SOURCE: Loans4Less.com, Inc.

Loans4Less.com, Inc.

May 07, 2013 08:30 ET

Loans4Less.com Announces Financial Results for Q1 2013

REDONDO BEACH, CA--(Marketwired - May 7, 2013) -  Loans4Less.com, Inc. (OTC: LFLS), an online mortgage loan brokerage firm focused on Conforming loans, today announces its first-quarter financial results for the three months ended March 31, 2013. 

First quarter highlights:

  • Revenues increase 13%, or approximately $27,911, to $243,532
  • Increase of 34% in net ordinary income
  • 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.

First quarter results:

Revenues for the three months ended March 31, 2013, increased 13% to $243,571 from revenues of $215,660 reported for the comparable quarter ended March 31, 2012. 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.

Outlook for 2013:

The outlook through the end of 2013 is expected to remain positive as the general refinancing business continues to grow. The Company is well positioned to continue its current operations and expand without outside financing.

Company Seeks to Raise Equity Capital in 2013 and Attain 2013 Audited Statement

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 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. The Company is planning on attaining 2013 audited statements.

The full filing can be viewed here: http://www.otcmarkets.com/financialReportViewer?symbol=LFLS&id=103701

About Loans4Less.com

Loans4Less.com is a publicly traded online mortgage loan brokerage focused on becoming a national loan origination platform for standard "A" paper conforming residential mortgage programs. Loans4Less.com maintains an A+ TrustLink rating with the Better Business Bureau; provides very competitive rates, terms & costs, daily rate updates, and other market information; and prides itself on excellent and honest service. Loans4Less.com does not operate a warehouse line of credit, hold trust funds, lend directly or service loans and is not exposed to the risks and/or problems associated with Sub-Prime or Alt "A" lending. Loans4Less.com relies on various wholesale lenders for its retail home loan programs. The main focus is to rapidly grow gross revenues via smart and cost effective advertising, while expanding into other States in order to maximize shareholder values.

For more information please contact Chairman & President Steven M. Hershman at Loans4Less.com  (310) 540-0157.

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in our annual report and/or other releases made by us. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Loans4Less.com, Inc. undertakes no obligation to update such statements.

Contact Information

  • Contact:

    Steven M. Hershman
    Chairman & President
    310-540-0157 Office
    310-408-1058 Mobile