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Daily Insurance Industry News
Saturday 20th of October 2018
August 12, 2009

Crawford & Company reports Q2 losses

by Richard Kilner

Story link: Crawford & Company reports Q2 losses

Crawford & Company (NYSE: CRDA and CRDB) has revealed its financial results for the second quarter of the year.

The firm incurred a net loss of $88.1m, which includes a $94m preliminary non-cash goodwill impairment charge.

In the same quarter last year the firm enjoyed net income of $7.1m, and in Q1 2009 had a net income of $3.1m.

Removing the impairment charge from the results would give a net income of $5.9m for the quarter.

Revenue also fell, down from $263.3m in Q2 2008 to $249.7m for the last quarter, a decline attributed to the negative effect of foreign currency exchanges.

CEO Jeffrey T. Bowman has said that the firm believes it will continue to face losses in the immediate term as a reflection of the generally weak economic conditions.

Bowman went on to say that prior to the impairment charge the firm had improved upon its Q1 performance, defying the continuing weakness of the economy.

 

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