Brown & Brown Inc. with headquarters in Daytona Beach and Tampa, Fla. announced net income for the second quarter of 2005 of $37,033,000, or $0.53 per share, an increase of 15.2 percent from the $32,153,000, or $0.46 per share, reported for the quarter ended June 30, 2004. Total revenue for the quarter ended June 30, 2005 was $195,931,000, compared with 2004 second-quarter revenue of $157,942,000, an increase of 24.1 percent.
Total revenue for the first half of 2005 was $398,305,000, compared with six months ended June 30, 2004 revenue of $323,507,000, up 23.1 percent. Net income for the first six months of 2005 was $80,051,000, versus $68,501,000 during the comparable 2004 period, an increase of 16.9 percent. Net income per share for the six months ended June 30, 2005 was $1.15, versus the $0.99 per share posted during the same 2004 period, an increase of 16.2 percent.
“We continue to be quite pleased with the results generated by our outstanding team of insurance professionals,” J. Hyatt Brown, chairman and CEO said. “These results are even more impressive given the softening and compression of insurance premium rates in virtually all parts of the country. In some regions, such as Florida, this decline in rates is being slightly offset by an increase in business exposure units, created by an improving economy. We anticipate that we will continue to meet the challenge of these market changes as they arise.”
President and Chief Operating Officer Jim W. Henderson added, “We completed two small transactions in the second quarter that increased our annualized acquired revenue to approximately $94 million for the first six months of 2005. We continue to be pleased with the number and quality of acquisition prospects in the pipeline. As the market continues to soften, it requires us to be even more vigilant in evaluating the long-term sustainability of the margins and earning power of each acquisition candidate.”
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.
Topics Profit Loss
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