Leading Online Lease-to-Own Retailer Posts Significant Year-over-Year Growth in Holiday Lease Originations
BOCA RATON, Fla., Nov. 28, 2018 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (FPAY) (“FlexShopper” or the “Company”), a leading national online lease-to-own (“LTO”) retailer and LTO payment solution provider, today announced record gross lease originations for Black Friday and the four day period from Black Friday through Cyber Monday. Lease originations were as follows:
- Black Friday gross lease originations increased from $474,357 to $683,342, or 44.1%, compared to Black Friday last year.
- Gross lease originations for the period from Black Friday through Cyber Monday increased from $1.5 million to $2.1 million, or 39.7%, compared to the same holiday period last year.
Brad Bernstein, CEO, stated, “We are excited and pleased to report continued lease origination growth over these key shopping days this holiday season, which we expect will translate into revenues and gross profits in future periods. There are multiple reasons for the increase, including well-executed underwriting and marketing initiatives driving new customer originations as well as our growing base of repeat customers for whom our innovative and unique online offering continues to resonate.”
Brad Bernstein will present at the 11th annual LD Micro Main Event in Bel-Air, California. The Company's presentation will take place on Wednesday, December 5, 2018 from 11:30 AM-12:00 PM Pacific Time. A live webcast of the presentation will be available at http://wsw.com/webcast/ldmicro15/fpay/ and on the Investor Relations section of the Company’s website at:
The Company will update investors on its progress in 2018 and investors attending the conference will also have an opportunity to meet with the Company one-on-one to learn more about the Company's business.
FlexShopper is a leader in the virtual lease-to-own (“LTO”) market, which represents transactions occurring outside of traditional brick and mortar rent-to-own stores. Since December 2013, we have developed a business that provides brand name electronics, home furnishings and other durable goods to consumers on an LTO basis through an e-commerce marketplace and patented LTO payment method. FlexShopper also provides LTO technology platforms to retailers and e-retailers to facilitate transactions with consumers who want to acquire their products, but do not have sufficient cash or credit. FlexShopper approves consumers utilizing its proprietary consumer screening model, collects from consumers under an LTO contract and funds the LTO transactions by paying merchants for the goods.
All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” or other comparable terms. Examples of forward-looking statements include, among others, statements we make regarding the expansion of our lease-to-own program; expectations concerning our partnerships with retail partners; investments in, and the success of, our underwriting technology and risk analytics platform; our ability to collect payments due from customers; expected future operating results and; expectations concerning our business strategy. 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, among others, the following: our limited operating history, limited cash and history of losses; our ability to obtain adequate financing to fund our business operations in the future; the failure to successfully manage and grow our FlexShopper.com e-commerce platform; our ability to maintain compliance with financial covenants under our credit agreement; our dependence on the success of our third-party retail partners and our continued relationships with them; our compliance with various federal, state and local laws and regulations, including those related to consumer protection; the failure to protect the integrity and security of customer and employee information; and the other 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 Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q. The forward-looking statements made in this release speak only as of the date of this release, and FlexShopper assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.