SAN
ANTONIO, May 5, 2023 /PRNewswire/ -- Biglari
Holdings Inc. (NYSE: BH.A; BH) announces its results for the first
quarter of 2023.
Biglari Holdings Inc.'s earnings for the first quarter 2023 and
2022 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
|
|
2023
|
|
2022
|
|
|
|
|
|
Pre-tax operating
earnings
|
$
9,049
|
|
$
5,967
|
|
Investment gains
(losses)
|
76,226
|
|
(6,436)
|
|
Income tax (expense)
benefit and earnings attributable to noncontrolling
interest
|
(20,389)
|
|
171
|
|
Net earnings (loss)
attributable to Biglari Holdings shareholders
|
$
64,886
|
|
$
(298)
|
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, licensing and media, restaurants,
and oil and gas.
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.
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SOURCE Biglari Holdings Inc.