Legal-fees insurer Pre-Paid Legal Services Inc. said Monday profit rose 8 percent in the first quarter on a jump in membership revenue and lower expenses.
Pre-Paid earned $15.9 million, or $1.29 per share, from $14.7 million, or $1.08 per share, a year earlier. There were 12.4 million shares outstanding in the most recent period, versus 13.6 million in the year-ago quarter.
Revenue from memberships rose 5 percent to $109.1 million from $103.9 million. By paying a monthly fee, members gain access to attorneys.
Total revenue, which includes some other service fees, rose around 4 percent to $116.2 million from $112.1 million.
General and administrative costs declined to $12.6 million from $12.7 million a year earlier.
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