CRAWFORD & COMPANY REPORTS SUBSTANTIALLY IMPROVED 2016 RESULTS
(Thomson Reuters ONE) -
ATLANTA, (Feb. 27, 2017) -- Crawford & Company (www.crawfordandcompany.com)
(NYSE: CRD-A and CRD-B), the world's largest publicly listed independent
provider of claims management solutions to insurance companies and self-insured
entities, today announced its financial results for the fourth quarter and year
ended December 31, 2016.
The Company's two classes of stock are substantially identical, except with
respect to voting rights and the Company's ability to pay greater cash dividends
on the non-voting Class A Common Stock (CRD-A) than on the voting Class B Common
Stock (CRD-B), subject to certain limitations. In addition, with respect to
mergers or similar transactions, holders of CRD-A must receive the same type and
amount of consideration as holders of CRD-B, unless different consideration is
approved by the holders of 75% of CRD-A, voting as a class.
Consolidated Results
Full Year 2016 Summary
* Revenues before reimbursements of $1.109 billion, compared with $1.170
billion in 2015
* Net income attributable to shareholders of $36.0 million compared to a net
loss of $(45.5) million in 2015
* Diluted earnings per share of $0.67 for CRD-A and $0.60 for CRD-B, compared
with $(0.79) for CRD-A and $(0.87) for CRD-B in the prior year
* Diluted earnings per share of $0.79 for CRD-A and $0.71 for CRD-B on a non-
GAAP basis in 2016, before goodwill impairment, restructuring and special
charges, compared to $0.53 for CRD-A and $0.45 for CRD-B in the prior year
* Consolidated operating earnings, a non-GAAP financial measure, were $92.1
million or 8.3% of revenues in 2016, up from $70.4 million or 6.0% of
revenues in 2015
* Consolidated adjusted EBITDA, a non-GAAP financial measure, was $126.2
million or 11.4% of revenues in 2016, up from $107.2 million or 9.2% of
revenues in 2015
* Record net cash provided by operating activities of $98.9 million,
increasing 60% over 2015
Fourth Quarter 2016 Summary
* Revenues before reimbursements of $272.4 million, compared with $284.9
million for the 2015 period
* Net income attributable to shareholders of $7.8 million compared to a net
loss of $(51.7) million in the same period last year
* Diluted earnings per share of $0.14 for CRD-A and $0.13 for CRD-B, compared
with $(0.93) for CRD-A and $(0.95) for CRD-B in the prior year quarter
* Diluted earnings per share of $0.17 for CRD-A and $0.15 for CRD-B on a non-
GAAP basis in the 2016 quarter, before goodwill impairment, restructuring
and special charges, compared to $0.18 for CRD-A and $0.16 for CRD-B in the
prior year quarter
* Consolidated operating earnings, a non-GAAP financial measure, were $20.3
million or 7.4% of revenues in the 2016 fourth quarter, compared with $19.0
million or 6.7% of revenues in the 2015 period
* Consolidated adjusted EBITDA, a non-GAAP financial measure, was $29.1
million or 10.7% of revenues in the 2016 fourth quarter, compared with $28.4
million or 10.0% of revenues in the 2015 period
Mr. Harsha V. Agadi, chief executive officer of Crawford & Company, stated, "Our
vigilant focus on expense reduction positioned Crawford to deliver another
strong quarter of operating margin expansion and earnings growth despite a
difficult revenue environment. As a result, fourth quarter operating earnings
grew 7%, driven by 80bps of consolidated operating margin expansion. For the
full year 2016, our consolidated operating margin expanded by 230bps to 8.3%,
firmly positioning the Company to achieve our medium term goal of delivering
10% operating margins in the future. For the full year, this margin expansion
contributed to 31% consolidated operating earnings growth and the related
diluted CRD-A and CRD-B earnings per share growth of 49% and 58%, respectively,
before restructuring and special charges. Additionally, the Company generated
record cash flows from operating activities of $98.9 million during 2016.
"We took a significant step in the fourth quarter in providing an innovative
platform to serve the lower value claims market with the execution of a purchase
agreement to acquire a majority interest in WeGoLook®, LLC, with the transaction
closing in January 2017. WeGoLook provides Crawford with an economical, high
quality, customized, fast and efficient inspection service that addresses the
needs of a variety of subsectors within our industry. Importantly, this
acquisition further expands our presence into adjacent markets and is intended
to reduce the Company's dependence on severe weather, positioning Crawford to
deliver more predictable financial results and revenue growth over time."
Mr. Agadi concluded, "2016 was a year of great progress as we delivered improved
financial results and took significant steps to prepare Crawford for the
challenges that lie ahead. Furthermore, some of the revenue headwinds that we
have experienced, such as the runoff of large projects in our Garden City Group
segment, are set to ease as we enter 2017. We will build on this momentum, and
our focus will remain on generating organic growth while maintaining our cost
vigilance. My team and I continue to be energized by the opportunity we see at
Crawford, and we strive to unleash the Company's global potential and transform
our business for the future."
Segment Results for the Fourth Quarter and Full Year
U.S. Services
U.S. Services revenues before reimbursements were $57.4 million in the fourth
quarter of 2016, increasing 1% from $56.8 million in the fourth quarter of
2015. Operating earnings were $7.7 million in the 2016 fourth quarter, compared
with $7.9 million in the fourth quarter of 2015, representing operating margins
of 13% in the 2016 period and 14% in the 2015 period.
For the year, U.S. Services revenues before reimbursements decreased 5% to
$231.2 million in 2016 compared with $242.5 million in 2015. Operating earnings
increased to $35.7 million in 2016, from $32.7 million in 2015, representing
operating margins of 15% and 13% in 2016 and 2015, respectively.
International
Fourth quarter 2016 revenues before reimbursements for the International segment
totaled $117.5 million, compared with $124.9 million in the 2015 fourth quarter.
This decrease was primarily due to changes in foreign exchange rates which
negatively impacted revenues by approximately 4%, or $6.1 million, in the
period. International segment operating earnings were $11.3 million in the 2016
fourth quarter, compared with $7.3 million in the 2015 fourth quarter. The
segment's operating margin was 10% in the 2016 period compared with 6% in the
2015 period.
For the year, revenues before reimbursements in our International segment
totaled $479.9 million in 2016, compared with $506.7 million in 2015. The
decrease in revenue was the result of changes in foreign exchange rates of 6% or
$29.6 million in 2016 compared with 2015. International segment operating
earnings were $42.5 million in 2016, compared with $18.8 million in 2015,
representing operating margins of 9% in 2016 compared with 4% in 2015.
Broadspire
Broadspire segment revenues before reimbursements were $74.0 million in the
2016 fourth quarter, down from $75.4 million in the 2015 fourth quarter.
Broadspire recorded operating earnings of $6.5 million in the fourth quarter of
2016, representing an operating margin of 9%, compared with $7.0 million, or 9%
of revenues, in the 2015 fourth quarter.
For the year, Broadspire segment revenues before reimbursements increased 3% to
$302.0 million in 2016 compared with $293.0 million in 2015. Broadspire recorded
operating earnings of $30.0 million in 2016, or 10% of revenues, compared with
$24.0 million, or 8% of revenues, in 2015.
Garden City Group
Garden City Group revenues before reimbursements were $23.6 million in the
fourth quarter of 2016, compared with $27.7 million in the same period of 2015.
Operating earnings were $1.3 million in the 2016 fourth quarter compared with
$1.7 million in the 2015 period. The segment's operating margin for the 2016
quarter was 6% in both the 2016 and 2015 periods.
For the year, Garden City Group revenues before reimbursements were $96.2
million in 2016, compared with $128.2 million in 2015. Operating earnings were
$7.8 million in 2016, compared with $11.5 million in 2015, with the related
operating margin decreasing to 8% in 2016 from 9% in 2015. At December 31, 2016
there was a backlog of projects awarded totaling approximately $81.0 million,
the same as at December 31, 2015.
Unallocated Corporate and Shared Costs, Net
Unallocated corporate costs were $6.5 million in the fourth quarter of 2016,
compared with $5.0 million in the same period of 2015. The increased costs for
the fourth quarter of 2016 were due to an increase in professional fees and
defined benefit pension expense, partially offset by a decrease in self-insured
expenses.
Unallocated corporate costs were $24.0 million in 2016, compared with $16.6
million in 2015. The increase in 2016 compared with 2015 was due to an increase
in U.S. defined benefit plan expense, unallocated professional fees, and
incentive compensation.
Goodwill Impairment, Restructuring and Special Charges
The Company recorded restructuring and special charges of $2.1 million and $18.0
million in the 2016 and 2015 fourth quarters, respectively. Restructuring costs
of $2.0 million in the 2016 quarter were comprised of costs associated with the
ongoing implementation of our Global Business Services Center and Global
Technology Services Center (the "Centers"), integration costs related to the GAB
Robins acquisition, cease use charges and asset impairment charges. Special
charges in the 2016 quarter were for certain legal and professional fees.
The Company recorded restructuring and special charges of $9.5 million and $34.4
million in the 2016 and 2015 full year periods, respectively. Restructuring
costs of $8.6 million in 2016 were comprised of costs associated with the
ongoing implementation of the Centers, integration costs related to the GAB
Robins acquisition, cease use charges and asset impairment charges. Special
charges of $0.9 million in 2016 were for certain legal and professional fees.
The Company recognized goodwill impairment charges in the amount of $49.3
million in the 2015 fourth quarter and 2015 full year. The noncash goodwill
impairment charges were not reflected in segment operating earnings. No goodwill
impairment charges were recorded in 2016.
Balance Sheet and Cash Flow
The Company's consolidated cash and cash equivalents position as of December 31,
2016 totaled $81.6 million compared with $76.1 million at December 31, 2015.
The Company's operations provided a record $98.9 million of cash during 2016,
compared with $61.7 million in 2015. The 60% improvement in cash provided by
operating activities in 2016 compared with 2015 was primarily due to increased
net income and a decrease in working capital requirements.
2017 Guidance
Crawford & Company is issuing its initial guidance for 2017 as follows:
* Consolidated revenues before reimbursements between $1.10 and $1.13 billion;
* After expected restructuring and special charges, net income attributable to
shareholders of Crawford & Company between $34.0 and $39.0 million, or $0.63
to $0.73 diluted earnings per CRD-A share, and $0.55 to $0.65 diluted
earnings per CRD-B share;
* Consolidated operating earnings between $90.0 and $100.0 million;
* Consolidated adjusted EBITDA between $130.0 and $140.0 million;
* Before expected restructuring and special charges, net income attributable
to shareholders of Crawford & Company on a non-GAAP basis between $43.0 and
$48.0 million, or $0.78 to $0.88 diluted earnings per CRD-A share, and $0.71
to $0.81 diluted earnings per CRD-B share.
The Company expects to incur restructuring and special charges in 2017 totaling
approximately $13.0 million pretax. This is expected to be comprised of $3.0
million related to the Centers and $10.0 million related to other restructuring
activities.
To a significant extent, Crawford's business depends on case volumes. The
Company cannot predict the future trend of case volumes for a number of reasons,
including the fact that the frequency and severity of weather-related claims and
the occurrence of natural and man-made disasters, which are a significant source
of claims and revenue for the Company, are generally not subject to accurate
forecasting.
Conference Call
As previously announced, Crawford & Company will host a conference call today,
February 27, 2017 at 4:30 p.m. Eastern Time to discuss its fourth quarter and
full year 2016 results. The conference call can be accessed live by dialing
1-800-374-2518 and using passcode 6371106. A presentation for today's call can
also be found on the investor relations portion of the Company's website,
http://www.crawfordandcompany.com. The call will be recorded and available for
replay through March 27, 2017. You may dial 1-855-859-2056 to listen to the
replay. The access code is 6371106.
Non-GAAP Presentation
In the normal course of business, our operating segments incur certain out-of-
pocket expenses that are thereafter reimbursed by our clients. Under GAAP, these
out-of-pocket expenses and associated reimbursements are required to be included
when reporting expenses and revenues, respectively, in our consolidated results
of operations. In the foregoing discussion and analysis of segment results of
operations, we do not include a gross up of segment expenses and revenues for
these pass-through reimbursed expenses. The amounts of reimbursed expenses and
related revenues offset each other in our results of operations with no impact
to our net income (loss) or operating earnings (loss). A reconciliation of
revenues before reimbursements to consolidated revenues determined in accordance
with GAAP is self-evident from the face of the accompanying unaudited condensed
consolidated statements of operations.
Operating earnings is the primary financial performance measure used by our
senior management and chief operating decision maker ("CODM") to evaluate the
financial performance of our Company and operating segments, and make resource
allocation and certain compensation decisions. Unlike net income, segment
operating earnings is not a standard performance measure found in GAAP. We
believe this measure is useful to others in that it allows them to evaluate
segment and consolidated operating performance using the same criteria used by
our senior management and CODM. Consolidated operating earnings represent
segment earnings including certain unallocated corporate and shared costs, but
before net corporate interest expense, stock option expense, amortization of
customer-relationship intangible assets, goodwill impairment charges,
restructuring and special charges, income taxes, and net income or loss
attributable to noncontrolling interests. The reconciliation of operating
earnings to net income attributable to shareholders of the Company on a GAAP
basis is presented below.
Adjusted EBITDA is not a term defined by GAAP and as a result our measure of
adjusted EBITDA might not be comparable to similarly titled measures used by
other companies. However, adjusted EBITDA is used by management to evaluate,
assess and benchmark our operational results and the Company believes that
adjusted EBITDA is relevant and useful information widely used by analysts,
investors and other interested parties. Adjusted EBITDA is defined as net income
attributable to shareholders of the Company with adjustments for depreciation
and amortization, net corporate interest expense, income taxes, goodwill
impairment charges, restructuring and special charges, and stock-based
compensation expense.
Unallocated corporate and shared costs represent expenses related to our chief
executive officer and Board of Directors, certain provisions for bad debt
allowances or subsequent recoveries such as those related to bankrupt clients,
defined benefit pension costs or credits for our frozen U.S. pension plan,
certain self-insurance costs and recoveries, and professional fees for corporate
level projects that are not allocated to our individual operating segments but
are included in our financial performance measure of consolidated operating
earnings. Restructuring and special charges are non-core items not directly
related to our normal business or operations, or our future performance.
Income taxes, net corporate interest expense, stock option expense, and
amortization of customer-relationship intangible assets are recurring components
of our net income, but they are not considered part of our consolidated or
segment operating earnings because they are managed on a corporate-wide basis.
Income taxes are calculated for the Company on a consolidated basis based on
statutory rates in effect in the various jurisdictions in which we provide
services, and vary significantly by jurisdiction. Net corporate interest expense
results from capital structure decisions made by senior management and the Board
of Directors and affecting the Company as a whole. Stock option expense
represents the non-cash costs generally related to equity awards and employee
stock purchase plan expenses which are not allocated to our operating segments.
Amortization expense is a non-cash expense for finite-lived customer-
relationship and trade name intangible assets acquired in business combinations.
None of these costs relate directly to the performance of our services or
operating activities and, therefore, are excluded from segment operating
earnings in order to better assess the results of each segment's operating
activities on a consistent basis.
Income taxes are calculated for the non-GAAP presentation of net income before
goodwill, restructuring and special charges based on statutory rates in effect
in the various jurisdictions in which charges exist, and vary by jurisdiction.
Following is a reconciliation of segment and consolidated operating earnings to
net income attributable to shareholders of Crawford & Company on a GAAP basis.
The reconciliation of 2017 guidance is to the midpoint of the guidance range.
+--------------+-----------------------+-+------------------------+-+----------+
| | Quarter ended | | Year ended | |Full Year |
| +----------+------------+ +-----------+------------+ +----------+
| | December | December | | December | December | | Guidance |
|(in thousands)| 31, 2016 | 31, 2015 | | 31, 2016 | 31, 2015 | | 2017 |
| +----------+------------+ +-----------+------------+ +----------+
|Operating | | | | | | | |
|earnings: | | | | | | | |
| | | | | | | | |
|U.S. Services |$ 7,704 |$ 7,865 | |$ 35,716 |$ 32,702 | | |
| | | | | | | | |
|International | 11,295 | 7,315 | | 42,538 | 18,799 | | |
| | | | | | | | |
|Broadspire | 6,506 | 7,036 | | 30,003 | 24,017 | | |
| | | | | | | | |
|Garden City | | | | | | | |
|Group | 1,306 | 1,694 | | 7,843 | 11,507 | | |
| | | | | | | | |
|Unallocated | | | | | | | |
|corporate and | | | | | | | |
|shared costs, | | | | | | | |
|net | (6,517 ) | (4,957 ) | | (23,971 ) | (16,605 ) | | |
| +----------+------------+ +-----------+------------+ +----------+
|Consolidated | | | | | | | |
|operating | | | | | | | |
|earnings | 20,294 | 18,953 | | 92,129 | 70,420 | |$ 95,000 |
| +----------+------------+ +-----------+------------+ +----------+
|(Deduct) add: | | | | | | | |
| | | | | | | | |
|Net corporate | | | | | | | |
|interest | | | | | | | |
|expense | (1,632 ) | (2,145 ) | | (9,185 ) | (8,383 ) | | (11,000 )|
| | | | | | | | |
|Stock option | | | | | | | |
|expense | (218 ) | (76 ) | | (621 ) | (433 ) | | (675 )|
| | | | | | | | |
|Amortization | | | | | | | |
|expense | (2,312 ) | (2,886 ) | | (9,592 ) | (9,668 ) | | (11,700 )|
| | | | | | | | |
|Goodwill | | | | | | | |
|impairment | | | | | | | |
|charges | - | (49,314 ) | | - | (49,314 ) | | - |
| | | | | | | | |
|Restructuring | | | | | | | |
|and special | | | | | | | |
|charges | (2,059 ) | (18,012 ) | | (9,490 ) | (34,395 ) | | (13,165 )|
| | | | | | | | |
|Income taxes | (5,536 ) | 1,503 | | (25,565 ) | (13,832 ) | | (20,960 )|
| | | | | | | | |
|Net (income) | | | | | | | |
|loss | | | | | | | |
|attributable | | | | | | | |
|to non- | | | | | | | |
|controlling | | | | | | | |
|interests | (773 ) | 306 | | (1,710 ) | 117 | | (1,000 )|
| +----------+------------+ +-----------+------------+ +----------+
|Net income | | | | | | | |
|(loss) | | | | | | | |
|attributable | | | | | | | |
|to | | | | | | | |
|shareholders | | | | | | | |
|of Crawford & | | | | | | | |
|Company |$ 7,764 |$ (51,671 ) | |$ 35,966 |$ (45,488 ) | |$ 36,500 |
| +----------+------------+ +-----------+------------+ +----------+
| |
+------------------------------------------------------------------------------+
Following is a reconciliation of net income attributable to shareholders of
Crawford & Company on a GAAP basis to adjusted EBITDA. The reconciliation of
2017 guidance is to the midpoint of the guidance range.
+--------------+-----------------------+-+-----------------------+-+-----------+
| | Quarter ended | | Year ended | | Full Year |
| +-----------+-----------+ +-----------+-----------+ +-----------+
| | December | December | | December | December | | Guidance |
|(in thousands)| 31, 2016 | 31, 2015 | | 31, 2016 | 31, 2015 | | 2017 |
| +-----------+-----------+ +-----------+-----------+ +-----------+
|Net income | | | | | | | |
|(loss) | | | | | | | |
|attributable | | | | | | | |
|to | | | | | | | |
|shareholders | | | | | | | |
|of Crawford & | | | | | | | |
|Company |$ 7,764 |$ (51,671 )| |$ 35,966 |$ (45,488 )| |$ 36,500 |
| | | | | | | | |
|Add (deduct): | | | | | | | |
| | | | | | | | |
|Depreciation | | | | | | | |
|and | | | | | | | |
|amortization | 10,100 | 11,279 | | 40,743 | 43,498 | | 47,375 |
| | | | | | | | |
|Stock-based | | | | | | | |
|compensation | 2,006 | 860 | | 5,252 | 3,229 | | 6,000 |
| | | | | | | | |
|Net corporate | | | | | | | |
|interest | | | | | | | |
|expense | 1,632 | 2,145 | | 9,185 | 8,383 | | 11,000 |
| | | | | | | | |
|Goodwill | | | | | | | |
|impairment | | | | | | | |
|charges | - | 49,314 | | - | 49,314 | | - |
| | | | | | | | |
|Restructuring | | | | | | | |
|and special | | | | | | | |
|charges | 2,059 | 18,012 | | 9,490 | 34,395 | | 13,165 |
| | | | | | | | |
|Income taxes | 5,536 | (1,503 )| | 25,565 | 13,832 | | 20,960 |
| +-----------+-----------+ +-----------+-----------+ +-----------+
|Adjusted | | | | | | | |
|EBITDA |$ 29,097 |$ 28,436 | |$ 126,201 |$ 107,163 | |$ 135,000 |
| +-----------+-----------+ +-----------+-----------+ +-----------+
| |
+------------------------------------------------------------------------------+
Following is information regarding the weighted average shares used in the
computation of basic and diluted earnings per share.
+----------------+-----------------------------+-+-----------------------------+
| | Quarter ended | | Year ended |
| +--------------+--------------+ +--------------+--------------+
| | December | December | | December | December |
| (in thousands) | 31, 2016 | 31, 2015 | | 31, 2016 | 31, 2015 |
| +--------------+--------------+ +--------------+--------------+
|Weighted-Average| | | | | |
|Shares Used to | | | | | |
|Compute Basic | | | | | |
|Earnings (Loss) | | | | | |
|Per Share: | | | | | |
| | | | | | |
|Class A Common | | | | | |
|Stock |30,978 |30,381 | |30,793 |30,596 |
| +--------------+--------------+ +--------------+--------------+
|Class B Common | | | | | |
|Stock |24,690 |24,690 | |24,690 |24,690 |
| +--------------+--------------+ +--------------+--------------+
|Weighted-Average| | | | | |
|Shares Used to | | | | | |
|Compute Diluted | | | | | |
|Earnings (Loss) | | | | | |
|Per Share: | | | | | |
| | | | | | |
|Class A Common | | | | | |
|Stock |32,050 |30,381 | |31,530 |30,596 |
| +--------------+--------------+ +--------------+--------------+
|Class B Common | | | | | |
|Stock |24,690 |24,690 | |24,690 |24,690 |
| +--------------+--------------+ +--------------+--------------+
| |
+------------------------------------------------------------------------------+
Further information regarding the Company's operating results for the quarter
and year ended December 31, 2016, financial position as of December 31, 2016,
and cash flows for the year ended December 31, 2016 is shown on the attached
unaudited condensed consolidated financial statements.
About Crawford & Company
Based in Atlanta, Georgia, Crawford & Company (www.crawfordandcompany.com) is
the world's largest publicly traded independent provider of claims management
solutions to insurance companies and self-insured entities, with an expansive
global network serving clients in more than 70 countries. The Crawford Solution®
offers comprehensive, integrated claims services, business process outsourcing
and consulting services for major product lines including property and casualty
claims management; workers' compensation claims and medical management; and
legal settlement administration.
The Company's shares are traded on the NYSE under the symbols CRD-A and CRD-B.
The Company's two classes of stock are substantially identical, except with
respect to voting rights and the Company's ability to pay greater cash dividends
on the non-voting Class A Common Stock than on the voting Class B Common Stock,
subject to certain limitations. In addition, with respect to mergers or similar
transactions, holders of Class A Common Stock must receive the same type and
amount of consideration as holders of Class B Common Stock, unless different
consideration is approved by the holders of 75% of the Class A Common Stock,
voting as a class.
Earnings per share may be different between CRD-A and CRD-B due to the payment
of a higher per share dividend on CRD-A than CRD-B, and the impact that has on
the earnings per share calculation according to generally accepted accounting
principles.
FOR FURTHER INFORMATION REGARDING THIS PRESS RELEASE, PLEASE CALL BRUCE SWAIN AT
(404) 300-1051.
+------------------------------------------------------------------------------+
|This press release contains forward-looking statements, including statements|
|about the expected future financial condition, results of operations and|
|earnings outlook of Crawford & Company. Statements, both qualitative and|
|quantitative, that are not historical facts may be "forward-looking|
|statements" as defined in the Private Securities Litigation Reform Act of|
|1995 and other federal securities laws. Forward-looking statements involve a|
|number of risks and uncertainties that could cause actual results to differ|
|materially from historical experience or Crawford & Company's present|
|expectations. Accordingly, no one should place undue reliance on forward-|
|looking statements, which speak only as of the date on which they are made. |
|Crawford & Company does not undertake to update forward-looking statements to|
|reflect the impact of circumstances or events that may arise or not arise|
|after the date the forward-looking statements are made. For further|
|information regarding Crawford & Company, including factors that could cause|
|our actual financial condition, results or earnings to differ from those|
|described in any forward-looking statements, please read Crawford & Company's|
|reports filed with the SEC and available at www.sec.gov and in the Investor|
|Relations section of Crawford & Company's website at|
|www.crawfordandcompany.com. |
+------------------------------------------------------------------------------+
press-release-crawco-us-4q2016-earnings-2-27-2017:
http://hugin.info/155880/R/2082011/784471.pdf
crawco-us-4q2016-earnings-Schedules-2-27-2017:
http://hugin.info/155880/R/2082011/784472.xlsx
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Crawford & Company via GlobeNewswire
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Datum: 27.02.2017 - 12:46 Uhr
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News-ID 526773
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