Luby's Announces Results of Annual Meeting of Shareholders

HOUSTON, Jan. 24, 2012 /PRNewswire/ -- Luby's, Inc. (NYSE: LUB) announced today the results of its annual meeting held on January 20, 2012 in Houston, Texas.

(Logo: http://photos.prnewswire.com/prnh/20100817/DA51671LOGO-b)

The company's shareholders voted to re-elect nine directors: Judith Craven, M.D., M.P.H., Arthur Emerson, Jill Griffin, J.S.B. Jenkins, Frank Markantonis, Joe McKinney, Gasper Mir, III, Christopher J. Pappas and Harris J. Pappas. They will serve on the Company's Board of Directors for one-year terms until the next annual meeting.

Additionally, shareholders ratified the appointment of Grant Thornton LLP to serve as the Company's independent public accounting firm for the 2012 fiscal year. Shareholders also approved the advisory vote on the compensation of the Company's named executives, as well as approved that future advisory votes on executive compensation will occur annually. They also ratified the Company's Shareholder Rights Agreement.

"On behalf of our Board of Directors and our management team, we would like to thank our stockholders for their support," stated Christopher Pappas, President and Chief Executive Officer of Luby's, Inc. "We understand that their continued confidence is earned; therefore, our team remains dedicated to creating shareholder value and providing our guests with the highest level of service and delicious made from scratch cooking. As we execute our strategies, we believe that we are well-positioned to create value for our shareholders by striving to grow our revenue and our operating cash flow.  During our 2012 fiscal year, we will continue to invest in our operations by remodeling approximately 12 cafeterias, and refreshing at least 20 Fuddruckers restaurants as well as opening three to five new restaurants."   

About Luby's
Luby's, Inc. operates restaurants under the brands Luby's Cafeteria and Fuddruckers and provides food service management through its Luby's Culinary Services division. The company-operated restaurants include 94 Lubys cafeterias, 57 Fuddruckers restaurants, and four other non-core restaurants. Its 94 Luby's Cafeterias are located throughout Texas and other states. Its Fuddruckers restaurants include 57 company-operated locations and 121 franchises across the United States (including Puerto Rico) and Canada. Luby's Culinary Services provides food service management to 21 sites consisting of healthcare, higher education and corporate dining locations.

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. Any statements made in this news release and in such oral and written communications other than historical statements, including statements regarding the expected financial performance of the Company's prototype restaurant, the execution of the Company's strategic plan, and future openings of new or replacement restaurants are forward-looking statements. Forward-looking statements 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 the Company's periodic reports on Form 10-K and Form 10-Q.

For additional information contact:

DRG&L / 713-529-6600
Ken Dennard / Sheila Stuewe
Investor Relations

SOURCE Luby's, Inc.