Biglari Holdings Inc. News Release

Rhea-AI Summary

Biglari Holdings Inc. (NYSE: BH.A; BH) reported its financial results for the second quarter and first six months of 2021, revealing a net loss of $20,737 in Q2 compared to a profit of $42,466 in the same period last year. The company's pre-tax operating earnings improved to $8,406 from a loss of $3,527 in 2020. However, investment losses were significant at $35,341, contrasting with gains of $60,757 in 2020. For the first half of 2021, net earnings were $50,970, down from a loss of $95,419 in 2020. Shareholders are advised to review the detailed 10-Q report for comprehensive insights.

Positive

• Pre-tax operating earnings increased to $8,406 in Q2 2021, up from a loss of $3,527 in Q2 2020.
• First six months showed a net earnings improvement to $50,970 in 2021 from a loss of $95,419 in 2020.

Negative

• Reported a net loss of $20,737 in Q2 2021, compared to a profit of $42,466 in Q2 2020.
• Significant investment losses of $35,341 in Q2 2021, compared to investment gains of $60,757 in the previous year.

San Antonio, TX, Aug. 6, 2021 /PRNewswire/ -- Biglari Holdings Inc. (NYSE: BH.A; BH) announces its results for the second quarter and first six months of 2021.

Biglari Holdings Inc.'s earnings for the second quarter and first six months of 2021 and 2020 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)
	Second Quarter				First Six Months
	2021		2020		2021		2020
Pre-tax operating earnings (loss)	$           8,406		$          (3,527)		$         17,282		$          (9,500)
Investment gains	(35,341)		60,757		49,506		(114,985)
Income tax (expense) benefit	6,198		(14,764)		(15,818)		29,066
Net earnings (loss)	$        (20,737)		$         42,466		$         50,970		$        (95,419)

Analysis of Results:

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.

About Biglari Holdings Inc.

Biglari Holdings Inc. is a holding company owning subsidiaries engaged in a number of diverse business activities, including property and casualty insurance, media and licensing, restaurants, and oil and gas. The Company's largest operating subsidiaries are involved in the franchising and operating of restaurants.

Comment on Regulation G

This press release contains certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Biglari Holdings defines pre-tax operating earnings outside of the investment gains/losses of the Company.

Risks Associated with Forward-Looking Statements

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.

View original content:https://www.prnewswire.com/news-releases/biglari-holdings-inc-news-release-301350529.html

SOURCE Biglari Holdings Inc.

FAQ

What were the Q2 2021 results for Biglari Holdings (BH, BH.A)?

In Q2 2021, Biglari Holdings reported a net loss of $20,737, contrasting with a profit of $42,466 in Q2 2020.

How did Biglari Holdings perform in the first half of 2021?

For the first six months of 2021, Biglari Holdings reported net earnings of $50,970, an improvement from a loss of $95,419 in 2020.

What were the investment gains or losses reported by Biglari Holdings in Q2 2021?

Biglari Holdings experienced investment losses of $35,341 in Q2 2021, whereas in the same quarter of 2020, they reported gains of $60,757.

What are the pre-tax operating earnings for Biglari Holdings in Q2 2021?

The pre-tax operating earnings for Biglari Holdings in Q2 2021 were $8,406, up from a loss of $3,527 in Q2 2020.