Brown & Brown Sets Quarterly Dividend
NU Online News Service, Jan. 22, 2:53 p.m. EST?Insurance broker Brown & Brown Inc. announced it would pay a regular quarterly cash dividend of $5.75 cents per share. The dividend will be paid on Feb. 19 to shareholders of record as of Feb. 5.
The Daytona Beach, Fla.-based firm reported earlier this month that net income for the year ending Dec. 31, 2002, rose $29 million from $54 million in 2001 to $83 million this year. Earnings per share for the period were up 37 cents, going from 85 cents per share to $1.22 for 2002.
For the fourth quarter, net income increased $6.2 million, or 41 percent, going from $15.2 million in 2001 to $21.4 million in 2002. Revenue rose 24 percent, or $23.3 million, going from $95.9 million to $119.2 million during the period. Earnings per share for the fourth quarter rose seven cents, from 24 cents per share to 31 cents.
The firm said in an earlier statement that the hard market environment and continued opportunities for new mergers and acquisitions should maintain Brown & Brown's growth through 2003 and beyond.
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