CORONA, Calif., Feb. 15, 2014 /PRNewswire/ -- Saleen
Automotive, Inc. (OTCQB: SLNN), (OTCBB: SLNN) (the "Company"), an
American specialty manufacturer of performance vehicles, technical
performance parts, lifestyle accessories and apparel, is pleased to
provide the market with its third quarter key financial results for
the three and nine months ended December 31,
2013. The full 10-Q filing is available on the SEC's
website http://1.usa.gov/1cNCnmi.
Key financial results of operations for the quarter ended
December 31, 2013 are summarized
herein:
- Vehicle and parts revenue increased 77.1% to $1,076,153 for the quarter ended December 31, 2013, from $591,487 for the quarter ended December 31, 2012. For the quarter ended
December 31, 2013, revenue decreased
by $777,332 or 41.9% from the quarter
ended December 31, 2012 due to the
one-time design contract with a major movie studio of $1,245,985 realized in the quarter ended
December 31, 2012;
- Gross margin for vehicle and parts increased 306.0% to
$302,686 for the quarter ended
December 31, 2013 from $74,558 for the quarter ended December 31, 2012. For the quarter ended
December 31, 2013, gross margin
decreased $158,316 from the quarter
ended December 31, 2012 due to the
one-time design contract;
- Operating expenses increased 111.1% to $1,571,745 for the quarter ended December 31, 2013 from $744,578 for the quarter ended December 31, 2012 with $446,610 of the increase related to our
investment in research and development and sales and marketing
expenses related to our expanded marketing efforts;
- Net loss increased to $1,539,541
for the quarter ended December 31,
2013 from $321,171 for the
quarter ended December 31, 2012;
Key financial results of operations for the nine months ended
December 31, 2013 are summarized
herein:
- For the nine months ended December 31,
2013, revenue increased by $1,824,583 or 72.3% from the nine months ended
December 31, 2012. Vehicle and
parts revenue increased 179.5% to $3,570,722 for the nine months ended December,
2013 from $1,277,476 for the nine
months ended December 31, 2012;
- Gross margin for the nine months ended December 31, 2013 was $718,057, an increase of 18.1% from the nine
months ended December 31, 2012.
Gross margin for vehicle and parts increased 224.4% to $718,057 for the nine months ended December 31, 2013 from $221,335 for the nine months ended December 31, 2013;
- Operating expenses increased 131.6% to $5,074,136 for the nine months ended December 31, 2013 from $2,190,481 for the nine months ended December 31, 2012 with $1,286,436 of the increase related to our
investment in research and development and sales and marketing
expenses related to our expanded marketing efforts;
- Net loss increased to $5,117,754
for the nine months ended December 31,
2013 from $1,720,893 for the
nine months ended December 31,
2012;
"We are pleased to release financials that demonstrate
significant growth in our critical parts and vehicle sales
category," stated Steve Saleen, CEO,
Saleen Automotive. "While operating
expenses increased significantly during this period, I am pleased
with the concurrent increase in our ability to produce new and
compelling vehicles. I truly believe this is a necessary
expenditure and a catalyst to greater revenue diversity for
Saleen."
The sales increase reflects an aggressive sales effort during
the nine months ended December 31,
2013. The increase in operating expenses is largely
attributable to or investment in research and development and
expanded marketing efforts and the expansion of the Company's
facilities to support the growth in sales, including a notable
investment into the development of a proprietary electric car
design.
Milestones from the period include:
- Saleen Automotive Collaborates with Renowned Art Center College of Design for Revolutionary New
Electric Vehicle
- Saleen Automotive Announces Plans to Produce Saleen Tesla
Model S Electric Sports Car
- World Class Ad Agency Havas Edge to Represent Saleen
Automotive in New National Campaign
- Saleen Automotive Reports Strong Sales for 30th Anniversary
Editions
- Saleen Automotive Confirms Electric Car Project in
Development
All the above events can be read by looking under the news feed
for SLNN. Saleen uses the following outlets to provide updates from
time to time to the public regarding its business and
operations:
Facebook: https://www.facebook.com/Saleen
Company website: www.saleenautomotive.com.
About Saleen Automotive, Inc.
Saleen is an American
specialty manufacturer of performance vehicles, technical
performance parts, lifestyle accessories and apparel. Founder
Steve Saleen has continually set the
bar for automotive design and performance engineering in both
street and racing applications. Saleen plans to utilize its
existing strategic partnerships and dealer network to refine its
design and engineering prowess, continue development of emerging
automotive technologies, and expand its presence nationwide with a
combination of automotive retail services, aftermarket parts and
new vehicle sales to build significant long-term value. Learn more
at www.saleenautomotive.com.
Information about Forward-Looking Statements
This
release contains "forward-looking statements" that include
information relating to future events and future financial and
operating performance. The words "may," "would," "will,"
"expect," "estimate," "can," "believe," "potential" and similar
expressions and variations thereof are intended to identify
forward-looking statements. Forward-looking statements should
not be read as a guarantee of future performance or results, and
will not necessarily be accurate indications of the times at, or
by, which that performance or those results will be achieved.
Forward-looking statements are based on information available at
the time they are made and/or management's good faith belief as of
that time with respect to future events, and are subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward-looking statements. Important factors that could
cause these differences include, but are not limited to:
fluctuations in demand for Saleen Automotive's products, the
introduction of new products, the Company's ability to maintain
customer and strategic business relationships, the impact of
competitive products and pricing, growth in targeted markets, the
adequacy of the Company's liquidity and financial strength to
support its growth, and other information that may be detailed from
time-to-time in Saleen Automotive's filings with the United States
Securities and Exchange Commission. Examples of such forward
looking statements in this release include statements regarding
growth in our parts and vehicle sales and increases in our ability
to produce new products. For a more detailed description of
the risk factors and uncertainties affecting Saleen Automotive,
please refer to the Company's recent Securities and Exchange
Commission filings, which are available at www.sec.gov.
Saleen Automotive undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE Saleen Automotive, Inc.