Atlanta-based claims management solution provider Crawford &Company reported first-quarter net income grew 174 percent helpedby a 4 percent increase in revenues.
|The company reported net income increased $5.8 million to $9.1million. Revenues grew by $12 million to $275 million from the sameperiod last year.
|Revenue from international operations grew to $107 millioncompared to $84 million during from the same period last year. Theweak dollar resulted in a benefit for the firm, and without itrevenues in the segment would have stood at $97 million for thefirst quarter of 2008, the company said.
|United States revenues were off $1.5 million to $49.5 million,while Broadspire, the company' third-party administrator, reportedrevenues were off $4 million to $80 million. However, operatingincome improved to $1.7 million for Broadspire compared to a lossof $681,000 for the same period in 2007. Legal settlementadministration was down $5 million to $19 million.
|During an analyst's conference call today, Jeffrey T. Bowman,president and chief executive officer of Crawford, said the resultswere strong in a difficult economic environment.
|He said Broadspire's decline in revenue was expected and isbeing addressed. He said the firm plans to work on improvingearnings in the U.S. with growth coming from new business and isoptimistic about the future in this segment.
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