Virginia-based Hilb, Rogal and Hamilton Company reported total revenues for the second quarter increased 23.0 percent to $95.7 million compared with $77.8 million a year ago. Commissions and fees rose 27.5 percent to $94.7 million from $74.3 million. Excluding the effect of acquisitions and divestitures, commissions and fees increased 11.3 percent, primarily reflecting new business and continued industry-wide increases in insurance premiums.
Excluding net non-recurring gains/losses and adjusting amortization to a pro forma basis in 2001 as if the new accounting standards related to goodwill had been adopted as of January 1, 2001, net income increased 51.3 percent to $12.6 million, or $0.40 per share, compared with $8.3 million, or $0.28 per share a year ago. Net income, after net non-recurring gains/losses, on an as reported basis, was $12.5 million, or $0.40 per share, compared with $7.8 million, or $0.26 per share a year ago, an increase of 60.5 percent.
For the first six months, total revenues rose 25.6 percent to $195.6 million from $155.7 million a year ago. Commissions and fees, excluding acquisitions and divestitures, increased 10.3 percent. New business, market firming and higher non-standard commissions were the main contributors to organic growth.
Net income before net gains/losses and the cumulative effect of an accounting change in 2002 relating to revenue recognition, and adjusting 2001 amortization to a pro forma basis, was $27.8 million, or $0.88 per share, compared with $18.1 million, or $0.61 per share, an increase of 53.7 percent. Net income after net gains/losses and the cumulative effect of an accounting change in 2002 relating to revenue recognition, was $31.6 million, or $1.00 per share, compared with $15.6 million, or $0.53 per share, an increase of 103.2 percent.
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