Spear Financial Reports Sharp Upturn in Profits

Spear Financial Services Inc., a discount stock brokerage based in Glendale, reported that its profit and revenue jumped in the first quarter because of strong growth in sales of annuities and insurance products.

In the three months that ended March 31, Spear earned $1.73 million, a 68% increase from $1.03 million in net income a year before. Spear’s revenue totaled $13.9 million, up 67% from $8.34 million in the first quarter of 1992.

Spear said its first-quarter results were also helped by better-than-expected sales of its recently introduced mutual funds.