BOCA RATON, Fla., May 16, 2016 /PRNewswire/ -- FlexShopper, Inc. (OTCQB Symbol: FPAY, "FlexShopper") announced today its results of continuing operations for the three months ended March 31, 2016.
Three Months Ended March 31, 2016 vs. Three Months Ended March 31, 2015
- Total revenues increased 170% from $3.8 million to $10.2 million
- Lease originations increased from 3,760 to 8,851 or 135%
In the second quarter of 2014, FlexShopper successfully sold its Anchor Funding Services business. Income from discontinued operations was $0 and $74,700 for the three months ended March 31, 2016 and 2015, respectively. This income combined with the net losses from continuing operations resulted in net losses of $2,613,703 ($.05 per share) and $1,393,723 ($.04 per share) for the three months ended March 31, 2016 and 2015, respectively. For additional information related to FlexShopper's first quarter results, please see FlexShopper's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 filed with the Securities and Exchange Commission on May 16, 2016.
Brad Bernstein, CEO, stated, "We are pleased to start 2016 with significant first quarter growth in our ecommerce business, primarily driven by increased traffic to our FlexShopper.com marketplace. We believe FlexShopper is well positioned with our direct to consumer and retail partner channels to continue to take advantage of the significant opportunity in online lease-to-own. In addition to hiring a Chief Risk Officer in the first quarter, we continue to invest in our risk and technology human resources for continued optimization of our order processing, marketing and risk strategies to enhance profitability."
FlexShopper, LLC, a wholly owned subsidiary of FlexShopper, Inc. (FPAY) is a financial and technology company that provides brand name durable goods to consumers on a lease-to-own (LTO) basis through its ecommerce marketplace (www.FlexShopper.com) and patent pending LTO payment method. FlexShopper also provides LTO technology platforms to retailers and e-tailers to enter into transactions with consumers that want to obtain durable goods, but do not have sufficient cash or credit. FlexShopper also funds the LTO transactions by paying merchants for the goods and collecting from consumers under an LTO contract.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports of Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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SOURCE FlexShopper, Inc.