Brown & Brown, Inc. with offices in Daytona Beach and Tampa, Fla. announced record earnings for 2004, the 12th consecutive year the company has hit record highs in both revenues and net income. Net income for 2004 rose to $128,843,000, or $1.86 per share, an increase of 16.3 percent in per share earnings over the $110,322,000, or $1.60 per share earned in 2003. Total revenues for the year rose to $646,934,000, up 17.4 percent compared with the $551,040,000 attained in 2003.
During the fourth quarter of 2004, net income increased to $30,256,000, or $0.43 per share, compared with 2003 fourth quarter net income of $25,800,000, or $0.37 per share, a 16.2 percent increase. Total revenue for the fourth quarter of 2004 was $163,046,000, a 20.9 percent increase over 2003 fourth quarter revenues of $134,901,000.
“Our outstanding record of earnings per share growth of 15 percent or more continues for the twelfth straight year, thanks primarily to the remarkable men and women who have adopted the Brown & Brown culture as their own,” J. Hyatt Brown, chairman and CEO said. “Just as we achieved our last interim goal, ‘Project 28,’ we continue to aggressively pursue our current intermediate goal of achieving over the coming years ‘B-40,’ that is, $1 billion in revenue and a 40 percent operating margin (pre-tax income with interest and amortization expense added back).”
“During 2004 and carrying right into the new year, we have been favored by the exceptional caliber of organizations seeking to join the Brown & Brown team,” Jim W. Henderson, president and COO noted. “The results we continue to produce are proof of the win-win culture we achieve with acquisitions. Looking forward, we continue to see a large number of extremely fine potential new opportunities.”
Henderson said 2004 also signaled a higher level of success in the recruitment and hiring of new future leaders. Many of them are expected to be successful graduates of Brown & Brown’s Insurance University.
Brown & Brown, Inc. and its subsidiaries offer insurance and reinsurance products and services, as well as risk management, third party administration, and managed health care programs. It provides service to business, public entity, individual, trade and professional association clients nationwide.
Topics Profit Loss
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