SAN
ANTONIO, Feb. 25, 2023 /PRNewswire/ -- Biglari
Holdings Inc.'s (NYSE: BH.A; BH) 2022 Annual Report to the
shareholders has been posted on the Internet, where it can be
accessed at www.biglariholdings.com. The report includes
Sardar Biglari's annual letter to
shareholders.
Biglari Holdings Inc.'s earnings for the fourth quarter and full
year of 2022 and 2021 are summarized below. To become fully
apprised of our results, shareholders should carefully study our
10-K, which has been posted at www.biglariholdings.com.
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(dollars in
thousands)
|
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|
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Fourth
Quarter
|
|
Year Ended December
31,
|
|
2022
|
|
2021
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2022
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|
2021
|
|
|
|
|
|
|
|
|
|
Pre-tax operating
earnings (loss)
|
$
5,212
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$
6,877
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$
36,319
|
|
$
24,913
|
|
Investment gains
(losses)
|
7,082
|
|
(16,455)
|
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(79,346)
|
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17,354
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Income tax (expense)
benefit and losses attributable to noncontrolling
interest
|
(2,239)
|
|
4,755
|
|
11,009
|
|
(6,789)
|
|
Net earnings (loss)
attributable to Biglari Holdings shareholders
|
$
10,055
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|
$
(4,823)
|
|
$ (32,018)
|
|
$
35,478
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|
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Analysis of Results:
Investments affect our reported quarterly earnings based on
their carrying value. We do not regard the quarterly or annual
fluctuations in our investments 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
property and casualty insurance, licensing and media, restaurants,
and oil and gas.
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.