930686--3/31/2009--WESTERN_SIZZLIN

related topics

{condition, economic, financial}

{loan, real, estate}

{stock, price, operating}

{competitive, industry, competition}

{personnel, key, retain}

{financial, litigation, operation}

{investment, property, distribution}

{customer, product, revenue}

{operation, natural, condition}

{property, intellectual, protect}

{regulation, government, change}

We are dependent on key personnel. Mr. Biglari, our Chairman and Chief Executive Officer, holds the same offices at another public company. Our stock price could be volatile. A substantial amount of our common stock is controlled by one person. Our wholly-owned subsidiary, Western Properties, Inc. serves as the general partner of a private investment limited partnership, Western Real Estate, L.P., which had no limited partners in 2008 but intends to operate as a private real estate investment partnership. We are dependent on one key person for investment and capital allocation decisions Our investments in marketable securities, including through Western Acquisitions L.P., are highly concentrated. Our investment activities, including through Western Acquisitions, L.P., may involve the purchase of securities on margin. Our investment activities could require registration as an Investment Company. We are experiencing a decline in our franchise base. Our restaurants operate in a highly competitive environment. The inability of our franchisees to operate profitable restaurants may negatively impact our financial performance. We are highly dependent on attracting and retaining qualified employees while also controlling labor costs. We are dependent upon the timely delivery of fresh ingredients. We may not be able to adequately protect our intellectual property, which could decrease the value of our brand and products. General economic factors may adversely affect our results of operations. Current levels of market volatility are unprecedented. The Company is vulnerable to changes in economic conditions and consumer spending patterns that could harm its business, financial condition, results of operations and cash flow. Changes in guest preferences for casual dining styles or menu items could adversely affect our financial performance. We face the risk of adverse publicity and litigation relating to food-borne illness, employment and other matters that could have a material adverse affect on our business and financial performance. We are regulated by the federal and state government. Adverse weather conditions or losses due to casualties such as fire could negatively impact our financial performance. Litigation could have a material adverse effect on our financial position, cash flows and results of operations.

Full 10-K form ▸

930686--3/31/2009--WESTERN_SIZZLIN_CORP