NU Online News Service, July 29, 4:02 p.m. EDT

With its chief executive calling the current business climate the most difficult since the Great Depression, Arthur J. Gallagher (AJG) reported flat net income for the 2010 second quarter and another quarter of organic growth decline.

"We continue to operate in one of the toughest economic environments since my grandfather navigated his agency through the Great Depression," said J. Patrick Gallagher Jr., chairman, president and chief executive officer, during an analyst's conference call yesterday. "I can't remember in my career this many quarters of negative organic revenues. Having said that, all of our organization is working hard to overcome these headwinds."

Net income was virtually flat in the second quarter compared to the same period last year coming in at $44 million, up slightly by $200,000. Earnings per share dropped 2 cents in the quarter to 42 cents a share due to a charge for discontinued operations. Revenues increased 1 percent, or $6 million, to $460 million.