Luby's Reports Fourth Quarter EPS of $.04
Luby's, Inc. (NYSE: LUB) today announced its unaudited financial results for the fourth quarter fiscal 2010, a sixteen-week period, which ended on August 25, 2010.
In the fourth quarter fiscal 2010, Luby's reported income from continuing operations of $1.1 million, or $0.04 per share, compared to a loss of $13.3 million in the same quarter last year, or $0.47 per share.
Income from continuing operations in the fourth quarter fiscal 2010 included $1.4 million after-tax gain from auction rate securities that were redeemed at par value during the 2010 fourth quarter, a decrease in the tax valuation allowance of $2.4 million, $2.0 million in after-tax expenses associated with an accrual for a pending legal settlement and costs associated with the acquisition of Fuddruckers, and $0.2 million after-tax non-cash asset impairment charge.
Last year's results included (1) $4.1 million after-tax non-cash asset impairment charge, and (2) a non-cash charge of $5.1 million related to a valuation allowance established on the Company's deferred tax assets, and (3) $0.1 million after-tax decrease in fair market value of investments.. The table below reflects the impact of these special items.
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