TAMPA, Fla., May 14, 2018 (Newswire.com) - LM Funding America, Inc. (NASDAQ:LMFA) (NASDAQ:LMFAW), a technology-based specialty finance company offering unique funding solutions to community associations, today announced its results for the first quarter ended March 31, 2018.
FIRST QUARTER 2018 HIGHLIGHTS
At the end of 2017 and first quarter of 2018, we eliminated interest expense and decreased payroll costs. In addition, we experienced some positive litigation developments which decreased expenses for professional fees and we realized improved revenues from our rental properties. These factors contributed to the overall positive financial direction of the Company for the first quarter of 2018.
Bruce Rodgers, Chief Executive Officer
Net loss improved to $9,000 from $403,000
Revenue decreased $60,000 (5.9%) to $964,000 from $1.024 million.
Total expenses decreased $560,000 (36.5%) to $973,000 from $1.533 million.
Staff costs and payroll reductions saved $111,000. Additional expense savings resulted from eliminating $103,000 in marketing costs that were incurred in the first quarter of 2017 and reducing professional fees related to litigation from $267,000 in first quarter of 2017 to $61,000 for the first quarter of 2018 for a savings of $206,000. Settlement costs with associations and collection costs decreased $97,000 during the quarter.
“At the end of 2017 and first quarter of 2018, we eliminated interest expense and decreased payroll costs,” said Bruce Rodgers, LM Funding’s Chief Executive Officer. “In addition, we experienced some positive litigation developments which decreased expenses for professional fees and we realized improved revenues from our rental properties. These factors contributed to the overall positive financial direction of the Company for the first quarter of 2018,” Rodgers said.
About LM Funding America
LM Funding America, Inc., together with its subsidiaries, is a technology-based specialty finance company that provides funding to nonprofit community associations (Associations) primarily located in the state of Florida, as well as in the states of Washington, Colorado and Illinois. The company offers funding to Associations by purchasing a certain portion of the associations’ rights to delinquent accounts that are selected by the Associations arising from unpaid Association assessments. It is also involved in the business of purchasing delinquent accounts on various terms tailored to suit each Association’s financial needs, including under its New Neighbor Guaranty™ program. The company was founded in 2008 and is based in Tampa, Florida. The company’s common shares and warrants trade on the NASDAQ Capital Market under the symbols “LMFA” and "LMFAW”.
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the company’s filings with the SEC. The occurrence of any of these risks and uncertainties could have a material adverse effect on the company’s business, financial condition, and results of operations.
Chairman and CEO
LM Funding America, Inc.
Tel (813) 222-8996
Source: LM Funding America, Inc.