Deferral of Fees to Hurt Earnings at US Facilities
US Facilities Corp., a Costa Mesa holding company for insurance underwriting and reinsurance firms, could miss out on up to $9 million in earnings this year because unexpected delays in dealings with potential insurance company clients will cause some fees to be deferred until next year.
The delays will lower expected net income this year by 30 cents to 50 cents a share, said George Kadonada, the company’s chairman. Securities analysts had estimated that the company would have net income of $1.25 to $1.28 a share, he said.
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