Atlanta-based claims management solution provider Crawford & Company reported first-quarter net income grew 174 percent helped by a 4 percent increase in revenues.
The company reported net income increased $5.8 million to $9.1 million. Revenues grew by $12 million to $275 million from the same period last year.
Revenue from international operations grew to $107 million compared to $84 million during from the same period last year. The weak dollar resulted in a benefit for the firm, and without it revenues in the segment would have stood at $97 million for the first 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, reported revenues were off $4 million to $80 million. However, operating income improved to $1.7 million for Broadspire compared to a loss of $681,000 for the same period in 2007. Legal settlement administration 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 results were strong in a difficult economic environment.
He said Broadspire's decline in revenue was expected and is being addressed. He said the firm plans to work on improving earnings in the U.S. with growth coming from new business and is optimistic about the future in this segment.
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