Earnings weren't as bad as the headline number. SNS was up 30% to 13 million before interest and taxes.
The interest expense should really be netted against the gains/losses on CBRL (which aren't included in income) since the money that he borrowed was used to buy CBRL.
The investment partnerships are still a joke. Didn't he say that he bought Biglari Capital to grow the investment mgmt business? Still waiting on that growth.
Funny thing is that SNS earned $13 million in EBIT in the same quarter back in 2007. Biglari claims that SNS earned $13 million in EBIT this quarter. However, the 2012 quarter does not include $5-6 million in "corporate expenses" (i.e. Biglari compensation). Since SNS makes all the money, that should be allocated to it.
Bottom line, shareholders made $13 million in 2007 from SNS and are now only making $7-8 million...with Biglari taking the rest. Still can't believe the shareholders were dumb enough to pass the incentive comp agreement....they deserve what they get.
Seems like this board is dead.
I didn't think the earnings were good at all.
Investment in Cracker Barrell was great.
I don't see anything in the next couple quarters that will ignite this stock. Earnings so so. Fully loaded in CB.
Any ideas how much excess capital is left to invest?
There is no need for name calling. We are all God's children, and we should act accordingly.
Granted, I have more than one God, but that is somewhat due to my superior genetic, cultural, geographic, education, and religour background.
Love to all.