Crawford Reports 2000 Results

January 26, 2001

Crawford & Company has announced financial results for the fourth quarter and year ended December 31, 2000, showing revenues declined 11 percent, from $191.2 million reported in 1999 to $170.2 million in 2000.

Operating income in the quarter totaled $10.2 million, off 50 percent from $20.2 million in the 1999 fourth quarter. Net income per share declined from $0.21 per share in 1999 to a net loss of ($0.11) per share in 2000, primarily as a result of the $0.21 per share write- down of previously capitalized internal use software.

Revenues for the year were up 1 percent as compared with 1999 revenues, from $701.9 million in 1999 to $712.2 million in 2000. Operating income for the year totaled $65.6 million, decreasing 12 percent from $74.5 million in 1999. For the year ended December 31, 2000 net income per share totaled $0.52, a 33 percent decline from the $0.78 per share reported for 1999.

Crawford & Company is the world’s largest independent provider of diversified services to insurance companies, self-insured corporations and governmental entities.

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