BOCA RATON, Fla., May 13, 2024 (GLOBE NEWSWIRE) -- FlexShopper, Inc. (NASDAQ:FPAY) ("FlexShopper"), a leading national online lease-to-own ("LTO") retailer and payment solution provider for underserved consumers, today announced its financial results for the quarter ended March 31, 2024. Results for Quarter Ended March 31, 2024, vs. Quarter Ended March 31, 2023: Total fundings decreased 1.1% to $26.0 million from $26.3 million Total revenues increased 10.1% to $33.9 million from $30.8 million Gross profit increased 30.9% to $17.8 million from $13.6 million Adjusted EBITDA1 increased by $1.2 million to $7.6 million from $6.4 million Operating income increased 19.0% to $5.0 million from $4.2 million Net loss attributable to common stockholders of $(1.3) million, or $(0.06) per diluted share, compared to net loss attributable to common stockholders of $(1.2) million, or $(0.06) per diluted share Core earnings1 increased 64.7% to a gain of $354 thousand from a gain of $215 thousand Conference Call and Webcast Details Conference call Date: Tuesday, May 14, 2024Time: 8:00 a.m. Eastern TimeParticipant Dial-In Numbers: Domestic callers: (877) 407-2988International callers: +1 (201) 389-0923 Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=rigoYWk3 The call will also be simultaneously webcast over the Internet via the "Investor" section of the Company's website at www.flexshopper.com or by clicking on the conference call link: https://hd.choruscall.com/InComm/?callme=true&passcode=13730035&h=true&info=company&r=true&B=6 An audio replay of the call will be archived on the Company's website. 1 Adjusted EBITDA and core earnings are a non-GAAP financial measure. Refer to the definition and reconciliation of these measures under "Non-GAAP Measures".   FLEXSHOPPER, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)     For the three months endedMarch 31,     2024     2023   Revenues:           Lease revenues and fees, net $ 25,833,736     $ 24,714,158   Loan revenues and fees, net of changes in fair value   7,331,277       6,071,617   Retail revenues   779,860       -   Total revenues   33,944,873       30,785,775                   Costs and expenses:               Depreciation and impairment of lease merchandise   14,685,863       15,345,788   Loan origination costs and fees   821,827       1,833,627   Cost of retail revenues   611,204       -   Marketing   1,765,572       1,099,189   Salaries and benefits   4,083,918       2,726,890   Operating expenses   6,932,507       5,627,708   Total costs and expenses   28,900,891       26,633,202                   Operating income   5,043,982       4,152,573                   Interest expense including amortization of debt issuance costs   5,315,094       4,531,327   Loss before income taxes   (271,112 )     (378,754 ) Benefit from income taxes   56,933       148,539   Net loss   (214,179 )     (230,215 )                 Dividends on Series 2 Convertible Preferred Shares   1,069,456       972,233   Net loss attributable to common and Series 1 Convertible Preferred shareholders $ (1,283,635 )   $ (1,202,448 )                 Basic and diluted loss per common share:               Basic $ (0.06 )   $ (0.06 ) Diluted $ (0.06 )   $ (0.06 ) WEIGHTED AVERAGE COMMON SHARES:               Basic   21,586,019       21,751,304   Diluted   21,586,019       21,751,304     FLEXSHOPPER, INC.CONDENSED CONSOLIDATED BALANCE SHEETS     March 31,2024     December 31,2023     (unaudited)         ASSETS           CURRENT ASSETS:           Cash $ 5,593,750     $ 4,413,130   Lease receivables, net   49,316,032       44,795,090   Loan receivables at fair value   39,457,230       35,794,290   Prepaid expenses and other assets   3,308,255       3,300,677   Lease merchandise, net   25,896,510       29,131,440   Total current assets   123,571,777       117,434,627                   Property and equipment, net   9,588,238       9,308,859   Right of use asset, net   1,190,482       1,237,010   Intangible assets, net   12,948,971       13,391,305