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.