Steak n Shake has positive quarter

by Bryan Salvage
Share This:
SAN ANTONIO, TEXAS — The Steak n Shake Company announced net earnings for fiscal first quarter 2010 were $5.5 million, or $3.82 per diluted share, contrasted with a net loss for the first quarter of fiscal year 2009 of ($3.4 million) or ($2.43) per diluted share. Net sales increased 12.9% from $130.7 million to $147.6 million.

In other news, the company plans to change its corporate name from the Steak n Shake Company to Biglari Holdings Inc. This adjustment is to delineate more clearly the parent company's new direction as a diversified holding company as well as to eliminate confusion among the activities of the holding company and those of its wholly-owned subsidiary, Steak n Shake Operations Inc., the company explained.

Because a change of the corporate name requires an amendment to the articles of incorporation, the company will include a proposal in its proxy statement provided to shareholders in connection with the annual meeting, to be held on April 8 at the St. Regis Hotel in New York City. The company has also reserved the trading symbol BH with the New York Stock Exchange. The company's stock will begin trading a day after a majority of shareholders approve the name change.

All investment and other capital allocation decisions are made for the company by Sardar Biglari, chairman and chief executive officer.

The Steak n Shake Company is a diversified holding company. Its most significant operating subsidiary is Steak n Shake Operations Inc. The chain of now 485 restaurants serves premium burgers and milkshakes.
Comment on this Article
We welcome your thoughtful comments. Please comply with our Community rules.

 

 


The views expressed in the comments section of Meat and Poultry News do not reflect those of Meat and Poultry News or its parent company, Sosland Publishing Co., Kansas City, Mo. Concern regarding a specific comment may be registered with the Editor by clicking the Report Abuse link.