8-K

STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)  November 13, 2003

Luby's, Inc.(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

1-8308	74-1335253
(Commission File Number)	(IRS Employer Identification Number)

2211 Northeast Loop 410
San Antonio, Texas 78217

(Address of principal executive offices, including zip code)

(210) 654-9000	www.lubys.com
(Registrant's telephone number, including area code, and Website)

(Former name, former address and former fiscal year, if changed since last report)

Item 12.  

On November 13, 2003, Luby's, Inc. issued a press release announcing its earnings for the fourth quarter and year ended August 27, 2003.  A copy of the press release is attached hereto as Exhibit 99.

The information and exhibit furnished under Item 12 of this Current Report on Form 8-K shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LUBY'S, INC.

(Registrant)

Date:           November 13, 2003	By:	/s/Christopher J. Pappas
		Christopher J. Pappas
		President and
		Chief Executive Officer

EX-99

News Release

Luby's, Inc.
2211 Northeast Loop 410
P.O. Box 33069
San Antonio, Texas 78265-3069
210/654-9000
www.lubys.com

For additional information contact: Adam Carter, Communications Director, 832-435-3084

FOR IMMEDIATE RELEASE

Luby's Announces Fourth Quarter, End-of-Year Results
- Company Pays Down $14.6 Million in Bank Debt Principal During Fourth Quarter -

SAN ANTONIO, TX - November 13, 2003 - Luby's, Inc. (NYSE: LUB) today announced the results of operations for the fourth quarter and fiscal year ended August 27, 2003.  

"During the fourth quarter, the Company focused on continuing the work started in March 2003 with the launch of the new business plan," said Chris Pappas, President and CEO.  "We have returned to a focus on our core Texas markets.  We have closed more than 40 of our underperforming stores and sold a number of them to pay down our bank debt.  And we continue to make progress in our efforts to improve efficiency in the restaurants."  

Bank debt paydowns, primarily from the sale of real estate, totaled $14.6 million in the fourth quarter.  The Company previously announced that during the implementation of the business plan it will report same-store sales and cash flow results of the Company's approximately 140 core stores.  Same-store sales for these core stores declined 1.8% for the fourth quarter, and these stores achieved a cash flow margin of 17.9%.  For the year, the sales decline was 2.3%, with these stores achieving a cash flow margin of 15.6%.  Store-level cash flow margins are defined as sales minus food cost, payroll, and occupancy and other expenses, as a percent of sales.

For the fourth quarter, total Company sales declined approximately 3.9% to $96.7 million from $100.7 million a year ago.  Of the total decrease, $2.3 million related to a 2.4% decline in same-store sales; the remainder related to net store closures specified in prior disposal plans.  Total prime costs (food and labor) for the fourth quarter decreased as a percentage of sales from 57.8% to 54.9%.  Food cost decreased from 26.6% to 26.1%, complemented by a labor cost decrease from 31.2% to 28.8%.  The decrease in food cost was related primarily to efforts to better manage costs at the restaurant level using a targeted budgeting tool.  The decrease in labor cost was primarily the result of the continued efforts to improve efficiency.  Luby's reported income before discontinued operations for the fourth quarter of $1.1 million and a net loss of $1.6 million, which included a $2.7 million charge for discontinued operations.   This compares favorably to the fourth quarter of fiscal 2002, which featured an income before discontinued operations of $175,000 and a net loss of $2.0 million.

"The hard work of all of our employees is evident in the successes we have had at controlling our costs in the restaurants," said Pappas.  "Returning Luby's to the status of a healthy, strong organization remains a long-term goal.  We will continue to focus on opportunities to make Luby's a more efficient, better performing organization by improving our operations and managing our costs, both in the restaurants and at the headquarters level."

For fiscal 2003, total Company sales were $318.5 million, down 4.8% from $334.5 million in fiscal 2002.  Of the total decrease, $8.7 million related to a 2.7% decline in same-store sales.  Also, $9.5 million of the total decline related to net store closures specified in prior disposal plans.  These decreases were offset by the positive impact of two additional days of sales of $2.2 million.  Over the course of the year, the Company lowered its bank debt balance by $26.9 million, from $118.4 million at the end of fiscal 2002 to $91.6 million at the end of fiscal 2003.

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The Company's prime costs (food and labor) decreased as a percentage of sales from 57.5% in fiscal 2002 to 56.3% in fiscal 2003.  The cost of food, which increased from 25.5% last year to 27.3% this year, was offset by a decrease in labor, from 32.0% last year to 29.0% this year.  Increased food cost for the year was the result of a strategy to deliver more value to the customer; however, the recent implementation of food cost budgeting systems has enabled the Company to better manage these costs.  The cost of labor decreased from the prior year primarily because of tools used in the restaurants to manage labor costs as well as lower workers' compensation expense related to the Company's comprehensive in-house safety and claims management programs.

For the year, general and administrative expenses rose $2.1 million.  This was partially attributable to an increase in professional costs due to a fixed-asset, cost segregation study on tax depreciation completed during the third quarter.  Consulting fees were also higher than in the prior year, due mostly to efforts related to the development of the business plan and the continued negotiations with the Company's bank group.  Additional increases were a result of increased investment in personnel to improve labor and food costs and facilities management.

The Company recognized two charges to its earnings during the fiscal year as a result of store closures.  The first charge of approximately $2.1 million - shown as a provision for asset impairments and restaurant closings - impacted the Company's income (loss) from operations.  This provision primarily included write-downs to currently operating restaurants marked for closure under the business plan.  The second charge of approximately $29.4 million - shown as discontinued operations - included noncash impairment charges of approximately $19.2 million whereby applicable restaurants closed during the fiscal year were written down to their net realizable value.  Additional charges within discontinued operations included operating losses from those closed locations, allocated bank-debt interest expense, and termination costs associated with the implementation of the business plan to date, including lease settlements and carrying costs of closed stores.& nbsp; For the fiscal year, the Company reported a loss before discontinued operations of $3.7 million.  After including the discontinued operations charge, the Company lost $33.1 million for the year.  This compares to fiscal 2002, which featured a loss before discontinued operations of $2.8 million and a net loss of $9.7 million.

Luby's provides its customers with delicious, home-style food, value pricing, and outstanding customer service at its 144 restaurants in Dallas, Houston, San Antonio, the Rio Grande Valley, and other locations throughout Texas and other states.  Luby's stock is traded on the New York Stock Exchange (symbol LUB).  For more information about Luby's, visit the Company's web site at www.lubys.com.

The Company will hold its quarterly conference call with financial analysts to discuss fiscal 2003 year-end results on Friday, November 14, at 1:30 p.m. (Central Time).  Interested investors are invited to listen to the call by dialing 800-758-6974; a pass code is not required.  A replay will be available following the call through November 21, 2003.  The replay number is 800-642-1687, Conference I.D. number 3837296.

The company wishes to caution readers that various factors could cause its actual financial and operational results to differ materially from those indicated by forward-looking statements made from time to time in news releases, reports, proxy statements, registration statements, and other written communications, as well as oral statements made from time to time by representatives of the company.  Except for historical information, matters discussed in such oral and written communications are forward-looking statements that involve risks and uncertainties, including but not limited to general business conditions, the impact of competition, the success of operating initiatives, changes in the cost and supply of food and labor, the seasonality of the company's business, taxes, inflation, governmental regulations, and the availability of credit, as well as other risks and uncertainties disclosed in periodic reports on Form 10-K and Form 10-Q.

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Prior period results have been reclassified to show the retroactive effect of discontinued operations per the new business plan.  Reclassification facilitates more meaningful comparability to the Company's current information.  As stores are closed in the future and presented in discontinued operations, quarterly and annual financial statements, where applicable, will be reclassified for further comparability.

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)

	Quarter Ended						Year Ended
	August 27,			August 28,			August 27,			August 28,
	2003			2002			2003			2002
	(112 days)			(112 days)			(364 days)			(362 days)
SALES	$	96,743		$	100,657		$	318,521		$	334,473
COSTS AND EXPENSES:
Cost of food		25,254			26,721			87,048			85,275
Payroll and related costs		27,845			31,433			92,416			106,969
Occupancy and other operating expenses		28,692			29,626			97,708			101,178
Depreciation and amortization		5,543			5,679			18,104			18,122
General and administrative expenses		6,426			5,870			23,326			21,216
Provision for asset impairments and     restaurant closings		156			55			2,060			271
TOTAL COSTS AND EXPENSES		93,916			99,384			320,662			333,031
INCOME (LOSS) FROM OPERATIONS		2,827			1,273			(2,141	)		1,442
Interest expense		(3,577	)		(2,216	)		(8,741	)		(7,676	)
Other income, net		1,852			1,461			7,217			2,374
Income (loss) before income taxes		1,102			518			(3,665	)		(3,860	)
Provision (benefit) for income taxes		-			343			-			(1,032	)
Income (loss) before discontinued operations		1,102			175			(3,665	)		(2,828	)
Discontinued operations, net of taxes		(2,700	)		(2,147	)		(29,429	)		(6,825	)
NET INCOME (LOSS)	$	(1,598	)	$	(1,972	)	$	(33,094	)	$	(9,653	)
Income (loss) per share -- before discontinued   operations - basic and assuming dilution		0.05			0.01			(0.16	)		(0.13	)
Income (loss) per share -- from discontinued   operations - basic and  assuming dilution		(0.12	)		(0.10	)		(1.31	)		(0.30	)
Net income (loss) per share -- basic and assuming   dilution	$	(0.07	)	$	(0.09	)	$	(1.47	)	$	(0.43	)
Average number of shares outstanding		22,456			22,433			22,451			22,428

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CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

	August 27,					August 28,
			2003				2002
ASSETS
Current Assets:
Cash	$	871			$		1,584
Short-term investments		20,498					24,122
Trade accounts and other receivables		283					185
Food and supply inventories		1,798					2,197
Prepaid expenses		3,485					1,667
Income tax receivable		--					7,245
Deferred income taxes		2,726					2,726
Total current assets		29,661					39,726
Property held for sale		32,946					8,144
Investments and other assets		547					4,642
Property, plant, and equipment -- at cost, net		217,676					289,967
Total assets	$	280,830			$		342,479
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable	$	12,488			$		19,077
Accrued expenses and other liabilities		20,978					21,735
Convertible subordinated notes, net - related party		6,973					--
Credit-facility debt		91,559					118,448
Total current liabilities		131,998					159,260
Convertible subordinated notes, net - related party		--					5,883
Accrued claims and insurance		3,729					5,142
Deferred income taxes and other credits		11,528					5,460
Reserve for restaurant closings		1,663					3,114
Total liabilities		148,918					178,859
SHAREHOLDERS' EQUITY
Common stock, $.32 par value; authorized 100,000,000 shares, issued     27,403,067 shares in 2003 and 2002		8,769					8,769
Paid-in capital		36,916					37,335
Deferred compensation		(679		)			(1,989	)
Retained earnings		191,968					225,062
Less cost of treasury stock, 4,946,771 and 4,970,024 shares in 2003 and 2002,     respectively		(105,062		)			(105,557	)
Total shareholders' equity		131,912					163,620
Total liabilities and shareholders' equity	$	280,830			$		342,479

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The Company's operating performance is evaluated using several measures.  One of those measures, EBITDA, is derived from the income (loss) from operations GAAP measurement.  EBITDA has historically been used by the Company's credit-facility lenders to measure compliance with certain financial debt covenants. The Company's credit-facility debt agreement defines EBITDA as the sum of operating income, plus nonrecurring, noncash charges which decrease operating income, plus depreciation and amortization, minus nonrecurring credits which are included in operating income.  The agreement further specifies that EBITDA shall exclude the noncash portion of the CEO's and the COO's stock option compensation, cost of stock options with employees, accounting requirements for future store closings required by GAAP, and costs of closing a store location.

	Quarter Ended				Year Ended
	August 27,		August 28,		August 27,			August 28,
	2003		2002		2003			2002
	(112 days)		(112 days)		(364 days)			(362 days)
	(In thousands)
Income (loss) from operations	$	2,827	$	1,273	$	(2,141	)	$	1,442
Less excluded items:
Provision for asset impairments and restaurant closings		156		55		2,060			271
Depreciation and amortization		5,543		5,679		18,104			18,122
Noncash executive compensation expense		403		405		1,310			1,310
EBITDA	$	8,929	$	7,412	$	19,333		$	21,145

While the Company and many in the financial community consider EBITDA to be an important measure of operating performance, it should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States, such as operating income and net income.  In addition, the Company's definition of EBITDA is not necessarily comparable to similarly titled measures reported by other companies.

COMPARATIVE QUARTERLY CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In thousands)

				Quarter Ended
	Year-to-Date				August 27,			May 7,			February 12,			November 20,
	Fiscal 2003				2003			2003			2003			2002
	(364 days)				(112 days)			(84 days)			(84 days)			(84 days)
Sales	$	318,521			$	96,743		$	74,208		$	73,899		$	73,671
Gross profits		139,057				43,644			32,858			31,722			30,833
Discontinued operations		(29,429	)			(2,700	)		(21,783	)		(2,198	)		(2,748	)
Net income (loss)		(33,094	)			(1,598	)		(24,990	)		(3,405	)		(3,101	)
Net income (loss) per share	$	(1.47	)		$	(0.07	)	$	(1.11	)	$	(0.15	)	$	(0.14	)
				Quarter Ended
	Year-to-Date				August 28,			May 8,			February 13,			November 21,
	Fiscal 2002				2002			2002			2002			2001
	(362 days)				(112 days)			(84 days)			(84 days)			(82 days)
Sales	$	334,473			$	100,657		$	78,311		$	76,391		$	79,114
Gross profits		142,229				42,503			35,257			33,199			31,270
Discontinued operations		(6,825	)			(2,147	)		(1,181	)		(1,488	)		(2,009	)
Net income (loss)		(9,653	)			(1,972	)		(174	)		(2,162	)		(5,345	)
Net income (loss) per share	$	(0.43	)		$	(0.09	)	$	(0.01	)	$	(0.09	)	$	(0.24	)

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