Green Automotive Company Reports Second Quarter Financial Results

Strong shuttle bus sales triple revenue to drive record second quarter

Green Automotive Company (OTCQB: GACR) today announced financial results for its fiscal 2014 second quarter, ended June 30, 2014. The company posted strong quarterly revenue of $1,575,599 over three times higher than the comparable period 12 months ago ($429,392 for the three months ended June 30, 2013). The growth in the Company’s revenue was largely due to the sale of buses from our Newport Coachworks facility in California, which grew from $223,514 during the three months ended June 30, 2013 to $1,090,571 for the three months ended June 30, 2014.

Our management believes our operating loss (after removing non-cash derivative liabilities and interest expense) of ($1,085,817) for the three months ended June 30, 2014, compared to our operating loss of ($512,530) for the three months ended June 30, 2013, is an accurate indicator of our current results. We continue to see an improvement in Gross Margin as a consequence of production efficiencies and as revenue continues to grow; we expect this trend in our core activity to continue in future quarters.

Ian Hobday, CEO of Green Automotive Company: “We are very pleased with our strong second quarter results thanks to the hard work of our Newport Coachworks team. We are experiencing good demand for our high quality buses, including our CNG models, that allow customers to reduce CO2 emissions and total cost of ownership. Also, we’re very pleased with our cost control – operating costs were 122% of revenue for 2nd Qtr 2013, and have now fallen to 71% for 2nd Qtr 2014, in spite of much higher legal fees. We have a way to go, but as revenue continues to increase, operating costs as a percentage will continue to fall. As we look to the future, GAC’s goal is to make Newport Coachworks the focus of the company’s efforts to create a successful and sustainable business.”

Detailed financial data and other information are available in Green Automotive Company’s Form 10-Q for the quarter ended June 30, 2014 filed yesterday with the Securities and Exchange Commission. The Form 10-Q can be downloaded directly from the OTC market Website http://www.otcmarkets.com/stock/GACR/filings.

About Green Automotive Company visit www.thegreenautomotivecompany.com

Forward Looking Statements - This release includes forward-looking statements. For a copy of the Company’s full statements regarding forward-looking statements please click here Safe Harbor Statement » Green Automotive Company

Green Automotive Public RelationsPetra BeitlTel: +447791601666petra.beitl@the-gac.com

Green Automotive (CE) (USOTC:GACR)
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