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Spear Financial Services Inc

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BUSINESS
September 8, 1992
James K. Mitchell, an executive of Spear Financial Services Inc., has lifted his stake in the Glendale-based company to 9.3%. Mitchell is president of James Mitchell & Co., a marketer of insurance-related investments purchased by Spear in 1988. Spear also operates a discount brokerage service. As part of that purchase, Spear last month paid Mitchell $993,750 and 51,688 shares of Spear common stock, according to a filing with the Securities and Exchange Commission.
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BUSINESS
June 15, 1993
Stockholders of Spear Financial Services Inc. in Glendale approved a proposal to change the firm's name to JMC Group Inc., effective June 30. The name change reflects the firm's recent divestiture of securities operations in order to focus on its core business of marketing annuities, life insurance and mutual funds to customers of financial institutions.
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BUSINESS
April 6, 1993
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.
BUSINESS
June 1, 1993
Spear Financial Services Inc. in Glendale said it has agreed to sell the discount brokerage accounts of its Spear Rees & Co. subsidiary to Quick & Reilly Inc., a large New York discount brokerage firm. The transaction is expected to be completed this month. Spear Financial also said it has sold stock in TCW Inc., its specialist operation on the Pacific Stock Exchange, and the stock of two inactive broker-dealer subsidiaries to its former chairman, Charles M. Spear.
BUSINESS
June 15, 1993
Stockholders of Spear Financial Services Inc. in Glendale approved a proposal to change the firm's name to JMC Group Inc., effective June 30. The name change reflects the firm's recent divestiture of securities operations in order to focus on its core business of marketing annuities, life insurance and mutual funds to customers of financial institutions.
BUSINESS
May 26, 1992
Spear Financial Services Inc. in Glendale said it received $870,000 from Bank of America Arizona as part of the bank's decision to stop using Spear's services. Spear's James Mitchell & Co. subsidiary sold annuities and other insurance-related investments in the offices of the bank, which formerly was Security Pacific Bank Arizona before BankAmerica Corp. recently purchased it. The bank previously announced that it plans to market the investments itself.
BUSINESS
March 30, 1993
Spear Financial Services Inc., which mainly markets insurance-related investments that carry tax advantages, says it has entered the mutual-fund business. The Glendale-based concern said its James Mitchell & Co. unit now sells five funds, including stock and bond funds, through Central Fidelity Bank in Richmond, Va. The bank also manages the funds. Spear said it entered the business to broaden its base of customers, who currently are mostly individuals nearing retirement age.
BUSINESS
May 4, 1993
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.
BUSINESS
May 7, 1991
Spear Financial Services Inc. in Glendale posted a first-quarter profit of $233,570, compared with a year-earlier loss of $7,340. Spear, which sells insurance-related investments and provides discount brokerage services, said the latest earnings came on a 10% gain in revenue, to $5.88 million from $5.36 million. The company said the gains reflected improved results at both its securities business and its insurance operation.
BUSINESS
April 21, 1992
Spear Financial Services Inc., a Glendale-based provider of financial services, said its first-quarter profit soared to $1.03 million from $234,000 in the year-earlier quarter. Spear, which offers insurance-related investments and operates a discount brokerage, said the latest earnings in the quarter that ended March 31 included a $185,000 gain from an accounting change. The company's revenue nearly doubled, to $11.5 million from $5.89 million a year earlier.
BUSINESS
May 4, 1993
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.
BUSINESS
April 6, 1993
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.
BUSINESS
March 30, 1993
Spear Financial Services Inc., which mainly markets insurance-related investments that carry tax advantages, says it has entered the mutual-fund business. The Glendale-based concern said its James Mitchell & Co. unit now sells five funds, including stock and bond funds, through Central Fidelity Bank in Richmond, Va. The bank also manages the funds. Spear said it entered the business to broaden its base of customers, who currently are mostly individuals nearing retirement age.
BUSINESS
March 16, 1993
Spear Financial Services Inc. said it will fight state charges that its James Mitchell & Co. unit violated Florida laws in the sale of annuities. Through Mitchell, Glendale-based Spear Financial mainly markets insurance-related investments--such as annuities--through banks and other financial institutions. But the Florida Department of Insurance has contended that Mitchell's activities run afoul of state rules that limit a financial institution's ability to market insurance products, Spear said.
BUSINESS
January 12, 1993
Charles M. Spear, who resigned recently as chairman and chief executive of Spear Financial Inc., also has sold nearly his entire stake in the Glendale-based financial services concern back to the company. In a filing with the Securities and Exchange Commission, Spear said he sold all but 1,000 of his about 500,000 common shares for $7.51 a share, or $3.7 million, during December. In announcing Spear's resignation last month, the company had said it planned to buy back the stock.
BUSINESS
November 3, 1992
Spear Financial Services Inc., citing a strong performance by its James Mitchell & Co. unit, said its third-quarter profit jumped 73% from a year earlier on a 64% increase in revenue. Spear, based in Glendale, markets insurance-related investments through Mitchell. The company also provides discount brokerage and other securities-related services, but is planning to divest those operations to focus on Mitchell's business. In the quarter that ended Sept.
BUSINESS
August 4, 1992
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.
BUSINESS
January 28, 1992
Spear Financial Services Inc. in Burbank said it repurchased 130,000 shares of its common stock from one of its executives, James K. Mitchell, who runs Spear's James Mitchell & Co. unit. Spear, which markets insurance-related investments and provides discount brokerage services, said it bought the stock for $3.75 a share, or $487,500. Mitchell also plans to sell an additional 70,000 shares in public transactions, Spear said.
BUSINESS
October 6, 1992
Spear Financial Services Inc. in Glendale said it plans to divest its discount brokerage and stock exchange specialist operations to focus entirely on its main business of marketing insurance-related investments. Spear, through its James Mitchell & Co. unit, markets annuities and other insurance-related investments through banks and other financial institutions. Mitchell accounted for 69% of Spear's $29.
BUSINESS
September 8, 1992
James K. Mitchell, an executive of Spear Financial Services Inc., has lifted his stake in the Glendale-based company to 9.3%. Mitchell is president of James Mitchell & Co., a marketer of insurance-related investments purchased by Spear in 1988. Spear also operates a discount brokerage service. As part of that purchase, Spear last month paid Mitchell $993,750 and 51,688 shares of Spear common stock, according to a filing with the Securities and Exchange Commission.
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