Attached files
| file | filename |
|---|---|
| 8-K - LIFE PARTNERS HOLDINGS INC | v207830_8k.htm |
LIFE
PARTNERS REPORTS THIRD FISCAL QUARTER AND
NINE
MONTHS RESULTS
WACO, TX — January 10, 2011 — Life
Partners Holdings, Inc. (Nasdaq GS: LPHI) today announced a 15% decrease
in net income, from $8.4 million or $0.57 per share for the three months ended
November 30, 2009, to $7.1 million or $0.47 per share for the three months ended
November 30, 2010. Third quarter revenues decreased in the current
period by 16%, from $31.0 million to $26.2 million.
For the
nine months ended November 30, 2010, the company reported a 3% decrease in net
income; $22.8 million or $1.53 per share compared to $23.5 million or $1.58 per
share during the same period last year.
The
company’s balance sheet remained strong with $28.6 million in cash on hand, a
current ratio of 4 to 1 and a 15% increase in shareholders’ equity.
Brian
Pardo, Chief Executive Officer, said, “While revenues for this quarter were
somewhat lower than expected, our balance sheet grew stronger and investor
interest in life settlements remains consistent. We believe that the
volatility of the financial markets over the past few years underscores the
importance of having a portion of investment capital in long-term,
non-correlated assets like life settlements.”
Among the
financial results reported are the following:
THREE
MONTHS
| 11-30-2010 | 11-30-2009 |
% of Change
|
||||||||
|
Revenues
|
$26.2
million
|
$31.0
million
|
16%
decrease
|
|||||||
|
Income from
Operations
|
$10.7
million
|
$12.7
million
|
16%
decrease
|
|||||||
|
Pre-tax
Income
|
$11.2
million
|
$13.2
million
|
15%
decrease
|
|||||||
|
Net
Income
|
$
7.1 million
|
$
8.4 million
|
15%
decrease
|
|||||||
|
Earnings Per
Share
|
$
0.47 per share
|
$
0.57 per share
|
18%
decrease
|
|||||||
NINE
MONTHS
|
11-30-2010
|
11-30-2009
|
% of Change
|
||||||
|
Revenues
|
$83.3
million
|
$87.5
million
|
5%
decrease
|
|||||
|
Income from
Operations
|
$35.0
million
|
$35.0
million
|
-
|
|||||
|
Pre-tax
Income
|
$35.7
million
|
$36.7
million
|
3%
decrease
|
|||||
|
Net
Income
|
$22.8
million
|
$23.5
million
|
3%
decrease
|
|||||
|
Earnings Per
Share
|
$
1.53 per share
|
$
1.58 per share
|
3%
decrease
|
4
BALANCE
SHEET HIGHLIGHTS
|
11-30-2010
|
11-30-2009
|
|||||||
|
Cash
|
$28.6
million
|
$22.8
million
|
||||||
|
Current
Assets
|
$47.5
million
|
$42.4
million
|
||||||
|
Current
Liabilities
|
$11.8
million
|
$12.3
million
|
||||||
|
Current
Ratio
|
4.0 to
1.0
|
3.4
to 1.0
|
||||||
|
Shareholders
Equity
|
$68.8
million
|
$59.8
million
|
||||||
Life Partners is the world’s
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 completed over 126,000 transactions
for its worldwide client base of over 27,000 high net worth individuals and
institutions in connection with the purchase of over 6,400 policies totaling
over $2.8 billion in face value.
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, investor interest in life settlements, the market for our
services, the trends in the life settlement market and our experience within
that market, 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-K. 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.
LPHI-G
************
FOR MORE INFORMATION,
CONTACT:
Shareholder
Relations (254) 751-7797
or info@lifepartnersinc.com
Visit our
website at: www.lphi.com
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