Press Release Source: Life Partners Holdings, Inc.
Life Partners Announces Increase in 2Q and 6 Month Revenues
Revenues Increase 127% and 174% Respectively - Profitability Achieved During Both Periods
Tuesday October 15, 1:22 pm ET
WACO, Texas--(BUSINESS WIRE)--Oct. 15, 2002-- Life Partners Holdings, Inc. (OTCBB:LPHI - News) today announced that revenues for its Second Quarter ended August 31, 2002 of $2,716,019, representing an increase of 127% over the same period in 2001.
Net Income After Taxes for the same Second Quarter totaled $256,646, or $0.03 per share versus a loss of ($201,935) or ($0.02) per share for the comparative period ended August 31, 2001.
Results for the three months ended August 31, 2002 reflect a 112% increase in the number of life settlements transacted during the quarter as well as an increase in average revenue realized per settlement. Expenses included a non-recurring item equal to earnings of approximately $0.01 per share had such expense that were not written off during the quarter.
Revenues for the six months totaled $4,756,167 representing an increase of a 174% versus revenues of $1,700,535 for the comparative six month period ended August 31, 2001. Net After Tax Income totaled $467,520 for the six month period ended August 31, 2002, compared to a loss of ($685,953) or ($0.08) per share for the same period in 2001.
Brian Pardo, Chairman and CEO of Life Partners Holdings, Inc. said, "I am extremely pleased with the operating results we achieved during our second quarter and the first half of our fiscal year. As we have previously reported, these results reflect the substantial growth not only within our traditional client base of accredited investors, but also an increasing demand for our services among institutional and foreign investors."
Life Partners is a licensed provider of viatical and senior settlements, collectively referred to as Rated Assignments for Value (RAVs). Since its incorporation in 1991, Life Partners Holdings, Inc. has successfully arranged over 4,400 of these transactions for its client base of over 10,000 individuals and institutions. |
