Lindsey Morden losses continue on U.S. woes

International adjuster Lindsey Morden (TSX: LM) says its net loss widen to $2.9 million ($0.21 per share) for the second quarter ending June 30, 2004. This compares to a net loss of $2.6 million ($0.19 per share) for the same period in 2003.
Overall revenue was down to $102.1 million for the most recent quarter from $103.0 million the year before and much of the decline was felt in continuing operations. At the same time, operating costs shot up to $99.8 million from $96.3 million over the same comparative period.
Revenue declines came from the U.S. and international operations, which could not be recovered by revenue gains in Canada, Europe and the U.K.
Operating earnings were up in Canada and Europe, but not enough to compensate for declining earnings in other segments.
For the first six months of 2004, Lindsey Morden posted a net loss of $24.0 million ($1.73 per share) compared to a loss of $4.6 million ($0.33 per share) in the first half of 2003. Revenue for the first half of 2004 was down slightly to $205.7 million from $207.0 million a year prior, and operating costs rose to $198.6 million from $195.7 million over the same comparative period.