EX-99.3 4 exhibit993063017.htm EXHIBIT 99.3 Exhibit

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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