Crawford & Company reports increased net income for Q2

Crawford & Company reported a net income of US$7.9 million for 2008 Q2, up US$1.8 million from the same quarter in 2007.

Consolidated revenues totalled US$263.3 million in 2008 Q2, up from US$240.5 million in 2007 Q2, the company reported.

Revenues for the international operations segment grew 27.9 per cent, from US$88.7 million in 2007 Q2 to US$113.4 million in 2008 Q2.

“Compared to the 2007 second quarter, during the current quarter the U. S. dollar was weaker against most major foreign currencies, resulting in a net exchange rate benefit in the current quarter,” the company reports. “Excluding the benefit of exchange rate fluctuations, international revenues would have been $106.4 million in the 2008 second quarter, reflecting growth in revenues on a constant dollar basis of 20 per cent.”

“Our second-quarter 2008 operating results reflects the strongest second quarter performance since 2001, achieved through incremental revenues and the results of our continued focus on cost control and process improvement,” Jeffrey T. Bowman, CEO of Crawford & Company, said in the release. “This performance builds on the excellent start we had to the year.” •