GWG Holdings, Inc (GWGH) saw its loss narrow to $3.10 million, or $0.52 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $4.77 million, or $0.80 a share. On the other hand, adjusted net income for the quarter stood at $11.96 million, or $1.42 a share compared with $7.08 million or $0.88 a share, a year ago. Revenue during the quarter surged 183.51 percent to $16.87 million from $5.95 million in the previous year period.
Total expenses increase substantially
Operating loss for the quarter was $4.25 million, compared with an operating loss of $7.62 million in the previous year period. “This was a break-out year for the Company’s continued growth and development. We have made important progress in key areas that have created an engine of future growth for the Company,” said Chief Executive Officer Jon Sabes.
Assets outpace liabilities growthTotal assets increased 61.55 percent or $245.08 million to $643.24 million on Dec. 31, 2016. On the other hand, total liabilities were at $575.94 million as on Dec. 31, 2016, up 50.77 percent or $193.94 million from year-ago. Return on assets stood at 1.67 percent in the quarter, up 0.75 from 0.92 percent in the last year period. Return on equity for the quarter stood at negative 3.92 percent as compared to a negative 27.41 percent for the previous year period.
Investments increase substantially
Investments stood at $511.19 million as on Dec. 31, 2016, up 43.33 percent or $154.54 million from year-ago. Total debt was at $553.78 million as on Dec. 31, 2016, up 52.54 percent or $190.73 million from year-ago. Shareholders equity stood at $67.30 million as on Dec. 31, 2016, up 316.44 percent or $51.14 million from year-ago. As a result, debt to equity ratio went down 1424 basis points to 8.23 percent in the quarter from 22.47 percent in the last year period.
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