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CRAWFORD ANNOUNCES FIRST QUARTER EARNINGS

 ATLANTA, April 21 /PRNewswire/ -- F.L. Minix, chairman and chief executive officer of Crawford & Company (NYSE: CRDB CRDA), announced today that Crawford & Company's first quarter 1993 revenues totaled $148 million, a 3.5 percent increase over the $143 million reported for the first quarter of 1992.
 Income before accounting changes totaled $9.24 million, up slightly from the $9.18 million reported for the first quarter of 1992. Per share earnings before accounting changes remained unchanged at $0.26 per share.
 During the first quarter, the company adopted new accounting standards for postretirement benefits other than pensions, other postemployment benefits and income taxes. The cumulative effects of these accounting changes (to Jan. 1, 1993) reduced net income in the current quarter by $2.58 million, or $0.07 per share, to $6.66 million, the equivalent of $0.19 per share of common stock. The company's cash flows were unaffected by these changes in accounting principles.
 Competitive pricing pressures in the commercial property and casualty industry contributed to the company's slow rate of revenue growth during the first quarter of 1993, along with fewer workers' compensation assignments. HealthCare Management revenues were also affected by the uncertainty surrounding the Clinton Administration's health care initiatives, as companies deferred making decisions on cost containment alternatives until the administration's proposed health care policy is revealed.
 Further information regarding the company's 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 is publicly traded on the New York Stock Exchange under the symbols CRDA and CRDB.
 CRAWFORD & COMPANY
 Comparative Statements of Income
 (In thousands of dollars, except per share data)
 3 mos. ended March 31 1993 1992 Pct. chg.
 Revenues $147,956 $142,925 3.5
 Costs and expenses:
 Cost of services 103,171 98,943 4.3
 Selling, general and admin. 29,447 28,749 2.4
 Total costs and expenses 132,618 127,692 3.9
 Pretax income 15,338 15,233 0.7
 Income taxes 6,100 6,050 0.8
 Income before cumulative effects
 of accounting changes 9,238 9,183 0.6
 Cumulative effects of accounting
 changes (see note) (2,575) ---
 Net income $ 6,663 $ 9,183 (27.4)
 Per share amounts:
 Before cumulative effects of
 accounting changes $ 0.26 $ 0.26
 Cumulative effects of accounting
 changes (see note) (0.07) 0.00
 Earnings per share $ 0.19 $ 0.26 (26.9)
 Wtd. avg. no. of Class A and
 Class B common shares outst. 35,928,199 35,762,066
 NOTE: Effective Jan. 1, 1993, the company adopted new accounting standards for postretirement benefits other than pensions, other postemployment benefits and income taxes, by reflecting the cumulative effects of the changes in income upon adoption. The cumulative effects (to Jan. 1, 1993) of these accounting changes are detailed below (in 000s).
 Postretirement benefits other than pensions,
 net of related income taxes of $1,890 $2,835
 Other postemployment benefits, net of related
 income taxes of $160 240
 Income taxes (500)
 Total $2,575
 -0- 4/21/93
 /CONTACT: Donald R. Chapman of Crawford & Company, 404-847-4412/
 (CRDA CRDB)


CO: Crawford & Company ST: Georgia IN: INS SU: ERN

BN-BR -- AT008 -- 8614 04/21/93 10:18 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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