Briarcliff Manor-based USI Holdings reports lower earnings
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- March
- 2
USI Holdings Corp., the Briarcliff Manor-based company that has agreed to be purchased for $1.4 billion by Goldman, Sachs & Co., said late yesterday that its fourth-quarter earnings fell to a penny a share from 6 cents a share.
Revenues were up 9.5 percent to $149.4 million, from $136.5 million.
The company, which sells insurance and financial services, said its income from continuing operations before taxes was $1.91 million, down from 8.07 million. Not counting recurring items, earnings would have been 25 cents a share, compared with 31 cents a year earlier.
Shareholders are scheduled to meet March 29 to consider the sale for $17 a share to private equity funds sponsored by Goldman, Sachs.
The company’s stock was trading at $16.72, up a penny, about 10:30 a.m.
This entry was posted
on Friday, March 2nd, 2007 at 11:56 am by Allan Drury.
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