{"id":514750,"date":"2021-07-19T17:25:22","date_gmt":"2021-07-19T21:25:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/lubys-issues-third-quarter-fiscal-2021-report\/"},"modified":"2021-07-19T17:25:22","modified_gmt":"2021-07-19T21:25:22","slug":"lubys-issues-third-quarter-fiscal-2021-report","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/lubys-issues-third-quarter-fiscal-2021-report\/","title":{"rendered":"Luby’s Issues Third Quarter Fiscal 2021 Report"},"content":{"rendered":"
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Estimated Net Assets in Liquidation Increased to $4.13 per Share<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n HOUSTON<\/span>, July 19, 2021<\/span> \/PRNewswire\/ — Luby’s, Inc. (NYSE: LUB) (“Luby’s”) which is in the process of monetizing its assets for the benefit of its shareholders, announced today its financial results for the third quarter ended June 2, 2021<\/span>.<\/p>\n

\n Financial Results<\/b>\n <\/p>\n

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\n Liquidation Basis of Accounting<\/i>
\n <\/b>\n <\/p>\n

As a result of Luby’s shareholder approval of its plan of liquidation on November 17, 2020<\/span>, effective November 19, 2020<\/span>, in accordance with Generally Accepted Accounting Principles (“GAAP”), the Company began reporting its financial results on the liquidation basis of accounting.\u00a0 The liquidation basis of accounting requires, among other things, that management estimates net sales proceeds on an undiscounted basis, as well as includes in the Company’s assets and liabilities the undiscounted estimate of future revenues and expenses through the end of the liquidation.\u00a0 Based on the liquidation basis of accounting, the net assets in liquidation at June 2, 2021<\/span> are currently estimated to result in future liquidating distributions of approximately $4.13<\/span> per common share based on the number of common shares outstanding on that date. This amount represents an increase of $0.15<\/span> per share compared to last quarter’s estimate owing primarily to actual realization from completed real estate transactions as well as achieving better operating results than previously forecasted.\u00a0 This estimate of future liquidating distributions includes projections of sales proceeds and net operating revenues to be received and costs and expenses to be incurred, including costs to dispose of the Company’s assets to complete the plan of liquidation which is currently projected to be completed by June 30<\/span>, 2022.\u00a0 <\/p>\n

There is inherent uncertainty with these projections, and accordingly, these projections could change materially based on a number of factors both within and outside of Luby’s control. There can be no assurance that these estimated values will be realized.\u00a0 Such amounts should not be taken as an indication of the timing or the amount of future distributions or our actual dissolution.<\/p>\n

The current estimate of net assets in liquidation at June 2, 2021<\/span> has been estimated based on undiscounted cash flow projections and assumes a final liquidation on June 30, 2022<\/span> even though the actual timing of the sale of the Company’s operating businesses and real estate holdings cannot be determined with any specificity at this time.\u00a0 As such, the final liquidation of the Company is subject to future events and uncertainties.\u00a0 Liabilities are carried at their contractual amounts due as adjusted for the impact of timing of the planned liquidation.\u00a0 It is not possible to predict with certainty the timing or aggregate amount which may ultimately be distributed to our shareholders and no assurance can be given that the distributions will equal or exceed the estimate presented in this release.<\/p>\n

\n Recent Company Announcements <\/b>\n <\/p>\n