Hub International Limited reported that, despite a 37 percent increase in second-quarter revenues, net income dropped 63 percent after a charge for last year's acquisition of Talbot brokerage in Albuquerque, N.M.
Chicago-based Hub said for the first six months of 2005 it paid $15.9 million in noncash-based compensation for Talbot, based on a total estimated cost of about $53 million. Hub expects the total cost of the deal in 2005 to be $27.8 million, decreasing to $9.3 million in 2006 and $1.7 million in 2007.
In the second quarter of 2005, Hub recorded net income of $4.3 million, or 12 cents a share, compared to $11.6 million, or 35 cents a share, for the same period of 2004, a drop of $7.3 million. Revenues increased more than $30 million, going from $82 million to $113 million.
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