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E.W. BLANCH HOLDINGS, INC. ANNOUNCES THIRD QUARTER EARNINGS AND INITIATES CASH DIVIDEND

 MINNEAPOLIS, Oct. 28 /PRNewswire/ -- E.W. Blanch Holdings, Inc. (NYSE: EWB), today announced its third quarter results. Net income after pro forma income taxes was reported at $5.7 million, or $.41 per share on revenues of $20.0 million for the quarter ended Sept. 30, 1993. This compares with $2.9 million or $.24 per share on revenues of $14.9 million for the third quarter of 1992. Net income after pro forma income taxes for the nine months ended Sept. 30, 1993, was reported at $11.5 million or $.87 per share on revenues of $49.3 million. This compares with $8.1 million or $.66 per share on revenues of $41.5 million for the first nine months of 1992.
 E.W. Blanch Holdings Inc.'s board of directors today approved a quarterly cash dividend of $.08 per share. The dividend will be effective for stockholders of record as of Nov. 8, 1993, and will be payable on Dec. 1, 1993.
 E.W. Blanch, Jr., chairman and CEO, stated, "Strong new account production is resulting in continued revenue growth and margin improvement. In the first nine months of 1993, revenues increased by 19 percent over the same period of 1992 and operating margins improved to 36 percent. As expected, the third quarter results were favorably impacted due to the shift in premium reporting from quarterly in 1992 to semiannual in 1993 for property/catastrophe business. Approximately $2.9 million of the brokerage revenue recorded in the third quarter from renewal business was due to this shift. We are confident that we will achieve our objective of core earnings growth in excess of 20 percent this year."


E.W. Blanch Holdings, Inc., is a reinsurance intermediary headquartered in Minneapolis with branch offices in Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, Philadelphia, San Francisco and Copenhagen, Denmark. Reinsurance intermediaries bring primary insurers and reinsurers together and assist them in negotiating reinsurance contracts with one another.
 E.W. BLANCH HOLDINGS, INC.
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Dollar in thousands except per share amounts)
 (Unaudited)
 Three Months Ended Nine Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Revenues:
 Brokerage $19,514 $13,994 $47,950 $39,203
 Fiduciary investment income 527 894 1,371 2,341
 Total revenues 20,041 14,888 49,321 41,544
 Operating expense 10,777 9,877 31,690 28,210
 Operating income 9,264 5,011 17,631 13,334
 Investment & other income 402 28 1,965 650
 Interest & other expense 80 198 376 503
 Income before taxes 9,586 4,841 19,220 13,481
 Income taxes 3,752 -- 4,203 --
 Net income $5,834 $4,841 $15,017 $13,481
 Pro forma income taxes 94 1,917 3,493 5,338
 Pro forma net income $5,740 $2,924 $11,524 $8,143
 Pro forma net income per share $0.41 $0.24 $0.87 $0.66
 Weighted average number of shares
 and assume shares outstanding 14,115 12,300 13,207 12,300
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (Dollars in thousands)
 (Unaudited)
 9/30/93 12/30/92
 Assets
 Current assets $26,009 $4,886
 Other assets 43,260 23,741
 Fiduciary funds - assets 364,440 365,534
 Total assets $433,709 $394,161
 Liabilities & stockholders'
 equity
 Current liabilities $8,275 $8,605
 Other liabilities 3,060 4,679
 Fiduciary funds - liabilities 364,440 365,534
 Total liabilities 375,775 378,818
 Stockholders' equity 57,934 15,343
 Total liabilities & stockholders'
 equity $433,709 $394,161
 -0- 10/28/93
 /CONTACT: Jennifer Roy of E.W. Blanch, 800-733-4523/
 (EWB)


CO: E.W. Blanch Holdings, Inc. ST: Minnesota IN: INS SU: ERN DIV

CP-DB -- MN016 -- 8125 10/28/93 16:17 EDT
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Publication:PR Newswire
Date:Oct 28, 1993
Words:625
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