San Antonio, TX, Jan. 24
/PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH) announces its
results for the fiscal first quarter of 2014.
Biglari Holdings Inc.'s earnings for the twelve weeks that ended
December 18, 2013 are summarized
below. To become fully apprised of our results, shareholders
should carefully study our 10-Q, which has been posted at
www.biglariholdings.com.
|
(In
thousands)
|
|
|
Twelve Weeks
Ended
|
|
December
18,
|
|
December
19,
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
Pre-tax operating
earnings
|
$
2,845
|
|
$
7,914
|
|
Biglari Holdings
investment gains
|
—
|
|
1
|
|
Investment
partnership gains
|
23,493
|
|
—
|
|
Interest
expense
|
(1,474)
|
|
(1,737)
|
|
Income
taxes
|
(8,373)
|
|
(1,543)
|
|
Other income from
consolidated affiliated partnerships
|
—
|
|
(73)
|
|
|
|
|
|
Net earnings
attributable to Biglari Holdings Inc.
|
$
16,491
|
|
$
4,562
|
|
|
|
|
Analysis of Results:
Biglari Holdings possesses investments in marketable
securities directly as well as indirectly through investment
partnerships. Direct investments are carried at
market value, with unrealized appreciation net of income tax effect
included in a separate component of shareholders'
equity. On December 18,
2013, the amount of pre-tax unrealized investment
gains was $40.4 million, which
if harvested in any given quarter can materially impact and thereby
distort net income figures without ramifications for the
intrinsic value of the company. Investments held through
investment partnerships affect our reported quarterly earnings
based on their carrying value. Therefore, our operating
businesses are best analyzed before the impact of investment
gains/losses. As a consequence, in the preceding table we separate
earnings of our operating businesses from our investment
gains/losses.
About Biglari Holdings Inc.
Biglari Holdings Inc. is a diversified holding company engaged
in a number of business activities. Its most important operating
subsidiaries are involved in the franchising and operating of
restaurants. All major operating, investment, and capital
allocation decisions are made by Sardar
Biglari, Chairman and Chief Executive Officer, on behalf of
the Company and its main operating subsidiaries.
Comment on Regulation G
This press release contains certain non-GAAP financial measures.
In addition to the GAAP presentations of net earnings, Biglari
Holdings defines pre-tax operating earnings outside of the
investment gains/losses of the Company and its consolidated
affiliated partnerships.
Risks Associated with Forward-Looking Statements
This news release may include "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 and other federal securities laws. These statements which
may concern anticipated future results are based on current
expectations and are subject to a number of risks and uncertainties
that could cause actual results to differ markedly from those
projected or discussed here. Biglari Holdings cautions readers not
to place undue reliance upon any such forward-looking statements,
for actual results may differ materially from expectations. Biglari
Holdings does not update publicly or revise any forward-looking
statements even if experience or future changes make it clear that
any projected results expressed or implied therein will not be
realized. Further information on the types of factors that could
affect Biglari Holdings and its business can be found in the
company's filings with the SEC.
SOURCE Biglari Holdings Inc.
Copyright . 24 PR Newswire