Crawford & Company, the world's largest independent provider of claims management solutions to insurance companies and self-insured entities, today announced its financial results for the second quarter ended June 30, 2015.

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 CRDA must receive the same type and amount of consideration as holders of CRDB, unless different consideration is approved by the holders of 75% of CRDA, voting as a class.

Second Quarter 2015 Summary

- Revenues before reimbursements of $304.4 million, up from $288.2 million for the second quarter of 2014

- Net income attributable to shareholders of $4.1 million, down from $10.5 million in the same period last year

- Diluted earnings per share of $0.08 for CRDA and $0.06 for CRDB, after special charges

- Diluted earnings per share of $0.14 for CRDA and $0.12 for CRDB on a non-GAAP basis, before special charges

- Americas segment achieved 10% operating margin target during second quarter 2015

- Broadspire segment delivered 10% revenue growth with operating earnings up over 100% as compared to the 2014 period

- Incurred special charges of $4.2 million due to the ongoing implementation of the Global Business Services Center in Manila, integration costs for the GAB Robins acquisition, and restructuring activities in the EMEA/AP and Americas segments, all designed to reduce future costs

- Overall corporate results were also negatively impacted in the 2015 period by a lack of weather-related claims in the U.S. and EMEA/AP, the expected runoff of certain large projects in Legal Settlement Administration, and an increase in our effective tax rate

Mr. Jeffrey T. Bowman, chief executive officer of Crawford & Company, stated, "The market backdrop continued to be challenging through the second quarter given the persistent absence of claim volumes in the global property and casualty insurance industry, driven in part from a lack of severe weather. This environment has driven a further shift in our business to lower margin, high volume claims in the U.S., and has had a pronounced negative impact on our EMEA/AP operations. We are aggressively managing our business to drive margin expansion in this difficult operating environment, having implemented several cost reduction plans in the first quarter, as well as continuing to develop our Global Business Services Center in Manila. We are beginning to realize the benefits of these initiatives as our Americas segment achieved their operating margin target of 10% in the second quarter, and we expect our EMEA/ AP operations to show margin expansion over the second half of this year."

"Our Broadspire segment continued to perform well this quarter delivering 10% revenue growth with operating earnings more than doubling year over year. We are adding new accounts in the core workers' compensation arena and are gaining traction with our recently announced disability product," added Mr. Bowman. "Our Legal Settlement Administration segment continues to work through the run off of a few large cases which remains a headwind to our results that will continue through the balance of the year. We are pleased with how this transition is being managed in terms of operating profitability and are also encouraged with the progress being made in the mass tort marketplace."

Mr. Bowman concluded, "While I am disappointed with our results for the first half of the year, the progress that we have made realigning our cost structure provides optimism about where our Company is heading. Our cost reduction plans, when complete, should enable our businesses to achieve their operating margin targets in this high volume, low value claim environment. Looking forward, we are positioning our Company to create long-term shareholder value by focusing on profitable growth and leveraging the Company's numerous global resources."