B&B Sees 57 Pct. Increase In Net

NU Online News Service, April 15, 3:05 p.m. EST?Brown & Brown insurance brokerage reported a first-quarter 57 percent increase in net income over last year, and a 55 percent increase in per share earnings.

For the quarter ending March 31, the Daytona Beach, Fla.?based company's net income rose to $20.2 million for the first quarter of 2002, compared to $12.9 million for the first quarter last year. Net income per share was reported at 31 cents per share compared to 20 cents per share for the first quarter of 2001.

Revenues were up 24 percent, from $89.4 million for the first quarter of 2001 to $111 million for 2002.

J. Hyatt Brown, chairman, president and chief executive officer, said in a statement that the increases are the result of the rapid integration of its 28 acquisitions last year and continued growth within existing Brown & Brown offices.

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