Word: pretax
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...core of the 1994 bankruptcy of California's Orange County and the 1998 demise of hedge fund Long-Term Capital Management. Buffett once called derivatives "financial weapons of mass destruction," so you'd think he would steer clear. But his company, Berkshire Hathaway, has acknowledged a $307 million pretax loss in the first three months of this year that's due to a $21.4 billion position in "currency contracts," which are derivatives that hit pay dirt when the dollar falls. Problem is, the dollar is rallying. The greenback--up 4% against the euro in the first quarter and an additional...
...that indemnify most American casualty companies against extraordinary losses, cut back sharply or ran away from the business entirely, leaving the American firms to shoulder the losses alone. Finally, in 1984 underwriting losses swallowed up investment income entirely and, according to industry statistics, property-casualty insurers suffered an overall pretax loss of $3.8 billion. It was the first red-ink figure in nine years. In 1985 the pretax loss increased to $5.5 billion. Some 40 liability insurers have become insolvent in the past two years...
Accounting for 10% of Unilever's global sales, ice cream plays a part in the company's strategy to improve on its performance in 2004, a rough year in which European ice cream sales fell nearly 10% and Unilever's overall pretax profits fell 36%. Unilever has since streamlined its corporate structure, jettisoning its dual-chairman arrangement for a single chairman and chief executive. Since Patrick Cescau took charge in February, he has focused on reviving sales growth with new products. One innovative Unilever idea: "Superfruit" flavors featuring fruits high in vitamins and minerals, like the acerola, which looks like...
...latest ads: "We're not greedy. We believe that it is better to sell hundreds of thousands of software programs at a reasonable price instead of a few at prices that would make Jesse James blush." Even at his prices, Kahn claims, Borland makes a pretax profit of 40%. Says he: "The actual material of a program costs less than $5. Most business programs cost between $300 and $500. This is kind of a rip-off. I'm trying to do things differently...
...Today is still not a financial winner. Though officials at Gannett will not divulge figures, Wall Street analysts estimate that the publication has lost about $250 million in pretax dollars. Neuharth has always said that the paper would not become profitable until 1987, but some company officials nonetheless seem a bit dismayed that the flood of red ink might top $350 million...