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Changes at Steak n Shake result in short-term pain for chain owned by S.A s Biglari Holdings
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In a letter to shareholders released Saturday, Biglari Holdings Inc. Chairman and CEO Sardar Biglari, left, expressed confidence that Steak n Shake’s conversion to a “bona fide quick-service restaurant chain” will return it to profitability this year. The restaurant chain is San Antonio-based Biglari Holdings’ largest subsidiary.Staff file photoShow MoreShow Less
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Steak n Shake reported $344.3 million in revenue last year, a nearly 55 percent drop from 2018 when it posted $760.5 million in revenue. It generated $595 million in revenue in 2019. Steak n Shake has a location at San Antonio International Airport.Staff file photoShow MoreShow Less
Operator
I would now like to turn the conference over to Adam Hanan. Please go ahead.
Adam Hanan
Manager of Investor Relations
Thank you. Good morning, and welcome to Cracker Barrel s Second Quarter Fiscal 2021 Conference Call and Webcast. This morning, we issued a press release announcing our second quarter results. In this press release and on this call, we will refer to non-GAAP financial measures for the second quarter ended January 29, 2021. The second quarter non-GAAP financial measures are adjusted to exclude the noncash amortization of the asset recognized from the gains on our sale-leaseback transactions and the related tax impact. The company believes that excluding these items from its financial results provides investors with an enhanced understanding of the company s financial performance. This information is not intended to be considered in isolation or as a substitute for net income or earnings per share information prepared in accordance with GAAP.
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