Pre-Paid Legal Services Figures Dip

Pre-Paid Legal Services Inc. reported new sales that associates enrolled decreased 7.5 percent compared to the first quarter of 2008.
Memberships produced dipped 12.6 percent while new membership fees written slipped by 13 percent and our active membership base dropped 2.5 percent compared to the comparable period of the previous year.
On a sequential quarterly basis, new associates enrolled slid 26.6 percent, new memberships produced fell 7.6 percent, new membership fees written decreased 7.9 percent and active membership base declined by 32,091 memberships.
Total active membership fees in force decreased approximately 1.8 percent during the last 12 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 72.7 percent for the 12 month period ended March 31, a decrease from the 73.2 percent for the 12 month period ended March 31, 2008.
Our first quarter 2009 corporate finance focus has again been on share repurchases. During the 1st quarter, we returned $13.5 million to shareholders through the repurchase of 422,505 shares of common stock, at an average per share price of $32.05. Since April 1999, we have returned $420.7 million to shareholders through the purchase of 14.2 million shares, average price of $29.69 per share, and $17.1 million in dividends for a combined total of $437.8 million representing more than 110% of our net earnings during the same timeframe.



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