WellCare Health Plans Inc. (WCG) has announced its quarterly results. It has reported that it has suffered a loss for the second quarter of the current financial year as compared to similar quarter in the previous financial year.

Last year, it had registered a profit for the same quarter. As per the company officials, the main reason for such loss may be charges associated with government investigations and related litigation.

Moreover, there has been a decline in the net income of the firm in the current year against its preceding fiscal year. The report also suggests that, there will be reasonable drop in the revenues from the premium earning and lower gross margins on an adjusted basis.

The net loss of the company in the second quarter is reported to be$128.87 million which is $3.05 per share. Last year, for its corresponding quarter, the net income was $37.01 million or $0.88 per share.

Meanwhile, the company has also announced its future plans on restructuring. This plan includes work force reduction and eliminating open positions in the company as well.