Pre-Paid Legal (PPD) Announces 9% Increase in New Memeberships for Q110
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Pre-Paid Legal Services, Inc. (NYSE: PPD) reported new sales associates enrolled and new memberships produced for the 2010 first quarter. During the 1st quarter of 2010, new sales associates enrolled increased 58% to 37,640 from the 23,871 enrolled in the 1st quarter of 2009 and new memberships produced increased 9% to 134,181 during the 2010 quarter compared to 122,595 for the 2009 quarter.
On a sequential quarterly basis, new associates enrolled decreased 39%, new memberships produced decreased 9%, new membership fees written decreased 6% and our active membership base decreased by 22,666 memberships.
Our total active membership fees in force increased less than 1% during the last twelve months. Membership persistency rate (defined as the number of memberships in force at the end of a 12 month period as a percentage of the total of memberships in force at the beginning of such period, plus new memberships sold during such period) was 72.4% for the 12 month period ended March 31, 2010, a decrease from the 72.7% for the 12 month period ended March 31, 2009.
During the 2010 1st quarter, we returned $1.6 million to shareholders through the repurchase of 39,510 shares of common stock, at an average per share price of $39.70. Since April 1999, we have returned $459.4 million to shareholders through the purchase of 15.1 million shares, average price of $30.35 per share, and $17.1 million in dividends for a combined total of $476.5 million representing more than 100% of our net earnings during the same timeframe.
We anticipate announcing our 2010 first quarter financial results on Monday, April 26, 2010 after the market closes.
On a sequential quarterly basis, new associates enrolled decreased 39%, new memberships produced decreased 9%, new membership fees written decreased 6% and our active membership base decreased by 22,666 memberships.
Our total active membership fees in force increased less than 1% during the last twelve months. Membership persistency rate (defined as the number of memberships in force at the end of a 12 month period as a percentage of the total of memberships in force at the beginning of such period, plus new memberships sold during such period) was 72.4% for the 12 month period ended March 31, 2010, a decrease from the 72.7% for the 12 month period ended March 31, 2009.
During the 2010 1st quarter, we returned $1.6 million to shareholders through the repurchase of 39,510 shares of common stock, at an average per share price of $39.70. Since April 1999, we have returned $459.4 million to shareholders through the purchase of 15.1 million shares, average price of $30.35 per share, and $17.1 million in dividends for a combined total of $476.5 million representing more than 100% of our net earnings during the same timeframe.
We anticipate announcing our 2010 first quarter financial results on Monday, April 26, 2010 after the market closes.
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