FlexShopper, Inc. Reports Record Revenue And Lease Origination Results For The Third Quarter 2016
Results for Three Months Ended
- Total revenues increased 128% to
$12.3 million - Lease originations increased from 7,969 to 15,594, or 95.7%
- Net loss before dividends increased to
$2.6 million , compared to a net loss of$2.1 million
The record revenue performance was offset by a related increase in expenses, primarily increased marketing and personnel costs, as the Company's continued expansion of its lease-to-own channels was supported by expanded marketing and operational efforts. In addition, the Company continues to make investments in its technology platforms for scaling and optimization.
Results for Nine Months Ended
- Total revenues increased 145.9% to
$33.3 million - Lease originations increased from 17,980 to 35,741 or 98.8%
- Net loss before dividends increased to
$8.8 million , compared to a net loss of$5.4 million
Income for the nine months ended
"We are very pleased to report another strong quarter of growth, highlighted by the strong triple-digit increase in revenue," said
The Company has received recognition for these efforts to date, highlighted by the Company having recently received recognition as one of the fastest growing mobile e-commerce companies as part of Internet Retailer's 2017 Mobile 500 report.
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"In recognition of the strong growth reported by
The Company is currently trading on the OTC market under the ticker "FPAYD" as part of its application for listing on the Nasdaq exchange.
In coordination with
Investors or media interested in setting up a meeting with management or learning more about the Company may reach out to the IR or media contacts listed below.
About
Forward-Looking Statements
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 on 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.
IR Contacts:
Investor Relations
ir@flexshopper.com
616-233-0500
rburton@lambert-edwards.com
Media Contact:
Amanda Passage, Director
616-233-0500
apassage@lambert-edwards.com
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