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POE & ASSOCIATES, INC. ANNOUNCES 1992 RESULTS

 TAMPA, Fla., March 10 /PRNewswire/ -- Poe & Associates, Inc. (NASDAQ: POEA) today announced its 1992 financial results.
 Revenues for 1992 were $52,393,000 compared to $48,538,000 in 1991. Net income for 1992 was $1,285,000 or $.25 per share compared to $4,595,000 or $.93 per share for 1991.
 Poe took a significant discontinued operations charge of $1,580,000 or $.30 per share in its results for 1992. The discontinued operations charge is associated with Poe's risk bearing operations which were discontinued several years ago. These charges result primarily from a re-evaluation of Poe's expected recoveries associated with its indemnity of a reinsurance agreement, and, to a lesser extent, from a strengthening of reserves for that indemnity.
 Income from continuing operations for 1992 of $2,865,000 or $.55 per share compared to $5,400,000 or $1.09 per share for 1991. The 1992 results were impacted by $.17 associated with uncollectible receivables arising primarily from prior year acquisitions, $.04 of costs related to its pending merger with Brown & Brown, Inc. and $.05 of additional income tax reserve.
 Poe's 1992 fourth quarter resulted in a net loss of $1,783,000 or $.34 per share compared to net income of $1,020,000 or $.20 per share in 1991. Loss from continuing operations for the fourth quarter of 1992 was $203,000 or $.04 per share compared to 1991 income from continuing operations of $1,610,000 or $.32 per share. Revenues for the fourth quarter of 1992 were $14,101,000 compared to $12,699,000 in 1991. The 1992 fourth quarter loss from continuing operations reflects approximately $.22 per share of the receivable, merger costs and income tax charges mentioned above.
 Poe's core operating business performed well in 1992 and would have produced expected results were it not for the unusual issues described above. William F. Poe, chairman of Poe, commented, "This should get these issues behind us and position us well for the Brown merger and future operating periods."
 The announced results are not expected to have any impact on Poe's previously announced merger with Brown & Brown, Inc. of Daytona Beach, Fla. Hyatt Brown, CEO of Brown, commented, "While we'd prefer not to have these results, I have utmost confidence in the future earnings power and prospects of the combined organization."
 The additional income tax reserves bolsters Poe's general income tax reserves to $1,170,000 which Poe believes will be sufficient to cover its income tax exposure under a pending IRS examination.
 Regarding the discontinued operations charge, Poe has historically estimated that certain recoveries related to the indemnity were available to it from the insolvency of Whiting National Insurance Company, placed in liquidation in 1988. While none of the underlying facts or operations of law have changed, the activity associated with the liquidation of Whiting has proceeded more slowly than anticipated making realization of those recoveries uncertain. The elimination of those recoveries accounts for approximately three-fourths of the discontinued operations charge. In addition, Poe has bolstered reserves associated with the underlying indemnity obligation further increasing the charge. These reserves are expected to be settled over many years and do not require any immediate significant cash outlays. Amounts expensed in 1991 related to this issue have been reclassified to conform to the 1992 discontinued operations treatment.
 Mr. Poe said, "While we continue to believe significant recoveries will be available to us, we elected to adopt a conservative position."
 Poe & Associates, 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.
 -0- 3/10/93
 /CONTACT: V.C. Jordan Jr., president of Poe & Associates, 813-222-4100/
 (POEA)


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

BR-BN -- AT008 -- 4795 03/10/93 15:52 EST
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Publication:PR Newswire
Date:Mar 10, 1993
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