FISCAL Q1 2014 INVESTOR SUPPLEMENTAL …...2013/12/19 · FISCAL Q1 2014 INVESTOR SUPPLEMENTAL...
Transcript of FISCAL Q1 2014 INVESTOR SUPPLEMENTAL …...2013/12/19 · FISCAL Q1 2014 INVESTOR SUPPLEMENTAL...
FISCAL Q1 2014 INVESTOR FISCAL Q1 2014 INVESTOR SUPPLEMENTAL MATERIALSUPPLEMENTAL MATERIAL
December 19, 2013December 19, 2013
December 19, 20132014 Investor Presentation1
SAFE HARBOR STATEMENTSAFE HARBOR STATEMENTStatements made in this presentation and on the conference call, including statements made during the question-and-answer session, regarding Lucy’s future financial and operating results, as well as plans for expansion of the Company's business, including the expected financial performance of the Company's prototype restaurants and future openings, are forward-looking statements. These statements include risks and uncertainties, including but not limited to, general business conditions, the impact of competition, success of operating initiatives, changes in the constant cost and supply of food and labor and seasonality of the Company's business, taxes, inflation, governmental regulations, and availability of credit, as well as other risks and uncertainties disclosed in the Company's periodic reports on Forms 10-K and Forms 10-Q.
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NON GAAP MEASURESNON GAAP MEASURES
2014 Investor Presentation3 December 19, 2013
OUTLINEOUTLINE
• EBITDA
• Capital Expenditures
• Current Pipeline
• FY14 Q1 Financial Highlights
2014 Investor Presentation4 December 19, 2013
9.7 10.0
20.9
28.6 24.1 22.8
25.4
3.2
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 LTM FY14Q1
($M
M))
EBITDA
1.3
EBITDAEBITDA
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EBITDA = Income from Continuing Operations + Income Taxes + Depreciation + Interest Expense + Net Loss/(Gain) on Dispositions + Asset Impairments + Non‐cash compensation expense ‐ Other Income
25.9
AddbackCIP Loss
CIP: Cheeseburger in Paradise
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FY2014 Q1 CAPITAL BY BRANDFY2014 Q1 CAPITAL BY BRAND
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($MM) FY2013 FY14Q1Luby's Cafeterias 20.6$ 6.5$ Fuddruckers 9.3 1.9 Cheeseburger in Pardise 0.7 0.3 Corporate/Other 0.7 0.4 Total 31.3$ 9.2$
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FY2014 Q1 CAPITAL INVESTMENTSFY2014 Q1 CAPITAL INVESTMENTS
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FY13 FY14($MM) Total Q1Land 4.8$ 1.3$ New Construction 14.7 4.2 Remodels 5.4 1.5 Recurring 6.4 2.2 Total 31.3$ 9.2$
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ANNUAL CAPITAL INVESTMENTANNUAL CAPITAL INVESTMENT
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5.4 2.9 5.2 5.7 6.5 6.5
6.9
0.7
5.8
16.8
24.8
33.5
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
FY 2009 FY 2010 FY 2011 FY 2012E FY2013 FY2014Projected
($M
Ms)
Annual Capital Investment(Exluding Acquisiton CAPEX)
Maintenance CAPEX Growth CAPEX
12.3
3.6
11.0
22.5
31.3
40.0
12.3
3.6
11.0
22.5
31.3
40.0
12.3
3.6
11.0
22.5
31.3
40.0
12.3
3.6
11.0
22.5
31.3
40.0
12.3
3.6
11.0
22.5
31.3
40.0
12.3
3.6
11.0
22.5
31.3
40.0
12.3
3.6
11.0
22.5
31.3
40.0
12.3
3.6
11.0
22.5
31.3
40.0CAPEXRange
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PIPELINEPIPELINEFuture GrowthFuture Growth
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16 NEW UNIT PIPELINE16 NEW UNIT PIPELINE(AS OF DECEMBER 19, 2013)(AS OF DECEMBER 19, 2013)
• 5 Luby’s Cafeteria & Fuddruckers Hamburgers Combo = 10 Restaurants
Austin, TX – Slaughter Lane (Under construction) Katy, TX - Cinco Ranch Blvd. (Under Construction) Dallas, TX – Rockwall (Under Construction) Houston ,TX – I-45 South – Webster Jackson, MS
• 1 Additional Dual Restaurant Location (2 Restaurants) Dallas, TX (The Colony) – Configuration to be determined
• 4 Fuddruckers Hamburgers Houston, TX – MacGregor (Herman Park / Medical center) (Under
Construction) Bee Cave, TX (Austin) (Under Construction) Maryland – Brandywine San Antonio, TX – Blanco & Hwy 1604
2014 Investor Presentation10 December 19, 2013
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS
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FY14Q1 RESTAURANT SALES YOYFY14Q1 RESTAURANT SALES YOY
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CIP = Cheeseburger in ParadiseCore Stores = All stores open prior to FY2012 (including relocated stores);Core Stores average age = 23 years
$74.0
$81.4$8.8 $0.4
($1.5) ($0.1)
$60
$65
$70
$75
$80
$85
FY13 Q1Sales
CIPSales
New Stores Sales
Closed Stores Sales
LegacyStores
FY14Q1 Sales
Restaurant Sales Change ($MM)FY2013 Q1 to FY2014 Q1
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FY2013 RESTAURANT SALES YOYFY2013 RESTAURANT SALES YOY
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$324.5
$366.2
$35.7
$11.3
($5.6)
$0.2
$300
$310
$320
$330
$340
$350
$360
$370
$380
$390
$400
FY12 Q4Sales
CIPSales
New Stores Sales
Closed Stores Sales
CoreStores
FY13Q4 Sales
Restaurant Sales Change ($MM)FY2012 to FY2013
CIP = Cheeseburger in ParadiseCore Stores = All stores open prior to FY2012 (including relocated stores); Core Stores average age = 23 years
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TOTAL COMPANYTOTAL COMPANYHISTORICAL SAME STORE SALESHISTORICAL SAME STORE SALES
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Q1 Q2 Q3 Q4 Year
FY2011 5.5% 2.7% 3.5% (0.6%) 2.5%
FY2012 3.5% 2.2% 1.1% 2.4% 2.2%
FY2013 0.2% (0.6%) (0.1%) 0.5% 0.0%
FY2014* (1.3%)
*FY2014 Q1 Calendar Shifted for Timing of Thanksgiving: Same Store Sales = 1.1%
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Q1 HISTORICAL SAME STORE Q1 HISTORICAL SAME STORE SALESSALES
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(13.3%)
5.5%
3.5%
0.2%
(1.3%)
(15.0%)
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
2010 2011 2012 2013 2014
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LUBYLUBY’’S CAFETERIAS CAFETERIAHISTORICAL SAME STORE SALESHISTORICAL SAME STORE SALES
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Quarter Sales Traffic PPAQ1 (late November)
2012 3.4% (5.2%) 9.1%2013 (1.0%) (1.9%) 2.2%2014* 2.4% 1.6% 0.7%
3‐Year Comp 4.9% (5.5%) 12.3%
Q2 (Mid February)2011 2.7% 8.4% (5.0%)2012 2.2% (0.7%) 2.9%2013 (0.6%) (2.0%) 1.4%
3‐Year Comp 4.3% 5.5% (0.9%)
Q3 (Early May)2011 3.5% 4.6% (1.0%)2012 0.1% (3.0%) 3.2%2013 (0.1%) (1.1%) 0.9%
3‐Year Comp 3.5% 0.3% 3.1%
Q4 (Last Wednesday in August)2011 (1.1%) (1.9%) 1.6%2012 2.6% (2.9%) 5.7%2013 1.0% 0.5% 0.4%
3‐Year Comp 2.5% (4.3%) 7.8%
*2014 Q1 Calendar Shifted for Timing of Thanksgiving
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FUDDRUCKERS BRAND FUDDRUCKERS BRAND HISTORICAL SAME STORE SALESHISTORICAL SAME STORE SALES
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Quarter Sales Traffic PPAQ1 (late November)
2012 4.5% 1.6% 2.8%2013 0.9% (1.4%) 2.3%2014 (2.3%) (4.8%) 2.7%
3‐Year Comp 3.0% (4.6%) 8.0%
Q2 (Mid February)2011 1.7% 3.0% (1.2%)2012 6.8% 2.3% 4.3%2013 (0.1%) (2.5%) 2.3%
3‐Year Comp 8.5% 2.7% 5.4%
Q3 (Early May)2011 3.2% 1.9% (1.2%)2012 4.6% 0.6% 3.9%2013 0.5% (2.1%) 2.7%
3‐Year Comp 8.5% 0.4% 5.4%
Q4 (Last Wednesday in August)2011 4.0% 1.2% 2.7%2012 3.3% 0.5% 2.8%2013 (0.4%) (2.9%) 2.2%
3‐Year Comp 7.0% (1.2%) 7.9%
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Q1 STORE LEVEL PROFIT YOYQ1 STORE LEVEL PROFIT YOY
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CIP = Cheeseburger in Paradise; SLP = Store Level ProfitLegacy Stores = All stores open prior to FY2012 (including relocated stores);Core stores average age = 23 years
$9.8
$8.7
($1.4)
$0.1
($0.1)
$0.4
$6
$7
$8
$9
$10
$11
$12
FY13 Q1SLP
CIPSLP
New Stores SLP
Closed Stores SLP
LegacyStores
FY14Q1 SLP
Restaurant Store Level Profit Change ($MM)FY2013 Q1 to FY2014 Q1
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2013 STORE LEVEL PROFIT YOY2013 STORE LEVEL PROFIT YOY
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$50.0
$47.0
$0.0
$1.4
($1.2)
($3.1)
$45
$46
$47
$48
$49
$50
$51
$52
FY12SLP
CIPSLP
New Stores SLP
Closed Stores SLP
CoreStores
FY13SLP
Restaurant Store Level Profit Change ($MM)FY2012 to FY2013
CIP = Cheeseburger in ParadiseCore Stores = All stores open prior to FY2012 (including relocated stores);Core Stores average age = 23 years
December 19, 2013
STORE LEVEL PROFIT Q1 YOYSTORE LEVEL PROFIT Q1 YOY
2014 Investor Presentation20
CIP = Cheeseburger in Paradise
Quarter EndedWith Cheeseburger Cheeseburger Excluding CIP
November 20, November 20, November 20, November 21,($000s) 2013 2013 2013 2012
(12 weeks) (12 weeks)
Restaurant Sales 93.2% 93.1%Culinary Contract Services 4.9% 4.8%Franchise Revenue 1.7% 1.9%Vending Revenue 0.1% 0.2%Total Sales 100.0% 100.0%
Costs and Expenses:(As a percentage of restaurant sales)Cost of Food 28.7% 33.9% 28.1% 28.2%Payroll and Related costs 35.4% 44.6% 34.2% 35.1%Other Operating expenses 19.1% 26.5% 18.2% 18.1%Occupancy 6.1% 10.5% 5.6% 5.5%Store Level Profit 10.7% (15.4%) 13.9% 13.2%
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STORE LEVEL PROFIT FY2013 STORE LEVEL PROFIT FY2013 YOYYOY
2014 Investor Presentation21
CIP = Cheeseburger in Paradise
Year With Cheeseburger Cheeseburger Excluding CIP
August 28 August 28 August 28 August 29($000s) 2013 2013 2013 2012
(52 weeks) (52 weeks)
Restaurant Sales 93.8% 92.7%Culinary Contract Services 4.3% 5.1%Franchise Revenue 1.8% 2.1%Vending Revenue 0.1% 0.2%Total Sales 100.0% 100.0%
Costs and Expenses:(As a percentage of restaurant sales)Cost of Food 28.7% 31.8% 28.3% 27.9%Payroll and Related costs 34.4% 37.8% 34.0% 34.5%Other Operating expenses 18.2% 22.8% 17.7% 16.7%Occupancy 5.9% 7.8% 5.7% 5.5%Store Level Profit 12.8% (0.1%) 14.2% 15.4%
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APPENDIXAPPENDIXDecember 19, 2013December 19, 2013
2013 Investor Presentation22 December 19, 2013
RECONCILIATION OF STORE LEVEL PROFIT TORECONCILIATION OF STORE LEVEL PROFIT TOINCOME FROM CONTINUING OPERATIONSINCOME FROM CONTINUING OPERATIONS
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Quarter EndedNovember 20 November 21
($000s) 2013 2012(12 weeks) (12 weeks)
Store level profit 8,716 9,755
Plus:Sales from vending revenue 112 122 Sales from culinary contract services 4,270 3,841 Sales from franchise revenue 1,514 1,522
Less:Opening Costs 350 206 Cost of culinary contract services 3,672 3,466 Depreciation and amortization 4,413 4,118 General and administrative expenses 8,029 7,378 Provision for asset impairments, net 430 90 Net loss on disposition of property and equipment Interest 51 (242) Interest Income (2) (2) Interest Expense 253 175 Other Income, net (296) (243) Provision for income taxes (907) 78 Income (loss) from continuing operations (1,382) 217
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GAAP RECONCILATION ($000)GAAP RECONCILATION ($000)
2013 Investor Presentation24
LTMFY 2009 FY 2010 FY 2011 FY2012 FY2013 FY2014 Q1
Income from Continuing Operations (14,032) (503) 2,618 7,558 4,221 2,767 Add: Income Taxes 462 (3,190) 509 1,706 1,839 853 Add: Depreciation 16,021 15,217 17,204 17,972 18,533 18,783 Add: Interest Expense, net 189 601 2,439 934 912 991 Add: Net Loss/(Gain) on Dispositions (916) (924) (1,427) 278 (1,723) (1,430) Add: Asset Impairments 6,740 282 84 451 615 956 Add: Impairment/(Reversal) FMV of Investment 997 (1,636) - - Add: Non-Cash Compensation Expense 1,338 1,044 782 795 770 934 Less: Other Income (1,069) (844) (1,276) (1,081) (1,043) (1,096) EBITDA 9,730 10,046 20,932 28,613 24,123 22,758
December 19, 2013