Brown & Brown Reports 18.4% Gain in Q1 Net Income

Florida-based Brown & Brown announced a new record for its net
income and net income per share in the first quarter.

Net income per share for the quarter ended March 31, 2005 was $0.62, an increase of 17% over the $0.53 in net income per share reported for the quarter ended March 31, 2004. Net income rose to $43,018,000 for the first quarter of 2005, versus net income of $36,348,000 for the quarter ended March 31, 2004, an increase of 18.4%.

Total revenue for the quarter ended March 31, 2005 was up 22.2%, to
$202,374,000, compared with $165,565,000 recorded in the corresponding quarter in 2004.

Jim Henderson, president and Chief Operating Officer, noted, “In the
mergers and acquisitions arena, 2005 has started even better than we could have imagined. We completed several outstanding acquisitions during the first quarter, with estimated annualized revenues of $91.6 million. Most of these entities already operate within our desired operating profit percent range. We will continue to exercise our dogged discipline to choose the best acquisition opportunities.”

Topics Profit Loss