BOCA RATON, Fla., March 30, 2016 /PRNewswire/ -- FlexShopper, Inc. (OTCQB Symbol: FPAY) ("FlexShopper") announced today its results of continuing operations for the twelve months ended December 31, 2015.
Twelve Months Ended December 31, 2015 vs. Twelve Months Ended December 31, 2014
- Total revenues increased 312% from $5.0 million to $20.7 million
- Lease originations increased from 13,064 to 38,731 or 196%
In the second quarter of 2014, FlexShopper successfully sold its Anchor Funding Services business. Income from discontinued operations was $127,789 and $687,071 for the twelve months ended December 31, 2015 and 2014, respectively. This income combined with the net losses from continuing operations resulted in net losses of $8,791,104 ($.18 per share) and $3,730,333 ($.13 per share) for the twelve months ended December 31, 2015 and 2014, respectively.
2015 and Recent Developments
- More than 20,000 leases originated during strong fourth quarter holiday season
- Ended the year with five payment method integrations on third party e-commerce sites
- Launched FlexShopper Wallet - A mobile application enabling consumers to lease-to-own merchandise from any major retailer with their smartphone
- Appointed banking industry veteran, Ravi Radhakrishnan as Chief Risk Officer to lead the Company's data science team in continued optimization of lease portfolio performance
Brad Bernstein, CEO, stated, "2015 was a breakthrough year for FlexShopper as we demonstrated our ability to scale our technology platform and customer service department to meet accelerating lease originations through the holiday season. We are pleased with the significant year-over-year growth in our ecommerce business, primarily driven by increased traffic to our FlexShopper.com marketplace. We feel we have a significant opportunity for continued expansion in our direct to consumer and retail partner channels. At the same time we are very focused on the continuous refinement of our 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.