U.S.I. Delays 10-K Filing

NU Online News Service, March 17, 3:51 p.m. EST?U.S.I. Holdings Corp. said it is delaying its annual 10-K filing because it has not yet reconciled aspects of its accounting for discontinued operations.[@@]

In a filing with the Securities and Exchange Commission yesterday, the Briarcliff Manor, N.Y.-based insurance broker said it would need more time because it had not finished reconciling income tax and allocation issues with continuing and discontinued operations. The period covers 2003 and prior years, U.S.I. said.

U.S.I. announced earlier that it plans to sell three underperforming units and would take a charge for discontinued operations in its 2004 earnings. One of the three units has already been sold.

The company said the accounting would have no material effect on earnings.

The company said it plans to complete the filing on or before April 15.