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Steak n Shake posts profit, plans new corporate name

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Steak n Shake Co. said Friday it posted a fourth-quarter profit, and said it is planning to change its corporate name to Biglari Holdings Inc.

The company said the purpose of the name change is to more clearly identify the company as a broad holding company and eliminate confusion between Steak n Shake operations and the broader company.

The company will hold a shareholder vote on the name change on April 8 in New York. Steak n Shake has reserved the trading symbol "BH," and trading will move under that symbol on April 9 if shareholders approve the switch.

In the fourth-quarter, the company earned $5.5 million, or $3.82 per share, compared with a year-ago loss of $3.4 million, or $2.43 per share. The most recent quarter contained a $312 million gain on investments.

Revenue rose 13 percent to $147.6 million, from $130.7 million in the same quarter last year.

Shares fell $2.25 to $318.99 in aftermarket trading. The stock closed up $4.21 to close at $321.24 in the regular session Friday.

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