Consolidated net “operating” income (i.e., before realized investment gains shown in
the table below) for the calendar year 2009 decreased to $54,073,000 ($7.59 per share) from
$77,562,000 ($10.89 per share) in the previous year.
Consolidated net income decreased to $54,073,000 ($7.59 per share) from $82,116,000
($11.53 per share) in 2008. The 2008 figure included realized after-tax investment gains of
$4,554,000 ($.64 per share). No investment gains or losses were realized in 2009.
Wesco has four major subsidiaries: (1) Wesco-Financial Insurance Company (“Wes-
FIC”), headquartered in Omaha and engaged principally in the reinsurance business, (2) The
Kansas Bankers Surety Company (“Kansas Bankers”), owned byWes-FIC and specializing in
insurance products tailored to Midwestern community banks, (3) CORT Business Services
Corporation (“CORT”), headquartered in Fairfax, Virginia and engaged principally in the
furniture rental business, and (4) Precision Steel Warehouse, Inc. (“Precision Steel”), headquartered
in Chicago and engaged in the steel warehousing and specialty metal productsbusinesses.
Click here to read the complete Charlie Munger Letter to Wesco Financial Shareholders.
Click here to read the complete Charlie Munger Letter to Wesco Financial Shareholders.
