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Steak n Shake's annual profit sizzles

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Steak n Shake grew pretax profit in fiscal 2010 an impressive 331 percent, the owner of the Indianapolis-based restaurant chain said in a letter to shareholders over the weekend.

San Antonio-based Biglari Holdings Inc., which changed its name from Steak n Shake Co. in April, said the restaurant reported $37.7 million in pretax profit during the latest fiscal year, a huge increase from the $8.7 million it had in fiscal 2009.

Biglari Chairman Sardar Biglari said in the letter that Steak n Shake went from losing $100,000 a day at the beginning of last year to making $100,000 a day this year.

“Steak n Shake was a troubled company whose brand required repositioning, a task made even more enervating because it had to be undertaken in the midst of the ‘Great Recession,’” Biglari wrote. “After we removed the near-lethal cancer of bad strategy, the turnaround was quickly successful because of the fortitude, tenacity and commitment of all 20,000 associates who put their collective shoulders to the wheel executing the plan.”

Same-store sales increased 6.8 percent in the fiscal fourth quarter ended Sept. 30, marking the seventh consecutive quarter of growth.

Overall, Biglari Holdings in fiscal 2010 posted $28 million in profit on revenue of $622.9 million, largely due to Steak n Shake’s increase in same-store sales, Biglari said in its annual report filed on Monday.

Still, Biglari cautioned investors that the company expects “difficulties” in fiscal 2011 exceeding prior-year profits because of expected investments in human resources, training and franchising.

Steak n Shake operates 483 company-owned and franchised Steak n Shake restaurants.

Company shares rose to $433.11 each in late-morning trading, up 2.2 percent from their Monday opening price.
 

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  1. If what you stated is true, then this article is entirely inaccurate. "State sells bonds" is same as "State borrows money". Supposedly the company will "pay for them". But since we are paying the company, we are still paying for this road with borrowed money, even though the state has $2 billion in the bank.

  2. Andrew hit the nail on the head. AMTRAK provides terrible service and that is why the state has found a contractor to improve the service. More trips, on-time performance, better times, cleanliness and adequate or better restrooms. WI-FI and food service will also be provided. Transit from outlying areas will also be provided. I wouldn't take it the way it is but with the above services and marketing of the service,ridership will improve and more folks will explore Indy and may even want to move here.

  3. They could take the property using eminent domain and save money by not paying the church or building a soccer field and a new driveway. Ctrwd has monthly meetings open to all customers of the district. The meetings are listed and if the customers really cared that much they would show. Ctrwd works hard in every way they can to make sure the customer is put first. Overflows damage the surrounding environment and cost a lot of money every year. There have been many upgrades done through the years to help not send flow to Carmel. Even with the upgrades ctrwd cannot always keep up. I understand how a storage tank could be an eye sore, but has anyone thought to look at other lift stations or storage tanks. Most lift stations are right in the middle of neighborhoods. Some close to schools and soccer fields, and some right in back yards, or at least next to a back yard. We all have to work together to come up with a proper solution. The proposed solution by ctrwd is the best one offered so far.

  4. Fox has comments from several people that seem to have some inside information. I would refer to their website. Changed my whole opionion of this story.

  5. This place is great! I'm piggy backing and saying the Cobb salad is great. But the ribs are awesome. $6.49 for ribs and 2 sides?! They're delicious. If you work downtown, head over there.

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