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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Biglari Holdings Inc | NYSE:BH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-2.94 | -1.44% | 201.00 | 206.99 | 198.9001 | 206.03 | 1,811 | 01:00:00 |
BIGLARI HOLDINGS INC.
|
(Exact name of registrant as specified in its charter)
|
INDIANA
|
37-0684070
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
17802 IH 10 West, Suite 400
San Antonio, Texas
|
78257
|
(Address of principal executive offices)
|
(Zip Code)
|
(210) 344-3400
|
(Registrant’s telephone number, including area code)
|
Not Applicable
|
(Former name, former address and former fiscal year, if changed since last report)
|
Large accelerated filer
¨
|
Accelerated filer
x
|
Non-accelerated filer
¨
(Do not check if a smaller reporting company)
|
Smaller reporting company
o
|
Page No.
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1
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2
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3
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4
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5
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6
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20
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27
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27
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28
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28
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28
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29
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29
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29
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29
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30
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June 30,
2016
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December 31, 2015
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|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 66,360 | $ | 56,523 | ||||
Investments
|
21,261 | 23,750 | ||||||
Receivables
|
9,250 | 17,716 | ||||||
Inventories
|
6,859 | 7,593 | ||||||
Deferred taxes
|
14,074 | 13,263 | ||||||
Other current assets
|
7,501 | 7,255 | ||||||
Total current assets
|
125,305 | 126,100 | ||||||
Property and equipment
|
324,212 | 332,324 | ||||||
Goodwill
|
40,033 | 40,022 | ||||||
Other intangible assets
|
21,464 | 21,673 | ||||||
Investment partnerships
|
591,884 | 471,689 | ||||||
Other assets
|
14,183 | 8,534 | ||||||
Total assets
|
$ | 1,117,081 | $ | 1,000,342 | ||||
Liabilities and shareholders’ equity
|
||||||||
Liabilities
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 38,359 | $ | 34,649 | ||||
Accrued expenses
|
79,379 | 74,429 | ||||||
Current portion of notes payable and other borrowings
|
7,303 | 7,789 | ||||||
Total current liabilities
|
125,041 | 116,867 | ||||||
Long-term notes payable and other borrowings
|
286,331 | 296,062 | ||||||
Deferred taxes
|
170,122 | 125,130 | ||||||
Other liabilities
|
11,073 | 10,911 | ||||||
Total liabilities
|
592,567 | 548,970 | ||||||
Shareholders’ equity
|
||||||||
Common stock - 2,066,864 and 2,066,691
shares outstanding
|
1,071 | 1,071 | ||||||
Additional paid-in capital
|
391,848 | 391,853 | ||||||
Retained earnings
|
504,662 | 415,982 | ||||||
Accumulated other comprehensive loss
|
(2,997 | ) | (3,679 | ) | ||||
Treasury stock, at cost
|
(370,070 | ) | (353,855 | ) | ||||
Biglari Holdings Inc. shareholders’ equity
|
524,514 | 451,372 | ||||||
Total liabilities and shareholders’ equity
|
$ | 1,117,081 | $ | 1,000,342 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Revenues
|
||||||||||||||||
Restaurant operations
|
$ | 210,709 | $ | 211,631 | $ | 411,004 | $ | 408,367 | ||||||||
Insurance premiums and other
|
5,731 | 3,717 | 11,230 | 7,371 | ||||||||||||
Media advertising and other
|
2,673 | 6,608 | 5,121 | 12,046 | ||||||||||||
219,113 | 221,956 | 427,355 | 427,784 | |||||||||||||
Cost and expenses
|
||||||||||||||||
Restaurant cost of sales
|
160,801 | 159,005 | 316,538 | 313,766 | ||||||||||||
Insurance losses and underwriting expenses
|
3,619 | 2,560 | 7,777 | 5,523 | ||||||||||||
Media cost of sales
|
5,048 | 9,183 | 10,067 | 18,601 | ||||||||||||
Selling, general and administrative
|
32,838 | 36,198 | 63,148 | 68,656 | ||||||||||||
Depreciation and amortization
|
5,349 | 6,226 | 11,396 | 12,770 | ||||||||||||
207,655 | 213,172 | 408,926 | 419,316 | |||||||||||||
Other income (expenses)
|
||||||||||||||||
Interest and dividends
|
- | 3 | - | 8 | ||||||||||||
Interest expense
|
(2,873 | ) | (2,997 | ) | (5,795 | ) | (6,003 | ) | ||||||||
Interest on obligations under leases
|
(2,749 | ) | (2,410 | ) | (5,030 | ) | (4,885 | ) | ||||||||
Investment partnership gains (losses)
|
51,243 | (5,557 | ) | 130,216 | 17,408 | |||||||||||
Total other income (loss)
|
45,621 | (10,961 | ) | 119,391 | 6,528 | |||||||||||
Earnings (loss ) before income taxes
|
57,079 | (2,177 | ) | 137,820 | 14,996 | |||||||||||
Income tax expense (benefit)
|
19,562 | (2,203 | ) | 49,140 | 4,987 | |||||||||||
Net earnings
|
$ | 37,517 | $ | 26 | $ | 88,680 | $ | 10,009 | ||||||||
Earnings per share
|
||||||||||||||||
Basic earnings per common share
|
$ | 30.60 | $ | 0.01 | $ | 71.87 | $ | 5.40 | ||||||||
Diluted earnings per common share
|
$ | 30.57 | $ | 0.01 | $ | 71.80 | $ | 5.39 | ||||||||
Weighted average shares and equivalents
|
||||||||||||||||
Basic
|
1,225,979 | 1,848,279 | 1,233,856 | 1,854,889 | ||||||||||||
Diluted
|
1,227,277 | 1,850,427 | 1,235,112 | 1,857,243 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Net earnings
|
$ | 37,517 | $ | 26 | $ | 88,680 | $ | 10,009 | ||||||||
Other comprehensive income:
|
||||||||||||||||
Net change in unrealized gains and losses on investments
|
988 | (126 | ) | 587 | (543 | ) | ||||||||||
Applicable income taxes
|
(364 | ) | 46 | (219 | ) | 200 | ||||||||||
Reclassification of investment (appreciation) depreciation
in net earnings
|
306 | 55 | 306 | 55 | ||||||||||||
Applicable income taxes
|
(113 | ) | (19 | ) | (113 | ) | (19 | ) | ||||||||
Foreign currency translation
|
(210 | ) | 65 | 121 | 128 | |||||||||||
Other comprehensive income (loss), net
|
607 | 21 | 682 | (179 | ) | |||||||||||
Total comprehensive income
|
$ | 38,124 | $ | 47 | $ | 89,362 | $ | 9,830 |
First Six Months
|
||||||||
2016
|
2015
|
|||||||
(Unaudited)
|
||||||||
Operating activities
|
||||||||
Net earnings
|
$ | 88,680 | $ | 10,009 | ||||
Adjustments to reconcile net earnings to operating cash flows:
|
||||||||
Depreciation and amortization
|
11,396 | 12,770 | ||||||
Provision for deferred income taxes
|
43,837 | 1,185 | ||||||
Asset impairments and other non-cash expenses
|
1,312 | 337 | ||||||
Loss on disposal of assets
|
201 | 407 | ||||||
Realized investment (gains) losses
|
- | 55 | ||||||
Investment partnership gains
|
(130,216 | ) | (17,408 | ) | ||||
Distributions from investment partnerships
|
9,475 | - | ||||||
Changes in receivables and inventories
|
9,200 | 4,683 | ||||||
Changes in other assets
|
(837 | ) | (1,193 | ) | ||||
Changes in accounts payable and accrued expenses
|
8,027 | 12,514 | ||||||
Net cash provided by operating activities
|
41,075 | 23,359 | ||||||
Investing activities
|
||||||||
Additions of property and equipment
|
(4,341 | ) | (6,102 | ) | ||||
Proceeds from property and equipment disposals
|
1,084 | 137 | ||||||
Purchases of investments
|
(29,733 | ) | (85,985 | ) | ||||
Redemptions of fixed maturity securities
|
12,977 | 11,657 | ||||||
Net cash used in investing activities
|
(20,013 | ) | (80,293 | ) | ||||
Financing activities
|
||||||||
Payments on revolving credit facility
|
(256 | ) | (74 | ) | ||||
Principal payments on long-term debt
|
(8,178 | ) | (1,100 | ) | ||||
Principal payments on direct financing lease obligations
|
(2,820 | ) | (3,554 | ) | ||||
Proceeds from exercise of stock options
|
1 | 3 | ||||||
Net cash used in financing activities
|
(11,253 | ) | (4,725 | ) | ||||
Effect of exchange rate changes on cash
|
28 | (3 | ) | |||||
Increase (decrease) in cash and cash equivalents
|
9,837 | (61,662 | ) | |||||
Cash and cash equivalents at beginning of year
|
56,523 | 129,669 | ||||||
Cash and cash equivalents at end of second quarter
|
$ | 66,360 | $ | 68,007 |
Common Stock
|
Additional Paid-In Capital
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Treasury Stock
|
Total
|
|||||||||||||||||||
Balance at December 31, 2015
|
$ | 1,071 | $ | 391,853 | $ | 415,982 | $ | (3,679 | ) | $ | (353,855 | ) | $ | 451,372 | ||||||||||
Net earnings
|
88,680 | 88,680 | ||||||||||||||||||||||
Other comprehensive income, net
|
682 | 682 | ||||||||||||||||||||||
Adjustment to treasury stock for
holdings in investment partnerships
|
(16,221 | ) | (16,221 | ) | ||||||||||||||||||||
Exercise of stock options
|
(5 | ) | 6 | 1 | ||||||||||||||||||||
Balance at June 30, 2016
|
$ | 1,071 | $ | 391,848 | $ | 504,662 | $ | (2,997 | ) | $ | (370,070 | ) | $ | 524,514 | ||||||||||
Balance at December 31, 2014
|
$ | 1,071 | $ | 391,877 | $ | 431,825 | $ | (783 | ) | $ | (98,439 | ) | $ | 725,551 | ||||||||||
Net earnings
|
10,009 | 10,009 | ||||||||||||||||||||||
Other comprehensive loss, net
|
(179 | ) | (179 | ) | ||||||||||||||||||||
Adjustment to treasury stock for
holdings in investment partnerships
|
(8,810 | ) | (8,810 | ) | ||||||||||||||||||||
Exercise of stock options
|
(1 | ) | 4 | 3 | ||||||||||||||||||||
Balance at June 30, 2015
|
$ | 1,071 | $ | 391,876 | $ | 441,834 | $ | (962 | ) | $ | (107,245 | ) | $ | 726,574 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Basic earnings per share:
|
||||||||||||||||
Weighted average common shares
|
1,225,979 | 1,848,279 | 1,233,856 | 1,854,889 | ||||||||||||
Diluted earnings per share:
|
||||||||||||||||
Weighted average common shares
|
1,225,979 | 1,848,279 | 1,233,856 | 1,854,889 | ||||||||||||
Dilutive effect of stock awards
|
1,298 | 2,148 | 1,256 | 2,354 | ||||||||||||
Weighted average common and incremental shares
|
1,227,277 | 1,850,427 | 1,235,112 | 1,857,243 | ||||||||||||
Number of share-based awards excluded from the calculation
|
- | - | - | - |
June 30,
2016
|
December 31, 2015
|
|||||||
Common stock authorized
|
2,500,000 | 2,500,000 | ||||||
Common stock issued
|
2,142,202 | 2,142,202 | ||||||
Treasury stock held by the Company
|
(75,338 | ) | (75,511 | ) | ||||
Outstanding shares
|
2,066,864 | 2,066,691 | ||||||
Proportional ownership of the Company's
common stock in investment partnerships
|
(850,839 | ) | (807,069 | ) | ||||
Net outstanding shares for financial reporting purposes
|
1,216,025 | 1,259,622 |
June 30,
2016
|
December 31, 2015
|
|||||||
Cost
|
$ | 21,450 | $ | 24,842 | ||||
Gross unrealized gains
|
36 | 10 | ||||||
Gross unrealized losses
|
(225 | ) | (1,102 | ) | ||||
Fair value
|
$ | 21,261 | $ | 23,750 |
Fair Value
|
Company
Common Stock
|
Carrying
Value
|
||||||||||
Partnership interest at December 31, 2015
|
$ | 734,668 | $ | 262,979 | $ | 471,689 | ||||||
Investment partnership gains
|
189,857 | 59,335 | 130,522 | |||||||||
Contributions (net of distributions) to investment partnerships
|
5,894 | 5,894 | ||||||||||
Increase in proportionate share of Company stock held
|
16,221 | (16,221 | ) | |||||||||
Partnership interest at June 30, 2016
|
$ | 930,419 | $ | 338,535 | $ | 591,884 | ||||||
Fair Value
|
Company
Common Stock
|
Carrying
Value
|
||||||||||
Partnership interest at December 31, 2014
|
$ | 776,899 | $ | 78,917 | $ | 697,982 | ||||||
Investment partnership gains
|
20,155 | 2,747 | 17,408 | |||||||||
Contributions (net of distributions) to investment partnerships
|
63,000 | 63,000 | ||||||||||
Increase in proportionate share of Company stock held
|
8,810 | (8,810 | ) | |||||||||
Partnership interest at June 30, 2015
|
$ | 860,054 | $ | 90,474 | $ | 769,580 |
June 30,
2016
|
December 31, 2015
|
|||||||
Fair value of investment partnerships
|
$ | 930,419 | $ | 734,668 | ||||
Deferred tax liability related to investment partnerships
|
(162,097 | ) | (115,952 | ) | ||||
Fair value of investment partnerships net of deferred taxes
|
$ | 768,322 | $ | 618,716 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Investment partnership gains (losses)
|
$ | 51,549 | $ | (5,557 | ) | $ | 130,522 | $ | 17,408 | |||||||
Loss on contribution of securities to investment partnership
|
(306 | ) | - | (306 | ) | - | ||||||||||
Investment partnership gains (losses)
|
51,243 | (5,557 | ) | 130,216 | 17,408 | |||||||||||
Tax expense (benefit)
|
18,171 | (3,002 | ) | 46,756 | 4,851 | |||||||||||
Contribution to net earnings
|
$ | 33,072 | $ | (2,555 | ) | $ | 83,460 | $ | 12,557 |
Equity in Investment Partnerships
|
||||||||
Lion Fund
|
Lion Fund II
|
|||||||
Total assets as of June 30, 2016
|
$ | 198,210 | $ | 1,088,067 | ||||
Total liabilities as of June 30, 2016
|
$ | 8,563 | $ | 199,518 | ||||
Revenue for the first six months ending June 30, 2016
|
$ | 9,655 | $ | 223,759 | ||||
Earnings for the first six months ending June 30, 2016
|
$ | 9,563 | $ | 221,154 | ||||
Biglari Holdings’ Ownership Interest
|
64.5 | % | 93.5% | |||||
Total assets as of December 31, 2015
|
$ | 165,996 | $ | 819,323 | ||||
Total liabilities as of December 31, 2015
|
$ | 409 | $ | 141,274 | ||||
Revenue for the first six months ending June 30, 2015
|
$ | 5,112 | $ | 20,171 | ||||
Earnings for the first six months ending June 30, 2015
|
$ | 5,054 | $ | 18,888 | ||||
Biglari Holdings’ Ownership Interest
|
59.8 | % | 93.3% |
June 30,
2016
|
December 31, 2015
|
|||||||
Land
|
$ | 161,886 | $ | 160,697 | ||||
Buildings
|
157,169 | 156,909 | ||||||
Land and leasehold improvements
|
164,514 | 165,042 | ||||||
Equipment
|
200,419 | 199,934 | ||||||
Construction in progress
|
2,974 | 3,478 | ||||||
|
686,962 | 686,060 | ||||||
Less accumulated depreciation and amortization
|
(362,750 | ) | (353,736 | ) | ||||
Property and equipment, net
|
$ | 324,212 | $ | 332,324 |
Restaurants
|
Other
|
Total
|
||||||||||
Goodwill at December 31, 2015
|
$ | 28,109 | $ | 11,913 | $ | 40,022 | ||||||
Change in foreign exchange rates during first six months 2016
|
11 | - | 11 | |||||||||
Goodwill at June 30, 2016
|
$ | 28,120 | $ | 11,913 | $ | 40,033 |
June 30, 2016
|
December 31, 2015
|
|||||||||||||||||||||||
Gross carrying amount
|
Accumulated amortization
|
Total
|
Gross carrying amount
|
Accumulated amortization
|
Total
|
|||||||||||||||||||
Franchise agreement
|
$ | 5,310 | $ | (3,319 | ) | $ | 1,991 | $ | 5,310 | $ | (3,054 | ) | $ | 2,256 | ||||||||||
Other
|
810 | (687 | ) | 123 | 810 | (667 | ) | 143 | ||||||||||||||||
Total
|
6,120 | (4,006 | ) | 2,114 | 6,120 | (3,721 | ) | 2,399 | ||||||||||||||||
Intangible assets with indefinite lives:
|
||||||||||||||||||||||||
Trade names
|
15,876 | - | 15,876 | 15,876 | - | 15,876 | ||||||||||||||||||
Other assets with indefinite lives
|
3,474 | - | 3,474 | 3,398 | - | 3,398 | ||||||||||||||||||
Total intangible assets
|
$ | 25,470 | $ | (4,006 | ) | $ | 21,464 | $ | 25,394 | $ | (3,721 | ) | $ | 21,673 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net sales
|
$ | 205,082 | $ | 206,278 | $ | 400,149 | $ | 398,448 | ||||||||
Franchise royalties and fees
|
4,784 | 4,420 | 9,134 | 8,076 | ||||||||||||
Other
|
843 | 933 | 1,721 | 1,843 | ||||||||||||
$ | 210,709 | $ | 211,631 | $ | 411,004 | $ | 408,367 |
Current portion of notes payable and other borrowings
|
June 30,
2016
|
December 31, 2015
|
||||||
Notes payable
|
$ | 2,200 | $ | 2,200 | ||||
Unamortized original issue discount
|
(302 | ) | (296 | ) | ||||
Unamortized debt issuance costs
|
(700 | ) | (688 | ) | ||||
Obligations under leases
|
5,575 | 5,787 | ||||||
Western revolver
|
530 | 786 | ||||||
Total current portion of notes payable and other borrowings
|
$ | 7,303 | $ | 7,789 | ||||
Long-term notes payable and other borrowings
|
||||||||
Notes payable
|
$ | 201,998 | $ | 210,175 | ||||
Unamortized original issue discount
|
(1,250 | ) | (1,403 | ) | ||||
Unamortized debt issuance costs
|
(2,533 | ) | (2,888 | ) | ||||
Obligations under leases
|
88,116 | 90,178 | ||||||
Total long-term notes payable and other borrowings
|
$ | 286,331 | $ | 296,062 |
Six months ended June 30, 2016
|
Six months ended June 30, 2015
|
|||||||||||||||||||||||
Foreign Currency Translation Adjustments
|
Investment Gain (Loss)
|
Accumulated Other Comprehensive Income (Loss)
|
Foreign Currency Translation Adjustments
|
Investment Gain (Loss)
|
Accumulated Other Comprehensive Income (Loss)
|
|||||||||||||||||||
Beginning Balance
|
$ | (2,992 | ) | $ | (687 | ) | $ | (3,679 | ) | $ | (620 | ) | $ | (163 | ) | $ | (783 | ) | ||||||
Other comprehensive income
(loss) before reclassifications
|
121 | 368 | 489 | 128 | (343 | ) | (215 | ) | ||||||||||||||||
Reclassification to
(earnings) loss
|
- | 193 | 193 | - | 36 | 36 | ||||||||||||||||||
Ending Balance
|
$ | (2,871 | ) | $ | (126 | ) | $ | (2,997 | ) | $ | (492 | ) | $ | (470 | ) | $ | (962 | ) |
Second Quarter 2016
|
Second Quarter 2015
|
|||||||||||||||||||||||
Foreign Currency Translation Adjustments
|
Investment Gain (Loss)
|
Accumulated Other Comprehensive Income (Loss)
|
Foreign Currency Translation Adjustments
|
Investment Gain (Loss)
|
Accumulated Other Comprehensive Income (Loss)
|
|||||||||||||||||||
Beginning Balance
|
$ | (2,661 | ) | $ | (943 | ) | $ | (3,604 | ) | $ | (557 | ) | $ | (426 | ) | $ | (983 | ) | ||||||
Other comprehensive income
(loss) before reclassifications
|
(210 | ) | 624 | 414 | 65 | (80 | ) | (15 | ) | |||||||||||||||
Reclassification to
(earnings) loss
|
- | 193 | 193 | - | 36 | 36 | ||||||||||||||||||
Ending Balance
|
$ | (2,871 | ) | $ | (126 | ) | $ | (2,997 | ) | $ | (492 | ) | $ | (470 | ) | $ | (962 | ) |
Reclassifications from
Accumulated Other
Comprehensive Income
|
Second Quarter 2016
|
Second Quarter 2015
|
Affected Line Item in the
Consolidated Statement of Earnings
|
||||||
Investment gain
|
$ | - | $ | (55 | ) |
Insurance premiums and other
|
|||
(306 | ) | - |
Investment partnership gains (losses)
|
||||||
(113 | ) | (19 | ) |
Income tax expense (benefit)
|
|||||
$ | (193 | ) | $ | (36 | ) |
Net of tax
|
|
·
|
Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets.
|
|
·
|
Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector.
|
|
·
|
Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and we may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in pricing assets or liabilities.
|
June 30, 2016
|
December 31, 2015
|
|||||||||||||||||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||||||||||||||
Assets
|
||||||||||||||||||||||||||||||||
Cash equivalents
|
$ | 504 | $ | - | $ | - | $ | 504 | $ | 700 | $ | - | $ | - | $ | 700 | ||||||||||||||||
Equity securities:
Insurance
|
- | - | - | - | 5,046 | - | - | 5,046 | ||||||||||||||||||||||||
Consumer goods
|
2,531 | - | - | 2,531 | - | - | - | - | ||||||||||||||||||||||||
Bonds
|
- | 23,893 | - | 23,893 | - | 21,304 | - | 21,304 | ||||||||||||||||||||||||
Options on equity securities
|
- | 1,933 | - | 1,933 | - | - | - | - | ||||||||||||||||||||||||
Non-qualified deferred
compensation plan investments
|
2,498 | - | - | 2,498 | 2,203 | - | - | 2,203 | ||||||||||||||||||||||||
Total assets at fair value
|
$ | 5,533 | $ | 25,826 | $ | - | $ | 31,359 | $ | 7,949 | $ | 21,304 | $ | - | $ | 29,253 | ||||||||||||||||
Liabilities
|
||||||||||||||||||||||||||||||||
Interest rate swaps
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 2 | $ | - | $ | 2 | ||||||||||||||||
Total liabilities at fair value
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | 2 | $ | - | $ | 2 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Operating Businesses:
|
||||||||||||||||
Restaurant Operations:
|
||||||||||||||||
Steak n Shake
|
$ | 206,828 | $ | 207,848 | $ | 403,726 | $ | 401,301 | ||||||||
Western
|
3,881 | 3,783 | 7,278 | 7,066 | ||||||||||||
Total Restaurant Operations
|
210,709 | 211,631 | 411,004 | 408,367 | ||||||||||||
First Guard
|
5,731 | 3,717 | 11,230 | 7,371 | ||||||||||||
Maxim
|
2,673 | 6,608 | 5,121 | 12,046 | ||||||||||||
$ | 219,113 | $ | 221,956 | $ | 427,355 | $ | 427,784 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Operating Businesses:
|
||||||||||||||||
Restaurant Operations:
|
||||||||||||||||
Steak n Shake
|
$ | 12,144 | $ | 13,815 | $ | 20,506 | $ | 20,050 | ||||||||
Western
|
837 | 688 | 1,423 | 1,098 | ||||||||||||
Total Restaurant Operations
|
12,981 | 14,503 | 21,929 | 21,148 | ||||||||||||
First Guard
|
2,098 | 1,139 | 3,425 | 1,799 | ||||||||||||
Maxim
|
(3,321 | ) | (4,173 | ) | (6,836 | ) | (10,059 | ) | ||||||||
Other
|
140 | 90 | 265 | 147 | ||||||||||||
Total Operating Businesses
|
11,898 | 11,559 | 18,783 | 13,035 | ||||||||||||
Corporate and Investments:
|
||||||||||||||||
Corporate
|
(3,189 | ) | (5,182 | ) | (5,384 | ) | (9,444 | ) | ||||||||
Investment partnership gains (losses)
|
51,243 | (5,557 | ) | 130,216 | 17,408 | |||||||||||
Total Corporate and Investments
|
48,054 | (10,739 | ) | 124,832 | 7,964 | |||||||||||
Interest expense on notes payable and other borrowings
|
(2,873 | ) | (2,997 | ) | (5,795 | ) | (6,003 | ) | ||||||||
$ | 57,079 | $ | (2,177 | ) | $ | 137,820 | $ | 14,996 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Operating businesses:
|
||||||||||||||||
Restaurant
|
$ | 8,660 | $ | 9,320 | $ | 14,138 | $ | 12,968 | ||||||||
Insurance
|
1,372 | 742 | 2,248 | 1,178 | ||||||||||||
Media
|
(2,099 | ) | (2,692 | ) | (4,336 | ) | (6,592 | ) | ||||||||
Other
|
73 | 23 | 132 | 3 | ||||||||||||
Total operating businesses
|
8,006 | 7,393 | 12,182 | 7,557 | ||||||||||||
Corporate
|
(1,780 | ) | (2,954 | ) | (3,369 | ) | (6,383 | ) | ||||||||
Investment partnership gains (losses)
|
33,072 | (2,555 | ) | 83,460 | 12,557 | |||||||||||
Interest expense on notes payable and other borrowings
|
(1,781 | ) | (1,858 | ) | (3,593 | ) | (3,722 | ) | ||||||||
$ | 37,517 | $ | 26 | $ | 88,680 | $ | 10,009 |
Steak n Shake
|
Western Sizzlin
|
|||||||||||||||||||
Company- operated
|
Franchised
|
Company-operated
|
Franchised
|
Total
|
||||||||||||||||
Total stores as of December 31, 2014
|
417 | 128 | 4 | 68 | 617 | |||||||||||||||
Net restaurants opened (closed)
|
- | 8 | - | (2 | ) | 6 | ||||||||||||||
Total stores as of June 30, 2015
|
417 | 136 | 4 | 66 | 623 | |||||||||||||||
Total stores as of December 31, 2015
|
417 | 144 | 4 | 66 | 631 | |||||||||||||||
Net restaurants opened (closed)
|
- | 10 | - | (1 | ) | 9 | ||||||||||||||
Total stores as of June 30, 2016
|
417 | 154 | 4 | 65 | 640 |
Second Quarter
|
First Six Months
|
|||||||||||||||||||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||||||||||||||||||
Revenue
|
||||||||||||||||||||||||||||||||
Net sales
|
$ | 205,082 | $ | 206,278 | $ | 400,149 | $ | 398,448 | ||||||||||||||||||||||||
Franchise royalties and fees
|
4,784 | 4,420 | 9,134 | 8,076 | ||||||||||||||||||||||||||||
Other revenue
|
843 | 933 | 1,721 | 1,843 | ||||||||||||||||||||||||||||
Total revenue
|
210,709 | 211,631 | 411,004 | 408,367 | ||||||||||||||||||||||||||||
Restaurant cost of sales
|
||||||||||||||||||||||||||||||||
Cost of food
(1)
|
56,567 | 27.6 | % | 59,743 | 29.0 | % | 110,559 | 27.6 | % | 116,854 | 29.3 | % | ||||||||||||||||||||
Restaurant operating costs
(1)
|
99,714 | 48.6 | % | 94,885 | 46.0 | % | 196,946 | 49.2 | % | 188,212 | 47.2 | % | ||||||||||||||||||||
Rent
(1)
|
4,520 | 2.2 | % | 4,377 | 2.1 | % | 9,033 | 2.3 | % | 8,700 | 2.2 | % | ||||||||||||||||||||
Total cost of sales
|
160,801 | 159,005 | 316,538 | 313,766 | ||||||||||||||||||||||||||||
Selling, general and administrative
|
||||||||||||||||||||||||||||||||
General and administrative (2)
|
15,064 | 7.1 | % | 16,444 | 7.8 | % | 29,044 | 7.1 | % | 32,852 | 8.0 | % | ||||||||||||||||||||
Marketing (2)
|
13,405 | 6.4 | % | 13,455 | 6.4 | % | 25,975 | 6.3 | % | 23,385 | 5.7 | % | ||||||||||||||||||||
Other expenses (2)
|
597 | 0.3 | % | (196 | ) | -0.1 | % | 1,661 | 0.4 | % | 164 | 0.0 | % | |||||||||||||||||||
Total selling, general and administrative
|
29,066 | 13.8 | % | 29,703 | 14.0 | % | 56,680 | 13.8 | % | 56,401 | 13.8 | % | ||||||||||||||||||||
Depreciation and amortization (2)
|
5,112 | 2.4 | % | 6,010 | 2.8 | % | 10,827 | 2.6 | % | 12,167 | 3.0 | % | ||||||||||||||||||||
Interest on obligations under leases
|
2,749 | 2,410 | 5,030 | 4,885 | ||||||||||||||||||||||||||||
Earnings before income taxes
|
12,981 | 14,503 | 21,929 | 21,148 | ||||||||||||||||||||||||||||
Income tax expense
|
4,321 | 5,183 | 7,791 | 8,180 | ||||||||||||||||||||||||||||
Contribution to net earnings
|
$ | 8,660 | $ | 9,320 | $ | 14,138 | $ | 12,968 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Premiums written
|
$ | 5,581 | $ | 3,641 | $ | 10,942 | $ | 7,139 | ||||||||
Insurance losses
|
2,223 | 1,836 | 4,926 | 4,004 | ||||||||||||
Underwriting expenses
|
1,396 | 724 | 2,851 | 1,519 | ||||||||||||
Pre-tax underwriting gain
|
1,962 | 1,081 | 3,165 | 1,616 | ||||||||||||
Other income
|
||||||||||||||||
Commissions
|
96 | 84 | 191 | 167 | ||||||||||||
Investment income
|
54 | 47 | 97 | 120 | ||||||||||||
Other income (expense)
|
(14 | ) | (73 | ) | (28 | ) | (104 | ) | ||||||||
Total other income
|
136 | 58 | 260 | 183 | ||||||||||||
Earnings before income taxes
|
2,098 | 1,139 | 3,425 | 1,799 | ||||||||||||
Income tax expense
|
726 | 397 | 1,177 | 621 | ||||||||||||
Contribution to net earnings
|
$ | 1,372 | $ | 742 | $ | 2,248 | $ | 1,178 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenue
|
$ | 2,673 | $ | 6,608 | $ | 5,121 | $ | 12,046 | ||||||||
Media cost of sales
|
5,048 | 9,183 | 10,067 | 18,601 | ||||||||||||
General and administrative expenses
|
898 | 1,505 | 1,786 | 3,339 | ||||||||||||
Depreciation and amortization
|
48 | 93 | 104 | 165 | ||||||||||||
Loss before income taxes
|
(3,321 | ) | (4,173 | ) | (6,836 | ) | (10,059 | ) | ||||||||
Income tax benefit
|
(1,222 | ) | (1,481 | ) | (2,500 | ) | (3,467 | ) | ||||||||
Contribution to net earnings
|
$ | (2,099 | ) | $ | (2,692 | ) | $ | (4,336 | ) | $ | (6,592 | ) |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Investment partnership gains (losses)
|
$ | 51,549 | $ | (5,557 | ) | $ | 130,522 | $ | 17,408 | |||||||
Loss on contribution of securities to investment partnership
|
(306 | ) | - | (306 | ) | - | ||||||||||
Investment partnership gains (losses)
|
51,243 | (5,557 | ) | 130,216 | 17,408 | |||||||||||
Tax expense (benefit)
|
18,171 | (3,002 | ) | 46,756 | 4,851 | |||||||||||
Contribution to net earnings
|
$ | 33,072 | $ | (2,555 | ) | $ | 83,460 | $ | 12,557 |
Second Quarter
|
First Six Months
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Interest expense on notes payable and other borrowings
|
$ | 2,873 | $ | 2,997 | $ | 5,795 | $ | 6,003 | ||||||||
Tax benefit
|
1,092 | 1,139 | 2,202 | 2,281 | ||||||||||||
Interest expense net of tax
|
$ | 1,781 | $ | 1,858 | $ | 3,593 | $ | 3,722 |
June 30,
2016
|
December 31,
2015
|
|||||||
Cash and cash equivalents
|
$ | 66,360 | $ | 56,523 | ||||
Investments
|
21,261 | 23,750 | ||||||
Investments in other assets | 4,464 | - | ||||||
Fair value of interest in investment partnerships
|
930,419 | 734,668 | ||||||
Total cash and investments
|
1,022,504 | 814,941 | ||||||
Less portion of Company stock held by investment partnerships
|
(338,535 | ) | (262,979 | ) | ||||
Carrying value of cash and investments on balance sheet
|
$ | 683,969 | $ | 551,962 |
IT
EM 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
IT
EM 4.
|
Controls and Procedures
|
IT
EM 1.
|
LEGAL PROCEEDINGS
|
IT
EM 1A.
|
RISK FACTORS
|
IT
EM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
(a)
Total Number of Shares Purchased
|
(b)
Average Price Paid per Share
|
(c)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
(d)
Maximum Number of Shares That May Yet Be Purchased Under Plans or Programs
|
|||||||||||||
April 1, 2016 – April 30, 2016
|
- | $ | - | - | - | |||||||||||
May 1, 2016 – May 31, 2016
|
4,845 | $ | 385.39 | 4,845 | 63,155 | |||||||||||
June 1, 2016 – June 30, 2016
|
8,250 | $ | 409.88 | 8,250 | 54,905 | |||||||||||
Total
|
13,095 | 13,095 |
IT
EM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
IT
EM 4.
|
MINE SAFETY DISCLOSURES
|
IT
EM 5.
|
OTHER INFORMATION
|
IT
EM 6.
|
EXHIBITS
|
Exhibit
Number
|
Description
|
|
31.01
|
Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.02
|
Certification Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.01*
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101
|
Interactive Data Files.
|
*
|
Furnished herewith.
|
Date: August 5, 2016
|
|||
Biglari Holdings inc.
|
|||
By:
|
/s/
Bruce Lewis
|
||
Bruce Lewis
Controller
|
|||
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