
Non Employee Directors Stock Plan [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 1,100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in Shares) | 800,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (in Shares) | 100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 400,000 | |||
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 (in Shares) | 0 | 0 | 0 | |
Restricted Stock and Unit Awards Granted to Named Executive Officers, Percentage | 20.00% | |||
Employee Stock Plan [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 2,600,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in Shares) | 5,200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (in Shares) | 3,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 400,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
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 (in Shares) | 1,288,099 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in Dollars per share) | $ / shares | $ 3.44 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in Dollars per share) | $ / shares | $ 11.10 | |||
Supplemental Executive Retirement Plan [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Retirement Plan Vesting Period | 25 years | |||
Retirement Savings Plan Company Match Percentage | 50.00% | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ | $ 88,000 | |||
Defined Benefit Plan, Net Periodic Benefit Cost | $ | 0 | $ 0 | $ 0 | |
Defined Benefit Plan Unfunded Liability | $ | $ 71,000 | $ 83,000 | ||
Phantom Stock Plan [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Common Stock, Shares Authorized (in Shares) | 100,000 | |||
Common Stock, Shares Subscribed but Unissued (in Shares) | 29,627 | |||
Share-based Compensation Award, Tranche One [Member] | Non Employee Directors Stock Plan [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||
Share-based Compensation Award, Tranche One [Member] | Employee Stock Plan [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||
Share-based Compensation Award, Tranche Two [Member] | Employee Stock Plan [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Share-based Compensation Award, Tranche Three [Member] | Employee Stock Plan [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Selling, General and Administrative Expenses [Member] | Non Employee Directors Stock Plan [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | $ | $ 700,000 | $ 600,000 | 300,000 | |
Selling, General and Administrative Expenses [Member] | TSR Performance Based Incentive Plan [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Other Noncash Expense | $ | 100,000 | |||
Selling, General and Administrative Expenses [Member] | Employee Stock Plan [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Allocated Share-based Compensation Expense | $ | $ 900,000 | 700,000 | 800,000 | |
A 401K [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||
Defined Contribution Plan, Cost Recognized | $ | $ 261,000 | $ 501,000 | $ 421,000 | |
Performance Shares [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ | $ 500,000 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Note 14 - Share-Based Compensation (Details) [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 219 days | |||
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 | $ | $ 1,800,000 |
Note 14 - Share-Based Compens74
Note 14 - Share-Based Compensation (Details) - Fair Value of Options Granted Under Employee Stock Plan | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
Fair Value of Options Granted Under Employee Stock Plan [Abstract] | |||
Dividend yield | 0.00% | 0.00% | |
Volatility | 42.30% | 0.00% | 44.49% |
Risk-free interest rate | 1.41% | 0.00% | 0.72% |
Expected life (in years) | 5 years 222 days | 0 years | 4 years 3 months |
Note 14 - Share-Based Compens75
Note 14 - Share-Based Compensation (Details) - Stock Option Activity - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | Aug. 29, 2012 | |
Stock Option Activity [Abstract] | ||||
Outstanding - Shares under fixed options (in Shares) | 1,288,099 | 800,754 | 882,768 | 1,177,769 |
Outstanding - Weighted-Average Exercise Price | $ 4.76 | $ 4.95 | $ 5.23 | $ 6.30 |
Outstanding - Weighted-average remaining contractual term | 6 years 6 months | 4 years 36 days | 4 years 255 days | 3 years 36 days |
Outstanding - Aggregate Intrinsic value (in Dollars) | $ 350 | $ 583 | $ 2,042 | $ 1,500 |
Exercisable at August 26, 2015 (in Shares) | 594,549 | |||
Exercisable at August 26, 2015 | $ 4.94 | |||
Exercisable at August 26, 2015 | 3 years 255 days | |||
Exercisable at August 26, 2015 (in Dollars) | $ 240 | |||
Granted - Shares under fixed options (in Shares) | 628,060 | 0 | 109,335 | |
Granted - Weighted-Average Exercise Price | $ 4.49 | $ 5.95 | ||
Granted - Weighted-average remaining contractual term | 0 years | 0 years | ||
Granted - Aggregate Intrinsic value | $ 0 | $ 0 | ||
Exercised - Shares under fixed options (in Shares) | (57,007) | (29,253) | (93,973) | |
Exercised - Weighted-Average Exercise Price | $ 3.45 | $ 4.27 | $ 4.29 | |
Exercised- Weighted-average remaining contractual term | 0 years | 0 years | 0 years | |
Exercised - Aggregate Intrinsic value (in Dollars) | $ 0 | $ 0 | $ 0 | |
Forfeited/Expired - Shares under fixed options (in Shares) | (83,708) | (52,761) | (310,363) | |
Forfeited/Expired - Weighted-Average Exercise Price | $ 5.47 | $ 10.30 | $ 9.85 | |
Forfeited/Expired- Weighted-average remaining contractual term | 0 years | 0 years | 0 years | |
Forfeited/Expired - Aggregate Intrinsic value | $ 0 | $ 0 | $ 0 |
Note 14 - Share-Based Compens76
Note 14 - Share-Based Compensation (Details) - Restricted Stock Unit Activity - Restricted Stock Units (RSUs) [Member] - $ / shares | 12 Months Ended | |||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | Aug. 29, 2012 | |
Note 14 - Share-Based Compensation (Details) - Restricted Stock Unit Activity [Line Items] | ||||
Unvested - Restricted stock | 409,417 | 397,837 | 424,236 | 163,946 |
Unvested - Weighted average fair value | $ 5.98 | $ 6.03 | $ 5.74 | $ 4.83 |
Unvested - Weighted-average remaining contractual term | 1 year 219 days | 1 year 219 days | 2 years 36 days | 1 year 292 days |
Granted - Restricted stock | 84,495 | 63,238 | 274,290 | |
Granted - Weighted average fair value | $ 4.54 | $ 7.09 | $ 6.17 | |
Vested - Restricted stock | (72,915) | (80,233) | (14,000) | |
Vested - Weighted average fair value | $ 4.55 | $ 5.39 | $ 3.46 | |
Forfeited - Restricted stock | 0 | (9,404) | ||
Forfeited - Weighted average fair value | $ 0 | $ 5.79 |
Note 15 - Related Parties (Deta
Note 15 - Related Parties (Details) | Mar. 12, 2014 | Nov. 22, 2006$ / ft² | May. 07, 2014 | Aug. 26, 2015USD ($)$ / item$ / ft² | Aug. 27, 2014USD ($) | Aug. 28, 2013USD ($) |
Note 15 - Related Parties (Details) [Line Items] | ||||||
Percent of Total Rents from Continuing Operations | 2.70% | 2.10% | 2.00% | |||
New Lease Agreement [Member] | ||||||
Note 15 - Related Parties (Details) [Line Items] | ||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 50.00% | |||||
Percent of Space Rented | 7.00% | |||||
Operating Leases, Rent Expense | $ 416,000 | $ 388,000 | $ 426,000 | |||
Lease Annual Rent Payments Per Square Foot | $ / item | 22 | |||||
Lease Agreement Executed in 2006 [Member] | ||||||
Note 15 - Related Parties (Details) [Line Items] | ||||||
Lease Annual Rent Payments Per Square Foot | $ / ft² | 22 | |||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 12 years | |||||
Option to Extend Lease Years | 2 | |||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||||
Pappas Entities [Member] | ||||||
Note 15 - Related Parties (Details) [Line Items] | ||||||
Number of Related Party Entities | 2 | |||||
Pappas Entities [Member] | Amended and Restated Master Sales Agreement [Member] | ||||||
Note 15 - Related Parties (Details) [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | $ 0 | 4,000 | $ 0 | |||
Pappas Entities [Member] | New Lease Agreement [Member] | Houston [Member] | ||||||
Note 15 - Related Parties (Details) [Line Items] | ||||||
Operating Leases, Rent Expense | $ 159,900 | $ 79,950 | ||||
Lease Annual Rent Payments Per Square Foot | $ / ft² | 27.56 | |||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 6 years | |||||
Option to Extend Lease Years | 2 | |||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years |
Note 16 - Common Stock (Details
Note 16 - Common Stock (Details) - USD ($) $ in Millions | 1 Months Ended | |
Feb. 29, 2008 | Aug. 26, 2015 | |
Common Stock [Abstract] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 500,000 | |
Treasury Stock, Shares, Acquired | 500,000 | |
Treasury Stock, Value, Acquired, Cost Method (in Dollars) | $ 4.8 |
Note 17 - Earnings Per Share (D
Note 17 - Earnings Per Share (Details) - shares | 12 Months Ended | ||
Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |
Note 17 - Earnings Per Share (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 77,000 | 180,000 | 0 |
Employee Stock Option [Member] | |||
Note 17 - Earnings Per Share (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 415,000 | 143,000 | 67,000 |
Note 17 - Earnings Per Share 80
Note 17 - Earnings Per Share (Details) - Components of Basic and Diluted Net Income Per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||||||||||
May. 06, 2015 | [1] | Feb. 11, 2015 | [1] | Nov. 19, 2014 | [1] | May. 07, 2014 | [1] | Feb. 12, 2014 | [1] | Nov. 20, 2013 | [1] | Aug. 26, 2015 | [1] | Aug. 27, 2014 | [1] | Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |||||
Numerator: | |||||||||||||||||||||||
Income (loss) from continuing operations (in Dollars) | $ 2,532 | $ (1,229) | $ (2,816) | $ 1,742 | $ (1,581) | $ (693) | $ 141 | $ (1,081) | $ (1,372) | $ (1,613) | $ 4,547 | ||||||||||||
Net income (loss) (in Dollars) | $ 2,353 | $ (1,359) | $ (3,019) | $ 1,730 | $ (2,184) | $ (1,546) | $ (49) | $ (1,447) | $ (2,074) | $ (3,447) | $ 3,161 | ||||||||||||
Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per share—weighted-average shares (in Shares) | 28,974 | 28,812 | 28,618 | ||||||||||||||||||||
Effect of potentially dilutive securities: | |||||||||||||||||||||||
Employee and non-employee stock options (in Shares) | 0 | 0 | 248 | ||||||||||||||||||||
Denominator for earnings per share assuming dilution (in Shares) | 28,974 | 28,812 | 28,866 | ||||||||||||||||||||
Income (loss) from continuing operations: | |||||||||||||||||||||||
Basic | $ (0.05) | $ (0.06) | $ 0.16 | ||||||||||||||||||||
Assuming dilution (a) | [2] | (0.05) | (0.06) | 0.16 | |||||||||||||||||||
Net income (loss) per share: | |||||||||||||||||||||||
Basic | $ 0.08 | $ (0.05) | $ (0.11) | $ 0.06 | $ (0.08) | $ (0.05) | $ (0.05) | (0.07) | (0.12) | 0.11 | |||||||||||||
Assuming dilution (a) | $ 0.08 | $ (0.05) | $ (0.11) | $ 0.06 | $ (0.08) | $ (0.05) | $ (0.05) | $ (0.07) | [2] | $ (0.12) | [2] | $ 0.11 | [2] | ||||||||||
[1] | The quarters ended August 26, 2015 and August 27, 2014 consists of four four-week periods. All other quarters presented represent three four-week periods. | ||||||||||||||||||||||
[2] | Potentially dilutive shares not included in the computation of net income per share because to do so would have been antidilutive amounted to 77,000 in fiscal year 2015, 180,000 in fiscal year 2014 and zero shares in fiscal year 2013. Additionally, stock options with exercise prices exceeding market close prices that were excluded from the computation of net income per share amounted to 415,000 shares in fiscal year 2015, 143,000 shares in fiscal year 2014 and 67,000 shares in fiscal year 2013. |
Note 18 - Quarterly Financial81
Note 18 - Quarterly Financial Information (Details) - Summary of Quarterly Unaudited Financial Information - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||||||||||
May. 06, 2015 | Feb. 11, 2015 | Nov. 19, 2014 | May. 07, 2014 | Feb. 12, 2014 | Nov. 20, 2013 | Aug. 26, 2015 | Aug. 27, 2014 | Aug. 26, 2015 | Aug. 27, 2014 | Aug. 28, 2013 | |||||||||||||
Summary of Quarterly Unaudited Financial Information [Abstract] | |||||||||||||||||||||||
Restaurant sales | $ 88,788 | [1] | $ 85,486 | [1] | $ 80,557 | [1] | $ 90,010 | [1] | $ 82,930 | [1] | $ 79,952 | [1] | $ 115,361 | [1] | $ 115,375 | [1] | $ 370,192 | $ 368,267 | $ 360,001 | ||||
Franchise revenue | [1] | 1,578 | 1,605 | 1,581 | 1,684 | 1,545 | 1,514 | 2,197 | 2,284 | ||||||||||||||
Culinary contract services | 3,624 | [1] | 3,771 | [1] | 4,598 | [1] | 4,534 | [1] | 3,979 | [1] | 4,270 | [1] | 4,408 | [1] | 5,772 | [1] | 16,401 | 18,555 | 16,693 | ||||
Vending revenue | 112 | 119 | 125 | 131 | 115 | 112 | 175 | 174 | 531 | 532 | 565 | ||||||||||||
Total sales | 94,102 | [1] | 90,981 | [1] | 86,861 | [1] | 96,359 | [1] | 88,569 | [1] | 85,848 | [1] | 122,141 | [1] | 123,605 | [1] | 394,085 | 394,381 | 384,196 | ||||
Income (loss) from continuing operations | 2,532 | [1] | (1,229) | [1] | (2,816) | [1] | 1,742 | [1] | (1,581) | [1] | (693) | [1] | 141 | [1] | (1,081) | [1] | (1,372) | (1,613) | 4,547 | ||||
Loss from discontinued operations | [1] | (179) | (130) | (203) | (12) | (603) | (853) | (190) | (366) | ||||||||||||||
Net income (loss) | $ 2,353 | [1] | $ (1,359) | [1] | $ (3,019) | [1] | $ 1,730 | [1] | $ (2,184) | [1] | $ (1,546) | [1] | $ (49) | [1] | $ (1,447) | [1] | $ (2,074) | $ (3,447) | $ 3,161 | ||||
Net income (loss) per share: | |||||||||||||||||||||||
Basic (in Dollars per share) | $ 0.08 | [1] | $ (0.05) | [1] | $ (0.11) | [1] | $ 0.06 | [1] | $ (0.08) | [1] | $ (0.05) | [1] | [1] | $ (0.05) | [1] | $ (0.07) | $ (0.12) | $ 0.11 | |||||
Assuming dilution (in Dollars per share) | $ 0.08 | [1] | $ (0.05) | [1] | $ (0.11) | [1] | $ 0.06 | [1] | $ (0.08) | [1] | $ (0.05) | [1] | [1] | $ (0.05) | [1] | $ (0.07) | [2] | $ (0.12) | [2] | $ 0.11 | [2] | ||
(As a percentage of restaurant sales) | |||||||||||||||||||||||
Cost of food | [1] | 28.40% | 29.80% | 29.20% | 28.60% | 29.00% | 28.60% | 28.50% | 29.10% | ||||||||||||||
Payroll and related costs | [1] | 33.80% | 34.50% | 35.60% | 32.90% | 34.90% | 34.70% | 34.30% | 34.50% | ||||||||||||||
Other operating expenses | [1] | 16.10% | 16.60% | 17.60% | 15.80% | 16.30% | 17.20% | 17.70% | 17.50% | ||||||||||||||
Occupancy costs | [1] | 5.40% | 5.80% | 6.10% | 5.50% | 6.20% | 6.00% | 5.40% | 6.10% | ||||||||||||||
[1] | The quarters ended August 26, 2015 and August 27, 2014 consists of four four-week periods. All other quarters presented represent three four-week periods. | ||||||||||||||||||||||
[2] | Potentially dilutive shares not included in the computation of net income per share because to do so would have been antidilutive amounted to 77,000 in fiscal year 2015, 180,000 in fiscal year 2014 and zero shares in fiscal year 2013. Additionally, stock options with exercise prices exceeding market close prices that were excluded from the computation of net income per share amounted to 415,000 shares in fiscal year 2015, 143,000 shares in fiscal year 2014 and 67,000 shares in fiscal year 2013. |