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Biglari Holdings swings to loss in Q1

Biglari Holdings Inc. said its normalized net income for the first quarter amounted to a loss of $1.94 per share, compared with 1 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $3.6 million, compared with income of $21,880 in the prior-year period.

The normalized profit margin declined to negative 1.8% from 0.0% in the year-earlier period.

Total revenue increased 9.9% year over year to $205.8 million from $187.3 million, and total operating expenses climbed 13.0% year over year to $206.1 million from $182.5 million.

Reported net income came to $10.0 million, or $5.36 per share, compared to a loss of $27.4 million, or a loss of $16.00 per share, in the prior-year period.