USI Holdings Corp. reported a 62 percent drop in net income forthe third quarter, primarily over deductions for discontinuedoperations related to the sale of seven operations.
Net income fell $3.02 million (7 cents a share), going from $4.9million (10 cents a share) to $1.89 million (3 cents a share).Income before the deduction for discontinued operations rose 6percent, from $5.2 million to $5.5 million. Revenues in the periodrose $24.3 million, up 24 percent to $127.3 million.
For the first nine months of 2005, net income dropped 72percent, or $11.3 million, going from $15.8 million (32 cents ashare) to $4.5 million (8 cents a share). Income before thededuction for discontinued operations fell 21 percent, or $3.5million, from $16.2 million to $12.8 million. Revenues grew 27percent, or $80 million, from $292 million to $372 million.
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