Spear Financial Services Reports Quarterly Profit

Spear Financial Services Inc. in Glendale reported a second-quarter profit of $491,591, compared with a year-earlier loss of $17,505.

The company, which provides insurance products and discount stock brokerage, said the improved earnings in the quarter that ended June 30 came on a 15% increase in revenue, to $6.32 million from $5.52 million.

For the first half of this year, Spear’s net income jumped to $484,251 from $43,569 a year earlier, and its six-month revenue climbed 16% to $11.7 million from $10.1 million.