In reviewing the 10Q over the weekend, it looks like Steak-n-Shake earnings were very strong. Same store sales up 3.7% while traffic increased 2.9%.
Revenue from franchising growing nicely- up 46%. 195 franchised stores now vs 178 a year ago.
The reported loss is from changes in the investments (which, I believe flow through the income statement) as CBRL stock declined during the period.
Overall, it looks like a great quarter. The Maxim and 1st Guard acquisitions don't make much sense on the surface, but maybe Biglari has a plan for them. He's done well executing so far so I'd give him the benefit of the doubt.