HRH More Than Doubles Profits
By Mark E. Ruquet
NU Online News Service, Feb. 12, 10:24 a.m. EST?Hilb, Rogal and Hamilton increased profits by more than 129 percent in the fourth quarter and ended the year with 101 percent increase in net income.
Andrew L. Rogal, chairman and chief executive officer for the Richmond, Va.-based firm, in a statement attributed the results to strengthened client and carrier relationships and increased shares in a number of markets. He also noted that the acquisition of Hobbs Group, LLC. of Atlanta, Ga., in July of last year added to the firm's strength.
HRH reported at the time of the acquisition that the firm generated $95.2 million in revenues for 2001.
The acquisition is helping HRH "capture the under-served upper-middle and top-tier commercial marketplace," Mr. Rogal said.
He added that the firm remains "dedicated to our long-term goal of 15 to 20 percent growth in annual operating earnings per share."
For the fourth quarter ending Dec. 31, 2002, net income rose $9.14 million from $7.1 million in 2001 to $16 million. Net income per share increased 25 cents from 23 cents in 2001 to 48 cents this quarter.
The fourth-quarter results were based on a 48 percent increase in revenues, or $42 million, going from $87 million to $129 million in 2002.
For the year, net income increased $33 million, going from $32.4 million, or $1.07 per share, in 2001 to $65.1 million, or $2.01 a share. This was on a revenue increase of 37 percent, or $123 million, from $330.3 million in 2001 to $452.7 million in 2002.
The firm also announced it would pay a quarterly cash dividend of 9 cents per share, an increase of .025 cents from last year, on March 31, 2003, to shareholders of record as of March 14.
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