San Francisco-based U.S.I. Holdings Corporation reported record financial results for the second quarter ended June 30, 2003.
Net income from continuing operations for the quarter increased $5.3 million to $7.6 million from $2.3 million recorded during the same period in 2002. Results for the period were positively affected by continued improvement in performance in the operations, the reduction in interest expense principally due to debt reduction from $229.2 million to $142.7 million, down 37.7 percent from a year ago, and a tax benefit resulting from an adjustment in the deferred tax valuation allowance due to accounting for an acquisition in the quarter.
Revenues for the quarter increased $6.0 million, or 7.5 percent, to $86.2 million from $80.2 million recorded during the same period in 2002. Organic revenue growth in the Insurance Brokerage segment, for the quarter was 11.0 percent. Offsetting this increase was a decrease of $2.9 million in the Specialized Benefit Services segment for the quarter. This was principally due to timing of enrollment of new cases, certain nonrecurring revenues and high first year commissions recorded in this segment in 2002. Overall consolidated organic revenue growth was 5.7 percent for the quarter.
Additional information about USI may be found at www.usi.biz.
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