CRAWFORD & COMPANY 1001 SUMMIT BOULEVARD, ATLANTA, GEORGIA 30319 (404) 300-1000
CRAWFORD & COMPANY
RESULTS OF OPERATIONS BY QUARTER (UNAUDITED)
Revised for Realignment of Reportable Segments
2016 Quarterly Period | First | Second | Third | Fourth | Full Year | ||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||
Revenues Before Reimbursements: | |||||||||||||||||||
U.S. Services | $ | 58,553 | $ | 58,886 | $ | 56,530 | $ | 57,415 | $ | 231,384 | |||||||||
International | 116,858 | 122,617 | 120,950 | 116,837 | 477,262 | ||||||||||||||
Broadspire | 76,200 | 75,099 | 76,676 | 74,002 | 301,977 | ||||||||||||||
Garden City Group | 25,623 | 25,741 | 23,130 | 24,169 | 98,663 | ||||||||||||||
Total, before reimbursements | 277,234 | 282,343 | 277,286 | 272,423 | 1,109,286 | ||||||||||||||
Reimbursements | 13,674 | 15,326 | 18,101 | 21,201 | 68,302 | ||||||||||||||
Total Revenues | $ | 290,908 | $ | 297,669 | $ | 295,387 | $ | 293,624 | $ | 1,177,588 | |||||||||
Direct Compensation, Fringe Benefits & Non-Employee Labor: | |||||||||||||||||||
U.S. Services | $ | 35,476 | $ | 32,529 | $ | 32,608 | $ | 35,570 | $ | 136,183 | |||||||||
% of related revenues before reimbursements | 60.6 | % | 55.2 | % | 57.7 | % | 62.0 | % | 58.9 | % | |||||||||
International | 76,329 | 77,238 | 75,829 | 74,628 | 304,024 | ||||||||||||||
% of related revenues before reimbursements | 65.3 | % | 63.0 | % | 62.7 | % | 63.9 | % | 63.7 | % | |||||||||
Broadspire | 41,622 | 42,240 | 41,891 | 41,284 | 167,037 | ||||||||||||||
% of related revenues before reimbursements | 54.6 | % | 56.2 | % | 54.6 | % | 55.8 | % | 55.3 | % | |||||||||
Garden City Group | 17,320 | 16,500 | 14,975 | 16,021 | 64,816 | ||||||||||||||
% of related revenues before reimbursements | 67.6 | % | 64.1 | % | 64.7 | % | 66.3 | % | 65.7 | % | |||||||||
Total | $ | 170,747 | $ | 168,507 | $ | 165,303 | $ | 167,503 | $ | 672,060 | |||||||||
% of Revenues before reimbursements | 61.6 | % | 59.7 | % | 59.6 | % | 61.5 | % | 60.6 | % | |||||||||
Expenses Other than Direct Compensation, Fringe | |||||||||||||||||||
Benefits & Non-Employee Labor: | |||||||||||||||||||
U.S. Services | $ | 14,048 | $ | 16,797 | $ | 14,568 | $ | 14,164 | $ | 59,577 | |||||||||
% of related revenues before reimbursements | 24.0 | % | 28.6 | % | 25.8 | % | 24.6 | % | 25.7 | % | |||||||||
International | 33,247 | 34,254 | 31,661 | 30,828 | 129,990 | ||||||||||||||
% of related revenues before reimbursements | 28.5 | % | 27.9 | % | 26.2 | % | 26.4 | % | 27.2 | % | |||||||||
Broadspire | 25,873 | 26,330 | 26,522 | 26,212 | 104,937 | ||||||||||||||
% of related revenues before reimbursements | 34.0 | % | 35.1 | % | 34.6 | % | 35.4 | % | 34.8 | % | |||||||||
Garden City Group | 7,031 | 6,683 | 6,003 | 6,905 | 26,622 | ||||||||||||||
% of related revenues before reimbursements | 27.4 | % | 26.0 | % | 26.0 | % | 28.6 | % | 27.0 | % | |||||||||
Total, before reimbursements | 80,199 | 84,064 | 78,754 | 78,109 | 321,126 | ||||||||||||||
% of Revenues before reimbursements | 28.9 | % | 29.8 | % | 28.4 | % | 28.7 | % | 28.9 | % | |||||||||
Reimbursements | 13,674 | 15,326 | 18,101 | 21,201 | 68,302 | ||||||||||||||
Total | $ | 93,873 | $ | 99,390 | $ | 96,855 | $ | 99,310 | $ | 389,428 | |||||||||
% of Revenues | 32.3 | % | 33.4 | % | 32.8 | % | 33.8 | % | 33.1 | % | |||||||||
Segment Operating Earnings: | |||||||||||||||||||
U.S. Services | $ | 9,029 | $ | 9,560 | $ | 9,354 | $ | 7,681 | $ | 35,624 | |||||||||
% of related revenues before reimbursements | 15.4 | % | 16.2 | % | 16.5 | % | 13.4 | % | 15.4 | % | |||||||||
International | 7,282 | 11,125 | 13,460 | 11,381 | 43,248 | ||||||||||||||
% of related revenues before reimbursements | 6.2 | % | 9.1 | % | 11.1 | % | 9.7 | % | 9.1 | % | |||||||||
Broadspire | 8,705 | 6,529 | 8,263 | 6,506 | 30,003 | ||||||||||||||
% of related revenues before reimbursements | 11.4 | % | 8.7 | % | 10.8 | % | 8.8 | % | 9.9 | % | |||||||||
Garden City Group | 1,272 | 2,558 | 2,152 | 1,243 | 7,225 | ||||||||||||||
% of related revenues before reimbursements | 5.0 | % | 9.9 | % | 9.3 | % | 5.1 | % | 7.3 | % | |||||||||
Deduct: | |||||||||||||||||||
Unallocated corporate and shared costs | (4,618 | ) | (5,889 | ) | (6,947 | ) | (6,517 | ) | (23,971 | ) | |||||||||
Net corporate interest expense | (2,768 | ) | (2,523 | ) | (2,262 | ) | (1,632 | ) | (9,185 | ) | |||||||||
Stock option expense | (90 | ) | (137 | ) | (176 | ) | (218 | ) | (621 | ) | |||||||||
Amortization of customer-relationship intangible assets | (2,459 | ) | (2,420 | ) | (2,401 | ) | (2,312 | ) | (9,592 | ) | |||||||||
Restructuring and special charges | (2,417 | ) | (3,526 | ) | (1,488 | ) | (2,059 | ) | (9,490 | ) | |||||||||
Income before income taxes | 13,936 | 15,277 | 19,955 | 14,073 | 63,241 | ||||||||||||||
Provision for income taxes | (5,307 | ) | (6,116 | ) | (8,606 | ) | (5,536 | ) | (25,565 | ) | |||||||||
Net Income | 8,629 | 9,161 | 11,349 | 8,537 | 37,676 | ||||||||||||||
Net loss (income) attributable to noncontrolling interests | 1 | (534 | ) | (404 | ) | (773 | ) | (1,710 | ) | ||||||||||
Net Income Attributable to Shareholders of Crawford & Company | $ | 8,630 | $ | 8,627 | $ | 10,945 | $ | 7,764 | $ | 35,966 |