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CRAWFORD & COMPANY ANNOUNCES SECOND QUARTER EARNINGS

 CRAWFORD & COMPANY ANNOUNCES SECOND QUARTER EARNINGS
 ATLANTA, July 20 /PRNewswire/ -- F.L. Minix, chairman and chief


executive officer, announced today that Crawford & Company's (NYSE: CRDB, CRDA) second quarter 1992 revenues totaled $141.4 million, a 3.7 percent increase over the $136.3 million reported for the second quarter of 1991.
 Pretax income for the current quarter totaled $15.2 million, 10 percent below second quarter 1991 pretax income of $16.8 million, but consistent with the company's recent disclosure of estimated second quarter results. Net income also declined 10 percent from $10.2 million in the second quarter of 1991 to $9.1 million in the current quarter. Earnings per share were $0.25 for the current quarter, compared with $0.28 for the year-earlier period.
 Minix also stated that combined worldwide revenues from Claims Services to insurance companies and Risk Management Services to self- insured clients totaled $101 million in the quarter, substantially unchanged from the year-earlier period. Revenues from HealthCare Management Services increased 16 percent over the second quarter of 1991, to $34.1 million.
 For the first half of 1992, revenues totaled $284.3 million, up 7 percent over the first half of 1991. Net income for the 1992 period was $18.3 million (the equivalent of $0.51 per share of common stock), down slightly from $18.6 million (the equivalent of $0.52 per share of common stock) reported for the first half of 1991.
 Minix said that the company is continuing to monitor and reduce its costs in light of the slower revenue growth. Administrative costs declined in the second quarter due primarily to a reduction in incentive compensation expense, which is based on growth in earnings and changes in the market value of the company's stock. However, Minix said that the company would continue spending for strategically important programs such as HealthCare Services expansion and client service automation in order to enhance opportunities for revenue growth.
 Further information regarding the operating results for the three- month and six-month periods ended June 30 is shown on the following comparative statements of income.
 Crawford & Company is a diversified service firm which provides claims services, risk management services, health care management and risk control services, as well as risk management information systems to insurance companies, corporations and self-insured entities.
 CRAWFORD & COMPANY
 Comparative Statements of Income
 (In thousands of dollars, except share and per share data)
 3 mos. ended June 30 1992 1991 Pct. chg.
 Services provided $141,417 $136,310 3.7
 Costs and expenses:
 Cost of services 100,548 90,472 11.1
 Selling, general and admin. 25,720 29,005 (11.3)
 Total costs and expenses 126,268 119,477 5.7
 Pretax income 15,149 16,833 (10.0)
 Income taxes 6,000 6,670 (10.0)
 Net income $ 9,149 $ 10,163 (10.0)
 Earnings per share $ 0.25 $ 0.28 (10.7)
 Wtd. avg. no. of Class A and
 Class B common shares outst. 35,826,428 35,704,373
 6 mos. ended June 30 1992 1991 Pct. chg.
 Services provided $284,342 $265,152 7.2
 Costs and expenses:
 Cost of services 199,491 179,590 11.1
 Selling, general and admin. 54,469 54,817 (0.6)
 Total costs and expenses 253,960 234,407 8.3
 Pretax income 30,382 30,745 (1.2)
 Income taxes 12,050 12,100 (0.4)
 Net income $ 18,332 $ 18,645 (1.7)
 Earnings per share $ 0.51 $ 0.52 (1.9)
 Wtd. avg. no. of Class A and
 Class B common shares outst. 35,794,247 35,656,345
 -0- 7/20/92
 /CONTACT: Donald R. Chapman of Crawford & Company, 404-847-4412/
 (CRDA CRDB) CO: Crawford & Company ST: Georgia IN: INS SU: ERN


BR-BN -- AT006 -- 0640 07/20/92 10:25 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
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