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Crawford Q2 Revenues Declines

IBR Staff Writer Published 08 August 2010

Crawford & Company has reported total revenues of $255.9m for the second quarter of 2010, a decrease of 6% compared to $271.6m for the same quarter in 2009.

The loss before income taxes for the quarter were $1.6m compared to loss before income taxes of $86.2m for the same quarter in 2009.

For the quarter ended June 30, 2010, the company posted net loss of $2.5m, or $0.05 per diluted share, compared to $88.1m, or $1.70 per diluted share, for the same period last year.

During the quarter, the company incurred a restructuring charge consisting of severance costs of $1.2m, after related income taxes. These costs reduced earnings per share by $0.02 for the 2010 second quarter.

Jeffrey Bowman, CEO of Crawford & Company, said: “Before the impairment charge, which related to a contingent determination in an arbitration proceeding arising from the 2006 acquisition of Broadspire, we were pleased that our operating results for the 2010 second quarter showed some improvement over our first quarter results, even in the face of lower claims volumes and particularly persistent high unemployment levels in our US markets.”