SOURCE: Red Peach Inc.

November 18, 2015 13:40 ET

Red Peach Inc. Reports Third Quarter 2015 Results and Growing Ecommerce Business

CAMBRIDGE, ON--(Marketwired - November 18, 2015) - Red Peach, Inc. announced today its results of continuing operations for the three and nine months ended September 30, 2015.

Three Months Ended September 30, 2015 vs. Three Months Ended September 30, 2014

  • Total revenues increased 235% to $5.41 million
  • Lease originations increased from 3,924 to 7,969 or 103%

In the second quarter of 2014, Red Peach successfully sold its IT Consulting Services business. Income from discontinued operations was $0 and $85,013 for the three months ended September 30, 2015 and 2014, respectively. This income combined with the net losses from continuing operations resulted in net losses of $2,149,828 ($.04 per share) and $992,138 ($.03 per share) for the three months ended September 30, 2015 and 2014, respectively.

Nine Months Ended September 30, 2015 vs. Nine Months Ended September 30, 2014

  • Total revenues increased 462% to $13.52 million
  • Lease originations increased from 6,825 to 17,980 or 163%

Income from discontinued operations was $127,789 and $596,897 for the nine months ended September 30, 2015 and 2014, respectively. This income combined with the net losses from continuing operations resulted in net losses of $5,352,100 ($.11 per share) and $2,219,684 ($.09 per share) for the nine months ended September 30, 2015 and 2014, respectively.

Management Commentary

Arnold Therien, interim CEO, stated, "We are pleased with the significant year-over-year growth in our ecommerce business, primarily driven by increased traffic to our Redpeach.ca marketplace. Our payment method integrations on third party ecommerce sites have increased to five sites that feature electronics, appliances, home medical goods and musical instruments. We currently have additional integrations in our pipeline with certain large regional retailers. We feel we are well positioned to take advantage of the holiday season with all of our lease origination channels including the recently launched Red Peach Wallet application, allowing consumers to get durable goods from major retail stores."

About Red Peach

Red Peach, LLC, a wholly owned subsidiary of Red Peach, Inc. is a financial and technology company that provides brand name durable goods to consumers on a Bitcoin lease-to-own (BLTO) basis through its ecommerce marketplace (www.redpeach.ca) and patent pending BLTO payment method. Red Peach also provides BLTO technology platforms to retailers and e-tailers to enter into transactions with consumers that want to obtain durable goods, but do not have sufficient cash or credit. Red Peach also funds the BLTO transactions by paying merchants for the goods and collecting from consumers under a BLTO contract.

Contact Information

  • For further information and interviews, please contact:
    Quest Ventures
    1-647-551-4395