LFLS Q1 2013 REPORT
May 03, 2013
OTC Disclosure & News Service
Redondo Beach, CA - Loans4Less.com, Inc. reports Financial Results for the First Quarter of 2013
Loans4Less.com, Inc. (OTC: LFLS) is pleased to announce certain financial results for the first quarter ended March 31, 2013.
Total revenues for the Q1 2013 increased by approximately 13% compared to Q1 2012. Q1 net income was 34% greater compared to the same period a year earlier. The significant improvement is due to greater awareness of Loans4Less.com’s online services as well as exceptionally low mortgage rates.
At March 31, 2013, the Company had cash and liquid investments of $99K, which is approximately 87% greater compared to March 31, 2012. Total liabilities were reduced from approximately $134K to $19K, a decrease of approximately 86%.
| Q1 2013 Income Statement versus Q1 2012 |
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| Revenues | $243.5K | versus | $215.6K | +13 % |
| Net Income | $106.4K | versus | $79.5K | +34 % |
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| Cash and Equivalents | $99K | versus | $53K | +87 % |
| Total Liabilities | $19K | versus | $134K | -86% |
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| 30,750,000 versus 29,910,000 |
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| 3,157,981 versus 2,407,981 |
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"The mortgage origination market is expected to remain very active for the remainder of this year even though lender underwriting standards are enabling only best credit quality borrowers to close on their loans.The current mortgage market mainly consists of Fannie Mae/Freddie Mac Conforming fixed rate loans for refinancings," stated Steven M. Hershman, Chairman & President.
"Purchase and refinancing activity is steady with mortgage rates up from record lows. We anticipate highly favorable market conditions to serve as a catalyst for ongoing significant improvement as we continue to drive business growth and plan initiatives for future expansion.
The Company is positioning itself to attract JV partners or a Merger candidate with the intent to turn Loans4Less.com into a national loan offering platform," stated Steven M. Hershman, Chairman & President.
About Loans4Less.com, Inc.
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, licensing and or third party agreements that effectively build the Loans4Less brand name in order to maximize shareholder values. For more information please contact Chairman & President Steven M. Hershman at loans4less.com or (310) 540-0157 Ext 103.
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:
Steven M. Hershman
Chairman & President
877-981-5626 Office
310-408-1058 Mobile
