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Lindsey Morden loss narrows


November 7, 2003   by Canadian Underwriter


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While reporting a net loss for the third quarter and nine months ending September 30, 2003, international adjuster Lindsey Morden Group Inc. (TSX: LM) has seen its loss narrow compared with last year.
Net loss for the third quarter 2003 is $4.2 million, or $0.31 per share, versus a gain of $124,000, or $0.01 per share, reported in third quarter 2002. For the first nine months of 2003, the net loss is $8.8 million, or $0.64 per share, an improvement over the $9.5 million, or $0.67 per share, loss reported at the same point last year.
Revenue was up slightly in the third quarter, to $118.6 million, over $117.2 million reported a year prior. And for the nine-month period, revenue is $343.6 million this year, up from $337.2 million last year at the same point.
Operating costs are up, to $118.1 million for the quarter and $340.1 million for the nine-months, compared to $109.4 million and $321.9 million during the same respective periods last year.
The company notes that the acquisition of RSKCo Services contributed to revenue, to the tune of $16.2 million for the third quarter alone. Growth in revenue was also experienced in the company’s U.S. and European operations, partially offset by revenue declines in other regions. However, U.S. operations continued to boost losses, the company adds.
Free cash flow for the third quarter 2003 is $7.9 million, versus $2.4 million in third quarter 2002. But for the first nine months of 2003, free cash flow is negative $2.0 million, versus positive cash flow of $1.8 million at the same point last year.


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