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POE & BROWN, INC. REPORTS RESULTS FOR THE SECOND QUARTER ENDED JUNE 30

 TAMPA, Fla., July 15 /PRNewswire/ -- Poe & Brown, Inc. (NASDAQ-NMS: POBR) announced its operating results for the three and six month periods ended June 30 and the completion of the April 28 merger between Poe & Associates, Inc. and Brown & Brown, Inc.
 J. Hyatt Brown, chief executive officer, announced that the costs to combine the Poe and Brown operations during the second quarter totaled $1,151,000 or $.08 per share after tax, the majority of which were accruals for lease cancellations. Brown stated: "All of the current and anticipated future costs of combining the Poe and Brown operations have been accounted for and the consolidation of our merged operations have now been completed. Although net income for the first six months was up only 6 percent, we expect stronger earnings in the second half of 1993."
 Total revenues for the quarter ended June 30 were $22,388,000 vs. $19,702,000 for the same period in 1992, an increase of 14 percent. Net income for the second quarter of 1993 was $711,000 or $.09 per share, compared to $776,000 for the same period in 1992, or $.09 per share. In the second quarter, the company also sold two of its smallest operations, Tallahassee, Fla., and Los Angeles, for an aggregate net gain of $818,000, or $.06 per share after tax.
 Total revenues for the six months ended June 30 were $46,192,000 as compared to $42,577,000 for the corresponding six months in 1992, an increase of 9 percent. Net income for the six months ended June 30, was $2,947,000, or $.36 per share, as compared to $2,804,000 reported in 1992, or $.34 per share, an increase in per share earning of 6 percent.
 Bill Poe, chairman of the board, stated, "We are pleased that net income from our core operations for the 1993 six month period was up 37 percent over the comparable prior year period after excluding the effects of acquisitions, merger combination costs, gains on the sale of businesses, and contingent income."
 Poe & Brown, Inc., a general insurance agency headquartered in Tampa, is among the nation's leading independent insurance agency organizations. The company has offices throughout Florida, and in Arizona, California, Colorado, Connecticut, Georgia, New Jersey, North Carolina, and Texas.
 POE & BROWN, INC.
 FINANCIAL HIGHLIGHTS
 (In thousands of dollars and shares, except per share data)
 Quarter ended 6/30/93 6/30/92
 Revenues $22,388 $19,702
 Net income $ 711 $ 776
 Net income per share $ .09 $ .09
 Avg. number of shares outstanding 8,294 8,355
 6 mos. ended 6/30/93 6/30/92
 Revenues $46,192 $42,577
 Net income $ 2,947 $ 2,804
 Net income per share $ .36 $ .34
 Avg. number of shares outstanding 8,290 8,357
 -0- 7/15/93
 /CONTACT: Cory T. Walker, vice president and chief financial officer of Poe & Brown, 813-222-4210/
 (POEA)


CO: Poe & Brown, Inc. ST: Florida IN: INS SU: ERN

BR-BN -- AT018 -- 2197 07/15/93 16:41 EDT
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Publication:PR Newswire
Date:Jul 15, 1993
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