Spear Financial Services Reports 4th-Quarter Loss

Spear Financial Services Inc. posted a fourth-quarter net loss of $1.43 million because of a $2.4-million loss from discontinued operations.

Spear, based in Glendale, is divesting its securities brokerage line and other businesses to concentrate solely on its James Mitchell & Co. unit, which markets insurance-related investments.

The loss in the quarter ended Dec. 31 compared with year-earlier profit of $292,990. Excluding the charge, Spear’s latest earnings would have totaled $1 million. Its fourth-quarter revenue surged 81%, to $10.3 million from $5.70 million.

For all of 1992, Spear’s profit slipped 3%, to $1.70 million from $1.75 million, and its annual revenue jumped to $39.2 million from $20.6 million.

Separately, Spear said its stockholders will be asked to change the company’s name to JMC Group Inc. at their annual meeting June 11. The change, which has been approved by Spear’s directors, would reflect the company’s focus on the James Mitchell operation.

Spear also said its NASDAQ stock symbol was changed to JMCG from SFNS, effective Monday.