Hill Rogal & Hobbs reported the brokerage saw a slightdecline in net income for the first quarter.
|The Glen Allen, Va.-based company reported first-quarter netincome of $25.2 million, or 69 cents per share, compared with $25.9million, or 71 cents per share, for the same period last year.
|Bear Stearns analyst David Small said the company missed hisoperating earnings figure by 12 cents and the consensus by 91cents.
|Revenue was lower than expected as organic growth declined .9percent.
|Management noted that “accelerated declines” in insurance ratesdrove the weak revenue growth.
|“While we expected organic growth to decelerate, we were notexpecting organic growth to turn negative at this point,” Mr. Smallwrote.
|Given the company has continued difficulty in controllingexpenses and faces a tough comparison in the second quarterfigures, Mr. Small sees a “tough ride” in future earningsreports.
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