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CRAWFORD ANNOUNCES FIRST QUARTER EARNINGS IMPROVEMENT

 CRAWFORD ANNOUNCES FIRST QUARTER EARNINGS IMPROVEMENT
 ATLANTA, April 16 /PRNewswire/ -- F.L. Minix, chairman and chief


executive officer, announced today that Crawford & Company (NYSE: CRDA, CRDB) achieved first quarter 1992 revenues of $142.9 million, a gain of 10.9 percent over the $128.8 million reported for the first quarter of 1991.
 Minix stated that pretax income for the current quarter was $15.2 million, an improvement of nearly 10 percent over the $13.9 million reported for the 1991 quarter. Minix said that, after providing for income taxes at a slightly higher rate than in the prior year, net income for the quarter ended March 31 increased to $9.2 million, a gain of 8 percent over the $8.5 million reported for the same period of 1991. Earnings per share were $0.26 for the 1992 quarter, compared with $0.24 for 1991.
 "Healthcare Management was the service area which generated the largest revenue growth during the quarter," Minix said. "Such revenues approximated $34 million for the first quarter of 1992, up 21 percent over the 1991 period. Continued concern over escalating health care costs stimulated demand for these services, which are intended to reduce our clients' medical costs."
 Minix also stated that combined worldwide revenues from Claims Services to insurance companies and Risk Management Services to self- insured clients approximated $103 million for the first quarter of 1992, up about 8 percent over the prior year. This growth rate reflected lower industry claims frequency, soft premium rates which has slowed the growth in self-insurance, and weak demand in the company's foreign operations.
 Minix said that the company is reviewing its costs in light of current revenue levels, but will likely continue spending for strategically important programs such as Healthcare Service expansion and automation in order to capitalize on future opportunities as the economic recovery continues.
 Further information regarding the operating results for the three- month period ended March 31 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 per share data)
 3 mos. ended March 31 1992 1991 Pct. chg.
 Revenues $142,925 $128,842 10.9
 Costs and expenses:
 Cost of services 98,943 89,118 11.0
 Selling, general and admin. 28,749 25,812 11.4
 Total costs and expenses 127,692 114,930 11.1
 Pretax income 15,233 13,912 9.5
 Income taxes 6,050 5,430 11.4
 Net income $ 9,183 $ 8,482 8.3
 Earnings per share $0.26 $0.24 8.3
 Wtd. avg. no. of Class A and
 Class B common shares outst. 35,762,066 35,588,823
 -0- 4/16/92
 /CONTACT: Donald R. Chapman of Crawford & Company, 404-847-4412/
 (CRDB CRDA) CO: Crawford & Company ST: Georgia IN: INS SU: ERN


EA-BN -- AT027 -- 9481 04/16/92 16:24 EDT
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Publication:PR Newswire
Date:Apr 16, 1992
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