Pre-Paid Legal Services, Inc. (issue 98:09:02) reported record earnings for the first quarter of 1999. The Green Sheet anticipated that Pre-Paid may offer a lucrative opportunity for ISOs. Well, we werenít far off: Pre-Paid Legal Services quarterly earnings are up 67% and positive cash flow is up 824%
Additionally, total revenues rose 18 percent to $44,583,000 and the companyís membership revenues increased 41 percent to $33,767,000. Cash flow exceeded cost of operations and acquisition of new business and resulted in positive cash flow, an increase of 824%.
Pre-Paid's 20,442 new sales associates (for the first quarter of this year, an increase of 39%) contributed to the company signing 118,814 new members during the same time period. Harland Stonecipher, Chairman, said, "Our continued growth in new memberships written and new sales associates recruited coupled with our new recruiting, presentation and communication systems all contribute to our belief that the best is still ahead of us. These results reflect the increasing market acceptance of our product and the Companyís ability to effectively deliver the services that so many Americans need."
Pre-Paid Legal Services develops, underwrites, and markets legal service plans nationally. The plans provide for legal service benefits, including unlimited attorney consultation, letter writing, document preparation and review, and a general trial defense benefit. More information can be found on the Web at www.pplsi.com
