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Hilb, Rogal and Hamilton Company announced that Hobbs Group, LLC has completed the earn-out as of June 30, 2003. “As a result, on August 14, 2003, the sellers of Hobbs will receive additional payments valued at approximately $101.9 million, of which $63.5 million will be paid in stock and $38.4 million will be paid in cash,” said the bulletin.

“As previously disclosed, HRH had the right to substitute cash for a portion of the shares earned. The diluted weighted average share count for the second quarter of 2003, as reported on July 21, 2003, reflected the maximum number of shares issuable under the contingent performance payment. The payment components described above result in a reduction of approximately 325,000 in the maximum issuable shares and increase the cash payment by approximately $11.5 million. The reported diluted earnings per share for the second quarter remains unchanged at $0.52,” it concluded.