Crawford & Company reports 2007 Q3 profit of US$3.5 million

Crawford & Company reported a 2007 Q3 net income of US$3.5 million, as compared to 2006 Q3s US$6.2 million.
Profits for the first nine months of 2007 totalled US$12.8 million, a decrease from US$16.3 million over the same period last year.
Revenues generated by Crawfords catastrophe adjuster group were US$3.4 million in 2007 Q3, declining from US$5.3 million, a company statement says.
The 2006 results were buoyed by a US$1.9-million sale of the companys investigation services business in 2006 Q3. In addition, the company claimed $US541,000 worth of revenue generated by its subrogation services business, sold in 2007 Q1, the release adds.
Our U.S. property and casualty segment experienced a downturn in revenues, primarily as a result of the absence of significant catastrophic activity and lower industry-wide claim volumes, Crawford & Company CEO Thomas W. Crawford said in a statement. However, we are encouraged by our margin performance in this environment. Despite trends in U.S. property and casualty claims frequencies and in our class action business, our outlook for the remainder of 2007 is positive.
Strong performance in our international segment and stabilization in our other operations provide an encouraging outlook for the Q4.