Buffett's Berkshire has first loss since 2001

[gret]

Here is the quote from the 10-Q-

"Revenues of the other service businesses were $1,506 million in the first quarter of 2009, a decrease of $620 million (29%) compared to 2008. Pre-tax earnings were $14 million in 2009, a decrease of $195 million (93%) from 2008. Revenues of NetJets in 2009 as compared to 2008 declined significantly as a result of an 80% decline in aircraft sales as well as lower flight revenue hours. The decrease in revenues and pre-tax earnings reflects the negative impact of the global recession on substantially all of Berkshire’s other service businesses and in particular, NetJets’ fractional ownership business which reported a pre-tax loss of $96 million (includes writedowns of aircraft of approximately $55 million) as compared to pre-tax earnings of $45 million in 2008."

In another part of the filing, it said aircraft orders would be delayed.

In the 4th qtr of 2008, they wrote down aircaft by $53 million making the total for the last 6 months approximately $108 million.

Let's hope flying does pick up as annualized losses are approaching $400 million.

FlightSafety appears to have generated pre tax profits of $110 million for the qtr.

 

[Andy Neill]

Buy low sell high...

Now is the time to buy NetJets stock.

Sage advice....but there is no such stock. Since it is a subsidiary of Berkshire-Hathaway, you would have to buy BRK.A at a little over $95,000 per share or BRK.B at a bargain $3100 per share.

 

[sshrae]

Sage advice....but there is no such stock. Since it is a subsidiary of Berkshire-Hathaway, you would have to buy BRK.A at a little over $95,000 per share or BRK.B at a bargain $3100 per share.

I think he is metaphorically speaking.

 

[jehtplane]

Imagine that!
Less than a day or two and a topic that was discussed on union web board appears on
FI.
Flight Info has more than its share of Netjets haters.

Some of you guys sure get your panties in a bunch in a hurry. Bad news about other fractionals gets put on here all of the time, so somebody put some INFORMATION about the industry up on a public board. I read this article on CNN.com yesterday.

 

[jppt2000]

Some of you guys sure get your panties in a bunch in a hurry. Bad news about other fractionals gets put on here all of the time, so somebody put some INFORMATION about the industry up on a public board. I read this article on CNN.com yesterday.

I guess misery loves company.

 

[DUATS]

Sage advice....but there is no such stock. Since it is a subsidiary of Berkshire-Hathaway, you would have to buy BRK.A at a little over $95,000 per share or BRK.B at a bargain $3100 per share.

But you can get in on Flexjet of about $3.50 a share for Bombardier stock - and that's in Canadian dollars!

 

[o2bflyn]

Imagine that!
Less than a day or two and a topic that was discussed on union web board appears on
FI.
Flight Info has more than its share of Netjets haters.

Not sure why that shocks you so......it not like its exclusively union business. BRK is a firm that a lot of people in and out of the Aviation look to as a barometer.

That being said......not kidding they lost money....its a recession!

 

[jppt2000]

Not sure why that shocks you so......it not like its exclusively union business. BRK is a firm that a lot of people in and out of the Aviation look to as a barometer.

That being said......not kidding they lost money....its a recession!

Not shocked, just impressed by the folks who can't wait to break bad news.
Reading the posers chime in with expert commentary is actually entertaining

 

[o2bflyn]

Not shocked, just impressed by the folks who can't wait to break bad news.
Reading the posers chime in with expert commentary is actually entertaining

I gotcha....read your post wrong. I agree, there are some real "doomsday" people out there just waiting to be the first one to chime in.

 

[SAVJagsfan]

Wow, Flight Safety made $110 million last quarter?

Flight Safety Savannah is shutting the doors for one week in July (1st week) without pay for everyone in the center. Well not everyone, a few mission critical people will be around.

You can take vacation and recieve your pay.