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SPEAR FINANCIAL REPORTS 1992 REVENUEAND AFTER-TAX INCOME FROM CONTINUING OPERATIONS

 SAN DIEGO, March 1 /PRNewswire/ -- Spear Financial Services Inc. (NASDAQ: SFNS) today announced revenue and after-tax income from continuing operations for the fourth quarter and fiscal year ended Dec. 31, 1992.
 As previously announced on Oct. 1, 1992, Spear Financial is in the process of divesting its securities operations, which include Spear Rees & Co., a California-based securities brokerage firm and TCW Inc., a major Pacific Stock Exchange specialist operation. The New York-based investment banking firm of Berkshire Capital Corp. has been retained by Spear to negotiate the sale of these operations. When completed, Spear's sole operating subsidiary will be James Mitchell & Co. (JMC), which markets tax-advantaged insurance products and mutual funds to customers of financial institutions. The results of the securities operations and any profit or loss from the sale of these operations are not included in the company's continuing operations results.
 Revenues from continuing operations for the fourth quarter were $10,288,459, up 80 percent from revenue for the fourth quarter of 1991 of $5,701,062. After-tax income from continuing operations for the quarter was $1,172,590, or 16 cents per share, versus $253,590 or three cents per share in the fourth quarter of 1991.
 For the year, revenues from continuing operations were $39,247,926, up 90 percent from the 1991 total of $20,657,298. After-tax income from continuing operations was $4,765,821, or 63 cents per share, versus $1,546,943, or 22 cents per share. For 1992, income from continuing operations included $185,000, or two cents per share, representing the cumulative effect of the adoption by the company of the Statement of Financial Accounting Standards No. 109, relating to accounting for income taxes. For 1991, income from continuing operations included an extraordinary benefit in the amount of $170,000, or two cents per share, resulting from the utilization of a net operating loss carryforward.
 Spear expects to record a one-time charge in the fourth quarter of 1992 on its discontinued operations. Final results, as well as restated results of continuing operations for the years 1990, 1991 and 1992, are expected to be released within the normal reporting period.
 "The results from continuing operations illustrate the fundamental strength and growth of our core business," said James K. Mitchell, chairman and chief executive officer of Spear. "During the past few years, JMC has gained a reputation within the banking and thrift industry as a premier marketer and administrator of tax advantaged insurance products. In 1992, sales production totaled $583 million, an increase of 103 percent from the prior year. In 1993, we are in the process of broadening our efforts to include mutual funds. The restructuring of our company that is currently underway will allow us to focus exclusively on the high growth JMC operations," Mitchell concluded.
 -0- 3/1/93
 /CONTACT: Doug Sherk or Jenifer Kirtland, 415-296-7383, or Michele Katz or Miriam Adler, 212-986-5900, all of Morgen-Walke, for Spear Financial/
 (SFNS)


CO: Spear Financial Services Inc.; Spear Rees & Co.; TCW Inc.;
 Berkshire Capital Corp.; James Mitchell & Co. ST: California, New York IN: FIN SU: ERN


GT-SG -- SF002 -- 1163 03/01/93 06:30 EST
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Date:Mar 1, 1993
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