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Crawford Reports Q2 Results

Revenues, net income and earnings per share were negatively impacted by increased defined benefit pension expense

Crawford & Company, a provider of claims management solutions to insurance companies and self-insured entities, has announced its results for the second quarter ended June 30, 2009.

Second quarter 2009 consolidated revenues before reimbursements decreased to $249.7 million, as compared to $263.3 million in the 2008 second quarter.

The second quarter 2009 net loss was ($88.1) million, including a preliminary non-cash goodwill impairment charge of $94 million, compared to net income of $7.9 million in the 2008 second quarter.

The second quarter 2009 loss per share was ($1.70), compared to earnings per share of $0.16 in the prior-year quarter. Excluding the preliminary non-cash goodwill impairment charge, second quarter 2009 net income was $5.9 million and earning per share was $0.11.

The revenues, net income and earnings per share in the 2009 second quarter were negatively impacted by increased defined benefit pension expense.

US Property & Casualty revenues before reimbursements were $54.5 million in the second quarter of 2009, increasing 6.5% from $51.2 million in Q2, 2008. Revenues generated by the company’s catastrophe adjuster group were $7.2 million in Q2, 2009, as compared to $3.5 million in Q2, 2008.