Exhibit 99.1
Hub International Reports
Growth in Quarter, YTD
Third Quarter Revenue Increases 29% on 4% Organic Growth
YTD Revenue Grows 24% on 5% Organic Growth
CHICAGO--(BUSINESS WIRE)--Oct. 26, 2006--Hub International Limited
(NYSE: HBG) (TSX: HBG) announced strong improvement in both revenue
and key expense ratios for the three months and nine months ended
September 30, 2006.
Revenue increased 29% to $126.5 million in the third quarter from
$98.3 million a year earlier, while net earnings from continuing
operations increased to $7.0 million, or $0.17 per diluted share, from
a loss of $0.3 million or a loss of $0.01 per diluted share, in the
prior-year period.
Net earnings reflect a number of items that can complicate
comparisons between periods, as detailed in tables attached to this
release. When adjusted for these items, net earnings from continuing
operations increased 12% to $9.3 million in the third quarter from
$8.4 million a year ago. Diluted weighted average shares outstanding
increased 34% to 41.1 million from 30.6 million a year earlier. The
increase is attributable primarily to the issuance of common shares in
a May 2006 public offering and in connection with acquisitions, while
at the same time the prior year figure for the same quarter was lower
than would otherwise be the case as the company's common share
equivalents, such as options, restricted share units and convertible
debt, were not dilutive. As a result, diluted earnings per share from
continuing operations, when adjusted for the items in the attached
tables, declined to $0.23 from $0.27 a year ago.
Focus Remains on Expense Control
Employee cash compensation improved to 58.8% of revenue in the
third quarter from 59.5% in the prior year, while selling, occupancy
and administration expense improved to 19.8% from 20.7% of revenue.
Combined, these two expense categories improved 171 basis points to
78.6% from 80.3% of revenue. Excluding a one-time severance charge in
2005, employee cash compensation increased to 58.8% in the third
quarter from 57.9% a year ago. Seasonality and timing in Hub's revenue
contributed significantly to this increase during the third quarter.
Combined, excluding the one-time severance charge in 2005, these two
expense categories improved eleven basis points to 78.6% from 78.7% of
revenue for the quarter.
Hub's 29% increase in revenue for the quarter included strong
gains in both the United States and Canada. U.S. revenue grew 35% to
$90.7 million from $67.2 million a year ago, including the impact of
both acquisitions and 1% organic growth. In Canada, revenue rose 16%
to $35.9 million from $31.0 million, with organic growth of 11%, 4%
without the impact of foreign exchange. Consolidated organic growth
was 4%, 2% excluding the impact of foreign exchange. Organic growth is
a non-GAAP measure that describes internal growth from operations
owned at least one year.
Rate Softness Continues in Primary Market Areas
Martin P. Hughes, chairman and chief executive officer, said
organic growth was limited as rates continued to be weaker, on
average, in the third quarter of 2006 than in the prior-year period.
While the company's catastrophe-exposed business has experienced
strong rate increases, the preponderance of the company's revenue was
derived from markets where rates continued to decline.
"Our sales culture and productivity continue to be strong and we
achieved results within our target ranges for new business and
retention during the quarter," Hughes said. "We are focused on
consistent, effective execution of our growth strategies in all rate
environments, as this is the key to long-term returns for our
shareholders."
Revenue and Earnings Rise Strongly in First Nine Months of 2006
For the first nine months of this year, revenue increased 24% to
$406.6 million from $328.5 million in the same period of 2005,
including the impact of both acquisitions and 5% organic growth.
Excluding the impact of foreign exchange, organic growth was 3% in the
first nine months of 2006.
Net earnings from continuing operations increased 97.7% to $39.8
million from $20.1 million, reflecting both improved operating margins
and a reduced impact from the Talbot Charge described below. Net
earnings per diluted share from continuing operations rose 81.4% to
$1.07 from $0.59 a year earlier, as the diluted weighted average
number of shares outstanding increased 4.5% to 38.3 million from 36.7
million. As mentioned earlier, reported net earnings reflect a number
of items that complicate comparisons between periods, as detailed in
the attached tables. Earnings from continuing operations, when
adjusted for these items, grew 24.5% to $48.3 million from $38.8
million, while earnings per diluted share, when adjusted for these
items, improved 18% to $1.30 from $1.10 a year ago.
U.S. revenue grew 28% to $292.7 million from $228.8 million,
reflecting both acquisitions and 2% organic growth. In Canada, revenue
growth of 14% to $113.9 million from $99.7 million included 12%
organic growth, 4% without the impact of foreign exchange.
For the nine-month period, employee cash compensation improved to
54.2% of revenue from 55.2% in the prior year, while selling,
occupancy and administration expense improved to 18.1% of revenue from
18.3% a year ago. Combined, these two expense categories improved 121
basis points to 72.3% from 73.5% of revenue. Excluding the one-time
severance charge in 2005, employee cash compensation improved to 54.2%
of revenue from 54.7% a year ago. Combined, excluding the one-time
severance charge in 2005, these two expense categories improved 73
basis points to 72.3% from 73.1% of revenue for the nine-month period.
Outlook for Growth Remains Favorable
Addressing current trends and outlook, Hughes said the company's
fundamentals continue to improve. In combination, our emphasis on our
sales culture and sales tools has created stronger links to customer
information and improved performance in both account development and
retention.
"We see ample opportunity to grow our business, both through
acquisitions of well-managed brokerages and through organic growth of
our existing businesses," Hughes said. "Although we aren't benefiting
from increasing rates, we are still achieving progress in our core
focus areas of sales and margins."
Meanwhile, the acquisition pipeline continues to be strong. During
the third quarter, Hub acquired four brokerages with annualized
revenue of approximately $16.3 million. Through the first nine months
of 2006, the acquisition of 17 brokerages added annualized revenue of
approximately $75.7 million.
The Talbot Charge
Hub discloses the impact of compensation related to the Talbot
acquisition in order to give investors increased insight into Hub's
results of operations and the effective cost of the Talbot
acquisition.
Total consideration paid to acquire Talbot includes both $90
million cash paid to Safeco Corporation and the issuance of Hub
shares, or comparable amounts of cash, to approximately 70 Talbot
executives. The total consideration is within Hub's target range of
paying 5-8 times EBITDA (earnings before interest, taxes, depreciation
and amortization) for acquired brokerages.
As the executives participating in this earnout were not
shareholders of Talbot prior to the sale, the earnout compensation
they receive under the terms of the purchase agreement is recorded as
compensation expense. This compensation expense, which is not
deductible for tax purposes, will be charged to earnings through the
first quarter of 2007 and will affect earnings comparisons through
2007, making it difficult for investors to analyze the company's
results in comparison to prior years and industry peers.
Hub has the option to pay the executives with cash or shares. The
first Talbot earnout payment in the amount of $16.4 million was paid
in cash on September 1, 2005. The second payment of $19.0 million was
paid in March 2006 in common shares. Management will decide whether to
make the final payment in cash, shares or a combination thereof
depending on circumstances at the time of payment.
In the first nine months of 2006, Hub recorded $9.9 million of
compensation expense for Talbot, based on a total estimated earnout
liability of approximately $57 million. The amount of this
compensation may vary from quarter to quarter, reflecting
profitability of Talbot. It is anticipated that the total charge to
earnings for the Talbot earnout, including payments made to date, will
be as follows:
2004 $14.4 million (actual)
2005 $28.7 million (actual)
2006 $11.9 million (estimate)
2007 $2.0 million (estimate)
Conference Call and Webcast
Hub International will discuss its financial results and outlook
on a conference call scheduled for 9:30 a.m. (CT), 10:30 a.m. (ET)
today, October 26, 2006. The call is being webcast by Thompson/CCBN
and can be accessed at Hub International's web site at
www.hubinternational.com. The webcast is also being distributed
through the Thomson StreetEvents Network to both institutional and
individual investors. Individual investors can listen to the call at
www.fulldisclosure.com, Thomson/CCBN's individual investor portal,
powered by StreetEvents. Institutional investors can also access the
call via Thomson's password-protected event management site,
StreetEvents (www.streetevents.com).
Headquartered in Chicago, IL, Hub International Limited is a
leading North American insurance brokerage that provides a broad array
of property and casualty, reinsurance, life and health, employee
benefits, investment and risk management products and services through
offices located in the United States and Canada.
This press release may contain forward-looking statements that
reflect our current views with respect to future events and financial
performance. These forward-looking statements relate to, among other
things, our plans and objectives for future operations and are subject
to uncertainties and other factors that could cause actual results to
differ materially from such statements. These uncertainties and other
factors include, but are not limited to, risks associated with
implementing our business strategies, identifying and consummating
acquisitions, integrating acquired brokerages, attaining greater
market share, developing and implementing effective information
technology systems, recruiting and retaining qualified employees,
fluctuations in the premiums charged by insurance companies with
corresponding fluctuations in our premium-based revenue, any loss of
services of key executives, industry consolidation, increased
competition in the industry, fluctuations in the demand for insurance
products, exchange rates, resolution of regulatory issues, including
those related to compensation arrangements with insurance companies,
the actual costs of resolution of contingent liabilities and the
passage of new legislation subjecting our business to regulation in
jurisdictions where we operate. We caution readers not to place undue
reliance on these forward-looking statements, which speak only as of
the date of this press release. Additional information regarding these
risks and other factors that could cause Hub International's actual
results to differ materially from our expectations is contained in the
company's filings with the Securities and Exchange Commission and the
Canadian securities commissions. Except as otherwise required by
federal securities laws, Hub International undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
HUB INTERNATIONAL LIMITED
Consolidated Organic Growth (unaudited)
For the three months and nine months ended September 30, 2006
(in thousands of U.S. dollars, except percentages)
Net
Adjustments
Revenue Total For Organic
------------------
Third quarter Total Growth (Acquisitions) Growth
2006 2005 Change ($) (%) And Disposals (%)
---------------------------------------------------------
Total
- -------------
Commission
Income $119,485 $92,560 $26,925 29% $(23,800) 3%
Contingent
Commissions
and Volume
Overrides 2,454 2,391 63 3% (240) -7%
Other Income 4,570 3,332 1,238 37% (286) 29%
---------------------------------------------------------
Total $126,509 $98,283 $28,226 29% $(24,326) 4%
---------------------------------------------------------
USA
- -------------
Commission
Income $85,010 $62,672 $22,338 36% $(22,549) 0%
Contingent
Commissions
and Volume
Overrides 2,107 1,952 155 8% (241) -4%
Other Income 3,541 2,623 918 35% (285) 24%
---------------------------------------------------------
Total $90,658 $67,247 $23,411 35% $(23,075) 1%
---------------------------------------------------------
Canada
- -------------
Commission
Income $34,475 $29,888 $4,587 15% $(1,251) 11%
Contingent
Commissions
and Volume
Overrides 347 439 (92) -21% 1 -21%
Other Income 1,029 709 320 45% (1) 45%
---------------------------------------------------------
Total $35,851 $31,036 $4,815 16% $(1,251) 11%
---------------------------------------------------------
Net
Adjustments
Revenue Total For Organic
------------------
Nine months Total Growth (Acquisitions) Growth
2006 2005 Change ($) (%) And Disposals (%)
---------------------------------------------------------
Total
- -------------
Commission
Income $353,609 $283,271 $70,338 25% $(56,430) 5%
Contingent
Commissions
and Volume
Overrides 41,505 35,794 5,711 16% (4,519) 3%
Other Income 11,482 9,413 2,069 22% 168 24%
---------------------------------------------------------
Total $406,596 $328,478 $78,118 24% $(60,781) 5%
---------------------------------------------------------
USA
- -------------
Commission
Income $253,102 $194,889 $58,213 30% $(54,349) 2%
Contingent
Commissions
and Volume
Overrides 30,741 26,369 4,372 17% (4,519) -1%
Other Income 8,864 7,521 1,343 18% 170 20%
---------------------------------------------------------
Total $292,707 $228,779 $63,928 28% $(58,698) 2%
---------------------------------------------------------
Canada
- -------------
Commission
Income $100,507 $88,382 $12,125 14% $(2,081) 11%
Contingent
Commissions
and Volume
Overrides 10,764 9,425 1,339 14% - 14%
Other Income 2,618 1,892 726 38% (2) 38%
---------------------------------------------------------
Total $113,889 $99,699 $14,190 14% $(2,083) 12%
---------------------------------------------------------
Notes: 1. Organic growth is a non-GAAP measure.
2. Total and Canadian organic growth rates above include
the impact of changes in foreign currency.
HUB INTERNATIONAL LIMITED
Consolidated Statements of Earnings Data (unaudited)
For the three months and nine months ended September 30, 2006 and 2005
(in thousands of U.S. dollars, except per share amounts)
Third quarter Nine months
------------------ ------------------
2006 2005 2006 2005
------------------ ------------------
Revenue
Commission income $119,485 $92,560 $353,609 $283,271
Contingent commissions and
volume overrides 2,454 2,391 41,505 35,794
Other 4,570 3,332 11,482 9,413
------------------ ------------------
126,509 98,283 406,596 328,478
------------------ ------------------
Expenses
Compensation (1) 78,836 67,659 235,171 210,037
Selling, occupancy and
administration 25,029 20,358 73,672 60,270
Depreciation 2,459 2,200 7,012 6,378
Interest expense 2,746 2,710 9,706 7,626
Intangible asset amortization 5,356 1,961 13,854 5,657
Gain on disposal of subsidiaries,
property, equipment and other
assets (108) (224) (865) (2,657)
Loss on foreign exchange
forward contract - 555 - 555
Gain on forgiveness of debt - - - (4,500)
------------------ ------------------
114,318 95,219 338,550 283,366
------------------ ------------------
Net earnings from continuing
operations
before income taxes 12,191 3,064 68,046 45,112
------------------ ------------------
Provision for income tax expense
(benefit)
Current 5,656 1,609 28,491 24,102
Future (488) 1,775 (270) 867
------------------ ------------------
5,168 3,384 28,221 24,969
------------------ ------------------
Net earnings (loss) from
continuing
operations 7,023 (320) 39,825 20,143
Net earnings (loss) from
discontinued
operations 166 (421) 115 (136)
------------------ ------------------
Net earnings (loss) $7,189 $(741) $39,940 $20,007
------------------ ------------------
Interest on subordinated
convertible debentures - - 950 1,425
Dividends in lieu on restricted
share units 29 - 88 83
------------------ ------------------
Diluted net earnings (loss) $7,218 $(741) $40,978 $21,515
================== ==================
Basic earnings (loss) per share
Continuing operations $0.18 $(0.01) $1.14 $0.66
Discontinued operations - (0.01) - -
------------------ ------------------
Total operations $0.18 $(0.02) $1.14 $0.66
------------------ ------------------
Diluted earnings (loss) per share
Continuing operations $0.17 $(0.01) $1.07 $0.59
Discontinued operations 0.01 (0.01) - -
------------------ ------------------
Total operations $0.18 $(0.02) $1.07 $0.59
------------------ ------------------
Weighted average shares
outstanding
- Basic (000's) 39,086 30,600 34,908 30,471
Weighted average shares
outstanding
- Diluted (000's) 41,106 30,600 38,307 36,657
(1) Compensation includes:
Employee cash compensation $74,341 $58,518 $220,374 $181,246
Talbot earnout compensation 2,850 7,576 9,907 23,491
Other non-cash stock based
compensation 1,645 1,565 4,890 5,300
------------------ ------------------
$78,836 $67,659 $235,171 $210,037
================== ==================
HUB INTERNATIONAL LIMITED
Consolidated Balance Sheet Information (unaudited)
As of September 30, 2006 and December 31, 2005
(in thousands of U.S. dollars)
2006 2005
----------- -----------
Assets
Current assets:
Cash and cash equivalents $109,729 $70,118
Trust cash 85,533 113,349
Accounts and other receivables 247,948 230,654
Income taxes receivable 5,601 6,001
Future income taxes 6,378 4,971
Prepaid expenses 10,127 6,436
----------- -----------
Total current assets 465,316 431,529
Goodwill 512,742 421,158
Other intangible assets 146,436 105,007
Property and equipment 31,438 28,160
Future income taxes 13,980 4,528
Other assets 12,670 10,971
----------- -----------
Total assets $1,182,582 $1,001,353
=========== ===========
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities $353,353 $384,174
Income taxes payable 10,955 4,344
Future income taxes 292 359
Current portion long-term debt and capital
leases 5,162 4,910
----------- -----------
Total current liabilities 369,762 393,787
Long-term debt and capital leases 142,708 135,363
Subordinated convertible debentures - 35,000
Future income taxes 22,898 17,277
----------- -----------
Total liabilities 535,368 581,427
----------- -----------
Commitments and contingencies
Shareholders' equity
Share capital 455,948 270,199
Contributed surplus 21,275 16,989
Cumulative translation account 36,733 31,893
Retained earnings 133,258 100,845
----------- -----------
Total shareholders' equity 647,214 419,926
----------- -----------
Total liabilities and shareholders' equity $1,182,582 $1,001,353
=========== ===========
HUB INTERNATIONAL LIMITED
Consolidated Cash Flow Information (unaudited)
For the three months and nine months ended September 30, 2006 and 2005
(in thousands of U.S. dollars)
Third quarter Nine months
------------------ ------------------
2006 2005 2006 2005
------------------ ------------------
Operating activities
Net earnings (loss) $7,189 $(741) $39,940 $20,007
Items not affecting cash:
Amortization and depreciation 7,815 4,267 20,866 12,229
Gain on disposal of
subsidiaries, property,
equipment and other assets (107) (229) (476) (2,623)
Compensation for Talbot earnout
- non-cash stock based 2,850 4,289 9,907 13,691
Other non-cash stock based
compensation 1,645 1,565 4,890 5,300
Gain on forgiveness of debt - - - (4,500)
Future income taxes (561) 1,742 (449) 846
Non-cash working capital items
Trust cash 10,449 8,169 34,817 13,933
Accounts and other receivables 74,544 71,316 30,535 29,193
Prepaid expenses 18 (1,233) (3,496) (2,149)
Accounts payable and accrued
liabilities (75,822) (64,168) (66,919) (44,368)
Compensation for Talbot earnout - (13,147) - (6,634)
Other assets 129 129 387 387
Income taxes (4,504) (3,518) 1,965 1,074
------------------ ------------------
Net cash flows from operating
activities 23,645 8,441 71,967 36,386
------------------ ------------------
Investing activities
Property and equipment -
purchases (2,571) (2,057) (8,283) (4,714)
Property and equipment -
proceeds on sale - 6 11 20
Purchase of subsidiaries, net
of cash received (29,168) (10,259) (126,306) (18,418)
Sale of subsidiaries 2 1,007 1,707 4,863
Premium financing - receipts 7,864 - 7,864 -
Premium financing -
disbursements (6,644) - (6,644) -
Other assets 376 580 593 5,102
------------------ ------------------
Net cash flows used for
investing activities (30,141) (10,723) (131,058) (13,147)
------------------ ------------------
Financing activities
Bank debt (14,236) - (14,236) -
Long-term debt and capital
leases - advances, net of
costs (90) 10,000 130,033 10,000
Long-term debt and capital
leases - repayments (1,030) (2,273) (126,989) (7,471)
Proceeds from share issue, net
of costs (41) - 114,862 15
Proceeds from exercise of stock
options 244 1,597 948 2,253
Windfall tax benefit 49 - 193 -
Dividends paid (2,750) (1,851) (7,527) (5,531)
------------------ ------------------
Net cash flows from (used for)
financing activities (17,854) 7,473 97,284 (734)
------------------ ------------------
Effect of exchange rate changes
on cash and cash equivalents (10) 2,675 1,418 1,734
------------------ ------------------
Change in cash and cash
equivalents (24,360) 7,866 39,611 24,239
Cash and cash equivalents -
Beginning of period 134,089 114,577 70,118 98,204
------------------ ------------------
Cash and cash equivalents - End
of period $109,729 $122,443 $109,729 $122,443
================== ==================
HUB INTERNATIONAL LIMITED
Compensation for Talbot Earnout and Other Non-Cash Stock Based
Compensation (unaudited)
For the three months and nine months ended September 30, 2006 and 2005
(in thousands of U.S. dollars)
Non-cash stock based compensation, including both compensation for the
Talbot acquisition and other non-cash stock based compensation of
$4,495 and $5,854 for the three months ended September 30, 2006 and
2005, respectively, and of $14,797 and $18,991 for the nine months
ended September 30, 2006 and 2005, respectively, was expensed with
offsetting credits to contributed surplus, and accounts payable and
accrued liabilities. The Company recognizes the fair value of non-
cash stock based compensation as an expense over the period in which
entitlement to the compensation vests.
Other non-cash stock based compensation for the three months and nine
months ended September 30, 2006 and 2005 is comprised of the
following:
Third quarter Nine months
-------------- --------------
2006 2005 2006 2005
-------------- --------------
Stock options granted June 2002 $- $(8) $- $843
Stock options granted February 2003 - 91 - 281
Restricted share units (RSUs) granted
for 2003 bonuses 509 758 1,641 2,272
Other RSUs 1,132 722 3,234 1,885
Common shares for acquisitions 4 2 15 19
-------------- --------------
Total other non-cash stock based
compensation $1,645 $1,565 $4,890 $5,300
============== ==============
The related income tax benefit for other non-cash stock based
compensation, for the three months ended September 30, 2006 and 2005
was $476 and $456, respectively, and for the nine months ended
September 30,2006 and 2005 was $1,659 and $1,439, respectively.
Compensation for the Talbot earnout, includes both cash and non-cash
stock based compensation, which is not deductible for tax purposes,
for the three months and nine months ended September 30, 2006 and
2005 was comprised of the following:
Third quarter Nine months
--------------- ---------------
2006 2005 2006 2005
--------------- ---------------
Cash compensation $- $3,287 $- $9,800
Non-cash stock based compensation 2,850 4,289 9,907 13,691
--------------- ---------------
Total compensation for the Talbot
earnout $2,850 $7,576 $9,907 $23,491
=============== ===============
The Company estimates other non-cash stock based compensation expense
for 2006 through 2011 will be:
First
Nine Fourth
months quarter
Year ended
December 31, 2006 2006 2007 2008 2009 2010 2011
- -------------------- -------------------------------------------------
RSUs granted for
2003 bonuses $1,641 $499 $1,975 $1,975 $1,976 $1,921 $-
Other RSUs 3,234 1,117 4,260 4,107 1,849 1,151 263
Common shares for
acquisitions 15 4 5 - - - -
Total other non-cash
stock based -------------------------------------------------
compensation $4,890 $1,620 $6,240 $6,082 $3,825 $3,072 $263
=================================================
The Company estimates the compensation for the Talbot earnout for 2006
through March 31, 2007, at which time the earnout will be fully
repaid, will be:
First
Nine Fourth
months quarter
Year ended December 31, 2006 2006 2007
- ---------------------------------------- --------------------------
Cash compensation $- $- $-
Non-cash stock based compensation 9,907 1,950 1,950
--------------------------
Total compensation for the Talbot earnout $9,907 $1,950 $1,950
==========================
Total future compensation costs related to non-vested awards as of
September 30, 2006 are $21,606 for other non-cash stock based
compensation and $3,900 for the Talbot earnout.
In total, as of September 30, 2006, we had issued and outstanding
approximately 1.1 million stock options at a weighted average
exercise price of $15.41. Our closing share price on the New York
Stock Exchange was $28.92 on September 29, 2006.
HUB INTERNATIONAL LIMITED
Reconciliation of GAAP to Adjusted Earnings
(in thousands of U.S. dollars, except per share amounts)
- ------------------------------------------------------------
Three Three
months months
Three Three ended ended
months months 9/30/06 9/30/05
ended ended (Per (Per
Results described are net of 9/30/06 9/30/05 Diluted Diluted
income tax ($000) ($000) Share) Share)
- ---------------------------- -------------------- --------------------
Net Earnings (Loss) Reported
under GAAP $7,189 $(741) $0.18 $(0.02)
Impact of compensation for
Talbot earnout $2,850 $7,576 $0.07 $0.25
Impact of foreign exchange $(524) $(252) $(0.01) $(0.01)
Impact of severance costs $- $1,004 $- $0.03
Impact of loss on foreign
exchange forward contract $- $354 $- $0.01
Impact of Discontinued
Operations $(166) $421 $(0.01) $0.01
Net earnings from continuing
operations excluding above -------------------- --------------------
items $9,349 $8,362 $0.23 $0.27
-------------------- --------------------
Nine Nine
months months
ended ended
Nine Nine 9/30/2006 9/30/2005
months months (Per (Per
Results described are net of ended ended Diluted Diluted
income tax 9/30/2006 9/30/2005 Share) Share)
- ---------------------------- -----------------------------------------
Net Earnings Reported under
GAAP $39,940 $20,007 $1.07 $0.59
Impact of compensation for
Talbot earnout $9,907 $23,491 $0.26 $0.64
Impact of foreign exchange $(914) $(1,341) $(0.02) $(0.04)
Impact of gain on
disposition of assets of
certain
brokerages $(486) $(1,914) $(0.01) $(0.05)
Impact of severance costs $- $1,004 $- $0.03
Impact of loss on foreign
exchange forward contract $- $354 $- $0.01
Impact of gain on
forgiveness of debt $- $(2,925) $- $(0.08)
Impact of Discontinued
Operations $(115) $136 $- $-
Net earnings from continuing
operations excluding above -------------------- --------------------
items $48,332 $38,812 $1.30 $1.10
-------------------- --------------------
CONTACT: Hub International Limited
Media Contacts:
W. Kirk James
Vice President, Secretary and
Chief Corporate Development Officer
312-279-4881
Kirk.james@hubinternational.com
or
Heather Schneider
Corporate Communications Manager
312-279-4683
Heather.schneider@hubinternational.com
or
Rosenbaum Advisors, Inc.
Investor Contact:
Michael Rosenbaum
847-749-1010
Fax: 847-577-6767
Web: http://www.rosenbaumadvisors.com
E-mail: michael@rosenbaumadvisors.com