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10 December, 2023 19:11 IST
GWG Holdings swings to first-quarter loss on a YOY basis
Source: IRIS | 29 May, 2017, 02.00PM

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GWG Holdings, Inc. (GWGH) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $0.05 million, or $ 0.32 a share in the quarter, against a net profit of $1.59 million, or $0.18 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $10.83 million, or $1.25 a share compared with $10.98 million or $1.37 a share, a year ago.

Revenue during the quarter grew 12.20 percent to $20.09 million from $17.90 million in the previous year period.

"This was another strong quarter for us, one in which we made significant progress on several important corporate initiatives that we expect will lead to significant growth opportunities almost immediately and in the quarters to come," said Jon Sabes, chairman and chief executive officer. "We closed out our $100 million Redeemable Preferred Stock (RPS) offering and introduced a new $150 million Series 2 Redeemable Preferred Stock (RPS2) offering that continues to see growing acceptance as broker-dealers, financial advisors, and investors better understand our business and its potential."


Assets outpace liabilities growth
Total assets increased 49.62 percent or $219.12 million to $660.72 million on Mar. 31, 2017. On the other hand, total liabilities were at $570.76 million as on Mar. 31, 2017, up 34.78 percent or $147.30 million from year-ago.

Return on assets stood at 2 percent in the quarter, down 0.43 from 2.43 percent in the last year period. Return on equity was negative at 2.13 percent in the quarter against a positive 5.92 percent in the last year period.


Investments increase substantially
Investments stood at $545.40 million as on Mar. 31, 2017, up 40.78 percent or $157.99 million from year-ago.

Total debt was at $547.70 million as on Mar. 31, 2017, up 36.09 percent or $145.25 million from year-ago. Shareholders equity stood at $89.95 million as on Mar. 31, 2017, up 396.04 percent or $71.82 million from year-ago. As a result, debt to equity ratio went down 1610 basis points to 6.09 percent in the quarter from 22.19 percent in the last year period.


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