2001 2000 (As originally reported) Percent
Change

Revenue

$

 365,029,000  

$

209,706,000

 +74%

Pre-Tax Profit

$

 90,478,000  

$

 53,978,000 +68%

EPS (diluted)

$

 .85  

$

 .58 +47%

Market Cap

$

 1,725B  

$

 1,008B +59%

     



The price of our stock on December 31, 1999 (split adjusted) was $9.58 and on December 31, 2001 was $27.30, an amazing 185% two-year increase. These results are remarkable. Additionally, for the first time since 1993, we exceeded our pre-established revenue and profit goals for the year. My congratulations to all of our 3,000-plus focused employees who were responsible for these outstanding achievements. It is our dogged determination, categorical attention to detail and our careful selection of achievement-oriented people that has allowed our company to excel. Consistency in earnings and revenue growth is a hallmark of Brown & Brown.

Following Our Dreams Has Led to Our Remarkable Success
The tragic events of September 11th have affected the lives of all Americans. This past year was one that truly brought to the fore not only the strength of our national heritage, but also that of our company. Adversity has brought out the best in Americans across this broad land, just as difficult circumstances in the insurance marketplace have made our company stronger and more focused. Brown & Brown is part of the “American Dream” where men and women constantly strive to do a better job for our clients and are recognized for meritorious achievement.

Since our founding in 1939, starting as a two-man agency consisting of my father and cousin, our business has consistently grown and changed, following the dreams of our leadership and constantly becoming a more productive player within our industry. In 1982, we forged a strategic plan to focus more intently on bottom-line growth and began to make our dream a reality. By 1992, we were the 24th largest agency organization in the country. In 1993, we entered into the first of many key mergers (becoming a public company), which helped to propel us to our current position as the eighth-largest insurance intermediary in the U.S. That same year we announced our intention to grow earnings per share by at least 15% a year, quarter-by-quarter, forever. Nine straight years of record earnings growth is a benchmark that few have achieved. In 2002 we must extend the record – and we will!