POE & ASSOCIATES ANNOUNCES SECOND QUARTER RESULTS
POE & ASSOCIATES ANNOUNCES SECOND QUARTER RESULTS TAMPA, Fla., July 14 /PRNewswire/ -- Poe & Associates, Inc.
(NASDAQ-NMS: POEA), announced its operating results for the three and six months ended June 30.
Total revenues for the quarter ended June 30 were $11,650,000, vs. $10,983,000 for the same period in 1991, an increase of 6 percent. Net income for the second quarter of 1992 was $467,000, or $.09 per share, compared to $894,000 for the same period in 1991, or $.18 per share, a decrease in per share earnings of 50 percent. Total revenues for the six months ended June 30 were $24,460,000, as compared to $23,448,000 for the corresponding six months in 1991, an increase of 4 percent. Net income for the six months ended June 30 was $1,594,000, or $.31 per share, as compared to $2,199,000 reported in 1991, or $.44 per share, a decrease in per share earnings of 30 percent. William F. Poe, chairman and chief executive officer, stated, "Although the first half results are unsatisfactory to me, I continue to be optimistic about the overall 1992 earnings." 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. POE & ASSOCIATES, INC. FINANCIAL HIGHLIGHTS (In thousands of dollars and shares, except per share data) Quarter ended June 30 1992 1991 Revenues $11,650 $10,983 Net income $ 467 $ 894 Net income per share $ .09 $ .18 Avg. number of shares outstanding 5,227 5,068 Six months ended June 30 1992 1991 Revenues $24,460 $23,448 Net income $ 1,594 $ 2,199 Net income per share $ .31 $ .44 Avg. number of shares outstanding 5,218 4,987 -0- 7/14/92 /CONTACT: V.C. Jordan Jr., president of Poe & Associates, 813-222-4100/ (POEA) CO: Poe & Associates, Inc. ST: Florida IN: INS SU: ERN
EA-BR -- AT010 -- 9248 07/14/92 16:19 EDT
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|Date:||Jul 14, 1992|
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