Brown & Brown, Inc. Announces 5.2% Increase in Total Revenues
(firmenpresse) - DAYTONA BEACH, FL and TAMPA, FL -- (Marketwire) -- 10/17/11 -- Brown & Brown, Inc. (NYSE: BRO) today announced its financial results for the third quarter of 2011.
Net income for the third quarter of 2011 was $44,173,000, or $0.30 per share, compared with $44,293,000, or $0.31 per share for the same quarter of 2010, a decrease of 0.3%. Total revenue for the third quarter ended September 30, 2011 was $260,401,000, compared with 2010 third-quarter revenue of $247,616,000, an increase of 5.2%.
Total revenue for the nine months ended September 30, 2011 was $769,445,000, compared with total revenue for the same period of 2010 of $743,554,000. Net income for the nine-month period ended September 30, 2011 was $127,501,000, or $0.88 per share, compared with $129,606,000, or $0.90 per share for the same period of 2010.
J. Powell Brown, President and Chief Executive Officer of Brown & Brown, Inc., noted, "We continue to swim upstream against a very difficult economy. We are pleased that our Services, National Programs and Wholesale Brokerage Divisions achieved positive internal revenue growth for the third quarter."
In the third quarter of 2011, $2,600,000 was expensed as a result of a legal claim first raised in 1994 that a subsidiary of the Company vigorously defended for 17 years until exhausting all appellate avenues for review. This claim expense reduced the Company's diluted net income per share for the third quarter of 2011 by $0.01.
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. The Company's Web address is .
This press release may contain certain statements relating to future results which are forward-looking statements, including those relating to future financial results and to acquisition opportunities. These statements are not historical facts, but instead represent only the Company's current 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, financial condition and achievements may differ, possibly materially, from the anticipated results, financial condition and achievements contemplated by these forward-looking statements. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results and condition, as well as its other achievements, 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 effects of legislative and regulatory changes in Florida pertaining to the insurance industry, including those relating to coastal property coverages; the competitive environment; the integration of the Company's operations with those of businesses or assets the Company has acquired or may acquire in the future and the failure to realize the expected benefits of such integration; and the potential occurrence of a disaster that affects certain areas of the States of California, Florida, Indiana, Michigan, New Jersey, New York, Pennsylvania, Texas and/or Washington, where significant portions of the Company's business are concentrated. All forward-looking statements made herein are made only as of the date of this release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.
Cory T. Walker
Chief Financial Officer
(386) 239-7250
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Datum: 17.10.2011 - 21:14 Uhr
Sprache: Deutsch
News-ID 77007
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DAYTONA BEACH, FL and TAMPA, FL
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Personal Finance
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