At December 31,
(in thousands, except per share data)
2002
2001
Assets
Current assets:
Cash and cash equivalents
$
91,247
$
16,048
Restricted cash
79,796
50,328
Short-term investments
446
451
Premiums, commissions and fees receivable
144,244
101,449
Other current assets
16,527
8,230
Total current assets
332,260
176,506
Fixed assets, net
24,730
25,544
Goodwill, net
176,269
112,974
Other intangible assets, net
203,984
155,337
Investments
8,585
8,983
Deferred income taxes, net
1,788
1,519
Other assets
6,733
7,874
Total Assets
$
754,349
$
488,737
Liabilities and shareholders’ equity
Current liabilities:
Premiums payable to insurance companies
$
191,682
$
151,649
Premium deposits and credits due customers
16,723
12,078
Accounts payable
15,393
10,085
Accrued expenses
46,586
31,930
Current portion of long-term debt
27,334
20,855
Total current liabilities
297,718
226,597
Long-term debt
57,585
78,195
Other liabilities
5,604
6,308
Commitments and contingencies (Note 13)
Minority interest
1,852
2,352
Shareholders’ equity
Common stock, par value $0.10 per share;
authorized 140,000 shares; issued and
outstanding, 68,178 at 2002 and 63,194 at 2001
6,818
6,319
Additional paid-in capital
159,564
11,181
Retained earnings
223,102
153,392
Accumulated other comprehensive income, net of tax
effect of $1,290 at 2002 and $2,750 at 2001
2,106
4,393
Total shareholders’ equity
391,590
175,285
Total liabilities and shareholders’ equity
$
754,349
$
488,737
See accompanying notes to our consolidated financial statements.
©2003 Brown & Brown Insurance, Inc.
