Luby's (LUB) Tops Q4 View By 7c; Amends Credit Agreement

Luby's (NYSE: LUB) reports Q4 EPS of $0.01, 7 cents better than the analyst estimate of ($0.06). Revenues for the quarter were $70.7 million, versus the consensus of $69.7 million.

Luby's same store sales are down 4.9% YTD.

"Given the current macro-economic environment impacting our financial results and the reduction of our capital plans, we took a conservative approach to proactively work with our existing banks to amend our credit facility to enhance financial flexibility," said Luby's CEO Chris Pappas.

Primary changes to the credit facility agreement:

-- Reduces facility from $50 million to $30 million
-- Retains $100 million accordion feature
-- Permits increased capital expenditures
-- Modifies the interest rate
-- Remains an unsecured credit facility

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Luby's operates 121 restaurants in Austin, Dallas, Houston, San Antonio, the Rio Grande Valley and other locations throughout Texas and other states. Luby's provides its customers with quality home-style food, value pricing, and outstanding customer service.

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