Table of contents
Open Table of contents
1965年11月9日
致伯克希尔·哈撒韦股份有限公司全体股东：
于1965年10月2日结束的财年，公司实现净利润2,279,206美元，而上一财年净利润为125,586美元。上述净利润未计入因永久关闭马萨诸塞州福尔里弗的King Philip工厂A和E而产生的资产处置非经常性损失，该等损失已从为此目的先前计提的准备金中扣除。
原文
November 9, 1965
To the Stockholders of Berkshire Hathaway Inc.:
The fiscal year ended October 2, 1965 resulted in net earnings of $2,279,206 as compared to net earnings of $125,586 for the prior year. These net earnings do not reflect any nonrecurring losses incurred on the disposal of assets due to the permanent closing of the King Philip Plants A and E in Fall River, Massachusetts, as such losses have been charged to a reserve previously established for such purpose.
由于存在亏损结转，公司两个财年均无需缴纳联邦所得税；然而，为避免在亏损结转无法再使用时对未来盈利产生误导性解读，公司在计算1965年和1964年净利润时，已计入一笔金额实质上等于各财年经营成果本应缴纳的联邦所得税的扣减项。
原文
Because of loss carryovers, no federal income taxes were payable by the Corporation with respect to either of these years; however, to prevent any misleading interpretation of future earnings when loss carryovers shall not be available, the Corporation has included in computing net earnings for 1965 and 1964 a charge substantially equal to the federal income taxes that would have been payable with respect to results of operations during each of these years.
公司目前继续运营位于罗德岛州沃伦的King Philip工厂D，以及位于马萨诸塞州新贝德福德的Hathaway Synthetic、Box Loom和Home Fabrics三个部门。
原文
The Corporation is continuing to operate King Philip Plant D in Warren, Rhode Island, and the Hathaway Synthetic, Box Loom and Home Fabrics Divisions in New Bedford, Massachusetts.
1965年期间，原材料、在产品和成品布库存减少了1,411,967美元，同时偿还了2,500,000美元的银行贷款。此外，公司在本财年购回了120,231股自有股份，财年末流通在外股份总数为1,017,547股。
原文
During 1965 raw material, stock in process and cloth inventories were decreased by $1,411,967 and bank loans of $2,500,000 were paid off. Also, during the year the Corporation purchased 120,231 of its own shares, leaving a total of 1,017,547 shares outstanding at the end of the fiscal year.
在刚刚结束的财年中，公司大幅削减了管理费用。本年度公司投资约811,812美元购置新机器，作为持续降低成本、改进质量的努力的一部分。该计划将在本财年内继续推进。
原文
The Corporation made a substantial reduction in its overhead costs during the fiscal year just ended. Approximately $811,812 was invested by the Corporation during the year in the purchase of new machinery in a continuing effort to reduce costs and to improve quality. This program will continue during the current fiscal year.
King Philip工厂E部门的大部分机器设备已出售。我们预计在本财年内处置该工厂的剩余部分。此举将完成我们对亏损工厂的清算。King Philip E部门的拟议出售将使得有必要为King Philip D部门在Hathaway部门C工厂（原Langshaw Mill）提供原棉和坯布的仓储空间。相关计划正在制定中，以便在本财年内完成。
原文
A major portion of the machinery at King Philip Plant E Division has been sold. We expect to dispose of the remaining portion of this plant during the current fiscal year. This will complete the liquidation of our unprofitable plants. The proposed sale of the King Philip E Division will make it necessary to provide storage for raw cotton and grey cloth for the King Philip D Division at the Hathaway Division Plant C (former Langshaw Mill). Plans are under way to accomplish this within the current fiscal year.
在服务超过五十年后，Seabury Stanton先生辞去了董事兼总裁职务，Kenneth V. Chace先生当选接替其职位。同时，John K. Stanton先生辞去了董事兼财务主管及书记员职务。Harold V. Banks先生当选接替其财务主管及书记员职位。
原文
After more than fifty years of service, Mr. Seabury Stanton resigned as a director and as President and Mr. Kenneth V. Chace was elected to succeed him. At the same time, Mr. John K. Stanton resigned as a director and as Treasurer and Clerk. Mr. Harold V. Banks was elected to succeed him as Treasurer and Clerk.
公司所有部门目前均拥有大量未交付订单积压，我们目前预计来年运营将持续盈利。
原文
All divisions of the Corporation currently have substantial backlogs of unfilled orders and we presently anticipate that operations for the coming year will continue to be profitable.
我们谨向公司全体员工致以诚挚感谢，正是他们忠诚的合作与努力，共同促成了本年度的成功。
原文
We wish to express our thanks to all the employees of the Corporation whose loyal cooperation and efforts have helped to make this year successful.
Malcolm G. Chace, Jr.
董事会主席
Kenneth V. Chace
总裁
[此信由沃伦·E·巴菲特撰写]
原文
Malcolm G. Chace, Jr.
Chairman of the Board
Kenneth V. Chace
President
[Letter written by Warren E. Buffett]