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SPEAR FINANCIAL THIRD QUARTER EARNINGS UP 73 PERCENT; YEAR-TO-DATE UP 115 PERCENT

 SPEAR FINANCIAL THIRD QUARTER EARNINGS UP 73 PERCENT;
 YEAR-TO-DATE UP 115 PERCENT
 LOS ANGELES, Oct. 27, /PRNewswire/ -- Spear Financial Services Inc. (NASDAQ: SFNS) announced continued strong revenues and profits for the third quarter 1992.
 Third quarter revenues were $11,749,000, up 64 percent from $7,180,000 a year earlier. Third quarter net income was $798,000, up 73 percent from $461,000 a year earlier. Third quarter earnings per share were $.11 vs. $.06 per share a year earlier. Third quarter 1991 net income included an extraordinary item of $170,000 or $.02 per share, resulting from the utilization of a net operating loss carryforward.
 For the first nine months of 1992, net income was $3,123,000, an increase of 115 percent from $1,453,000 for the first nine months of 1991. Year-to-date revenue was $35,993,000, up 70 percent from $21,230,000 for the comparable period in 1991. Year-to-date earnings per share were $.41, up from $.20 a year earlier.
 Year-to-date earnings for 1991 and 1992 each include one-time second quarter payments of approximately $.07 per share, resulting from the termination of the company's relationships with Security Pacific Bank. Also included in 1992 earnings is $.02 per share resulting from the cumulative effect of a change in accounting for income taxes.
 Charles Spear, chairman of the board, said, "Annuity sales through our subsidiary James Mitchell & Co. (JMC) were excellent. Florida operations remained strong notwithstanding Hurricane Andrew. In the third quarter, JMC surpassed the $1 billion milestone in annuities and insurance products sold. With the start of operations for Central Fidelity in Richmond, VA., on Oct. 19, we look for continued growth into next year."
 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. The company has announced its intention to exit the securities operations in 1993.
 SPEAR FINANCIAL SERVICES INC.
 (Unaudited)
 (In thousands, except per share amounts)
 1991
 First Second Third Year To
 Quarter Quarter Quarter Date
 Total revenue $5,847 $8,196 $7,180 $21,230
 Total operating
 expenses (5,407) (6,884) (6,647) (18,945)
 Income before
 income taxes,
 extraordinary
 item and accounting
 change 440 1,312 533 2,285
 Provision for
 income taxes (206) (553) (242) (1,002)
 Income before
 extraordinary item
 and cumulative effect
 of change in
 accounting for
 income taxes 234 759 291 1,283
 Extraordinary item
 Reduction of
 income taxes
 resulting from
 utilization of
 net operating
 loss carryforward --- --- 170 170
 Income before
 cumulative effect
 of change in
 accounting for
 income taxes 234 759 461 1,453
 Cumulative effect
 of change in
 accounting for
 income taxes --- --- --- ---
 Net Income $234 $759 $461 $1,453
 Primary and fully
 diluted earnings
 per share
 Income before
 extraordinary
 item and
 cumulative
 effect of change
 in accounting
 for income taxes $0.03 $0.11 $0.04 $0.18
 Extraordinary item
 -- net operating
 loss carryforward --- --- $0.02 $0.02
 Cumulative effect
 of change in
 accounting for
 income taxes --- --- --- ---
 Net income $0.03 $0.11 $0.06 $0.20
 Weighted average
 shares
 outstanding
 primary and
 fully
 diluted 6,977,033 7,060,952 7,304,089 7,136,907
 1992
 First Second Third Year To
 Quarter Quarter Quarter Date
 Total revenue $11,457 $12,787 $11,749 $35,993
 Total operating
 expenses (9,968) (10,485) (10,387) (30,840)
 Income before
 income taxes,
 extraordinary
 item and
 accounting change 1,489 2,302 1,362 5,153
 Provision for
 income taxes (648) (1,003) (564) (2,215)
 Income before
 extraordinary
 item and cumulative
 effect of change in
 accounting for
 income taxes 841 1,299 798 2,938
 Extraordinary item
 Reduction of income
 taxes resulting
 from utilization
 of net operating
 loss carryforward --- --- --- ---
 Income before
 cumulative effect
 of change in
 accounting for
 income taxes 841 1,299 798 2,938
 Cumulative effect
 of change in
 accounting for
 income taxes 185 --- --- 185
 Net income $1,026 $1,299 $798 $3,123
 Primary and fully
 diluted earnings
 per share
 Income before
 extraordinary
 item and
 cumulative
 effect of
 change in
 accounting for
 income taxes $0.11 $0.17 $0.11 $0.39
 Extraordinary item
 -- net operating
 loss carryforward --- --- --- ---
 Cumulative effect
 of change in
 accounting for
 income taxes $0.02 --- --- $0.02
 Net income $0.13 $0.17 $0.11 $0.41
 Weighted average
 shares outstanding
 primary and fully
 diluted 7,606,098 7,607,526 7,571,473 7,602,798
 SPEAR FINANCIAL SERVICES INC.
 Segment Information
 (Unaudited)
 (In thousands, except per share amounts)
 1991
 First Second Third Year to
 Quarter Quarter Quarter Date
 Insurance
 revenue -- JMC
 Revenue $3,679 $6,003 $5,175 $14,857
 Expense (3,242) (4,352) (4,298) (11,892)
 Pre-tax profit $437 $1,651 $877 $2,965
 Securities operations
 -- Spear Rees/TCW
 Revenue $2,175 $2,193 $2,005 $6,373
 Expense (1,753) (1,885) (1,807) (5,445)
 Pre-tax profit (loss) $422 $308 $198 $928
 Parent company
 expenses
 Depreciation &
 amortization $185 $200 $206 $591
 Other 234 447 336 1,017
 Total $419 $647 $542 $1,608
 Summary -- company
 totals
 Revenue $5,854 $8,196 $7,180 $21,230
 Expense (5,414) (6,884) (6,647) (18,945)
 Pre-tax Profit $440 $1,312 $533 $2,285
 1992
 First Second Third Year to
 Quarter Quarter Quarter Date
 Insurance
 revenue -- JMC
 Revenue $8,341 $10,663 $9,991 $28,995
 Expense (6,597) (7,534) (7,680) (21,811)
 Pre-tax profit $1,744 $3,129 $2,311 $7,184
 Securities operations
 -- Spear Rees/TCW
 Revenue $3,116 $2,124 $1,758 $6,998
 Expense (2,661) (2,296) (1,987) (6,944)
 Pre-tax profit (loss) $455 ($172) ($229) $54
 Parent company
 expenses
 Depreciation and
 amortization $251 $226 $292 $769
 Other 459 429 428 1,316
 Total $710 $655 $720 $2,085
 Summary -- company
 totals
 Revenue $11,457 $12,787 $11,749 $35,993
 Expense (9,968) (10,485) (10,387) (30,840)
 Pre-tax profit $1,489 $2,302 $1,362 $5,153
 -0- 10/27/92
 /CONTACT: Randy Stratt of Spear Financial Services, 818-543-4440/
 (SFNS) CO; Spear Financial Services Inc. ST: California IN: FIN SU: ERN


BP-JL -- LA002 -- 5122 10/27/92 06:01 EST
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