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Crawford Reports 2010 1Q Results

10 May, 2010 WorkersCompensation.com

                               Atlanta, GA (CompNewsNetwork) - Crawford & Company, the world's largest independent provider of claims management solutions to insurance companies and self-insured entities, today announced its financial results for the first quarter ended March 31, 2010.
 
Consolidated Results
 
First quarter 2010 consolidated revenues before reimbursements totaled $236.3 million compared to $236.1 million in the 2009 first quarter. First quarter 2010 net income attributable to Crawford & Company was $3.1 million, unchanged compared to net income of $3.1 million generated in the 2009 first quarter. First quarter 2010 basic and diluted earnings per share were $0.06 equaling the $0.06 reported in the prior-year quarter.
 
During the 2010 first quarter, the Company incurred lease termination costs of $2.0 million, after related income taxes. These costs reduced earnings per share by $0.04 for the 2010 first quarter. First quarter 2009 earnings per share included restructuring costs relating to certain of our international operations of $1.2 million, after related income taxes, or $0.02 per share.
 
Revenues, net income attributable to Crawford & Company and earnings per share in the 2010 first quarter were impacted by a number of items, including decreased defined benefit pension expense, increased net corporate interest expense, the positive impact of foreign currency changes, and increased restructuring and other costs.
 
About Crawford & Company
 
Based in Atlanta, Georgia, Crawford & Company is the world's largest independent provider of claims management solutions to the risk management and insurance industry as well as self-insured entities, with a global network of more than 700 locations in 63 countries. The Crawford System of Claims SolutionsSM offers comprehensive, integrated claims services, business process outsourcing and consulting services for major product lines including property and casualty claims management; workers' compensation claims and medical management, and legal settlement administration. The Company's shares are traded on the NYSE under the symbols CRDA and CRDB. 

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