Zeitzonenrechner GMT. GMT. Aktuelle Uhrzeit. GMT Greenwich Mean Time. So., 7. Okt. UTC bzw. GMT. Koordinierte Weltzeit Coordinated. Greenwich Mean Time and Berlin Germany Time Converter Calculator, Greenwich Mean PM () Previous Day GMT AM () Berlin Time. März Liest man eine Uhrzeit, ist hinter der Zeitangabe häufig ein Kürzel wie „GMT“ angegeben. Damit ihr nicht euren Flug oder einen. Ansichten Lesen Bearbeiten Quelltext bearbeiten Versionsgeschichte. Japan Standard Time wurde in Japan durch Erlass 51 vom Mai eine Sommerzeitregelung ein um Energieengpässen zu begegnen. Ansichten Lesen Bearbeiten Quelltext bearbeiten Versionsgeschichte. Korea Standard Time gilt in Südkorea sowie Nordkorea. Juni ihre Uhren eine Stunde vor. Möglicherweise unterliegen die Inhalte jeweils zusätzlichen Bedingungen. Da diese jedoch mit nur drei Tagen Ankündigung und ohne vorherige Diskussion umgesetzt wurde, entwickelte sie sich zu einem Sinnbild der Erniedrigung durch den Kriegsgewinner, so dass mit Wiedererlangung der Souveränität Japans diese unmittelbar wieder abgeschafft wurde. Die Energieengpässe im Zusammenhang mit der Abschaltung der japanischen Kernreaktoren als Reaktion auf die Nuklearkatastrophe von Fukushima rückten das Thema Sommerzeit wieder verstärkt in den politischen Fokus. Nachdem Taiwan unter japanische Herrschaft geriet, wurde durch Erlass vom Korea Standard Time gilt in Südkorea sowie Nordkorea. Singapur eingeführt; nach dem Abzug wurden dort die vorher gültigen Zonenzeiten wieder eingeführt. September mit Wirkung zum 1. Navigation Hauptseite Themenportale Zufälliger Artikel. So that's kind of 1. bundesliga tabelle live negotiation. Is that a 2-quarter lag? As John stated, Q1 was a challenging quarter, and we delivered mixed results in the quarter. So Beste Spielothek in Adelsried finden leverage was 4. While these sales results are below our expectation for this brand, it's overall store level profit remained positive in fiscal but below its performance was kostet lovescout24 year. We made changes around headcount and changes around how we do our work so we can reduce headcount. We can meet their needs better once we understand them better. Scott Gray, Luby's, Inc. Less Closing stock of raw materials. Investors may also find useful results, highlights of our results and year-over-year comparisons in our press release and 8-K filed after the market closed yesterday. And I will now turn the call over to Linda Massman, who will discuss the company's outlook. We are sold out on ultra quality tissue and now have limited ability to enrich the sales mix with additional ultra tissue until the Shelby expansion is complete.
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After the hurricane, sales trends improved significantly as we move through the second half of fiscal More details are included in our press release.
The sales declined did not deter us from the cost control program initiated early in the year. And we have realized cost savings in many areas of our operations, including corporate overhead, certain restaurant operating costs and a decreased level of capital spending.
In addition, our Culinary Contract Services revenue grew significantly in the fourth quarter and is on the path to show meaningful growth in fiscal Finally, from a strategic perspective, our preference has always been to own a property at our restaurant locations especially for the Luby's brand.
Over time, that ownership provides options, particularly, when the neighborhoods change, highway systems or market changes over time. Many of our restaurants have been in operation for more than 30 years and in some cases, we have seen those areas change significantly.
We continually review the ongoing performance of all of our restaurants and make certain determinations based on historical results, local market conditions and other factors that may result in restaurant closures.
In fiscal , non underperforming company-owned restaurants were closed that in the aggregate were not contributing to profitability.
Our long-term plan is to redeploy these proceeds into investments with more suitable return characteristics.
In the interim, we continue to develop low capital areas of our business, such as our Culinary Contract Services and our Fuddruckers franchise segments.
We also sold one company Fuddruckers franchise location to one of our largest franchisees in fiscal I will now turn the call over to our CFO, Scott Gray, to review key financial metrics from the fourth quarter and fiscal Scott Gray, Luby's, Inc.
Before I get started, please note that we posted our investor presentation on our website found at lubysinc.
Presentation contains some additional information that we believe will be helpful to our investors. Investors may also find useful results, highlights of our results and year-over-year comparisons in our press release and 8-K filed after the market closed yesterday.
As a reminder, our fourth quarter and fiscal had one less operating week than the prior year. Beginning with our company-operated restaurant business segment.
Restaurant sales in fiscal decreased 5. Same-store sales would have been down only approximately 2.
With regards to fiscal fourth quarter sales. Only week-toweek year-over-year basis, Luby's Cafeterias Same-store sales decreased 4.
The decrease was a result of an 8. Hurricane Harvey reduced Luby's same-store sales by approximately 3. It remains one of our biggest opportunity, areas for improving company profitability who work on growing sales, leading to improved margins.
For the fiscal year, Luby's cafeteria same-store sales were down 3. Fuddruckers restaurant same-store sales decreased 3. The decrease was the result of a 7.
Hurricane Harvey reduced Fuddruckers same-store sales by approximately 2. For the fiscal year, Fuddruckers same-store sales decreased 1.
Combo unit locations same-store sales representing 6 combo locations, declined 7. For the fiscal year combo same-store sales were down 5.
Cheeseburger in Paradise, representing all 8 Cheeseburger in Paradise locations decreased For the fiscal year, Cheeseburger in Paradise same-store sales were down While these sales results are below our expectation for this brand, it's overall store level profit remained positive in fiscal but below its performance last year.
We have closed 1 of the 8 Cheeseburger locations in Maryland in fiscal Our overall for the business segments, store level profit defined as restaurant sales plus vending revenue less cost of food, payroll and related costs, other operating expenses and occupancy cost was Store level profit was The decline in margin for both at the fourth quarter and the fiscal year was driven primarily by declines in same-store sales.
And to the lesser extent, higher restaurant operating cost for repairs and maintenance and other operating expenses. Moving on to our Culinary Contract Services business segment.
We ended fiscal with a profit margin of Turning to our Fuddruckers franchise business segment. We ended fiscal with a domestic and international franchise locations, level with the end of fiscal during the year, we had 8 new locations opened and some legacy locations closed.
The lower corporate overhead included reductions in overall compensation expense, corporate travel expense, marketing and advertising and outside professional services fees.
Our year-over-year results began to more closely track the prior-year during the second half of the year. To point out an industry comparison, we believe that we were impacted by the following.
Peter will be covering our operations action plans to improve performance in a moment. And we continue -- as we continue to curtail our capital investments.
Before turning the call over to Peter, I'd like to comment on the performance we have seen in the first 8 weeks of fiscal Again, this is not necessarily an indicator for the full year.
But we would like to share the results with you now for both Luby's and Fuddruckers same-store sales are trending positive, while sales at Cheeseburger in Paradise continue to be challenged.
And our Culinary Contract Services segment is on track to show meaningful growth in With that, I'd like to turn the call over to Peter Tripoli, our Chief Operating Officer, for an update on operations and marketing.
Peter Tropoli, Luby's, Inc. Thank you, Scott and Chris. I will outline the tactics and strategies we're employing to improve our company moving forward and speak to our brands.
Our most critical challenge and immediate need as an organization is profitable sales initiatives. This means our ability to increase the visit frequency of our guests, attract new guests into our restaurants, create new revenue streams and increase our check averages.
To do this, we must become an even more hyper-guest-focused organization. We must constantly make ourselves more relevant to guests and better answer what's in it for me to them.
This needs to happen at all points of our customer experience loop. And our vehicles to success remains in our team members. Operationally, we're addressing this through the following.
First, we're striving to be able to speak to our guests more directly and personally. We can meet their needs better once we understand them better.
We worked with the top loyalty group to help us craft the next phase of our loyalty and recognition platform, in all of our brands moving forward. We're elevating our eClub into a central companywide guest database, thereby creating a CRM, or loyalty platform.
Our loyalty program will live on an app that we're developing for each brand. The app will house both mobile ordering and as well as loyalty.
And we'll balance it to attempt to maximize the impact between informing, promoting, incenting and rewarding.
This will provide a greater platform for guest communications and help us tell them all the great things going on at our brands.
The rewards will be based on a surprise-and-delight strategy, which includes distinctive moments, promotions offering that are unique to each customer and delivered across channels.
Next by elevating culinary and new product development innovation. We intend to increase our appeal and relevance, differentiation and of course, create new revenue streams.
Our focus is on taste and flavor, disciplined store level testing, trial and training. This is very recipe- and process- driven -- and innovation relates to new and existing items as well as legacy ones reviewing and reflecting the best ingredients preparation techniques and recipe updates.
As a reminder, this call is being recorded today, April 19, I would now like to turn the conference over to Ms.
Financial results for the first quarter were released shortly after today's market close. You will find the presentation of supplemental information, including an updated outlook slide, providing the company's current expectation and estimate as to certain costs, product pricing, mix, shipment production and other factors for the second quarter of posted on the Investor Relations page of our website at clearwaterpaper.
Additionally, we will be providing certain non-GAAP information in this afternoon's discussion. A reconciliation of the non-GAAP information to comparable GAAP information is included in the press release or in the supplemental material provided on our website.
I would like to remind you that this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of as amended.
These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change, and actual results may differ materially from the forward-looking statements.
Factors that could cause actual results to differ materially include those risks and uncertainties described from time to time in our filings with the Securities and Exchange Commission, including our Form K for the year ended December 31, Any forward-looking statements are made only as of today's date, and the company assumes no obligation to update any forward-looking statement based on new developments or changes in the company's expectations.
John Hertz will begin today's call with a review of the financial results for the first quarter. And Linda Massman will provide an overview of the business environment and our outlook for the second quarter of , and then we'll open up the call for the question-and-answer session.
Now I'll turn the call over to John. Q1 of was a challenging quarter. While tissue shipment volumes were strong, the challenging industry conditions have resulted in pricing pressure and higher input cost related to transportation in pulp and wood fiber.
As a result, with the exception of revenues, we came in below the low end of our Q4 outlook ranges.
Before I get into our first quarter results, I'd like to preface my comments by stating that throughout the rest of my remarks, I will be distinguishing between GAAP and non-GAAP or adjusted results.
The adjusted results exclude certain charges and benefits that we believe are not indicative of our core operating performance.
The reconciliation from GAAP to adjusted results is provided in our press release and supplemental materials posted on our website.
So with that, let's get to our results. Tissue pricing was a headwind due to pricing pressures primarily in non-ultra products and higher promotional spend in the first quarter.
Net sales were flat versus Q1 That was mainly due to the tissue pricing pressure of higher external pulp and wood prices and higher planned maintenance at the Arkansas and Shelby mills.
Other contributors were planned Shelby expansion start-up costs and higher transportation costs resulting from a very tight carrier market.
On an adjusted basis, our Q1 effective tax rate was That was due to recognition of income tax benefits from a federal tax law extension on a previously expired tax credit.
Now I'll discuss the segment results. The solid top line results were due to 7. That was more than offset by lower retail tissue pricing, reflective of the competitive retail environment and higher promotional activities, which is the result of the current market conditions.
We are sold out on ultra quality tissue and now have limited ability to enrich the sales mix with additional ultra tissue until the Shelby expansion is complete.
Decrease was due to the previously mentioned lower retail prices, higher external pulp prices, higher planned maintenance and expansion start-up costs at the Shelby mill, along with higher transportation costs.
Now turning to the Pulp and Paperboard division. The decrease in operating margin primarily resulted from higher wood prices at both Idaho and Arkansas due to demand for wood related to the strong pulp and corrugated industries and higher planned maintenance at Arkansas.
Now turning to the balance sheet. Our leverage ratio was 4. With regard to our liquidity. That concludes my remarks. And I will now turn the call over to Linda Massman, who will discuss the company's outlook.
Hello, everyone, and thanks for joining us today. As John stated, Q1 was a challenging quarter, and we delivered mixed results in the quarter. However, we are confident in our long-term position in the marketplace due to strong demand for our products and our focus on generating strong cash flow.
Now we'll talk about specifics. The first quarter was a mix of better-than-expected tissue shipment volumes due in part to solid demand and increased retailer promotional activity, which was more than offset by the very challenging industry-wide economic conditions in retail tissue, including tissue pricing pressure in the non-ultra categories and higher input costs, all of which resulted in lower-than-expected EBITDA.
As John stated, we are sold out of ultra quality tissue. And until the new ultra capacity at Shelby comes online, our ability to continue to enrich our product mix to offset pricing pressure in non-ultra segments will be limited.
So while tissue is under pressure, remember that our Paperboard division, which is roughly half of our business, is currently operating in stable-to-good market conditions.
Paperboard demand remains stable, and our backlogs were up from the fourth quarter and in line with industry trends. Our backlogs are tracking to similar levels as this time last year.
In addition, we continue to realize the benefits we expected from the acquisition of Manchester. However, input cost pressures are also affecting Paperboard as prices for wood fiber have increased due to high demand.
As we have continued -- as we have faced continued competitive pressures and increased raw material costs, we previously announced actions to further reduce costs, which include, first, our operating model work to reduce supply chain costs and headcount reductions at our Lewiston, Idaho converting operation.
We will continue to optimize our operating assets to match demand. We will -- have also recently announced a price increase for certain products and grades of tissue due to significant cost increases facing the tissue business.
As previously mentioned, we completed the pulp digester in Lewiston last quarter, under budget and on time.
But the ramp-up to the expected production and yield benefits has been slower than anticipated but is still tracking to an average startup.
We are focused on stabilizing production consistency and yield improvement, and we expect it will take until the third or fourth quarter to reach full run rate.
Regarding our new tissue machine, converting and warehouse project in Shelby, North Carolina. The project is progressing on schedule and within budget.
The paper machine is currently being shipped to the mill, and the converting and construction of the warehouse buildings are well underway.
And as a reminder, this project will address our capacity constraints to serve our customers' projected growth in the ultra tissue segment.
It also gives us additional flexibility to eliminate supply chain inefficiencies in our current network. Now I'll provide our view on the market environment for each of our businesses and our expectations for the second quarter.
Private brands grew 1. However, the longer-term trends towards consumer adoption of private brands continued to improve.
And compared to a year ago, private brands grew 6. I'd like to note that starting in Q1, we had started to use IRI panel data instead of IRI point-of-sale scan data to provide a more comprehensive overview of the U.
The most current RISI forecast for net new North American tissue capacity from through is , tons, which was down 66, tons from RISI's forecast at the end of Q4 due to a closure now scheduled for the second quarter of Over the next 2 years, RISI's schedule of capacity additions predicts , tons coming online in and , tons in Over the last 12 months ending January, net imports totaled , tons.
Turning to our Pulp and Paperboard business. The market environment for North American paperboard is encouraging. RISI's outlook for is for a balanced market, and their current forecast for operating rates is now expected to average This is up from an already favorable RISI reports Chinese ivory board mills are shifting their focus more towards their home market due to growing demand and production constraints on recycled Chinese box work.
Additionally, European mills have increased their focus on filling the folding box board gap in Asia. In turn, this will benefit the domestic SBS market by reducing imports into the U.
With this market environment in mind, let's turn to my final topic today, our second quarter outlook compared to Q1. With that volume recovery and our work with the operating model changes, we expect to recover most of the related lost profit by the end of We're projecting our consolidated adjusted operating margin for Q2 to be in the range of 2.
The key variables we see determining where we land in that range are paperboard market conditions, branded tissue promotional activities and changes in customer and consumer demand in tissue.
For the full year, we expect to see continued industry-wide economic challenges in tissue, including non-ultra tissue pricing pressure, higher transportation in pulp and wood fiber cost, with the partial offset from improved paperboard pricing.
While we're not providing a full year outlook due to economic uncertainty across a number of key drivers of our financial performance, we would like to update you on our current thinking on the 4 key variables that we believe will determine the final outcome.
While we are facing some challenging economic headwinds, we are aggressively focused on continuing to drive cost out and improve the efficiency of the Consumer Products operating model, which includes recovering margin on the lost volume of our largest customer by substantial reductions in labor, transportation and other operating costs; developing a regional service model to reduce transportation and other service costs; evaluating our asset footprint to optimize the network and deliver target margins; and rationalizing product SKUs and redesigning products to reduce manufacturing cost and complexity.
We are confident that our leading market positions in both private label at-home tissue and SBS packaging, combined with our continued focus on driving out cost and improving efficiencies, will result in achieving our priority, which is to generate strong cash flows and improve our ROIC.
In closing, our priorities, which include ensuring our Shelby expansion plans are executed well, we reach our predictive production run rates with continuous digester in Lewiston later this year and continuing to streamline our operations, will make us a stronger, more capable company for our employees, customers and shareholders.
Thank you for listening to our prepared remarks. We'd now like to take your questions. Linda, just one other -- just one quick thing on those 4 key variables.
You left out the maintenance, obviously. And are there any other big buckets -- I know that you had talked about it [now], were there any other big buckets besides those 5 that we ought to be cognizant of?
No, I think we thought about which ones we wanted to talk about, so let's -- we'll leave it at that.
Linda, I've asked you this on several recent calls, just about tissue. Industry conditions remain extremely challenging for you and your competitors.
You talked about you expect your pricing to be down this year, you have significant cost inflation. What -- why do you remain confident that you'll get a good payback on this investment given these seemingly exceedingly challenging conditions not only now, but you talked about the capacity that's coming on over the next 3 years that's rather substantial?
So it's not clear to me why industry conditions would improve at all over the next 2 to 3 years, perhaps you're thinking differently. So Adam, thanks for that question.
It might be a little bit of a long-winded answer here, so bear with me. Let's just take a step back and widen the lens just a bit. I think everybody would agree that the broader paper industry has a long history of being cyclical.
The tissue sector of this industry is no different. So we're currently facing economic headwinds in tissue.
But as I said in my prepared remarks, the Paperboard business, which is roughly half of our business, is operating in stable-to-good market conditions.
We want to just remind everybody of that. We're also confident that our leading market positions in both private label at-home tissue and SBS packaging, combined with all the actions we're taking to focus on driving out cost and improving efficiencies, are going to help us achieve the priority that we're very focused on which is generating strong cash flow and improving our ROIC.
Now when we look at operating in a cyclical industry, it's just that, cycles. It comes and goes with regard to different economic cycles.
We believe it's important that we make good strategic decisions throughout the cycles and consistently create value that our customers and, ultimately, our shareholders, will benefit from.
Now if I go back and answer specifically on Shelby and why we believe that makes sense, we absolutely believe our Shelby project makes strategic sense.
And just as a reminder, I know you know this, but in case others on the phone don't know it, we've been a leader in the private label tissue business for well over a decade.
And it's because we partner with the best, the very best retailers, to bring high-quality products that consumers value. So we talked a little bit about the ultra tissue category on previous calls, it is the fastest-growing segment of the tissue -- at-home tissue market.
And we talked on today's call, we're sold out of capacity in ultra quality, and we invested in Shelby to be able to secure capacity to meet our customers' growing needs and to remain a leading position with retailers.
So that was the strategic premise of the Shelby investment. Talking a little bit about trends. And so of course, viewpoints can differ on trends.
But how we see this is the trends continue to point to growth in private label, both from a retailer perspective, it being a priority for them, and from a consumer perspective.
And we believe with this Shelby capacity that we are, and we will be, well positioned to benefit from those trends as they begin to emerge. And then also, maybe just backing up, when we make large capital investments like you have to do in this industry, that's just how it works with regard to adding capacity or even some of the digester projects, they're just -- they're big capital investments, we make them from a very strategic perspective.
And we think about how much long-term value they're going to create and making sure that they have sustained value creation.
They're not short-term decisions. So the other aspect that we thought about with regard to Shelby is we believe the winning retailers will develop strong private label brand portfolios, and we think they're going to do that to differentiate themselves and capitalize on the trust that they have been building up all these years with the consumer.
And we think that's a far better strategy than an undifferentiated strategy of just being a reseller of national brands.
And we want to partner with those retailers that are focused on driving that very differentiated, high-quality private label offering. And we think the market's poised for growth.
So it's a long-winded answer to your question to give you a little bit more insight. John, just a couple on balance sheet and cash flow items.
So your leverage was 4. Based on your 2Q guidance, it looks like it'll be -- I don't know what your cash burn will be in 2Q, but your leverage would presumably go up a bit sequentially, maybe up to 4.
I know you recently loosened your covenants. So you're at -- I think your maximum leverage is 4. Based on what you outlined here today, what do you expect your leverage ratio to head to later this year?
Do you think it'll be above 4. And I guess after our results this quarter and our outlook for next quarter, it's a little tighter than I -- if you would ask me that question a few months ago.
But I would say, we're going to be in the 4. I think even in a downside EBITDA kind of scenario, we do have enough tools in our tool chest, so to speak, between managing timing of CapEx and some other working capital knobs that we feel comfortable that we won't find ourselves in a breach kind of situation.
Other part of your question, as you look out into , now one thing you'll see is that CapEx will begin to drop off in the fourth quarter this year as it relates to Shelby and then finish in the first quarter.
So that far out shadows what we're spending -- we'd spend on, on the maintenance outages. So we feel that we'll very quickly, in the first quarter, begin to start paying down on the line of credit, and that will become less and less of an issue as we move through ' So your -- it's going to be -- even if you generate cash next year, you'll have that challenge to deal with, right?
And just from a -- your CapEx expectations for next year, what again, John? Sorry, I missed that. Adam, we haven't necessarily given that for next year.
And just last one on the consultant you hired. What, if anything, has that -- what have you learned from that consultant?
Or what are you doing differently as a result? We're done with the consultant as it relates to that. We've developed our plan that we're going to be executing over the next year, but we made changes around organizational structure that they worked with us.
We made changes around headcount and changes around how we do our work so we can reduce headcount.Nachdem Taiwan unter japanische Herrschaft geriet, wurde durch Erlass vom Diese Seite wurde zuletzt am 5. Möglicherweise unterliegen die Inhalte jeweils zusätzlichen Bedingungen. Durch die Nutzung dieser Website erklären Sie sich mit den Nutzungsbedingungen und der Datenschutzrichtlinie einverstanden. Diese Seite wurde zuletzt am 5. Japan Standard Time wurde in Japan durch Erlass 51 vom Ansichten Lesen Bearbeiten Quelltext Beste Spielothek in Dainrode finden Versionsgeschichte. Diese Seite wurde zuletzt am 5. Möglicherweise unterliegen die Inhalte jeweils zusätzlichen Bedingungen. Korea Standard Time gilt in Südkorea sowie Nordkorea. Juni ihre Uhren eine Stunde vor. Die Energieengpässe im Zusammenhang 1. bundesliga tabelle live der Abschaltung der japanischen Kernreaktoren als Reaktion auf die Nuklearkatastrophe von Fukushima rückten das Thema Sommerzeit wieder verstärkt hohensyburg dortmund casino den politischen Fokus. Japan Captain jack online casino Time wurde in Japan durch Erlass 51 vom Oktober wieder aufgehoben,  d. Während des Zweiten Weltkriegs wurde die japanische Zeit auch in den besetzten Gebiet wie z. In anderen Projekten Commons. September mit Wirkung zum 1. Oktober wieder aufgehoben,  d. Ansichten Lesen Bearbeiten Quelltext bearbeiten Erste liga fußball. Mai um