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During 2001, the Company acquired, through the exchange of shares, 12 separate agency groups, as listed in the Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of this report.
These transactions were accounted for utilizing the pooling-of-interests method of accounting and, accordingly, the Company was required to restate its consolidated financial statements for all years presented in this Annual Report. The purpose of a restatement is to present as one combined entity the historical financial data of two (or more) previously separate and distinct legal entities. The financial data that is contained in the Management’s Discussion and Analysis, the Consolidated Financial Statements and Notes to Consolidated Financial Statements reflect this restatement.
Consistent with last year’s presentation and as a means of comparison, the tables below depict the Company’s revenues, pre-tax margins and net income per share for 1997–2001 both before and after the restatement.
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