Insurance claims specialist Lindsey Morden Group Inc. is reporting a preliminary loss for the first quarter of 2002.

Revenue for the quarter ended March 31, 2002 was $109.9 million representing an increase of $8.1 million or 8% over first quarter 2001.

Operating earnings for the quarter were $3.1 million as compared to $0.6 million for first quarter 2001.

The net loss for the quarter, after $9.9 million of other expenses, was $7.9 million compared to $2.9 million for first quarter 2001.

Other expenses consisted substantially of amounts to settle two outstanding claims, including the 32.6 million Pounds Sterling (plus interest) claim by Eastgate Group Limited related to its 1998 purchase of Hambro Assistance from the company. Lindsey Morden determined that it was preferable to settle these claims at reasonable amounts rather than pursue its defences through further court proceedings.

Full financial results for the first quarter 2002 will be released after the close of business on May 10, 2002.

The company also announced that David Langille will join the firm as chief financial officer effective April 18.. Langille has 16 years of senior executive experience with international public companies.

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