Brown & Brown Announces Record Q2 Results

Brown & Brown Inc. headquartered in Daytona Beach and Tampa, Fla. has announced net income for the second quarter of 2006 of $44,431,000, or $0.32 per share, an increase of 20.0 percent from the $37,033,000, or $0.27 per share, reported for the quarter ended June 30, 2005. Total revenue for the quarter ended June 30, 2006 was $220,807,000, compared with 2005 second-quarter revenue of $195,931,000, an increase of 12.7 percent.

Total revenue for the first half of 2006 was $451,389,000, compared with revenue of $398,305,000 for the corresponding period in 2005, up 13.3 percent. Net income for the first six months of 2006 was $94,457,000, versus $80,051,000 during the comparable 2005 period, an increase of 18.0 percent. Net income per share for the six months ended June 30, 2006 was $0.67, versus the $0.57 per share posted during the same period in 2005, an increase of 17.5 percent.

“We had a very good quarter,” said J. Hyatt Brown, chairman and CEO. “We are very pleased with the 6.8 percent internal growth rate of our core commissions and fees revenue. In fact, all but one of our seven business operating units showed improvement in their internal growth rates over the previous quarter. We are optimistic about the continued growth, development and strength of our company.”

President and COO Jim W. Henderson added, “We are also pleased with the performance of our Producers who have completed our in-house sales school, ‘Brown & Brown University.’ These sales professionals are contributing significantly to our organic growth and give us an encouraging glimpse of our future leadership. On the acquisition front, we have completed 12 transactions so far in 2006 with combined annualized revenue of approximately $32 million and we continue to be very positive about acquisition opportunities.”

Source: Brown & Brown