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E. W. BLANCH HOLDINGS, INC. ANNOUNCES FIRST QUARTER RESULTS

 MINNEAPOLIS, June 11 /PRNewswire/ -- E. W. Blanch Holdings, Inc. (NYSE: EWB) today filed its first quarterly report with the Securities and Exchange Commission since going public on May 6. Net income after pro forma income taxes was reported at $4.0 million or $0.33 per share on revenues of $16.6 million for the quarter ended March 31, 1993. This compares with net income after pro forma income taxes of $3.2 million, or $0.26 per share on revenues of $13.6 million for the first quarter of 1992. The earnings per share calculation assume outstanding shares of 12,300,000 for both periods.
 E. W. Blanch, Jr., chairman and CEO stated, "We are very enthusiastic about having taken our company public. Our financial performance continues to improve and we are on track with our growth expectations for the year."
 E. W. Blanch Holdings, Inc. is a reinsurance intermediary with headquarters in Minneapolis. Reinsurance intermediaries bring primary insurers and reinsurers together and assist them in negotiating reinsurance contracts with each other.
 E. W. BLANCH HOLDINGS, INC.
 Condensed Consolidated Statements of Income
 (Dollars in thousands, except per share data)
 (Unaudited)
 Three Months Ended
 3/31/93 3/31/92
 Revenues $16,623 $13,621
 Operating expenses 10,551 8,676
 Operating income 6,072 4,945
 Investment and other income 769 398
 Interest and other expenses 182 81
 Net income $6,659 $5,262
 Pro forma income taxes 2,637 2,084
 Pro forma net income $4,022 $3,178
 Pro forma net income per share $0.33 $0.26
 Assumed number of shares outstanding 12,300,000 12,300,000
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (dollars in thousands)
 (unaudited)
 3/31/93 12/31/92
 ASSETS
 Current assets $10,097 $4,886
 Other assets 23,570 23,741
 Fiduciary funds-assets 361,624 365,534
 Total assets $395,291 $394,161
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities $12,333 $8,605
 Other liabilities 3,743 4,679
 Fiduciary funds-liabilities 361,624 365,534
 Total liabilities 377,700 378,818
 Stockholders' equity 17,591 15,343
 Total liabilities and
 stockholders' equity $395,291 $394,161
 -0- 6/11/93
 /CONTACT: Tom Nelson of E. W. Blanch, 612-835-3310/
 (EWB)


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

AL -- MN007 -- 1202 06/11/93 16:23 EST
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Publication:PR Newswire
Date:Jun 11, 1993
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