DAYTONA BEACH, Fla., and TAMPA, Fla., Oct. 10 /PRNewswire/ -- Brown & Brown, Inc. (NYSE: BRO) announced record quarterly earnings for the third quarter of 2001 of $13,068,000 compared with $8,830,000 recorded in the third quarter of 2000, an increase of 48.0%. Per share net income rose 44.8% to $0.42 per share, compared with $0.29 per share in the third quarter of last year. Total revenue for the quarter ended September 30, 2001 was up 40.0% to $85,234,000 compared with the 2000 third-quarter revenue of $60,900,000.
(Photo: http://www.newscom.com/cgi-bin/prnh/20001003/BROLOGO )
Total revenue for the nine months ended September 30, 2001 was $255,334,000 compared with revenue for the same period in 2000 of $184,749,000, up 38.2%. Net income for the nine months ended September 30, 2001 was $38,435,000, or $1.24 per share, compared with the $26,535,000, or $0.88 per share, posted during the same period last year. This represents a 44.8% and 40.9% increase in net income and net income per share, respectively, over the same period in 2000.
J. Hyatt Brown, Chairman, President and CEO, commenting on the results, said, "We are delighted with the continuation of our very strong pattern of growth, which has resulted in our 35th consecutive quarter of increased earnings per share. Our internal growth rate for the third quarter continues to be strong at 12.1%. We are also pleased to report that the 17 acquisitions completed during the first three quarters of 2001 are contributing nicely to our growth in both revenues and net income."
Brown & Brown, Inc. and its subsidiaries provide a broad range of insurance products and services, as well as risk management, employee benefit administration, and managed health care services through offices located across the United States. The company is ranked by Business Insurance magazine as the nation's eighth largest independent insurance intermediary organization. Our Web address is www.bbinsurance.com .
This press release may contain certain statements relating to future results which are forward-looking statements. These statements are not historical facts, but instead represent only the Company's belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, are contained in the Company's filings with the Securities and Exchange Commission. Some factors include: general economic conditions around the country, downward commercial property and casualty premium pressures, the competitive environment, the potential occurrence of a disaster that affects certain areas of the States of Arizona, Florida and/or New York, where significant portions of the Company's business are concentrated, and the performance of newly acquired entities. All forward-looking statements included in this press release are made only as of the date of this press release, and we do not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which we hereafter become aware.
Brown & Brown, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
2001 2000* 2001 2000*
(Unaudited) (Unaudited)
REVENUES
Commissions and fees $84,696 $59,369 $251,319 $180,372
Investment income 558 1,252 2,749 3,151
Other income (20) 279 1,266 1,226
Total revenues 85,234 60,900 255,334 184,749
EXPENSES
Employee compensation
and benefits 44,659 33,206 133,379 100,644
Other operating
expenses 12,305 9,548 38,620 30,268
Depreciation 1,639 1,432 4,834 4,204
Amortization 3,920 2,328 11,375 6,695
Interest 1,634 186 4,613 644
Total expenses 64,157 46,700 192,821 142,455
Income before
income taxes 21,077 14,200 62,513 42,294
Income taxes 8,009 5,370 24,078 15,759
Net income $13,068 $8,830 $38,435 $26,535
Basic and diluted
earnings per share
Basic $0.43 $0.29 $1.26 $0.88
Diluted $0.42 $0.29 $1.24 $0.88
Weighted average number
of shares outstanding
Basic 30,671 30,404 30,582 30,218
Diluted 31,004 30,406 30,882 30,218
* Restated for pooling-of-interests.
Brown & Brown, Inc.
Third Quarter Core Commissions and Fees (1)
Quarter Quarter Total Total Less Internal
Ended Ended Net Net Acquisition Net
9/30/01 9/30/00 Change Growth % Revenues Growth %
Florida Retail $27,915 $22,221 $5,694 25.6% $ 3,123 11.6%
Southwest Retail 12,066 7,853 4,213 53.6% 3,250 12.3%
National Retail 26,068 12,950 13,118 101.3% 12,192 7.2%
Total Retail 66,049 43,024 23,025 53.5% 18,565 10.4%
Professional
Programs 3,797 4,282 (485) (11.3)% --- (11.3)%
Commercial
Programs 410 383 27 7.0% 27 0.0%
Total Programs 4,207 4,665 (458) (9.8)% 27 (10.4)%
Brokerage 6,809 4,506 2,303 51.1% --- 51.1%
TPA Services 6,189 5,416 773 14.3% 60 13.2%
Total Core
Commissions
and Fees $83,254 $57,611 $25,643 44.5% $18,652 12.1%
(1) Total Commissions and Fees excluding profit sharing contingency
revenues and divestitures.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X26191147
SOURCE Brown & Brown, Inc.
Web site: http: //www.bbinsurance.com
Photo: http: //www.newscom.com/cgi-bin/prnh/20001003/BROLOGO PRN Photo Desk, 888-776-6555 or 212-782-2840
CONTACT: Cory T. Walker, Chief Financial Officer of Brown & Brown, Inc., +1-904-239-7250
CAPTION: BROLOGO BROWN & BROWN LOGO Brown & Brown, Inc. logo. (PRNewsFoto)[HD] DAYTONA BEACH AND TAMPA, FL USA 10/03/2000