AJG Declares Dividend
NU Online News Service, Sept. 16, 2:43 p.m. EDT?Insurance broker Arthur J. Gallagher & Co. has declared a regular quarterly cash dividend of 18 cents per share on its common stock, payable on Oct. 15 to shareholders of record as of Sept. 30.
For the second quarter of this year ending June 30, the Itasca, Ill-based insurance broker reported an increase in overall profit of 5 percent, or $1.7 million, going from $34.5 million for the three months of 2002 to $36.2 million. Earnings per share rose two cents to 39 cents a share for the period. Revenues increased 12 percent, or $32.2 million, from $266.8 million to $299 million, the company said.
For the six months ending June 30, AJG reported a 30 percent drop in net profit, or $20.1 million, compared to 2002, going from $68.2 million to $48.1 million. Revenues rose 9 percent for the period, or $47.5 million, going from $505.8 million to $553.3 million.
The firm took a charge of $19.3 million in the first quarter to exit investments in venture capital, development stage enterprises and turnaround. AJG said it no longer planned to make investments in these enterprises.
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