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SPEAR FINANCIAL ANNOUNCES SECOND QUARTER EARNINGS UP 71 PERCENT, YEAR-TO-DATE UP 116 PERCENT

SPEAR FINANCIAL ANNOUNCES SECOND QUARTER EARNINGS UP 71 PERCENT,
 YEAR-TO-DATE UP 116 PERCENT
 LOS ANGELES, July 28 /PRNewswire/ -- Spear Financial Services Inc. (NASDAQ: SFNS) announced both record revenues and profits for the second quarter 1992. Revenues were $12,787,000, up 56 percent from $8,196,000 a year earlier. Net income was $1,299,000 or $.17 per share vs. $759,000 or $.11 per share in the second quarter of 1991. One-time payments of $890,000 and $830,000 were included in the second quarters of 1992 and 1991, respectively, from the termination of Security Pacific Bank's operations in Arizona and Washington.
 Year-to-date net income was $3,791,000, an increase of 116 percent from $1,752,000 for the first six months of 1991. Year- to-date revenue was $24,244,000, up 73 percent from $14,043,000 for the comparable period in 1991.
 Charles Spear, chairman of the board, said, "Annuity sales through our subsidiary James Mitchell & Co. (JMC) were very strong. Revenues and profits at JMC were up substantially and profit margins improved as well. With the upcoming addition of mutual funds to the product line and as we bring new clients on line, growth should continue to be brisk." The company recently announced a new client, Central Fidelity Bank, Richmond, Va.
 Commenting about the company's securities operations, Spear said, "Securities operations suffered a small loss during the second quarter due to decreased market volume. These operations were profitable in the second quarter 1991."
 Spear Financial Services Inc. markets tax-advantaged insurance products to customers of financial institutions through James Mitchell & Co. In addition to insurance marketing, the company operates a securities division consisting of a California-based securities brokerage firm and a major Pacific Stock Exchange specialist operation.
 SPEAR FINANCIAL SERVICES INC.
 Financial Highlights
 (Unaudited)
 First Quarter Second Quarter
 1992 1991 1992 1991
 Total revenue $11,457,000 $5,847,000 $12,787,000 $8,196,000
 Total operating
 expenses (9,968,000) (5,407,000) (10,485,000) (6,884,000)
 Income before
 income taxes
 and accounting
 change 1,489,000 440,000 2,302,000 1,312,000
 Provision for
 income taxes (648,000) (206,000) (1,003,000) (553,000)
 Income before
 cumulative
 effect of
 change in
 accounting for
 income taxes 841,000 234,000 1,299,000 759,000
 Cumulative effect
 of change in
 accounting for
 income taxes 185,000 0 0 0
 Net income $1,026,000 $234,000 $1,299,000 $759,000
 Primary and fully
 diluted earnings
 per share
 Income before
 cumulative
 effect of change
 in accounting
 for income taxes $0.11 $0.03 $0.17 $0.11
 Cumulative effect
 of change in
 accounting for
 income taxes $0.02 $0.00 $0.00 $0.00
 Net income $0.13 $0.03 $0.17 $0.11
 Weighted average
 shares outstanding
 Primary and
 fully diluted 7,606,098 6,977,033 7,607,526 7,060,952
 Second Quarter
 Year to Date
 1992 1991
 Total revenue $24,244,000 $14,043,000
 Total operating
 expenses (20,453,000) (12,291,000)
 Income before
 income taxes
 and accounting
 change 3,791,000 1,752,000
 Provision for
 income taxes (1,651,000) (759,000)
 Income before
 cumulative effect
 of change in
 accounting for
 income taxes 2,140,000 993,000
 Cumulative effect
 of change in
 accounting for
 income taxes 185,000 0
 Net income $2,325,000 $993,000
 Primary and fully
 diluted earnings
 per share
 Income before
 cumulative effect
 of change in
 accounting for
 income taxes $0.29 $0.14
 Cumulative effect
 of change in
 accounting for
 income taxes $0.02 $0.00
 Net income $0.31 $0.14
 Weighted average
 shares outstanding
 Primary and
 fully diluted 7,603,916 7,055,263
 -0- 7/28/92
 /CONTACT: Randy Stratt of Spear Financial Services, 818-543-4440/
 (SFNS) CO: Spear Financial Services Inc. ST: California IN: FIN SU: ERN


JB-KJ -- LA002 -- 3881 07/28/92 09:10 EDT
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Date:Jul 28, 1992
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