INDIANAPOLIS, Dec. 14 /PRNewswire-FirstCall/ -- The Steak n Shake
Company (NYSE:SNS) announces the following: Fiscal 2009 Results Net
earnings for fiscal year 2009 were $6.0 million, or $0.21 per
diluted share, contrasted to a net loss of ($23.0 million), or
($0.81) per diluted share for the same period a year ago. The
Company's fiscal year 2009 included 53 weeks where as fiscal year
2008 included 52 weeks. Fiscal year 2009 results included $2.6
million of charges ($1.6 million, or $0.06 per diluted share, net
of tax) primarily related to the write down of real estate values.
In comparison, fiscal year 2008 results included $14.9 million
($9.2 million, or $0.33 per diluted share, net of tax) of non cash
impairment charges, store closure costs, and an early lease
termination fee. For the full year but excluding the impact of the
53rd week, customer traffic and same-store sales increased 10.1%
and 4.1%, respectively, over prior year. Fourth Quarter Fiscal 2009
Results Net earnings for fiscal 2009 fourth quarter were $3.4
million, or $0.12 per diluted share as contrasted with a net loss
of ($9.2 million), or ($0.32) per diluted share in the fourth
quarter of the prior year. The Company's fiscal 2009 fourth quarter
included 13 weeks while fiscal 2008 fourth quarter included 12
weeks. In the fourth quarter, excluding the impact of the 53rd
week, customer traffic and same-store sales increased 20% and 10%,
respectively, over prior year. 2009 Annual Report and Chairman's
Letter The Steak n Shake Company's 2009 Annual Report, which
includes Form 10-K filed today with the SEC, will be posted on the
Internet, where it can be accessed at http://www.steaknshake.com/.
The report includes Sardar Biglari's annual letter to shareholders.
We urge all shareholders to read the Annual Report in its entirety
because there is limited information in this press release.
1-For-20 Reverse Stock Split The Steak n Shake Company announced a
1-for-20 reverse stock split effective at the close of business on
Friday, December 18, 2009. The rationale behind the decision to
initiate a reverse stock split is explained in the Chairman's
Letter. About Steak n Shake The Steak n Shake Company is a
diversified holding company. Its most significant operating
subsidiary is Steak n Shake Operations Inc., a classic American
brand founded in 1934. The chain of 485 restaurants serves premium
burgers and milkshakes. 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 which may concern anticipated future results 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. Steak n Shake cautions
readers not to place undue reliance upon any such forward-looking
statements, for actual results may differ materially from
expectations. Steak n Shake does not undertake to publicly update
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 Steak n Shake and its business
can be found in the company's filings with the SEC. Condensed
Consolidated Statements of Operations
----------------------------------------------- The Steak n Shake
Company (Amounts in $000s, except share and per share data)
Thirteen Twelve Fifty-Three Fifty-Two Weeks Ended Weeks Ended Weeks
Ended Weeks Ended ----------- ----------- ----------- -----------
September 30, September 24, September 30, September 24, 2009 2008
2009 2008 (Unaudited) (Unaudited) (Unaudited) -----------
----------- ----------- ----------- Revenues Net sales $158,602
$138,005 $622,944 $606,076 Franchise fees 1,385 880 4,098 3,985
----- --- ----- ----- Total revenues 159,987 138,885 627,042
610,061 ------- ------- ------- ------- Costs and expenses Cost of
sales 41,467 38,737 164,974 165,115 Restaurant operating costs
81,580 75,489 323,617 323,859 General and administrative 9,400
11,741 36,671 47,287 Depreciation and amortization 7,527 7,774
31,369 33,659 Marketing 7,658 5,657 33,304 28,700 Interest 2,738
3,195 13,736 14,011 Rent 4,128 3,610 15,929 14,717 Pre-opening
costs - 29 - 1,272 Asset impairments and provision for restaurant
closings 1,665 769 2,645 14,858 Loss on sale or abandonment of
assets 189 3,510 151 3,138 Other income, net (1,585) (548) (2,546)
(1,771) ------ ---- ------ ------ Total costs and expenses 154,767
149,963 619,850 644,845 ------- ------- ------- ------- Earnings
(loss) before income taxes and minority interest 5,220 (11,078)
7,192 (34,784) Income taxes 1,807 (1,893) 1,163 (11,805)
Noncontrolling interest 31 - 31 - Net earnings (loss) $3,382
$(9,185) $5,998 $(22,979) ====== ======= ====== ======== Basic
earnings (loss) per common and common equivalent share $0.12
$(0.32) $0.21 $(0.81) Diluted earnings (loss) per common and common
equivalent share $0.12 $(0.32) $0.21 $(0.81) Weighted average
shares and equivalents Basic 28,594,844 28,295,615 28,483,551
28,254,129 Diluted 28,781,785 28,295,615 28,590,986 28,254,129
Condensed Consolidated Statements of Financial Position
------------------------------------------------------- The Steak n
Shake Company (Amounts in $000s, except share and per share data)
September 30, September 24, 2009 2008 (Unaudited) -----------
----------- Assets Current assets: Cash and cash equivalents
$51,395 $6,855 Investments 3,001 - Receivables, net of allowance of
$538 and $341, respectively 7,660 15,622 Inventories 6,595 6,795
Deferred income taxes 3,910 3,260 Assets held for sale 13,733
25,395 Other current assets 4,421 3,009 ----- ----- Total current
assets 90,715 60,936 Property and equipment, net 399,635 432,690
Goodwill 14,503 14,503 Other intangible assets, net 1,567 1,765
Other assets 8,076 10,242 ----- ------ Total assets $514,496
$520,136 ======== ======== Liabilities and shareholders' equity
Liabilities Current liabilities: Accounts payable $22,293 $25,302
Accrued expenses 30,381 31,685 Revolving credit 18,500 14,180
Current portion of obligations under leases 4,339 4,417 Current
portion of long-term debt 20 733 --- --- Total current liabilities
75,533 76,317 Deferred income taxes 9,388 2,209 Other long-term
liabilities 7,404 7,439 Obligations under leases 130,076 134,809
Long-term debt 48 15,783 --- ------ Total liabilities 222,449
236,557 ------- ------- Commitments and contingencies
Noncontrolling interest 186 - Shareholders' equity Common stock
-$0.50 stated value, 50,000,000 shares authorized -shares issued:
30,332,839 15,166 15,166 Additional paid-in capital 129,282 128,526
Retained earnings 167,731 161,733 Accumulated other comprehensive
income 112 - Treasury stock -at cost: 1,555,938 shares in 2009;
1,760,531 shares in 2008 (20,430) (21,846) ------- ------- Total
shareholders' equity 291,861 283,579 ------- ------- Total
liabilities and shareholders' equity $514,496 $520,136 =======
======= Condensed Consolidated Statements of Cash Flows
----------------------------------------------- The Steak n Shake
Company (Amounts in $000s) Fifty-Three Fifty-Two Weeks Ended Weeks
Ended ----------- ----------- September 30, September 24, 2009 2009
(Unaudited) ----------- ------------ Operating activities Net
earnings (loss) $5,998 $(22,979) Adjustments to reconcile net
earnings (loss) to net cash provided by operating activities:
Depreciation and amortization 31,369 33,659 Provision for deferred
income taxes 6,457 (2,193) Asset impairments and provision for
restaurant closings 2,645 14,858 Non-cash expense for stock-based
compensation and deferred rent 2,881 2,656 Loss on sale or
abandonment of assets 151 3,138 Changes in receivables and
inventories 8,512 (7,688) Changes in other assets (1,724) 6,844
Changes in accounts payable and accrued expenses (3,980) (3,865)
------ ------ Net cash provided by operating activities 52,309
24,430 ------ ------ Investing activities Additions of property and
equipment (5,751) (31,443) Proceeds from property and equipment
disposals 13,517 14,851 Purchases of investments (3,047) - Sales of
investments 230 - --- --- Net cash provided by (used in) investing
activities 4,949 (16,592) ----- ------- Financing activities Net
proceeds from (payments on) revolving credit facility 4,320
(13,005) Proceeds from issuance of long-term debt - - Principal
payments on long-term debt (16,448) (2,396) Proceeds from equipment
and property sale-leasebacks 3,597 15,993 Principal payments on
direct financing lease obligations (5,008) (4,213) Proceeds from
exercise of stock options 2 138 Excess tax benefits from
stock-based awards 40 10 Repurchase of employee shares for tax
withholding (203) (11) Proceeds from employee stock purchase plan
855 1,004 Proceeds from noncontrolling interest 150 - Distributions
to noncontrolling interest (23) - --- --- Net cash (used in)
provided by financing activities (12,718) (2,480) ------- ------
Increase (decrease) in cash and cash equivalents 44,540 5,358 Cash
and cash equivalents at beginning of year 6,855 1,497 ----- -----
Cash and cash equivalents at end of year $51,395 $6,855 ======
===== DATASOURCE: The Steak n Shake Company CONTACT: Duane Geiger,
+1-317-633-4100 Web Site: http://www.steaknshake.com/
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