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 The Mercury General Corporation (NYSE: MCY) reported today that its first-quarter net income was $66.46 million down 9.4 percent from $73.35 million a year ago during the same time. Mercury General attributes the drop to a $10 million pre-tax restructuring charge the it incurred as part of its efforts to consolidate its operations outside of California into regional hubs in Florida, New Jersey and Texas. The company expects annual savings of $12 million to come from this effort.

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