On Tuesday, Dec. 19, restaurant operator Luby's
- Management proudly pointed out that year-over-year same-store sales grew for the 12th consecutive quarter. It isn't quite as happy about the minuscule 1.7% same-store growth rate.
- But Luby's did set aside $1.1 million of income taxes in this quarter, compared with $18,000 in the year-ago period. The company has been in the habit of booking tax benefits rather than paying anything, ever since a horrendous 2001 essentially hit the reset button on its books.
- The hefty increase in operational cash flow is the result of major sequential changes on the balance sheet, like a $5.5 million jump in accounts payable and $2.1 million more in accrued expenses.
(Figures in thousands, except per-share data)
Income Statement Highlights
Q1 2007 |
Q1 2006 |
Change |
|
---|---|---|---|
Sales |
$73,868 |
$72,582 |
1.8% |
Net Profit |
$1,915 |
$2,223 |
(13.9%) |
EPS |
$0.07 |
$0.08 |
(12.5%) |
Diluted Shares |
27102 |
27325 |
(0.8%) |
Get back to basics with a look at the income statement.
Margin Checkup
Q1 2007 |
Q1 2006 |
Change* |
|
---|---|---|---|
Gross Margin |
73.2% |
72.9% |
0.3 |
Operating Margin |
3.9% |
4.6% |
(0.7) |
Net Margin |
2.6% |
3.1% |
(0.5) |
Margins are the earnings engine. See how they work.
Balance Sheet Highlights
Assets |
Q1 2007 |
Q1 2006 |
Change |
---|---|---|---|
Cash + ST Invest. |
$18,650 |
$4,855 |
284.1% |
Accounts Rec. |
$616 |
$460 |
33.9% |
Inventory |
$3,724 |
$3,638 |
2.4% |
Liabilities |
Q1 2007 |
Q1 2006 |
Change |
---|---|---|---|
Accounts Payable |
$15,373 |
$17,142 |
(10.3%) |
Long-Term Debt |
$0 |
$10,000 |
(100%) |
Learn the ways of the balance sheet.
Cash Flow Highlights
Q1 2007 |
Q1 2006 |
Change |
|
---|---|---|---|
Cash From Ops. |
$11,861 |
$3,751 |
216.2% |
Capital Expenditures |
$3,012 |
$2,336 |
28.9% |
Free Cash Flow |
$8,849 |
$1,415 |
525.4% |
$2,488 |
$3,440 |
(27.7%) |
Find out why Fools always follow the money.
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Landry's Restaurants
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Texas
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Denny's
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At the time of publication, Fool contributor Anders Bylund had no position in any company mentioned. Fool rules are here .