Printer Friendly

ALEXANDER & ALEXANDER SERVICES INC. ANNOUNCES FIRST QUARTER EARNINGS

 ALEXANDER & ALEXANDER SERVICES INC.
 ANNOUNCES FIRST QUARTER EARNINGS
 NEW YORK, April 27 /PRNewswire/ -- Alexander & Alexander Services Inc. (NYSE: AAL) (A&A) today reported first quarter 1992 net income of $20.8 million, or $0.51 per share. Included in the results is a $0.41 per share gain from the previously announced sales of two non-core businesses.
 Comparable net income for the first quarter of 1991 was $1.9 million, or $0.04 per share, including a $0.07 per share gain from the settlement of certain pension obligations and a $0.06 per share charge relating to a change in accounting for deferred compensation plans.
 Consolidated operating revenues were $321.2 million for the three months ended March 31, 1992, compared to $332.4 million in the 1991 first quarter. Excluding the effects of lower foreign exchange rates and revenues of the sold operations, operating revenues increased by 2 percent.
 Operating expenses were $307.3 million for the first quarter of 1992, a 1 percent increase from 1991 after adjusting for foreign exchange rate variances, expenses of the sold operations and the pension settlement gain.
 T.H. Irvin, chairman and chief executive officer, said, "Weak insurance pricing, poor general economic conditions and low interest rates continue to constrain our revenue and income growth in the North American retail brokerage operations."
 He noted that wholesale and reinsurance brokerage operations as well as the Alexander Consulting Group produced significantly higher revenues and double-digit percentage increases in operating income.
 Irvin added, "Our restructuring plan announced in January is beginning to positively affect retail operating results. We are also achieving cost savings by using our resources more efficiently."
 A&A Services Inc. is a global insurance brokerage, risk management and human resource management consulting company serving clients from offices in more than 80 countries.
 ALEXANDER & ALEXANDER SERVICES INC.
 Operating Results
 (In millions except per share amounts -- unaudited)
 Quarter ended March 31, 1992 1991
 Operating Revenues $321.2 $332.4
 Operating Expenses 307.3 317.1
 Operating Income 13.9 15.3
 Other - Net 26.0 (3.7)
 Income Before
 Income Taxes and
 Minority Interest 39.9 11.6
 Income Taxes 17.2 5.1
 Income Before Minority
 Interest 22.7 6.5
 Minority Interest (1.9) (2.4)
 Income Before Cumulative
 Effect 20.8 4.1
 Cumulative Effect of
 Accounting Change (1) -- (2.2)
 Net Income $20.8 $1.9
 Per Share of Common Stock:
 Income Before Cumulative
 Effect .51 .10
 Cumulative Effect of
 Accounting Change -- (.06)
 Earnings Per Share $.51 $.04
 Weighted Average
 Shares 40.8 40.8
 (1) The company recognized the cumulative effect of a change in accounting principle relating to deferred compensation expense in accordance with the provision of SFAS No. 106 "Employers Accounting for Postretirement Benefits Other than Pensions."
 -0- 4/27/92
 /CONTACT: Cathy Aiello of Alexander & Alexander, 212-840-8500/
 (AAL) CO: Alexander & Alexander Services Inc. ST: New York IN: INS SU: ERN


SM -- NY043 -- 3033 04/27/92 10:39 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 27, 1992
Words:494
Previous Article:COMDISCO REPORTS SECOND QUARTER OPERATING RESULTS; MERGES LEASING AND DISASTER RECOVERY SALES ORGANIZATIONS; DECLARES QUARTERLY DIVIDEND
Next Article:LUBRIZOL REPORTS RECORD FIRST QUARTER EARNINGS


Related Articles
ALEXANDER & ALEXANDER SERVICES ANNOUNCES THIRD QUARTER EARNINGS
ALEXANDER & ALEXANDER SERVICES ANNOUNCES FOURTH QUARTER EARNINGS
A&A SERVICES ANNOUNCES OPERATING INCOME AND NET INCOME INCREASES FOR SECOND QUARTER
ALEXANDER & ALEXANDER SERVICES INC. ANNOUNCES THIRD QUARTER EARNINGS
ALEXANDER & ALEXANDER SERVICES INC. ANNOUNCES FIRST QUARTER EARNINGS
ALEXANDER & ALEXANDER SERVICES REPORTS THIRD QUARTER LOSS OF $0.15 PER SHARE; RESTATES RESULTS BASED ON REVIEW OF ACG UNIT; MAKES MANAGEMENT CHANGES...
ALEXANDER & ALEXANDER SERVICES REPORTS THIRD QUARTER LOSS OF $0.15 PER SHARE; RESTATES RESULTS BASED ON REVIEW OF ACG UNIT; MAKES MANAGEMENT CHANGES...
A&A EXPECTS 1ST QUARTER NET LOSS OF APPROXIMATELY $0.15 PER SHARE BUT ANTICIPATES FULL YEAR 1994 TO BE PROFITABLE
ALEXANDER & ALEXANDER SERVICES INC. ANNOUNCES FIRST QUARTER RESULTS
A&A REPORTS FIRST QUARTER 1996 FINANCIAL RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters