A profit after last year’s quarterly loss
Biglari Holdings reported third-quarter net earnings of $1.014 million, compared with a $5.291 million loss a year earlier, in its November 6 results release.
The company’s non-GAAP pre-tax operating earnings increased to $9.874 million from $6.854 million. Investment losses were $8.472 million, smaller than the prior-year quarter’s $14.406 million loss. Those investment movements also affect the reported bottom line.
Restaurant sales and the longer comparison
Steak n Shake’s same-store sales increased 18.2% during the quarter for domestic company-operated and franchise-partner-operated restaurants, Biglari said. The figure describes comparable-location sales, rather than a claim that every restaurant or the entire holding company grew by that percentage.
For the first nine months, net earnings rose to $26.409 million from $12.365 million. However, pre-tax operating earnings fell to $12.007 million from $20.521 million; investment gains of $22.132 million helped the year-to-date net result.
Read operating earnings and net profit separately
Biglari excludes investment gains and losses from its pre-tax operating measure. It is not the same as GAAP net earnings. The figures therefore should not be treated as interchangeable measures of business performance.
The issuer asks shareholders to consult the quarterly filing alongside this summary. Readers comparing the figures should use the same period and earnings measure.
