Biglari Holdings reports fiscal Q1 net earnings of US$8.8M, down 7.6% from year-ago period due to special charges; revenue up 4.9% to US$166.4M

Nevin Barich

SAN ANTONIO , January 30, 2012 (press release) – Biglari Holdings Inc. announces its fiscal first quarter 2012 results:

Biglari Holdings Inc.'s operating results for the twelve weeks, which ended December 21, 2011, are summarized below. To become apprised fully of our results, shareholders should carefully study our 10-Q, which has been posted at www.biglariholdings.com.

Analysis of Results:

In the first quarter Steak n Shake's same-store sales advanced 5.5%, principally because guest traffic expanded by 5.7%.

The amount of realized investment gains may fluctuate from period to period. Because no predictive value exists, we encourage investors to analyze closely our business performance before they interpret the impact of realized gains.

About Biglari Holdings Inc.

Biglari Holdings Inc. is a holding company engaged in a number of diverse business activities. Its most important operating subsidiaries are involved in investment management and the franchising/operating of restaurants. All major operating, investment, and capital allocation decisions are made by Sardar Biglari, Chairman and Chief Executive Officer, on behalf of the Company and its main operating subsidiaries.

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