Brown & Brown, Inc. Announces Record

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News Desk 2018

Apr 15, 2013 at 4:30 PM

Brown & Brown, Inc. Announces Record Quarterly Net Income of $60.1 Million

DAYTONA BEACH, FL and TAMPA, FL--(Marketwired - Apr 15, 2013) - Brown & Brown, Inc. ( NYSE : BRO ) today announced its preliminary, unaudited financial results for the first quarter of 2013.

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

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