Life Partners Holdings, Inc. Turns Corner To Profitability
BUSINESS WIRE - July 15, 2002 10:11
WACO, Texas, Jul 15, 2002 (BUSINESS WIRE) -- Life Partners Holdings, Inc. (OTCBB:LPHI) said today that it has "turned the corner" to profitability from its operations and anticipates accelerating profitability throughout the remainder of its fiscal year.
LPHI's chairman, Brian Pardo, said, "We are seeing significant interest in viatical and life settlements as an alternative investment, especially from foreign investors, following the losses that many investors incurred in the stock market and particularly the technology sector. With the threat of terrorist attacks, accounting irregularities and general economic uncertainty, many investors are now seeking alternative investment strategies that diversify their portfolios and avoid economically sensitive investments. Our transactions provide diversification and are largely immune from economic downturns. We believe that interest from both individual and institutional investors will continue to grow steadily throughout the next fiscal year."
The company has signed agreements with and has begun purchasing policies for institutional investors from the Pacific Rim area. If the transaction flow increases as projected by these investors, the company expects to earn profits of approximately $1.00 per share after tax, not including revenue from its other transactions.
The company will file its Quarterly Report for the First Quarter of Fiscal Year 2003 with the Securities and Exchange Commission today. The Company reports a profit of $0.02 per share compared with a loss of ($.06) per share during the same period last year. The Company also said it is in sound financial condition and that it anticipates continuing to pay quarterly dividends to shareholders as authorized by its Board of Directors. |
