Canadian Underwriter

Canadian operations contribute to Crawford success in Q4

January 25, 2002   by Canadian Underwriter

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Adjuster Crawford’s Canadian operations are being called a “primary driver” in the growth of the company’s international operations. Overall, Crawford reports fourth quarter 2001 revenues increased 5%, to US$178.1 million, over the same period in 2000, and operating earnings up 13% to US$11.5 million during the same time. Net income was also up for the quarter, to US$5.8 million, or $0.12 per share. During the fourth quarter 2000, the company had experienced a net loss of US$5.3 million, or $0.11 per share.
The company’s international operations saw revenues increase 4%, to US$48.3 million, an increase that would have been even more substantial but for the strength of the U.S. dollar and exchange rate fluctuations, Crawford reports.
“We are pleased to see a return to growth in our international operations as we enjoyed our first quarter-to-quarter revenue increase since the 2000 third quarter,” says Crawford CEO Grover Davis. “The strong operating result posted by our Canadian operations was the primary driver of this growth, but we also benefited from a weakening of the U.S dollar from third quarter 2001 levels. We believe our international operations are poised to continue to grow their market share during 2002.”
Yearend results show that international operations’ revenue grew just 1%, to US$190.9 million in 2001, compared with 2000, but it is noted that without exchange rate issues the increase would have been in the range of 6%. Overall net income for Crawford grew 16% in 2001, to US$29.4, or $0.61 per share, from US$25.3 million, or $0.52 per share.

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