Berkshire Net Down 25% for 1997

Berkshire Hathaway Inc., the investment company run by billionaire Warren Buffett, said its net income fell 25% last year, to $1,542 a share, as gains from investment sales fell by more than half. But the company’s earnings from continuing operations, such as its newspaper and furniture operations, rose 33% to $972 a share. Total net income was $1.9 billion last year, while operating income was $1.2 billion. Realized investment gains fell to $703.5 million from $1.6 billion in 1996, when the company had a huge gain from the sale of its stake in Capital Cities/ABC Inc. to Walt Disney Co. Berkshire also said that its 1997 annual report, including the widely anticipated shareholder letter from Buffett, will be available on its World Wide Web site at about 8 a.m. Saturday. The address: https://www.berkshirehathaway.com. (Berkshire stock chart, D8)