Crawford Reports Net Income Rose 174% on 5% Revenue Growth

May 5, 2008

Atlanta-based insurance claims management firm Crawford & Co. reported that first quarter 2008 consolidated revenues totaled $255.5 million compared to $243.6 million in the 2007 first quarter. First quarter 2008 net income was $9.1 million compared to net income of $3.3 million for the 2007 first quarter.

Effective with the 2008 first quarter, the company said it realigned its internal reporting structure to include the results of its Strategic Warranty Services business within its U.S. Property & Casualty segment. This business was previously managed as a component of the Legal Settlement Administration segment.

First quarter 2008 revenues for the International Operations segment grew to $106.7 million from $83.9 million for the same period in 2007.

U.S. Property & Casualty revenues were $49.5 million in the first quarter of 2008 compared to $51.0 million in the 2007 first quarter. Revenues generated by the company’s catastrophe adjuster group were $1.9 million in both the 2008 and 2007 first quarters. The prior-year quarter included $375,000 in revenues generated by the company’s subrogation services unit which was sold February 28, 2007.

Operating earnings in the U.S. Property and Casualty segment improved to $5.9 million, or 12.0 percent of revenues, compared to $3.4 million, or 6.6 percent of revenues in the 2007 first quarter.

Source: Crawford & Co.

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