Wesco Financial (AMEX:WSC)
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Unaudited consolidated net income of Wesco Financial Corporation (NYSE
AMEX:WSC) and its subsidiaries for the third quarter of 2010 amounted to
$17,748,000 compared with $9,882,000 for the third quarter of 2009.
Unaudited consolidated net income for the first nine months of 2010 was
$61,345,000 compared with $42,771,000 for the first nine months of 2009.
The 2010 figures included realized after-tax net investment gains of
$2,600,000 for the third quarter and $2,432,000 for the first nine
months. No investment gains or losses were realized in the 2009 periods.
Consolidated earnings before realized net investment gains improved for
each of the 2010 periods due mainly to a reduction in operating expenses
of Wesco’s CORT furniture rental business as well as increased
investment income of Wesco’s insurance businesses. The operations of
CORT and Precision Steel, although improved, continue to reflect the
effects of weak economic conditions.
Following is a breakdown of consolidated net income into useful business
components. All figures are on an after-tax basis and are in thousands
except for per-share amounts, which are based on 7,119,807 shares
Quarter Ended September 30,
Nine Months Ended September 30,
Wesco-Financial and Kansas Bankers
insurance businesses --
CORT furniture rental business
Precision Steel businesses
Realized net investment gains
Consolidated net income
Wesco’s Form 10-Q for the quarter ended September 30, 2010 was filed
electronically with the Securities and Exchange Commission today, and we
invite shareholders, the financial media and others to access it through
the SEC’s website (www.sec.gov).
The Form 10-Q contains unaudited condensed consolidated financial
statements, management’s discussion and analysis of financial condition
and results of operations, and other information.
On September 1, 2010, Wesco’s Board of Directors received a formal
written proposal from Berkshire Hathaway Inc. (“Berkshire”) to acquire
the remaining 19.9% of the shares of Wesco’s common stock that it does
not presently own in exchange for shares of Berkshire’s Class B common
stock and/or cash at the election of the shareholder (the “Berkshire
proposal”). In response, Wesco’s Board of Directors has formed a special
committee of independent directors (the “Special Committee”), which is
evaluating the Berkshire proposal with the assistance of financial and
legal advisors. There can be no assurance that an agreement on terms
satisfactory to the Special Committee or Wesco’s Board of Directors will
result or that any transaction will be completed. Reference is made to a
Current Report on Form 8-K filed by Wesco with the Securities and
Exchange Commission on September 2, 2010, for a press release filed by
Wesco in connection with the Berkshire proposal.
Certain statements contained in this press release are “forward looking”
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are not guaranties of future
performance and actual results may differ materially from those