The J.G. Wentworth Company reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company's revenues were $84.3 million, a decrease of $43.0 million from the $127.3 million reported in the fourth quarter 2014. The decrease was due to a $57.6 million decline in the Structured Settlements & Annuity Purchasing segment's revenue that was primarily the result of a decline in unrealized gains on VIE and other finance receivables, long-term debt and derivatives. Net loss was $107.4 million compared to net income of $27.7 million in the fourth quarter 2014. The $135.1 million unfavorable change was principally due to a $145.9 million decline in Structured Settlement's pre-tax income due to: a $57.6 million decline in revenue and a $91.7 million non-cash impairment charge in the fourth quarter of 2015 to write-down goodwill and intangible assets related to a prior year acquisition to their respective fair values. Adjusted total revenues were $52.2 million, a decrease of $11.6 million from $63.8 million in the fourth quarter 2014. The decrease was primarily due to a $26.2 million decline in Structured Settlement's Adjusted Total Revenues that was attributable to a $26.8 million decline in Spread Revenue (Adjusted realized and unrealized gains on VIE and other finance receivables, long-term debt and derivatives, net of the gain (loss) on swap terminations) resulting from a decrease in Total Receivable Balances purchases and a combination of changes in cost of funds and purchase yields. Adjusted net income was a loss of $10.5 million compared to adjusted net income of $9.1 million in the fourth quarter 2014. The $19.6 million unfavorable change was due to a $19.6 million decline in Structured Settlement's ANI that was principally the result of the $26.8 million decline in Spread Revenue. Loss before income taxes was $113.2 million compared with income of $32.7 million a year ago. Net loss attributable to the company was $54.97 million or $3.56 per basic and diluted share compared with net income of $11.8 million or $0.81 per basic and diluted share a year ago. Adjusted EBITDA was $2.97 million compared with $23.0 million a year ago.

For the year, the company's revenues were $296.4 million, a decrease of $198.0 million from the $494.4 million for the full year 2014. The decrease was primarily due to a $224.7 million decline in Structured Settlement's revenue partially offset by $26.7 million in revenue generated by Home Lending. Net loss was $197.1 million, compared to net income of $96.6 million for the full year 2014. The $293.7 million unfavorable change was principally due to a $335.1 million decline in Structured Settlement's pre-tax income due to: a $224.7 million decline in revenues and $121.6 million in non-cash impairment charges in 2015 to write-down goodwill and intangible assets to their respective fair values. Adjusted total revenues were $230.2 million, a decrease of $28.8 million from the $259.0 million in 2014. The decrease was due primarily to a $57.1 million decline in Structured Settlement's Spread Revenue that was attributable to a decline in TRB purchases and a combination of changes in cost of funds and purchase yields. Partially offsetting this decrease was $26.7 million in revenue generated by Home Lending. Adjusted net income was $0.6 million compared to adjusted net income of $43.6 million for the full-year 2014. The $43.0 million decline was due to a $45.0 million decline in Structured Settlement's ANI that was principally the result of the $56.7 million decrease in Spread Revenue partially offset by an $8.5 million decline in advertising expense and a $1.9 million decline in debt issuance costs. Adjusted EBITDA was $52.3 million for the full year 2015 compared to $96.7 million for the full year 2014. Loss before income taxes was $215.4 million compared with income of $117.8 million a year ago. Net loss attributable to the company was $95.3 million or $6.49 per basic and diluted share compared with net income of $31.2 million or $2.40 per basic and diluted share a year ago.