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airjordan657

,[link widoczny dla zalogowanych]
1977, the Company's operating income was 2,[link widoczny dla zalogowanych],190 million, Jordan $ 22.54 per share, the performance was slightly better years ago, is expected in these surplus in a $ 1.43 per share, a surplus of blue-chip system stamps a lot of capital gains realized, the Company recognized in accordance with the investment ratio contribution from investment income, as Berkshire itself and its insurance subsidiaries realized capital gains or losses are not included in the calculation of operating profit, it is recommended you do not have to be too concerned about the single period earnings figures, as long-term capital gains or losses accumulated is the real key lies. Much lower than the performance of the textile industry estimates, as the Illinois National Bank and Blue Chip Stamps results contribute to our investment interests are broadly as expected, the other, led by the Phil Liesche National Indemnity insurance business even more than we did the .
best performance optimistic expectations are even better. Usually the company announced earnings per share will be another record high, but because the company's capital will be amplified along with the accumulation of surplus, so we do not think that the operating performance of what the big deal,[link widoczny dla zalogowanych], for example, expansion of 10% per year or per share share earnings growth of 5%, and so, after all, even a dormant savings account, because the relationship between compound interest can be steadily each year have the same effect. Except in special cases (such as debt ratios or hold significant assets on the account were not revalued), otherwise we consider \return on equity of about 19%, slightly better than the same period last year, but much higher than their long-term and over the past year the overall average of U.S. companies, so although our earnings per share growth of 37%, but the beginning of the period capital also increased by 34%, which makes our actual performance and not as good.
We expect to achieve in future years will be very difficult to return in 1977, this level, partly because the opening of capital is up 23%, and we expect the insurance underwriting profit margins will begin before the end of anti- turn, however, we still can look forward to a fruitful year, and we now estimate that although the prediction has its inherent limitations, I think that operating profit per share in 1978, there should be little room to grow.
textile industry in 1977, the performance of the textile industry is still in a slump the past two years, we have come to nothing optimistic expectations, which may also explain the weak predictive power of our, or the nature of the textile industry, despite repeated efforts and struggle,[link widoczny dla zalogowanych], marketing and manufacturing problems still exist, though the market situation facing the difficulties associated with the industry, but there are many problems of our own making.
some started to question whether we should shareholders stay in the textile industry, although the long term return on their investment significantly lower than other investments, but our reasons are the following: (1) We Niubei Fu and Manchester plants are the largest employment of local industry, high average age of employees, the lack of the ability to change jobs, and our employees and their unions have do our best to cooperating with management efforts to improve the cost structure and product portfolio to enable our business to continue.
(2) management is also very hard at the same time admitted that the problem facing the industry, especially in
1965, after years of operation easy to master the right, Ken Chace still try to make every effort to assist us in the textile sector to produce a stable inflow of funds into the insurance business more profitable investments and acquisitions over (3) to work together manufacturing and marketing mix of optimism, our textile business in the future should look to maintain a minimum profit margin.
insurance business in our insurance business continued to grow significantly in 1977, early in 1967 to $ 8,600,000 we acquired National Indemnity,[link widoczny dla zalogowanych], and National Marine Fire Insurance Company (both as a sister company) to enter the insurance industry the way , when their premium income of about 2,200 million dollars, to date, in 1977, the cumulative premium income reached 151 million, must be stressed that during this period,[link widoczny dla zalogowanych], Berkshire does not re-issue one new share for any cope growth.
the contrary, it is almost 600% growth from National Indemnity's traditional business, coupled with the steady growth of new companies (including property and casualty insurance in 1970 Cornhusker, 1971 Lakeland fire in 1972, United Insurance of Texas,[link widoczny dla zalogowanych], 1973 Iowa 1977 Kansas insurance and fire insurance companies, etc.) bought by way of merger (the family and in 1971, auto insurance, 1976, now known as the Central Fire Kerkling reinsurance and insurance companies in 1977, and Cypress),[link widoczny dla zalogowanych], and finally through the marketing of new services - mainly carried out under the name of national insurance from the reinsurance business.
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