Brown & Brown, Inc. Inadvertently Releases Preliminary Third-Quarter Financial Results
October 14 2008 - 4:18PM
Marketwired
Brown & Brown, Inc. (NYSE: BRO) announced that it inadvertently
released certain preliminary incomplete financial data for its
third fiscal quarter of the year earlier this afternoon. Such
information was not yet complete and had not been reviewed by the
company's audit committee or auditors. The Company promptly
contacted the New York Stock Exchange and requested that trading
temporarily be halted until after the issuance of this press
release, which request was granted.
The information inadvertently released by the Company stated the
Company had third-quarter earnings of $0.29 per share. Such
information is only preliminary and is subject to finalization. The
Company anticipates completing its work and discussion with its
auditors and audit committee and releasing its actual results as
contemplated next Monday, October 20, 2008 after market close.
Brown & Brown, Inc. and its subsidiaries offer a broad range
of insurance and reinsurance products and services, as well as risk
management, third party administration, managed health care, and
Medicare set-aside services and programs. Providing service to
business, public entity, quasi-public entity, individual, trade and
professional association clients nationwide, the Company is ranked
by Business Insurance magazine as the United States' seventh
largest independent insurance intermediary. The Company's Web
address is www.bbinsurance.com.
This press release may contain certain statements relating to
future results which are forward-looking statements, including
those relating to actual third-quarter financial results. These
statements are not historical facts, but instead represent only the
Company's current belief regarding future events, many of which, by
their nature, are inherently uncertain and outside of the Company's
control. It is possible that the Company's actual results,
financial condition and achievements may differ, possibly
materially, from the anticipated results, financial condition and
achievements contemplated by these forward-looking statements.
Further information concerning the Company and its business,
including factors that potentially could materially affect the
Company's financial results and condition, as well as its other
achievements, are contained in the Company's filings with the
Securities and Exchange Commission. Some factors include: general
economic conditions around the country; downward commercial
property and casualty premium pressures; the effects of recent
legislative and regulatory changes in Florida pertaining to the
insurance industry, including those relating to coastal property
coverages; the competitive environment; the integration of the
Company's operations with those of businesses or assets the Company
has acquired or may acquire in the future and the failure to
realize the expected benefits of such integration; the potential
occurrence of a disaster that affects certain areas of the States
of California, Florida, Georgia, Michigan, New Jersey, New York,
Pennsylvania, Texas and/or Washington, where significant portions
of the Company's business are concentrated; and the cost and impact
on the Company of previously disclosed regulatory inquiries
regarding industry and Company practices with respect to
compensation received from insurance carriers. All forward-looking
statements made herein are made only as of the date of this
release, and the Company does not undertake any obligation to
publicly update or correct any forward-looking statements to
reflect events or circumstances that subsequently occur or of which
the Company hereafter becomes aware.
Cory T. Walker Chief Financial Officer (386) 239-7250
Brown and Brown (NYSE:BRO)
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