Crawford & Company reports Q2 losses

by Richard Kilner

Story link: Crawford & Company reports Q2 losses

Crawford & Company has reported its results for the second quarter of 2010, including a net loss of $2.5m ($0.05 per share).

This is a substantial improvement on the $88.1m loss ($1.70 per share) incurred during the same period last year.

However, it does mark a return to the red after the firm made a Q1 net profit of $3.1m ($0.06 per share).

The quarter saw the firm incur a restructuring charge of $1.2m in severance costs and a goodwill impairment charge of $7.3m.

Consolidated revenues before reimbursements declined from $249.7m to $238.2m, but rose from Q1 2010′s $236.3m.

Chief Executive Officer Jeffrey T. Bowman has stated that Crawford & Company was pleased with its quarterly operating results, excepting the impairment charge it suffered.