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LFLS Announces Financial Results for Q1 2013
Loans4Less.com, an online mortgage loan brokerage firm focused on Conforming loans, today reported its first-quarter financial results for the three months ended March 31, 2013.
First quarter highlights:
• Sales increased 13%, or approximately $27,911, to $243,532
• Net ordinary income increased by 34%
• Positive outlook for full year 2013
“We are pleased to report increases in our first-quarter performance for the three months ended March 31, 2013. The 13% increase in revenues is largely attributed to strength in general refinancing, which was achieved with little to no advertising. Our Company’s ability to minimize advertising expenses and still continue to grow through existing clients and referrals is a testament to the high quality service we offer as well as our potential to continue steady growth patterns,” Steve M. Hershman, Chairman & President of Loans4Less.com stated.
Q1 2013 sales increased 13% to $243,571 from revenues of $215,660 reported for the comparable quarter a year earlier. The increase in revenues is mainly attributed to increased mortgage commission revenues from refinancing.
Net ordinary income for the first quarter was $106,383, an increase of 34% compared to $79,532 for the prior year period.
Total operating expenses for the first quarter ended March 31, 2013, were $149,320 compared with $136,129 for the comparable quarter of 2012. The Company had overall General and Administrative expenses of $149,320, an increase of 26% compared to $118,879 reported in the first quarter of 2012.
The outlook through the end of 2013 is expected to remain positive as the general refinancing business continues to grow. Loans4Less is well positioned to continue its current operations and expand without outside financing; however, the company is seeking to raise capital to advance its ongoing plan of operations with the aim of investing in a new platform of technologies in order to facilitate increasing revenues through aggressive advertising and marketing with the main goal of developing a recognizable new national loan brand name.
The company also told investors today that it is seeking licensing and/or joint venture arrangements in other jurisdictions and potentially in other loan products in order to effectively brand Loans4Less.com as more of a general loan consumer portal site while using mortgage services as its base service.
For more information, visit www.Loans4Less.com
