Steak n Shake has positive quarter
February 1, 2010
by Bryan Salvage
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.