Life Partners Expects Substantial Increase in First Quarter Earnings and Revenues
Last Update: 1:46 PM ET Jun 4, 2007
WACO, Texas, Jun 04, 2007 (BUSINESS WIRE) -- Life Partners Holdings, Inc. (LPHI ) , parent company of Life Partners, Inc., today issued exceptionally positive earnings guidance for its first quarter ended May 31, 2007. The company expects to report earnings which are approximately nine times greater than the first quarter of last fiscal year. Earnings for the first quarter ended May 31, 2007 are expected to be approximately $0.49 per share compared with earnings of $0.05 per share for the same period last year. Life Partners also expects to report an almost 200% increase in revenues for the quarter. Revenues are expected to be approximately $17.5 million for the first quarter ended May 31, 2007 compared with revenues of approximately $6 million last year.
Brian Pardo, Chief Executive Officer, said, "We believe our outstanding performance this quarter is a direct result of the substantial and continuing growth in the life settlement market. Each day, more and more wealthy seniors are realizing they can turn their unwanted life insurance into cash. This increasing market awareness has made the life settlement market one of the fastest growing segments of the financial services sector. We're very proud to be known as 'The Architect of Life Settlements.'"
The Company plans to officially report its earnings in its Form 10-Q to be filed with the Securities and Exchange Commission on or about July 15, 2007.
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 50,000 transactions for its worldwide client base of over 15,000 high net worth individuals and institutions in connection with the purchase of over 5,700 policies totaling approximately $780 million in face value.