BOCA RATON, Fla., May 15, 2017 (GLOBE NEWSWIRE) — FlexShopper, Inc. (Nasdaq:FPAY) (“FlexShopperâ€), a leading national online lease-to-own (“LTOâ€) retailer and LTO payment solution provider, announced today its results of continuing operations for the three months ended March 31, 2017.
Three Months Ended March 31, 2017 vs. Three Months Ended March 31, 2016
- Net revenues increased 71% from $10.2 million to $17.4 million
- Lease originations increased from 8,851 to 16,052 or 81%
- Adjusted Gross Profit(1)Â increased 113% from $1.8 million to $3.8 million
- Adjusted EBITDA(1)Â was $(104,394) compared to $(1,879,924) in the prior year period
- Net loss decreased to $1.1 million compared to a net loss of $ 2.6 million in the prior year period
- Net loss after dividends on Series 2 Convertible Preferred Shares decreased to $1.6 million or $0.30 per diluted share compared to $2.6 million or $0.50 per diluted share in the prior year period
(1) Adjusted Gross Profit and Adjusted EBITDA are non-GAAP financial measures. Refer to the definitions and reconciliation of these measures in the tables at the end of this release.
Brad Bernstein, CEO, stated, “We are pleased to report another quarter of significant growth and equally important a quarter of narrowing our first quarter loss from the same period one year ago as a result of optimizing our marketing spend, and continuing to grow with new and repeat customers.  Our improved operating performance compared to the same period last year demonstrates the scaling and profitability potential of our model as we continue to penetrate the online lease-to-own market opportunity with the best selection of products compared to our peers. We are already delivering on our 2017 strategic initiatives with the launch of our new ecommerce site on May 2, which provides a faster and improved user experience. We believe our new site experience will have a higher rate of converting visitors to customers who enter into leases.â€
