Richmond, Va.-based Hilb Rogal & Hobbs Company reported net income declined 6.5 percent, reflecting reduced contingent commissions and a new accounting treatment.
Net income for the quarter decreased $1.8 million, to $25.9 million, or 71 cents per share, compared with $27.7 million, or 76 cents per share, in the first quarter of 2005. Total revenues were $183.8 million, compared with $183.3 million in the 2005 first quarter.
The brokerage's lower operating net income reflected reduced contingent commissions of $3.6 million, and the new accounting treatment for stock-based compensation resulted in $1.7 million of additional compensation expense for the 2006 first quarter, the company said.
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