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ARTHUR J. GALLAGHER & CO. ANNOUNCES FIRST QUARTER RESULTS

 ITASCA, Ill., April 19 /PRNewswire/ -- Arthur J. Gallagher & Co. (NYSE: AJG) today announced its first quarter results. Total revenues increased 10% from $74,751,000 to $81,951,000. Net income for the first quarter of 1994 was $5,317,000, an increase of 13% from net income of $4,695,000 reported for the first quarter of 1993. Quarterly earnings per share were $.33 compared to $.29 for the first quarter of 1993, a 14% increase.
 Robert E. Gallagher, chairman and chief executive officer, stated, "Overall operational results continue to show the positive effects of the company's new business production and quality review programs implemented in early 1993. These results were achieved despite the current unrest in the capital markets which has had a diminishing effect on the company's overall growth in investment income." He also noted that two new companies have joined the Gallagher family: Donald P. Pipino and Associates, Inc. in Youngstown, Ohio, and the Steel Agency, in Wayne, N.J. This brings two new sales locations to Gallagher's expanding risk management network.
 Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Ill., and has 143 offices in five countries. Gallagher is traded on the New York Stock Exchange under the symbol AJG.
 ARTHUR J. GALLAGHER & CO.
 COMPARATIVE FINANCIAL ANALYSIS
 (In Thousands Except Per Share Data)
 Three Months Ended March 31,
 1994 1993(A)
 Revenues:
 Commissions $47,008 $43,224
 Fees 32,314 28,935
 Investment income 2,629 2,592
 Total revenues 81,951 74,751
 Expenses:
 Salaries and employee benefits 45,475 41,883
 Other operating expenses 27,522 24,847
 Interest expense 514 564
 Total expenses 73,511 67,294
 Earnings before income taxes 8,440 7,457
 Provision for income taxes 3,123 2,762
 Net earnings $5,317 $4,695
 Net earnings per common and
 common equivalent share $.33 $.29
 Weighted average number of
 common shares outstanding 16,175 16,289
 (A) Restated for poolings of interests
 -0- 4/19/94
 /CONTACT: Michael J. Cloherty, vice president-finance of Arthur J. Gallagher & Co., 708-773-3800/
 (AJG)


CO: Arthur J. Gallagher & Co. ST: Illinois IN: INS SU: ERN

KT -- DE024 -- 8255 04/19/94 14:32 EDT
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Publication:PR Newswire
Date:Apr 19, 1994
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