FlexShopper Reports Q1 2016 Results And 170% Revenue Growth

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.

Management Commentary

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… Read more

 

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