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Luby's swings to loss in fiscal Q3

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Luby's swings to loss in fiscal Q3

Luby's Inc. said its normalized net income for the fiscal third quarter ended June 1 amounted to a loss of 1 cents per share, compared with 5 cents per share in the third quarter ended May 6, 2015.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $328,750, compared with income of $1.4 million in the third quarter ended May 6, 2015.

The normalized profit margin dropped to negative 0.4% from 1.5% in the year-earlier period.

Total revenue declined year over year to $92.1 million from $94.1 million, and total operating expenses grew on an annual basis to $92.2 million from $91.3 million.

Reported net income came to a loss of $292,590, or a loss of 1 cents per share, compared to income of $2.6 million, or 9 cents per share, in the third quarter ended May 6, 2015.