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Crawford reaffirms FY'16 guidance

Crawford &Co. has reaffirmedcertain guidance and introduced adjusted EBITDA guidance for 2016.

Crawford continues to expect consolidated revenues before reimbursementsof between $1.05 billion and $1.10 billion and consolidated operating earnings ofbetween $80.0 million and $90.0 million.

Non-GAAP net income attributable to shareholders is still expectedto be $36.0 million to $42.0 million, or 67 cents to 77 cents per nonvoting classA common share, or 59 cents to 69 cents per voting class B common share, beforeexpected restructuring charges. Crawford still projects net income attributableto shareholders of $24.0 million to $30.0 million, or 48 cents to 58 cents per nonvotingclass A common share, or 40 cents to 50 cents per voting class B common share, afterexpected restructuring charges.

The company expects to incur restructuring charges of $15.6 million pretax, or 19 centsper share after tax. These charges consist of about $8.4 million related to theglobal business services centers, which should be partly offset by initial savingsof $8.0 million, and $7.2 million related to restructuring plans and special charges.

The company expects adjusted EBITDA to be between $120.0 millionand $130.0 million.

For the first quarter, Crawford reported net income attributableto shareholders of $8.6 million, compared with $3.0 million in the year-ago quarter.

Earnings per nonvoting class A common share were 16 cents forthe quarter, compared with 6 cents in the 2015 first quarter. Earnings per votingclass B common share were 14 cents, up from 4 cents in the prior-year quarter. Ona non-GAAP basis and before restructuring and special charges, the company reportedearnings of 19 cents per nonvoting class A common share and 17 cents per votingclass B common share.