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ATLANTA—Broadspire Services Inc. reported that increased workers compensation claims frequency helped it earn a $137,000 first-quarter profit, the third-party administrator’s first operating profit in two years.
In contrast, the Atlanta-based unit of Crawford & Co. reported a $3.2 million operating loss during the first quarter of 2011.
But Broadspire saw a 10% boost in workers comp claims volume during the first quarter of 2012, which the TPA said Tuesday was driven by frequency increases in claims by existing clients as well as acquisition of new customers.
The greater claims activity contributed to Broadspire’s revenue of $60.4 million during the first quarter of 2012, up 1% from the same period in 2011.
“In Broadspire, we have been focusing on business development and cost control measures for the past several quarters,” Jeffrey T. Bowman, Crawford & Co.’s CEO, said in a statement. “We have seen continued progress on both fronts during 2012 and were pleased to generate operating earnings in Broadspire during the 2012 first quarter. We are committed to delivering sequential quarterly operating improvement in our Broadspire operation as we work to return it to a sustained level of profitability.”
Crawford, however, saw its net income drop to $6.1 million during the first quarter of 2012, down 50% from the same period last year.
Crawford’s first-quarter revenue totaled $267.8 million, down 6% from the first quarter of 2011.