San Antonio, TX, Aug. 4, 2017 /PRNewswire/ -- Biglari
Holdings Inc. (NYSE: BH) announces its results for the second
quarter and first six months of 2017.
Biglari Holdings Inc.'s earnings for the second quarter and
first six months of 2017 and 2016 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.
(dollars in
thousands)
|
|
|
|
|
|
|
|
|
Second
Quarter
|
|
First Six
Months
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
Pre-tax operating
earnings
|
$
586
|
|
$
8,709
|
|
$
2,781
|
|
$
13,399
|
Investment
partnership gains
|
37,238
|
|
51,243
|
|
12,270
|
|
130,216
|
Interest
expense
|
(2,781)
|
|
(2,873)
|
|
(5,605)
|
|
(5,795)
|
Income tax
expense
|
(13,917)
|
|
(19,562)
|
|
(4,141)
|
|
(49,140)
|
Net
earnings
|
$
21,126
|
|
$
37,517
|
|
$
5,305
|
|
$
88,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2017
|
|
|
|
|
|
|
June 30,
2016
|
Shares
outstanding
|
|
|
|
|
|
|
|
2,067,613
|
|
|
|
|
|
|
2,066,864
|
Analysis of Results:
Investments held through investment partnerships affect our
reported quarterly earnings based on their carrying value. We
do not regard the quarterly or annual fluctuations in the
partnerships' carrying values to be meaningful. Therefore, our
operating businesses are best analyzed before the impact of
investment gains. As a consequence, in the preceding table we
separate earnings of our operating businesses from our investment
gains.
About Biglari Holdings Inc.
Biglari Holdings Inc. is a holding company owning subsidiaries
engaged in a number of diverse business activities, including
media, property and casualty insurance, and restaurants. The
Company's largest operating subsidiaries are involved in the
franchising and operating of restaurants. All major operating,
investment, and capital allocation decisions are made for the
Company and its subsidiaries by Sardar
Biglari, Founder, Chairman and Chief Executive
Officer.
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.
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 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.
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SOURCE Biglari Holdings Inc.