Life Partners Fiscal 4Q Profit Rises 56 Percent

WACO, Texas (AP) — Life Partners Holdings Inc. said Friday its fiscal fourth-quarter profit rose 56 percent on higher demand for life-insurance policy settlements.

Life Partners seeks to buy life-insurance policies of terminally ill patients and the elderly at a discount to their face value.

The company earned $7 million, or 48 cents per share, for the period ended Feb. 28, compared with profit of $4.5 million, or 30 cents per share, a year earlier. Revenue rose 45 percent to $26.3 million from $18.1 million. The fiscal fourth quarter ended Feb. 28. and per-share results are adjusted for a 5 to 4 stock split, which occurred Feb. 16.

For the full year, the company earned $27.2 million, or $1.83 per share, compared with profit of $18.8 million, or $1.25 per share, in the prior fiscal year.

"At a time when many companies are facing severe downturns in earnings, we are proudly growing our business and continuing to deliver value to our shareholders and our clients," said Chief Executive Brian Pardo, in a statement.

Shares of Life Partners rose $1.50, or 10.5 percent, to $15.76 in afternoon trading. The stock has traded between $13.92 and $36.06 over the past 52 weeks.