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POE & BROWN REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPT. 30

 TAMPA, Fla., Oct. 15 /PRNewswire/ -- Poe & Brown, Inc. (NASDAQ-NMS: POBR), announced that its net income for the three-month period ended Sept. 30 increased 41 percent.
 Total revenues for the third quarter ended Sept. 30 were $24,379,000, vs. $22,073,000 for the same period in 1992, a 10 percent increase. Net income for the third quarter of 1993 increased 96 percent to $2,499,000, or $.30 per share, up from $1,274,000, or $.16 per share, for the same period in 1992. The 1992 net income included an increase in the income tax reserve of $500,000, or $.06 per share. Excluding the impact of this income tax reserve, net income for the third quarter of 1993 was up 41 percent over the 1992 period.
 Total revenues for the nine months ended Sept. 30 were $70,571,000 as compared to $64,650,000 for the corresponding nine months in 1992, an increase of 9 percent. Net income for the nine months ended Sept. 30 was $5,446,000, or $.66 per share, as compared to $4,078,000 reported in 1992, or $.49 per share, an increase of 34 percent.
 J. Hyatt Brown, chief executive officer, announced that commissions and fees for the third quarter of 1993 increased 9 percent over the prior year period after excluding the results of recent acquisitions. Brown stated, "We are pleased with the tremendous efforts of all our employees in generating strong revenue growth during this quarter."
 William F. Poe, chairman of the board, stated, "The results in the first full quarter after our merger reflects the positive synergism of our combined organization."
 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 9/30/93 9/30/92
 Revenues $24,379 $22,073
 Net income $ 2,499 $ 1,274
 Net income per share $ .30 $ .16
 Avg. number of shares outstanding 8,310 8,242
 9 mos. ended 9/30/93 9/30/92
 Revenues $70,571 $64,650
 Net income $ 5,446 $ 4,078
 Net income per share $ .66 $ .49
 Avg. number of shares outstanding 8,297 8,309
 -0- 10/15/93
 /CONTACT: Cory T. Walker, vice president and chief financial officer, Poe & Brown, 813-222-4210/
 (POBR)


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

RA-BR -- AT007 -- 2818 10/15/93 14:52 EDT
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Publication:PR Newswire
Date:Oct 15, 1993
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