CORONA, Calif., June 30, 2014 /PRNewswire/ -- Saleen
Automotive, Inc. (OTCBB: SLNN) (the "Company"), an American
specialty manufacturer of high performance vehicles, technical
performance parts, lifestyle accessories and apparel, is pleased to
provide the market with its results for the three months and fiscal
year ended March 31, 2014. The
Company's full report on Form 10-K is available in its entirety at
http://edgar.sec.gov/.
Key financial results of operations for the quarter ending
March 31, 2014 are summarized
herein:
- Revenue increased 874 percent to $1,709,165 for the quarter ended March 31, 2014 from $175,554 for the quarter ended March 31, 2013. Revenue includes
$121,500 realized from a design
contract;
- Gross margin increased 422 percent to $284,791 for the quarter ended March 31, 2014 from a loss of $88,456 for the quarter ended March 31, 2013;
- Operating expenses increased 148 percent to $2,706,823 for the quarter ended March 31, 2014 from $1,092,002 for the quarter ended March 31, 2013. Operating expenses included
one-time settlement costs of $736,908;
- Net loss increased 374 percent to $6,004,228 for the quarter ended March 31, 2014 from $1,267,223 for the quarter ended March 31, 2013. Net loss for the quarter
ended March 31, 2014 included a net
loss of $3,338,786 related to a
derivative liability from convertible notes issued in June
2013. The derivative liability recorded as of March 31, 2014 will be extinguished in the
quarter ending June 30, 2014 as a
result of a convertible note amendment entered into between the
Company and the related note holders.
Key financial results of operations for the fiscal year ended
March 31, 2014 are summarized
herein:
- Revenue for the year ended March 31,
2014 were $5,279,887, an
increase of $2,580,872 or 96 percent
from $2,699,015 for the year ended
March 31, 2013. Revenue from the sale
of automotive vehicles and parts increased $3,705,357 or 255% to $5,158,387 for the year ended March 31, 2014 from $1,453,030 for the year ended March 31, 2013;
- Gross Margin from the sale of vehicles and parts increased
$748,378 to $881,347 or 563 percent from a gross margin of
$132,969 for the year ended
March 31, 2013. Gross Margin from
design services contributed $121,500
and $386,444 for the year ended
March 31, 2014 and 2013,
respectively;
- Operating expenses increased 137 percent or $4,498,476 to $7,780,959 for the year ended March 31, 2014 from $3,282,483 for the year ended March 31, 2013 with $1,873,910 of the increase related to our
investment in research and development and sales and marketing
expenses. Operating expenses included one-time settlement
costs of $945,401;
- Net loss increased 374 percent to $11,121,982 for the year ended March 31, 2014 from $2,988,116 for the year ended March 31, 2013. Net loss for the year ended
March 31, 2014 included a loss of
$3,372,130, net, related to a
derivative liability from convertible notes issued in June
2013. The derivative liability recorded as of March 31, 2014 will be extinguished in the
quarter ending June 30, 2014 as a
result of a convertible note amendment entered into between the
Company and the related note holders.
"Our robust sales performance this past fiscal year reflects our
sales and marketing efforts achieved by our expanded sales force as
well as expansion with the addition of new dealer networks," stated
Steve Saleen, CEO, Saleen
Automotive. "As we look down the road, we plan to expand our
business and launch into different verticals through bringing to
market our first electric vehicle, the Saleen Tesla S, and through
the opening of retail Saleen outlets and our agreement to
distribute our full line of Saleen performance cars in China. These new initiatives and opportunities
will allow us to expand our comprehensive portfolio and
distribution network and capitalize on this momentum in our
industry."
Milestones from the period include:
- Entered into an agreement to distribute full collection of
Saleen automobiles in China
- Released renderings for the new Saleen Tesla Model S; the
Company's first performance electric vehicle
- Appointed Joe Amato,
legendary Top Fuel driver and businessman to the Company's Board of
Directors
- Entered into an exclusive agreement with BASF; will create a
new line of Saleen colors using BASF's state-of-the-art
technology
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 Automotive is an American specialty manufacturer of high
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 Automotive 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 press 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 the Company'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 the Company's
filings with the United States Securities and Exchange Commission.
Examples of such forward looking statements in this press release
include statements regarding derivative liabilities and the Company
developing and completing successful new car projects. 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. The Company 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.