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ARTHUR J. GALLAGHER & CO. ANNOUNCES SECOND QUARTER RESULTS

 ARTHUR J. GALLAGHER & CO. ANNOUNCES SECOND QUARTER RESULTS
 ITASCA, Ill., July 15 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced its financial results for the second quarter and six months ended June 30, 1992.
 For the second quarter of 1992, total revenues increased 12 percent from $53,960,000 to $60,396,000. Net income was $3,330,000, an increase of 97 percent from net income of $1,694,000 reported for the second quarter of 1991. Quarterly earnings per share were $.24 for 1992 compared to $.12 for 1991, a 100 percent increase.
 For the six months ended June 30, 1992, revenues were $118,674,000, compared to $109,856,000 last year, an increase of 8 percent. Net income was $6,516,000, up $523,000, or 9 percent, for the first six months from $5,993,000 last year. Earnings per share for six months were $.46, up 12 percent from $.41 in 1991.
 Robert E. Gallagher, chairman and chief executive officer, stated that market conditions remained soft during the second quarter. However, strong new sales in the risk management services and benefits areas made up for the continuing competitive pricing environment. In addition, the sale of a personal lines book of business in New England resulted in a $700,000 net after tax gain, helping to offset the negative impact lowered interest rates have had on investment income. We are especially gratified that our strong financial results have been achieved despite a tax rate that is 46 percent greater than the comparable period in 1991.
 Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Ill., and has 112 offices in three countries.
 ARTHUR J. GALLAGHER & CO.
 Comparative Financial Analysis
 (In thousands except per share data)
 Period ended Six months Three months
 June 30 1992 1991(A) 1992 1991(A)
 Revenues:
 Commissions $64,693 $63,168 $32,088 $31,472
 Fees 46,924 39,710 24,114 19,892
 Investment income
 and other 7,057 6,978 4,194 2,596
 Total revenues 118,674 109,856 60,396 53,960
 Expenses:
 Salaries and employee
 benefits 64,961 59,485 32,986 29,360
 Other operating expenses 42,576 41,438 21,744 21,936
 Interest expense 1,112 1,087 543 537
 Total expenses 108,649 102,010 55,273 51,833
 Earnings before income
 taxes 10,025 7,846 5,123 2,127
 Provision for income
 taxes 3,509 1,853 1,793 433
 Net earnings 6,516 5,993 3,330 1,694
 Net earnings per common
 and common equivalent share .46 .41 .24 .12
 Weighted average number of
 common shares outstg. 14,082 14,488 14,030 14,482
 (A) Restated for pooling of interests.
 -0- 7/15/92
 /CONTACT: Michael J. Cloherty, vice president of Arthur J. Gallagher & Co., 708-773-3800/
 (AJG) CO: Arthur J. Gallagher & Co. ST: Illinois IN: INS SU: ERN


TQ-OS -- NY060 -- 9577 07/15/92 13:13 EDT
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Publication:PR Newswire
Date:Jul 15, 1992
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