Biglari Holdings Inc. News Release
Biglari Holdings Inc. (NYSE: BH.A; BH) reported significant losses for Q1 2022 compared to Q1 2021. Pretax operating earnings decreased to $5,967,000 from $8,876,000. Notably, the company faced an investment loss of $6,436,000, contrasting sharply with investment gains of $84,847,000 the previous year. The net loss for the quarter was $(298,000), a steep decline from net earnings of $71,707,000 in 2021. The company emphasizes that fluctuations in investment results are not indicative of its operational performance, urging shareholders to focus on underlying business results.
- Operating earnings of $5,967,000 despite losses.
- Company has diverse business activities including franchising.
- Investment losses of $6,436,000 compared to gains of $84,847,000 in 2021.
- Net loss of $(298,000) versus net earnings of $71,707,000 in Q1 2021.
SAN ANTONIO, May 6, 2022 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the first quarter of 2022.
Biglari Holdings Inc.'s earnings for the first quarter 2022 and 2021 are summarized below. To become fully apprised of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com.
(dollars in thousands) | |||
First Quarter | |||
2022 | 2021 | ||
Pretax operating earnings (loss) | $ 5,967 | $ 8,876 | |
Investment gains (losses) | (6,436) | 84,847 | |
Income tax (expense) benefit | 171 | (22,016) | |
Net earnings (loss) | $ (298) | $ 71,707 | |
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.
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. The Company's largest operating subsidiaries are involved in the franchising and operating of restaurants.
This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pretax operating earnings outside of the investment gains/losses of the Company.
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.
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