B&B Increases Dividend
NU Online News Service, Oct. 24, 11:39 a.m. EDT?Daytona Beach, Fla.-based insurance broker Brown & Brown Inc. has increased the regular quarterly cash dividend rate to 7 cents a share, a 1.25 cent a share increase.
The new dividend will be paid on Nov 19 to shareholders of record as of Nov. 5.
Earlier this month the firm reported net income of $26.1 million for the third quarter of this year, an increase of $5.9 million from $20.2 million for the third quarter of 2002. Revenues rose 21 percent, or $23 million, in the quarter, from $111 million to $134 million. Earnings per share increased 31 percent, or nine cents a share, from 29 cents in 2002 to 38 cents.
Net income for the nine months ending Sept. 30 rose 37 percent, or $22.8 million, going from $61.7 million to $84.5 million. Revenues for the nine months rose 24 percent, or $79.5 million, going from $336.6 million in 2002 to $416.14 million in 2003. Earnings per share increased 35 percent, or 32 cents, going from 91 cents a share to $1.23 so far in 2003.
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