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Crawford & Company Q4 revenues down 9% to $238.4m

Claims management provider Crawford & Company has reported consolidated revenues before reimbursements of $238.4m in the fourth quarter of 2009, a decrease of 9% compared to $262.9m in the same period last year, due to lower revenues in the US property and casualty, broadspire, and international operations segments and the negative effect of foreign currency changes.

The company posted a net income of $8.9m, an increase of 6% over $8.3m in the same period a year ago. The diluted earnings per share were $0.17 compared to $0.16.

For full year 2009, the consolidated revenues before reimbursements totaled $969.9m, compared to $1.05bn in 2008. Net loss was $115.7m, compared to a net income of $32.3m in 2008.

The 2009 net loss includes non-cash impairment charges of $140.9m, which is related to goodwill in the company’s broadspire segment. Excluding the non-cash impairment charges, the net income in 2009 would have been $25.2m and diluted earnings per share would have been $0.48.

Jeffrey Bowman, president and CEO of Crawford & Company, said: Despite overall weakness in the global economy, our reported operating results for the 2009 fourth quarter were at the highest level in all of 2009 and exceeded our expectations.

“We performed well in our International Operations segment with no significant catastrophic activity, which reflects the leadership position we have earned in this market.”