Wesco Financial Corporation Issues Second Quarter 2010 Earnings

Unaudited consolidated net income of Wesco Financial Corporation (NYSE AMEX:WSC) and its subsidiaries for the second quarter of 2010 amounted to $31,270,000 compared with $12,930,000 for the second quarter of 2009. Unaudited consolidated net income for the first six months of 2010 was $43,597,000 compared with $32,889,000 for the first six months of 2009.

The increases in consolidated earnings for the current periods reflect mainly a reduction in operating expenses of Wesco’s CORT furniture rental business as well as improved underwriting results of the insurance businesses. The operations of CORT and Precision Steel, although improved, continue to reflect the effects of weak economic conditions.

Following is a breakdown of consolidated net income into useful business components. All figures are on an after-tax basis and are in thousands except for per-share amounts, which are based on 7,119,807 shares outstanding.

Wesco’s Form 10-Q for the quarter ended June 30, 2010 will be filed electronically with the Securities and Exchange Commission early next week, and we invite shareholders, the financial media and others to access it through the SEC’s website (www.sec.gov). The Form 10-Q will contain unaudited condensed consolidated financial statements, management’s discussion and analysis of financial condition and results of operations, and other information.

Certain statements contained in this press release are "forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.