After a tough year that saw adjustments in its business,including layoffs and the sale of unprofitable business, USIHoldings Corp. reported that 2005 fourth-quarter net incomeincreased 144 percent over 2004, helped by its acquisition strategyand organic growth.
"We made some pretty tough calls in 2005, and developedso-called noise, but we feel we were right and critical in reallyestablishing future opportunities and success," said David L.Eslick, chairman, president and chief executive officer, during ananalyst's conference call today.
For the fourth quarter, net income turned around by $10.8million, going from a loss of $7.5 million (a loss of 15 cents ashare) to net profit of $3.3 million (6 cents a share). Revenuesincreased 23 percent to $136 million.
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