Lindsey Morden revenue rises for 2-Q

Claims services company Lindsey Morden (TSE: LM) reported increased revenue and lower losses for the second quarter of 2002 compared with the same period last year. Revenue for the latest reporting period amounted to $110 million against the $106 million shown for the same period in 2001 – this represents a -year-on-year increase of 3%. The company’s operating earnings also rose to $4.4 million from the $3.9 million reported a year ago.

Lindsey Morden notes that the Canadian operation, known as Cunningham Lindsey, was among those to report increased revenue and operating earnings for the quarter ending June 2002. However, the company still suffered a net loss for the second quarter of this year of $1.7 million compared with last year’s $2.2 million loss. The affect of “legal settlements” – totaling $9.9 million reported earlier in 2002 – continue to weigh heavily on the company’s financial performance. For the first six months of 2002, the company disclosed a net loss of $9.7 million versus last year’s $5.1 million. Lindsey Morden notes that its free flow cash position has improved $100,000 from the negative $2.1 million shown 12 months previously.