DAYTONA BEACH, FL and TAMPA, FL — (Marketwire) — 04/16/12 — Brown & Brown, Inc. (NYSE: BRO) today announced its preliminary, unaudited financial results for the first quarter of 2012.
Net income for the first quarter of 2012 was $49,433,000, or $0.34 per share, compared with $46,293,000, or $0.32 per share for the same quarter of 2011, an increase of 6.3%. Total revenues for the first quarter were $302,486,000, compared with 2011 first-quarter revenues of $262,228,000, an increase of 15.4%.
J. Hyatt Brown, Chairman and acting President and Chief Executive Officer of the Company, noted, “The 2012 first quarter produced results that were better than we anticipated. In addition to growing our earnings per share by 6.3%, we were pleased to note that our organic growth rate for our core commissions and fees revenue was a positive 0.9%.”
Brown & Brown, Inc., through its subsidiaries, offers a broad range of insurance and reinsurance products and services. Additionally, certain Brown & Brown subsidiaries offer a variety of risk management, third party administration, and other services. Serving business, public entity, individual, trade and professional association clients nationwide, the Company is ranked by Business Insurance magazine as the United States- seventh largest independent insurance intermediary. The Company-s Web address is .
This press release may contain certain statements relating to future results which are forward-looking statements, including those relating to the Company-s anticipated financial results for the first quarter of 2012. These statements are not historical facts, but instead represent only the Company-s current belief regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company-s control. It is possible that the Company-s actual results, financial condition and achievements may differ, possibly materially, from the anticipated results, financial condition and achievements contemplated by these forward-looking statements. These risks and uncertainties include, but are not limited to, the Company-s determination as it finalizes its financial results for the first quarter of 2012 that its financial results differ from the current preliminary unaudited numbers set forth herein, other factors that the Company may not have currently identified or quantified, and other risks, relevant factors and uncertainties identified in the Company-s Annual Report on Form 10-K for the year ended December 31, 2011, and the Company-s other filings with the Securities and Exchange Commission. All forward-looking statements made herein are made only as of the date of this release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.
(1) Total core commissions and fees are our total commissions and fees less (i) profit-sharing contingent commissions (revenues derived from special revenue-sharing commissions from insurance companies based upon the volume and the growth and/or profitability of the business placed with such companies during the prior year), (ii) guaranteed supplemental commissions (GSC) (revenues derived from special revenue-sharing commissions from insurance companies based solely upon the volume of the business placed with such companies during the current year),and (iii) divested business (commissions and fees generated from offices, books of business or niches sold by the Company or terminated).
(2) The Retail segment includes commissions and fees reported in the “Other” column of the Segment Information, which includes corporate and consolidation items.
Chief Financial Officer
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