Revenue during the quarter dropped 3.91 percent to $279.53 million from $290.91 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $26.62 million compared with $30.14 million in the prior year period. At the same time, adjusted EBITDA margin contracted 84 basis points in the quarter to 9.52 percent from 10.36 percent in the last year period.

For financial year 2017, Crawford & Company forecasts revenue to be in the range of $1,100 million to $1,130 million. The company projects net income to be in the range of $34 million to $39 million and expects adjusted net income to be in the range of $43 million to $48 million. It forecasts operating income to be in the range of $90 million to $100 million. After expected restructuring and special charges, net income attributable to shareholders of Crawford & Company between $0.63 to $0.73 diluted earnings per CRD-A share, and $0.55 to $0.65 diluted earnings per CRD-B share. Before expected restructuring and special charges, net income attributable to shareholders of Crawford & Company on a non-GAAP basis between 0.78 to $0.88 diluted earnings per CRD-A share, and $0.71 to $0.81 diluted earnings per CRD-B share.

Mr. Harsha V. Agadi, president and chief executive officer of Crawford & Company, stated, "When I assumed the role of chief executive officer, I was motivated by the incredible opportunities that I saw ahead for Crawford. This company has unparalleled global reach, strong client relationships, and a product suite that our customers rely upon. I also saw that Crawford's success was being restrained by a burdensome cost structure, which combined with a reliance on severe weather events, created volatility in our results. With that in mind, over the last 18 months we have executed a strategy to reduce expenses while making targeted investments to return Crawford to top line growth. While we have achieved a number of successes, this transformation will take time, as can be seen in our first quarter results."

The company has spent $42.06 million cash to meet investing activities during the quarter as against cash outgo of $9.72 million in the last year period.

Cash flow from financing activities was $49.08 million for the quarter as against cash outgo of $5.95 million in the last year period.

Cash and cash equivalents stood at $68.80 million as on Mar. 31, 2017, up 28.29 percent or $15.17 million from $53.63 million on Mar. 31, 2016.

Assets grow, liabilities fall

Total assets increased 3.86 percent or $29.15 million to $784.34 million on Mar. 31, 2017. On the other hand, total liabilities were at $609.96 million as on Mar. 31, 2017, down 3.04 percent or $19.14 million from year-ago.

Return on assets stood at 1.23 percent in the quarter, down 0.28 from 1.51 percent in the last year period. At the same time, return on equity was at 4.58 percent in the quarter, down 2.26 from 6.84 percent in the last year period.

Total debt was at $243.96 million as on Mar. 31, 2017, up 2.01 percent or $4.82 million from year-ago. Shareholders equity stood at $167.19 million as on Mar. 31, 2017, up 32.60 percent or $41.11 million from year-ago. As a result, debt to equity ratio went down 44 basis points to 1.46 percent in the quarter from 1.90 percent in the last year period.