Lindsey Morden results improve in Q3 2004

Adjuster Lindsey Morden (TSX: LM), part of Fairfax Financial, saw its losses narrow in the third quarter of 2004, with continuing operations providing an earnings boost.The company posted a net loss of $1.6 million ($0.11 per share) for the quarter ending September 30, 2004, compared to a loss of $4.2 million ($0.31 per share) the year prior. Continuing operations provided net earnings of $1.4 million ($0.10 per share) during the quarter, versus a loss of $1.4 million ($0.10 per share) the year prior. But in the third quarter, the company posted a $4.9 million loss on disposal of operations, offset by a $1.9 million reimbursement for costs. The third quarter balance sheet was free from the loss on discontinued operations of $2.8 million posted a year ago.Revenue in the third quarter of 2004 grew to $105.7 million, up from $96.4 million the year prior. Operating costs were also up, to $98.1 million from $93.1 million over the same comparative period.For the first nine months of 2004, the company posted a net loss of $25.6 million ($1.85 per share), up from a loss of $8.8 million($0.64 per share) a year prior. The company was largely hampered by a $24.6 million net loss on disposal of operations in March, 2004 the company completed the sale of its RSKCo and Cunningham Lindsey Claims Management operations.Continuing operations posted a net loss of $3.3 million over the nine months, compared to net income of $1.3 million the year before. But the net loss from discontinued operations narrowed to $3.6 million in the first three quarters of 2004 from $10.1 million during the same period a year earlier.Revenue for the first nine months of 2004 was $311.4 million, up from $303.4 million the year before. But operating costs were up over the same period to $296.7 million from $288.8 million.