Spear Reports 71% Rise in 2nd-Quarter Profit

Spear Financial Services Inc. said its second-quarter profit soared 71% from a year earlier on a 56% increase in revenue.

Spear, a Glendale-based provider of insurance-related investment products and discount-brokerage services, said its net income in the quarter that ended June 30 climbed to $1.30 million from $759,000 a year earlier. Its revenue rose to $12.8 million from $8.20 million.

“Annuity sales through our subsidiary James Mitchell & Co. were very strong” in the latest quarter, Spear Chairman Charles Spear said in a statement.

For the first half of 1992, Spear Financial’s profit more than doubled from a year earlier, to $2.33 million from $993,000, and its six-month revenue increased 73%, to $24.2 million from $14.0 million.