Industry News Archive
CORRECTING and REPLACING Life Partners Reports Third Quarter and Nine Months Results
CORRECTION…by Life Partners Holdings, Inc.
Headline of release should read: Life Partners Reports Third Quarter and Nine Months Results (sted ...Second Quarter and Nine Months Results).
The corrected release reads:
LIFE PARTNERS REPORTS THIRD QUARTER AND NINE MONTHS RESULTS
Life Partners Holdings, Inc. (Nasdaq:LPHI) today announced a 162% increase in net income of $847,606 or $0.09 per share for the three months ended November 30, 2006, compared to $323,470 or $0.03 per share reported for the same period last year. Revenues increased by 5% over the same period last year while total business volume, as measured in policy face values transacted, increased by 22% over last year to just over $35 million. For the nine months ended November 30, 2006, the company reported a 48% increase in net income of $1,542,341 or $0.16 per share compared to $1,040,096 or $0.11 per share during the period last year.
Brian Pardo, Chief Executive Officer, said, “We are very pleased with our substantial growth in net income and the continuing growth in our average revenue per settlement. We expect the current trend of increasing revenues and total business volume throughout the remainder of our fiscal year.”
Life Partners is the world’s the oldest and one of the most active companies in the United States engaged in the secondary market for life insurance, commonly called life settlements. Since its incorporation in 1991, Life Partners has generated a total business volume of over $670 million in face value of policies for its worldwide client base of approximately 15,000 high net worth individuals and institutions.
Safe Harbor - This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. The statements in this news release that are not historical statements, including statements regarding future financial performance, the market for our services, and projected total business volume, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see our most recent Form 10-KSB. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED NOVEMBER 30, 2006 AND 2005
