How do you write an email for a project delay?

How do you write an email for a project delay?
Subject: Status of project

Dear ABC,
This is to apologize an unintentional delay in the project to bedelivered to you on 21 March 2012.

I know that it was very important for you to have the workingproject on time , and I'm very sorry for not delivering the projecton time and meeting the deadline.

I ran into trouble when I started with the project dueto mismanagement of my time and wrongly prioritized othermatters over this project.

In the future, I will exercise better organization to ensure that Iam more punctual. I'll also make sure to keep you up to date on mystatus in case I encounter any unforeseen difficulties.

If you can offer additional insight or suggestions as to how toimprove my punctuality over projects, I am willingto listen and learn. You can mail to me at abc@test.com

We respect your understanding.

Thanking you.