Berkshire's operating results for the first quarter of 2009 and 2008 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.

Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the first quarter of 2009 and 2008 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).

 Exception caught in main. 

Note: Per share amounts for the Class B shares are 1/30th those shown for the Class A.

An analysis of Berkshire's operating earnings follows (dollar amounts are in millions).

                                First Quarter                                             2009          2008                                                                    Insurance-underwriting        $  219        $  181        Insurance-investment income      1,033         802        Non-insurance businesses         539           950        Other                            (86    )      (2     )   Operating earnings            $  1,705      $  1,931       -------------------------------------------------------------------------------  

In the table at the top of the page (which, as noted, reports after-tax results), we give investment and derivative gains (losses) lines of their own because the amounts of these in any given quarter or year is usually meaningless.

Other-than-temporary impairments primarily relate to Berkshire's investment in ConocoPhillips common stock. We sold 13.7 million shares of ConocoPhillips during the first quarter and additional shares were sold subsequent to the end of the quarter. Although we expect the market price of ConocoPhillips to increase over time to levels that exceed our original cost, we are likely to sell some additional shares prior to that time and generate additional capital losses that we can carry back to prior tax years when we generated net capital gains. In 2006, we paid about $690 million in federal tax on capital gains and that payment can only be fully recovered if capital losses of at least $1.98 billion are taken in 2009.

Under GAAP, we are required to record an other-than-temporary impairment charge when it is likely an investment will be sold at a price below its original cost.