Lindsey Morden revenue up in third quarter 2002

Adjuster Lindsey Morden (TSX: LM), which operate in Canada as Cunningham Lindsey, saw increased revenue for the quarter ending September 30, 2002. Revenue was up to $117 million for the third quarter, compared to $105 million for the same period a year earlier. This gave the company net earnings of $124,000, versus a loss of more than $1.7 million last year. On a per-share basis, this translates to earnings of $0.01 versus a loss of $0.12 during the third quarter 2001.The company notes that all operations reported improved operating earnings, except for Canada and the U.S. Nonetheless, the company remains in the red for 2002, posting a loss of $9.5 million, or $0.67 per share, for the first nine months of the year. This compares with a loss of $6.9 million, or $0.48 per share, at the same point last year. These results were impacted by legal settlements made earlier in the year for alleged breach of representations and warranties in a share purchase agreement with Eastgate Group Ltd.