Life Partners Holdings Inc. has produced a sharp increase in earnings for its latest fiscal quarter.
Life Partners, Waco, Texas, a publicly traded life settlement company, is reporting $7.3 million in net income on $28 million in revenue for the quarter, which ended Nov. 30, up from $5.2 million in net income on $19 million in revenue for the comparable quarter in 2007.
The company, founded in 1991, also reports that it has met the requirements to move its common stock to the NASDAQ Global Select Market.
Life Partners stock has been trading on the OTC Market since 2000.
The company’s stock symbol will continue to be LPHI.
The company reports that it also is starting to make progress with regard to legal proceedings in Colorado.
Securities regulators in Colorado have been clashing with Life Partners over whether Life Partners should have to abide by securities registration rules when seeking capital from Colorado investors.
Between 2004 and 2007, Life Partners raised $11.5 million from about 110 Colorado investors by selling fractionalized interests in viatical and life settlements that were not registered as securities, Joseph says.
Life Partners has argued that the fractional interests are insurance products, not securities.