Insurance broker Arthur J. Gallagher reported third-quarter revenues increased 8 percent, putting the effects of last year's contingency fee scandal further behind, but net income was flat.
For the quarter, net income was slightly down by $300,000, from $50.5 million in the comparable period last year to $50.2 million. The slight loss translated into a one cent drop in earnings per share from 52 cents to 51 cents. However, revenues increased $31.3 million, from $389.9 million to $421.2 million.
For the nine months, net income is up 346 percent, primarily due to a one time charge of $131 million related to litigation costs.
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