HOUSTON, March 11, 2022 /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 that
the Company's Board of Directors has declared a cash liquidating
distribution of $0.50 per share to be
paid on March 28, 2022 to
shareholders of record as of March 21,
2022. The liquidating distribution is being paid from the
net proceeds from recent property sales. The distribution
follows an initial distribution of $2.00 per share paid on November 1, 2021.
The Company currently owns 18 real estate locations which it is
in the process of marketing and selling, including six locations
that are currently under contract to sell.
About Luby's
Luby's, Inc. (NYSE: LUB) previously announced its plan of
liquidation and dissolution, which was approved by its shareholders
on November 17, 2020. Luby's has sold
both its restaurant brands, Luby's Cafeterias and Fuddruckers, and
has entered into a purchase agreement for the sale of its Luby's
Culinary Contract Services business segment.
Forward Looking Statements
This press release contains statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements contained in this press
release, other than statements of historical fact, are
"forward-looking statements" for purposes of these provisions,
including the statements regarding sales of assets, effects of the
Company's Liquidation and Dissolution Plan (the "Plan"), expected
value or proceeds attributable to the sale of assets, and expected
proceeds to be distributed to stockholders or the timing thereof.
Luby's cautions 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 Luby's. The following
factors, as well as any other cautionary language included in this
press release, provide examples of risks, uncertainties and events
that may cause Luby's actual results to differ materially from the
expectations Luby's describes in such forward-looking statements:
general business and economic conditions; the effects of the
COVID-19 pandemic; the impact of competition; fluctuations in
the costs of commodities, including beef, poultry, seafood, dairy,
cheese and produce; increases in utility costs, including the costs
of natural gas and other energy supplies; changes in the
availability and cost of labor; the seasonality of Luby's business;
changes in governmental regulations, including changes in minimum
wages; the effects of inflation; unfavorable publicity relating to
operations, including publicity concerning food quality, illness or
other health concerns or labor relations; and other risks and
uncertainties disclosed in Luby's annual reports on Form 10-K and
quarterly reports on Form 10-Q, including information regarding the
risks, uncertainties and other factors relating to the Plan, the
expected net proceeds from the sale of assets, and expected
proceeds to be distributed to stockholders.
For additional information contact:
John Garilli, Interim CEO
(617) 570-4600
LInvestors@lubys.com
Related Links
http://www.lubys.com
View original
content:https://www.prnewswire.com/news-releases/lubys-inc-to-issue-a-0-50-per-share-cash-liquidating-distribution-301500657.html
SOURCE Luby's, Inc.
