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SPEAR FINANCIAL REPORTS 1991 PROFITS UP 60 PERCENT

 SPEAR FINANCIAL REPORTS 1991 PROFITS UP 60 PERCENT
 LOS ANGELES, Jan. 30 /PRNewswire/ -- Spear Financial Services Inc.


announced that its 1991 profits set a new record for the company. Revenues were also at an all-time high. For the year, Spear Financial had revenues of $29,651,205, up from $25,514,774 in 1990. After-tax profits were $1,746,094 or $0.24 per share vs. $1,073,473 or $0.15 in 1990.
 Spear Financial Services Inc. markets tax-advantaged insurance products to customers of financial institutions through its subsidiary, 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
 1991 1990 1991 1990
 Total revenue $5,804,026 $5,364,292 $8,196,111 $6,310,718
 Total operating
 expenses (5,364,816) (5,371,633) (6,883,569) (5,709,364)
 Income before
 income taxes
 and extraordinary
 item 439,210 (7,341) 1,312,542 601,354
 Provision for
 income taxes (205,640) 0 (553,642) (283,688)
 Income before
 extraordinary
 item 233,570 (7,341) 758,900 317,666
 Net operating loss
 carryforward 0 0 0 173,925
 Net income $233,570 ($7,341) $758,900 $491,591
 Primary and Fully
 Diluted Earnings
 Per Share
 Income before
 extraordinary
 item $0.03 $0.00 $0.11 $0.04
 Extraordinary item $0.00 $0.00 $0.00 $0.02
 Net income $0.03 $0.00 $0.11 $0.06
 Third Quarter Fourth Quarter
 1991 1990 1991 1990
 Total revenue $7,180,069 $7,398,851 $8,420,940 $6,430,287
 Total operating
 expenses (6,647,087) (6,499,416) (7,863,078) (6,212,337)
 Income before
 income taxes
 and extraordinary
 item 532,982 899,435 557,862 217,950
 Provision for
 income taxes (242,348) (433,150) (264,872) (71,090)
 Income before
 extraordinary
 item 290,634 466,285 292,990 146,880
 Net operating loss
 carryforward 170,000 0 0 (23,917)
 Net income $460,634 $466,285 $292,990 $122,943
 Primary and Fully
 Diluted Earnings
 Per Share
 Income before
 extraordinary
 item $0.04 $0.06 $0.04 $0.02
 Extraordinary item $0.02 $0.00 $0.00 $0.00
 Net income $0.06 $0.06 $0.04 $0.02
 Year to Date
 1991 1990
 Total revenue $29,651,205 $25,514,774
 Total operating
 expenses (26,808,606) (23,803,381)
 Income before
 income taxes
 and extraordinary
 item 2,842,596 1,711,393
 Provision for
 income taxes (1,266,502) (787,928)
 Income before
 extraordinary
 item 1,576,094 923,465
 Net operating loss
 carryforward 170,000 150,008
 Net income $1,746,094 $1,073,473
 Primary and Fully
 Diluted Earnings
 Per Share
 Income before
 extraordinary item $0.22 $0.13
 Extraordinary item $0.02 $0.02
 Net income $0.24 $0.15
 -0- 1/30/92
 /CONTACT: Randy Stratt of Spear Financial Services Inc., 818-543-4440/ CO: Spear Financial Services Inc. ST: California IN: FIN SU: ERN


DM-CH -- LA023 -- 5356 01/30/92 14:59 EST
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Date:Jan 30, 1992
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