That compares to a net loss of $2 million, or $0.09 per share, on sales $114 million.
Executives blame the slower economy, a shorter reporting period and store closures for the results. The company is switching to a 13-week period from one covering four months. It has closed 30 restaurants since September 2000. Excluding those effects, same-store sales declined $2.6 million, or 2.73%, which the company blamed on "recessionary pressures."
The San Antonio-based company operates 202 Luby's in 10 states.
"We have made financial adjustments and operationally are forging ahead with our recently launched programs to perform more consistently, improve quality, and better control costs," Chris Pappas, president and chief executive, says. "Resources, including cash and short-term investments, are being effectively managed as we work through these long-term goals."
Pappas and his brother, Harris, run the popular Pappas family restaurant chains of Pappasito's Cantina, Pappadeaux, Pappas Bar-B-Que and Pappas Bros. Steakhouse. They bought into Luby's and took top management roles earlier this year.
The company's shares, traded on the New York Stock Exchange, open today at $7.08. For the past year, the stock's high was $10.05 in June and its low was $3.50 in December 2000.
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