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SPEAR FINANCIAL REPORTS FIRST QUARTER RESULTS; AFTER-TAX INCOME FROM CONTINUING OPERATIONS INCREASED 132 PERCENT

 SAN DIEGO, May 3 /PRNewswire/ -- Spear Financial Services Inc. (NASDAQ: JMCG) today announced a 132-percent increase in after-tax income from continuing operations for the first quarter ended March 31, 1993. After-tax income was $1,729,035, or 25 cents per share, in the recent quarter compared with $745,079, or 10 cents per share, in the first quarter of 1992.
 Revenues from continuing operations for the recent first quarter were $13,942,976, 67 percent above revenues for the comparable quarter last year of $8,341,061.
 On a consolidated basis, net income was $1,729,035, or 25 cents per share, for the first quarter of 1993 versus net income of $1,026,094, or 13 cents per share, for the first quarter last year, representing an increase of 68 percent. Net income for the first quarter of 1992 included income from discontinued operations of $96,615, or 1 cent per share. Also included in the 1992 first quarter was a benefit of $185,000, or 2 cents per share, reflecting the cumulative effect of the adoption of Statement of Financial Accounting Standards No. 109, related to accounting for income taxes.
 "We were very pleased with our financial performance, which reflected continuing strong growth in sales of annuities and insurance products," said James K. Mitchell, chairman and chief executive officer. "Gross insurance sales production was $205 million during the first quarter, compared with $125 million in the first quarter last year, an increase of 64 percent."
 "In addition, sales from our recently introduced mutual funds sales program have exceeded our initial expectations," Mitchell continued. "This program, launched at Central Fidelity Bank in Richmond, Va., in mid-February of 1993, has been very well received, and we are working to expand our mutual funds business to other customers. We have also increased our marketing efforts to attract new customers."
 As previously announced, the company is in the process of divesting its securities operations. James Mitchell & Co. (JMC), a leading marketer of annuities and other insurance products and mutual funds to customers of financial institutions, will be the sole remaining subsidiary. "The divestiture is proceeding on schedule and is expected to be completed by the end of the second quarter," concluded Mitchell.
 Spear Financial Services, Inc., through its wholly owned subsidiary, James Mitchell & Co., is a leading marketer of annuities and other financial products to customers of financial institutions.
 SPEAR FINANCIAL SERVICES INC.
 Financial Highlights
 First Quarter
 1993 1992
 Total Revenue $13,942,976 $8,341,061
 Total Operating Expenses (10,899,170) (7,012,739)
 Income from Continuing Operations
 before Income Taxes and
 Accounting Change 3,043,806 1,328,322
 Provision for Income Taxes (1,314,771) (583,243)
 Income from Continuing Operations
 before Accounting Change 1,729,035 745,079
 Income from Discontinued Operations,
 Net of Income Taxes --- 96,615
 Cumulative Effect of Change in
 Accounting for Income Taxes --- 185,000
 Net Income $1,729,035 $1,026,694
 Earnings Per Share:
 Income from Continuing Operations
 before Accounting Change $0.25 $0.10
 Discontinued Operations --- 0.01
 Accounting Change --- 0.02
 Net Income $0.25 $0.13
 Weighted Average Shares Outstanding
 Primary and Fully Diluted 7,034,620 7,606,098
 -0- 5/3/93
 /CONTACT: Doug Sherk or Jenifer Kirtland, 415-296-7383, or Michele Katz or Miriam Adler, 212-986-5900, both of Morgen-Walke, for Spear Financial/
 (JMCG)


CO: Spear Financial Services Inc.; James Mitchell & Co. ST: California IN: FIN SU: ERN

GT-SG -- SF006 -- 3519 05/03/93 06:33 EDT
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Date:May 3, 1993
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