Canadian Underwriter

Lindsey Morden revenue up in third quarter 2002

November 12, 2002   by Canadian Underwriter

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Adjuster Lindsey Morden (TSX: LM), which operate in Canada as Cunningham Lindsey, saw increased revenue for the quarter ending September 30, 2002. Revenue was up to $117 million for the third quarter, compared to $105 million for the same period a year earlier. This gave the company net earnings of $124,000, versus a loss of more than $1.7 million last year. On a per-share basis, this translates to earnings of $0.01 versus a loss of $0.12 during the third quarter 2001.
The company notes that all operations reported improved operating earnings, except for Canada and the U.S.
Nonetheless, the company remains in the red for 2002, posting a loss of $9.5 million, or $0.67 per share, for the first nine months of the year. This compares with a loss of $6.9 million, or $0.48 per share, at the same point last year. These results were impacted by legal settlements made earlier in the year for alleged breach of representations and warranties in a share purchase agreement with Eastgate Group Ltd.

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