Lindsey Morden turns profit for fourth-quarter 2004

Fairfax’s Lindsey Morden Group Inc. (TSX: LM.SV), which operates in Canada as Cunningham Lindsey, ended 2004 on a high note, posting earnings of $4.81 million, or $0.35 per share, for the fourth quarter of 2004. This compares with a net loss of $21.18 million, or $1.54 per share, in the fourth quarter of 2003.
The fourth-quarter boost helped to narrow the adjusting firm’s net loss for 2004 to $20.77 million, or $1.50 per share, from a net loss of $30.0 million, or $2.18 per share, in 2003.
The company posted a net loss of $24.63 million in 2004 as a result of disposal of operations, whereas in 2003, it posted a $34.59 million net loss from discontinued operations.
Revenue was up to $112.48 million in the fourth quarter of 2004, compared to $103.73 million for the same period a year earlier. Specifically, revenue in the U.S. grew to $17.53 million from $12.80 million over the comparative quarters. The company notes international and U.S. operations benefited from increased revenue due to hurricane-related events.
For the full-year 2004, revenue was up to $423.89 million, from $407.14 million in 2003.
Lindsey Morden Group CEO Jan Christiansen points to the profitability achieved by all continuing operations in the third and fourth quarters of 2004. "We are also very encouraged by the positive customer feedback we are receiving as a result of our hurricane related services in our U.S. and international operations."