Spear Financial Services Posts Big Earnings Gain

Spear Financial Services Inc., a Glendale provider of insurance products and discount brokerage services, said its third-quarter profit soared to $466,285 from $75,955 a year earlier.

The jump in earnings in the quarter that ended Sept. 30 came on a 37% increase in Spear’s revenue, to $7.4 million from $5.4 million. Spear attributed most of the gains to its James Mitchell & Co. unit, which markets insurance-related investments through banks and other financial institutions.

For the first nine months of 1990, Spear’s profit surged to $950,535 from $119,524, and its nine-month revenue climbed 23% to $19.1 million from $15.5 million.