Spear Financial Profit Dips 1% From Year Earlier

Spear Financial Services Inc., a Glendale marketer of insurance-related investments and a discount securities broker, said its third-quarter profit slipped 1% from a year earlier on a 3% decline in revenue.

In the quarter ended Sept. 30, Spear’s net income fell to $460,634 from $466,285 a year earlier, and its revenue dropped to $7.18 million from $7.40 million.

The earnings decline would have been worse except Spear had a $170,000 tax benefit in the latest quarter.

Despite the latest declines, Spear’s profit for the first nine months of 1991 was up 53%, to $1.45 million from $950,535, and its nine-month revenue rose 11%, to $21.2 million from $19.1 million.