3rd-Quarter Profit Rises 73% at Spear Financial

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. 30, Spear’s net income rose to $798,000 from $461,000 a year earlier, and its revenue climbed to $11.7 million from $7.18 million.

For the first nine months of this year, Spear’s profit more than doubled from a year earlier, to $3.12 million from $1.45 million, and its nine-month revenue rose 70%, to $36 million from $21.2 million.