Biglari Holdings Inc. Releases Fiscal 2011 Annual Report

December 13, 2011



Biglari Holdings Inc. reported total revenues for its fiscal year ended September 28, 2011 rose 5.3% to $709.2 million compared to $673.8 million in the previous fiscal year.  Net earnings for fiscal 2011 increased 23% to $34.6 million or $25.86 per diluted shares versus $28.1 million or $19.99 per diluted share in fiscal 2010.

The increase and total revenues was driven by improved sales from the restaurant operation including an increase in same store sales of 4.2% at the company’s Steak n Shake restaurant operation.  In addition, the company saw an increase in franchise fees and additional investment gains from consolidated affiliated partnerships.  Net earning benefited from performance of the operating businesses, increased realized investment gains and the inclusion of full year results from the company’s Western Sizzlin operation which primarily is engaged in the franchising of restaurants.

Shareholders’ equity increased 12.3% to $279.7 million in fiscal 2011.  The balance sheet at the end of the year reflected cash/cash equivalents and investments of $214.3 million, current assets of $240.6 million, total assets of $672.9 million and total liabilities of $347.9 million.

Biglari Holdings is currently embroiled in a proxy fight with the board  of Cracker Barrel Old Country Store, Inc. (NasdaqGS: CBRL).  Biglari Holdings currents owns 9.9% of the outstanding share of Cracker Barrel and is seeking board seats.  The Cracker Barrel board is trying to fend off Biglari and has implemented a poison pill.  Biglari recently got the backing of proxy advisory firm Glass Lewis & Co for the quest of Biglari to gain a seat on the board.

Biglari also releases an informative letter with its annual report written by Sardar Biglari.  A copy of that letter is available on the company’s website.

Biglari Holdings Inc. is a diversified holding company with operations in investment management and the franchising and operating of restaurants.

Source: Biglari Holdings Inc.


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