Spear Financial Expects Loss Despite Higher Sales

Spear Financial Services indicated that it expects to post a net loss for 1989, but that the deficit should be narrower than the $1.1 million it lost the previous year.

Spear, a Glendale-based provider of discount brokerage and insurance services, has not yet released its official 1989 results. But the company said it expects to have a pretax loss of about $450,000 for the year, compared with a pretax loss of $1.52 million a year earlier.

Despite the smaller loss, “we are disappointed with these results in light of a revenue increase which should exceed 75%,” Chairman Charles M. Spear said in a statement. Spear’s revenue in 1988 was $11.5 million.