Berkshire Hathaway 1999 Annual Report Download - page 24

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23
BERKSHIRE HATHAWAY INC.
and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
(dollars in millions except per share amounts)
Year Ended December 31,
1999 1998 1997
Revenues:
Insurance premiums earned .............................. $14,306 $ 5,481 $ 4,761
Sales and service revenues ............................... 5,918 4,675 3,615
Interest, dividend and other investment income ............... 2,314 1,049 916
Income from finance and financial products businesses ......... 125 212 32
Realized investment gain ................................ 1,365 2,415 1,106
24,028 13,832 10,430
Cost and expenses:
Insurance losses and loss adjustment expenses ................ 12,518 4,040 3,420
Insurance underwriting expenses .......................... 3,220 1,184 880
Cost of products and services sold ......................... 4,065 3,018 2,187
Selling, general and administrative expenses ................. 1,164 1,056 921
Goodwill amortization .................................. 477 111 83
Interest expense ....................................... 134 109 112
21,578 9,518 7,603
Earnings before income taxes and minority interest .......... 2,450 4,314 2,827
Income taxes ......................................... 852 1,457 898
Minority interest ...................................... 41 27 28
Net earnings .......................................... $ 1,557 $ 2,830 $ 1,901
Average common shares outstanding * ..................... 1,519,703 1,251,363 1,233,192
Net earnings per common share * ......................... $ 1,025 $ 2,262 $ 1,542
*Average shares outstanding include average Class A Common shares and average Class B Common
shares determined on an equivalent Class A Common Stock basis. Net earnings per common share shown
above represents net earnings per equivalent Class A Common share. Net earnings per Class B Common
share is equal to one-thirtieth (1/30) of such amount or $34 per share for 1999, $75 per share for 1998,
and $51 per share for 1997.
See accompanying Notes to Consolidated Financial Statements