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Claims management firm Crawford & Co. on Monday cut its 2019 profit outlook, citing an $11.2 million arbitration award to three executives who left its former Garden City Group business unit in 2015.
In a U.S. Securities and Exchange Commission filing, Crawford & Co said it has not previously made provision for the amounts which are expected to have an after-tax impact to 2019 net income of $8.3 million or $0.16 per share.
“The company does not expect this award to have any impact on its ongoing business and profitability,” Crawford said in the filing.
The company has updated its 2019 guidance and now expects net income to be between $37.7 million and $42.7 million for 2019, it said in the filing.
“Excluding the impact of amounts payable pursuant to the arbitration, the company’s guidance regarding non-GAAP income attributable to shareholders for 2019 remains unchanged between $46.0 and $51.0 million,” the filing stated.
In an email commenting on the arbitration ruling, Harsha V. Agadi, president and CEO of Crawford said, “This ruling has no impact on the company’s non-GAAP revenues, operating earnings or EBITDA. Our balance sheet and cash generation capabilities remain strong. Our commitment to providing superior service to carriers, brokers and corporates is unaffected. We will continue to invest in our people and technology in order to achieve growth in the market and deliver on our mission of restoring and enhancing lives, businesses and communities across the globe.”
Crawford sold Garden City Group to legal services company Epiq Systems Inc. in June 2018.