DAYTONA BEACH, FL and TAMPA, FL--(Marketwired - Apr 15, 2013) - Brown & Brown, Inc. (
Net income for the first quarter of 2013 was $60,131,000, or $0.41 per share, compared with $49,433,000, or $0.34 per share for the same quarter of 2012, an increase of 21.6%. Total revenue for the first quarter was $335,012,000, compared with 2012 first-quarter revenue of $302,486,000, an increase of 10.8%.
J. Powell Brown, President and Chief Executive Officer of the Company, noted, "We are pleased to have surpassed a quarterly milestone of $60 million of quarterly net income, and to have achieved a quarterly internal growth rate of our core commissions and fees revenue of 10.2%."
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' sixth largest independent insurance intermediary. The Company's Web address is www.bbinsurance.com .
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 2013. 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 2013 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, 2012, 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.
| Brown & Brown, Inc. | |||||||||
| CONSOLIDATED STATEMENTS OF INCOME | |||||||||
| (in thousands, except per share data) | |||||||||
| (unaudited) | |||||||||
| For the Three Months Ended March 31, | |||||||||
| 2013 | 2012 | ||||||||
| REVENUES | |||||||||
| Commissions and fees | $ | 333,793 | $ | 296,533 | |||||
| Investment income | 186 | 135 | |||||||
| Other income, net | 1,033 | 5,818 | |||||||
| Total revenues | 335,012 | 302,486 | |||||||
| EXPENSES | |||||||||
| Employee compensation and benefits | 159,498 | 149,596 | |||||||
| Non-cash stock-based compensation | 3,850 | 3,747 | |||||||
| Other operating expenses | 46,339 | 43,400 | |||||||
| Amortization | 16,161 | 15,613 | |||||||
| Depreciation | 4,167 | 3,641 | |||||||
| Interest | 3,984 | 4,087 | |||||||
| Change in estimated acquisition earn-out payables | 1,522 | (388 | ) | ||||||
| Total expenses | 235,521 | 219,696 | |||||||
| Income before income taxes | 99,491 | 82,790 | |||||||
| Income taxes | 39,360 | 33,357 | |||||||
| Net income | $ | 60,131 | $ | 49,433 | |||||
| Net income per share: | |||||||||
| Basic | $ | 0.42 | $ | 0.34 | |||||
| Diluted | $ | 0.41 | $ | 0.34 | |||||
| Weighted average number of shares outstanding: | |||||||||
| Basic | 140,796 | 139,001 | |||||||
| Diluted | 142,947 | 141,500 | |||||||
| Dividends declared per share | $ | 0.090 | $ | 0.0850 | |||||
| Brown & Brown, Inc. | |||||||||||||||||||||
| INTERNAL GROWTH SCHEDULE | |||||||||||||||||||||
| Core Organic Commissions and Fees (1) | |||||||||||||||||||||
| Three Months Ended March 31, 2013 | |||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||
| Quarter Ended 03/31/13 | Quarter Ended 03/31/12 | Total Net Change | Total Net Growth % | Less Acquisition Revenues | Internal Net Growth $ | Internal Net Growth % | |||||||||||||||
| Retail (2) | $ | 158,950 | $ | 149,971 | $ | 8,979 | 6.0 | % | $ | 7,830 | $ | 1,149 | 0.8 | % | |||||||
| National Programs | 61,706 | 53,630 | 8,076 | 15.1 | % | 1,483 | 6,593 | 12.3 | % | ||||||||||||
| Wholesale Brokerage | 43,271 | 38,366 | 4,905 | 12.8 | % | 1,547 | 3,358 | 8.8 | % | ||||||||||||
| Services | 42,605 | 25,762 | 16,843 | 65.4 | % | 657 | 16,186 | 62.8 | % | ||||||||||||
| Total Core Commissions and Fees (1) | $ | 306,532 | $ | 267,729 | $ | 38,803 | 14.5 | % | $ | 11,517 | $ | 27,286 | 10.2 | % | |||||||
| Reconciliation of Internal Growth Schedule | ||||||
| to Total Commissions and Fees | ||||||
| Included in the Consolidated Statements of Income | ||||||
| For the Three Months Ended March 31, 2013 and 2012 | ||||||
| (in thousands) | ||||||
| (unaudited) | ||||||
| Quarter Ended 03/31/13 | Quarter Ended 03/31/12 | |||||
| Total core commissions and fees (1) | $ | 306,532 | $ | 267,729 | ||
| Profit-sharing contingent commissions | 25,039 | 24,221 | ||||
| Guaranteed supplemental commissions | 2,222 | 2,592 | ||||
| Divested business | - | 1,991 | ||||
| Total commissions & fees | $ | 333,793 | $ | 296,533 | ||
| (1) Total core commissions and fees are our total commissions and fees less (i) profit-sharing conti
Scroll down for more posts ▼
Top 10 Most Recent News Articles
Health Net's $2M Boost for Stanislaus Affordable HousingJoining the Fight Against California’s Housing Crisis Well, I'll be the first to say it's a breath of fresh air when a healthcare beast like Health Net starts investing in something as critical as affordable housing. This is no drop in the bucket—two million dollars is quite the commitment to fix some of the mess that’s been brewing in Stanislaus County, California.... Continue Reading
Cap Juluca: Caribbean Luxury Redefined on Maundays BayThe Tranquil Call of Maundays Bay Find me dipping my toes in the sands of Maundays Bay come October 10, 2026, and you'll understand why this slice of Anguilla stakes its claim to being the best beach on the globe. Cap Juluca, that crown jewel of Caribbean luxury, swings open its doors once more, promising indulgence framed by turquoise waters and the soft whisper of white... Continue Reading
CUBEX Lights Up Veterinary Care with Mini EssentialInventory Woes? Meet Mini Essential If you’ve ever worked in or around veterinary hospitals, you know the old-school headaches of managing controlled substances. Picture this: piles of paper logs, end-of-shift recounting, and inevitable discrepancies that rear their ugly heads long after closing time. Enter CUBEX, shaking things up with their latest launch, Mini... Continue Reading
ABC Honors 2026 Spirit of the Heart LeadersCelebrating Champions of Cardiovascular Health In a world where accolades often feel as cold as the stock market after a crash, it’s heartening to see genuine recognition for those who are making actual, lasting impact. On October 3, 2026, the Association of Black Cardiologists (ABC) will hold its annual Spirit of the Heart Awards at none other than Cipriani Wall... Continue Reading
Are FULC, WEAV, TECH Shareholders Getting a Raw Deal?Pocketing Insider Gains Amidst Shareholder Concerns Let me tell you, it smells like another day in the financial jungle where insiders might be feasting while the regular Joe shareholders are left nibbling on crumbs. Fulcrum Therapeutics, Weave Communications, and Bio-Techne are in the crosshairs for deals that may favor those on the inside track over you and me, the... Continue Reading
Agroz's Big Leap: New Supply Deal in MalaysiaAgroz Inc. Executes a Game-Changing Deal If anyone thought the ag tech players were sitting idle, think again. Agroz Inc., noted for their innovative controlled-environment agriculture, just inked a pivotal deal with Harvest Hive in Malaysia. It's not just a nod to expansion—it's a strategic leap into the big leagues. Picture this: Harvest Hive's sprawling 500-acre farm... Continue Reading
Maurices Strengthens Position with Key Refinancing DealMaurices' Bold Financial Maneuver When a retailer like Maurices, with its near-century-long history, decides to play in the financial arena, it sure makes my ears perk up. This Duluth-based women's fashion retailer isn't just dipping its toes in—it's executing a full-blown refinancing blitzkrieg and coming out stronger. Announcing the completion of its refinancing plan... Continue Reading
EFSI Shareholders on Alert Amid M&A Deal ScrutinyEagle Financial Services Under the Microscope A buzz is picking up in the world of mergers and acquisitions, and this time, it's Eagle Financial Services, Inc. (NASDAQ: EFSI) caught in the crosshairs. What's the chatter all about? Well, it looks like Juan Monteverde and his crew over at Monteverde & Associates PC have set their sights on Eagle's proposed sale to John... Continue Reading
Monib Zirvi's Dermatology Excellence Honored in 2026Trailblazer in Dermatology Recognized Again Fancy yourself a star in dermatology? Well, take notes from Dr. Monib A. Zirvi. The guy just got his due recognition from Marquis Who's Who for his sizable contributions to dermatology and research. For someone who's been at this game for over two decades, Zirvi doesn't just glide by on old merits. He's the real deal, and his... Continue Reading
Facility Solutions Group Climbs to Top 18 Electrical SpotFSG Shines Brightly in Electrical Contractor Rankings Climbing the ladder is no easy feat, but Facility Solutions Group (FSG) has managed to climb, all the way to the #18 spot on Electrical Construction & Maintenance (EC&M) magazine's revered list of the Top Electrical Contractors in the U.S. It’s up from their previous rank of 22. When you think about the competitive... Continue ReadingTop 5 Most Recently Viewed Articles
Serent Capital Unleashes Innovation with Inaugural HackathonSerentHack 2024: Serent Capital’s First Portfolio-Wide Hackathon Serent Capital, a growth-focused private equity firm, kicked off its first portfolio-wide hackathon—SerentHack 2024—in collaboration with InfoMagnus, a leading partner for GitHub. The event put AI coding assistants front and center, giving teams a hands-on space to see what modern tools can do when... Continue Reading
Revolutionizing PEO Research with Instant Quotes and InsightsVyral PEO Resources Launches Innovative Instant-Quote Platform Vyral PEO Resources has officially launched a cutting-edge platform designed to streamline the evaluation process for Professional Employer Organizations (PEOs). Leveraging the latest advancements in technology, this new service enables businesses to receive immediate PEO quotes from the leading providers in... Continue Reading
Current Water Technologies Welcomes Dr. You-Zhi Tang to BoardDr. You-Zhi Tang Joins Current Water Technologies Inc. Current Water Technologies Inc. (TSXV: WATR) proudly announces the appointment of Dr. You-Zhi Tang to its Board of Directors. His addition marks a significant milestone for the company, as he will play an essential role on both the Audit and Compensation Committees. Dr. Tang's Impressive Background in Cleantech Dr.... Continue Reading
Unlocking Sustainable Water Solutions Through the Everspring FundWaterEquity Launches Innovative Everspring Fund WaterEquity, a leading impact investment firm, has kicked off its new venture with the launch of the WaterEquity Everspring Fund. This exciting initiative aims to enhance access to essential water and sanitation resources in developing regions, creating a significant positive impact on communities around the globe. Strategic... Continue Reading
Altor Partners with CCM Hockey to Enhance Brand GrowthAltor Partners with CCM Hockey Altor Fund VI has made a significant move by signing a deal to acquire a majority stake in the well-respected hockey brand, CCM Hockey. This strategic partnership involves not only an acquisition but also a commitment from CCM's management to reinvest in the company. Altor is poised to support CCM's existing team to explore new growth... Continue Reading |