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Luby's Profit Slips As Restaurant Traffic Declines

Culinary contract services sales jumped 82 percent to $3 million, Luby's reported.

The company reduced its costs and expenses 2.5 percent to $70.4 million during the quarter.

Also Wednesday, Luby's reported it has reduced its unsecured credit facility to $30 million but made other changes to increase the company's financial flexibility. The amended agreement lowers the size of the facility from $50 million, but retains a $100 million accordion feature.

Luby's said the amendment allows for increased capital expenditures.

Luby's shares jumped 57 cents, or 14.1 percent, to $4.62 on Wednesday. The stock has traded between $3.23 and $8.70 during the past 52 weeks.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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