- Eighth Consecutive Record Year -
DAYTONA BEACH, Fla. and TAMPA, Fla., Jan. 19 /PRNewswire/ -- Brown & Brown, Inc. (NYSE: BRO) today announced record earnings for the year 2000. Earnings per share increased 23.4% to $1.16 for the year 2000, compared with $.94 per share for the year 1999. Net income for 2000 rose 23.9% to $33,186,000 compared to $26,789,000 for 1999. Total revenues for the year ended December 31, 2000, were $209,706,000, an 11.3% increase over 1999 revenues of $188,391,000. (Photo: http://www.newscom.com/cgi-bin/prnh/20001003/BROLOGO )
Fourth quarter 2000 net income increased to $8,783,000, or $.30 per share, compared with the 1999 fourth quarter net income of $6,812,000, or $.24 per share, an increase of 28.9% in net income. Total revenues for the fourth quarter of 2000 were $53,513,000, up 16.3% from the 1999 fourth quarter revenues of $46,000,000.
"Brown & Brown began the new millennium on a definite high note. The completion of thirty-two consecutive quarters of 15% or greater earnings per share increases is, in our opinion, a feat of the highest order. While assimilating numerous acquisitions we have continued to maintain our growth goals, an achievement that is directly attributable to the strength of our culture, our team, and to our systems and methods of doing business," said Chairman, President and CEO, J. Hyatt Brown.
Brown also remarked, "As we enter 2001 it appears that there will be a continuation of the price firming experienced in some lines last year. At the same time, we expect that the recently completed merger of the insurance operations of the Riedman Corporation will have a positive impact as we move forward."
Brown & Brown, Inc. provides a broad range of insurance products and services, as well as risk management, employee benefit administration, and managed health care services through offices located across the United States. The company is ranked by Business Insurance magazine as the nation's ninth largest independent insurance intermediary organization. The Web address is www.brown-n-brown.com.
This press release may contain certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, depending on a variety of factors such as general economic conditions around the country, fluctuations in equity and fixed income markets, downward commercial property and casualty premium pressures, the competitive environment, the potential occurrence of a major natural disaster in certain areas of the State of Florida, where the company's business is concentrated, the actual costs of resolution of contingent liabilities, and those factors relevant to Brown & Brown's integration of acquisitions, including any material adverse changes in the customers of the company whose operations are being acquired and/or any material adverse changes in the business and financial condition of either or both companies and their respective customers. Further information concerning the company and its business, including factors that potentially could materially affect the company's financial results, are contained in the company's filings with the Securities and Exchange Commission.
BROWN & BROWN, INC.
STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(In thousands, except per share data)
for three months ended for the year ended
December 31, (Unaudited) December 31, (Unaudited)
2000 1999 * 2000 1999 *
REVENUES
Commissions
and fees $52,175 $44,580 $204,862 $183,681
Investment income 1,176 682 3,890 2,810
Other income 162 738 954 1,900
Total revenues 53,513 46,000 209,706 188,391
EXPENSES
Employee
compensation
and benefits 27,411 23,921 108,258 98,238
Other operating
expenses 8,736 7,894 33,724 33,080
Depreciation 1,037 1,079 4,637 4,511
Amortization 2,173 2,062 8,519 7,725
Interest 141 218 590 828
Total expenses 39,498 35,174 155,728 144,382
Income before
income
taxes 14,015 10,826 53,978 44,009
Income taxes 5,232 4,014 20,792 17,220
Net income 8,783 6,812 33,186 26,789
Other comprehensive
income, net of tax:
Unrealized holding
(loss) gain, net
of tax benefit of
$543 and tax effect
of $79 for the
three-month periods
ended December 31,
2000 and 1999,
respectively, and
net of tax benefits
of $1,552 and $395
for the years ended
December 31, 2000
and 1999,
respectively (850) 123 (2,427) (618)
Comprehensive
income $7,933 $6,935 $30,759 $26,171
Basic and diluted
earnings per share $0.30 $0.24 $1.16 $0.94
Weighted average
number of common
and common
equivalent shares
outstanding 29,042 28,397 28,663 28,445
* Restated for pooling-of-interests.
Brown & Brown, Inc.
Year-To-Date Core Commissions and Fees
(000's Omitted)
Year Ended Year Ended Net % Acquisition Internal
12/31/00 12/31/99 Change Change Revenues Growth
Florida
Retail $78,766 $71,547 $7,219 10.1% $679 9.1%
Southwest
Retail 23,850 21,026 2,824 13.4% 2,005 3.9%
National
Retail 34,269 32,571 1,698 5.2% --- 5.2%
Total
Retail $136,885 $125,144 $11,741 9.4% $2,684 7.2%
Professional
Programs $14,596 $16,311 $(1,715) -10.5% $ --- -10.5%
Commercial
Programs 5,105 4,826 279 5.8% --- 5.8%
Total
Programs $19,701 $21,137 $(1,436) -6.8% --- -6.8%
Total
Brokerage $20,372 $12,444 $7,928 63.7% $4,114 30.6%
Total TPA
Services $18,481 $14,716 $3,765 25.6% $1,798 13.4%
Total Core
Commissions
and Fees $195,439 $173,441 $21,998 12.7% $8,596 7.7%
Brown & Brown, Inc.
Fourth Quarter Core Commissions and Fees
(000's Omitted)
Three Months Ended
Net % Acquisition Internal
12/31/00 12/31/99 Change Change Revenues Growth
Florida
Retail $20,019 $17,502 $2,517 14.4% $295 12.7%
Southwest
Retail 6,120 5,368 752 14.0% 297 8.5%
National
Retail 8,893 8,546 347 4.1% --- 4.1%
Total
Retail $35,032 $31,416 $3,616 11.5% $592 9.6%
Professional
Programs $3,334 $3,985 $(651) -16.3% $ --- -16.3%
Commercial
Programs 1,249 1,167 82 7.0% --- 7.0%
Total
Programs $4,583 $5,152 $(569) -11.0% $ --- -11.0%
Total
Brokerage $6,472 $3,023 $3,449 114.1% $2,549 29.8%
Total TPA
Services $4,874 $3,706 $1,168 31.5% $628 14.6%
Total Core
Commissions
and Fees $50,961 $43,297 $7,664 17.7% $3,769 9.0%
SOURCE Brown & Brown, Inc.
Web site: http: //www.brown-n-brown.com
Photo: http: //www.newscom.com/cgi-bin/prnh/20001003/BROLOGO PRN Photo Desk, 888-776-6555 or 201-369-3467
CONTACT: Cory T. Walker, Chief Financial Officer of Brown & Brown, 904-239-7250
CAPTION: BROLOGO BROWN & BROWN LOGO Brown & Brown, Inc. logo. (PRNewsFoto)[HD] DAYTONA BEACH AND TAMPA, FL USA 10/03/2000