Boston, MA 08/15/2014 (wallstreetpr) – JGWPT Holdings Inc (NYSE:JGW) is U.S. based direct response marketing company providing liquidity to the customers. The company declared its second quarter satisfactory result on August 14, 2014.
The Executive Speech:
The Chief Executive Officer of JGWPT Holdings Inc (NYSE:JGW), Stewart A. Stockdale said, the company looked forward to capitalizing on the sturdy financial result of 2Q through leveraging the abilities to strengthen the company’s core business for the days to come. However, the company also aims to diversify the business, said the CEO. The 2Q result reflects the sequential development in the TRB along with adjusted net income, while the company focuses on cost control process, says the CFO John Schwab.
Highlights On The 2Q Financial Result:
TRB:
In the 2Q earnings report, JGWPT posted total receivables balance (TRB) purchases were $287.7 million, a slightly lesser than the last year’s same quarter, but better than 1Q2014. In 2Q2013, the company posted TRB of $294.8 million, while, in 1Q2014, the TRB was $260.6 million.
Adjusted Net Income And Net Income:
The adjusted net income for the second quarter increased to $17.2 million, compared to $10.5 million in 2Q2013. JGWPT reported adjusted net income of $10.1 million in 1Q of this year.
The net income climbed up to $21.7 million, while in the last year JGWPT Holdings Inc (NYSE:JGW) faced net loss of $21.6 million. The change in net revenue is steered by decreasing the cost of funds.
Revenues:
However, the revenue for this quarter was tremendously superior to last year. JGWPT earned revenues of $123.5 million, which is almost 85% higher than the figure reported in 2Q2013. In the preceding year same quarter, JGWPT Holdings Inc (NYSE:JGW)’s revenue was $66.7 million. The company acknowledged that the revenue growth is driven by reduction in cost of funds, other financial receivables and also due to decreasing in long term debts.
