NEW YORK (TheStreet) --Shares of JGWPT Holdings Inc. (JGW) are plummeting -16.45% to $11.11 on Wednesday after the company said net income for the 2014 first quarter decreased to $34.5 million, from $89.7 million for the same period last year.
Adjusted net income was $10.1 million for the most recent quarter versus $23.5 million from the year ago quarter.
The company, which provides liquidity to customers by purchasing structured settlements, annuity and lottery payments streams, reported a 25.4% decline in revenue to $136.6 million, compared to $182.3 million from the 2013 first quarter.
"Our performance in the past quarter demonstrates improved results from the fourth quarter of 2013 and a strong balance sheet that will allow us to explore broader options to diversify our product offerings through acquisition opportunities and strategic joint ventures." said JGWPT CEO David Miller.
JGW data by YCharts