CarCharging Announces Its Financial Results for First Quarter 2016
August 04 2016 - 9:00AM
Marketwired
CarCharging Announces Its Financial Results for First Quarter
2016
Leading Electric Vehicle Charging Service Owner, Operator, and
Provider Is Now Current on Its SEC Filings and Demonstrates
Improvements in Various Key Areas
MIAMI BEACH, FL-(Marketwired - Aug 4, 2016) - Car Charging
Group, Inc. (OTCQB: CCGI) ("CarCharging") the largest owner,
operator, and provider of electric vehicle (EV) charging services,
announced today its financial results for the three months ended
March 31, 2016.
Highlights included*:
- EV charging hardware sales grew 31% from $220,807 for the three
months ended March 31, 2015 to $290,205 for the three months ended
March 31, 2016
- Revenues from network and transaction fees increased 1.5x from
$34,524 for the three months ended March 31, 2015 to $89,085 for
the three months ended March 31, 2016
- EV charging service fees remained flat from $389,785 for the
three months ended March 31, 2015 to $384,470 for the three months
ended March 31, 2016
- Grant and rebate revenue decreased from $646,185 for the three
months ended March 31, 2015 to $99,780 for the three months ended
March 31, 2016
- Total operating expenses decreased 45% from $3.81M for the
three months ended March 31, 2015 to $2.08M for the three months
ended March 31, 2016
*The Company's financial results appear in the Company's
Quarterly Report on Form 10-Q, which was filed with the SEC on
August 4, 2016.
"CarCharging is pleased to announce that our 10-Q for the first
quarter of 2016 was filed today and that our financial filings are
now current, which we believe is a key milestone for the company
and its shareholders," stated Mike Calise, CarCharging's Chief
Executive Officer. "In this period, excluding prior one-time grant
revenues, we increased total revenue, including revenues from EV
charging hardware, and network and transaction fees compared to the
same period in 2015. In addition, we also decreased operational
expenses versus the same period in 2015.
"Having completed our first quarter filing for 2016, our focus
for the second half of the year will be to remain current and
continue to drive further revenue growth," continued Calise.
About Car Charging Group, Inc. Car Charging Group, Inc. (OTCQB:
CCGI) is a pioneer in nationwide public electric vehicle (EV)
charging services, enabling EV drivers to easily recharge at
locations throughout the United States. Headquartered in Miami
Beach, FL with offices in San Jose, CA; New York, NY; and Phoenix,
AZ; CarCharging's business model is designed to accelerate the
adoption of public EV charging.
Through its subsidiary, Blink Network, CarCharging offers EV
charging equipment and connectivity to the Blink Network, a
cloud-based software that operates, manages, and tracks the Blink
EV charging stations and all of the associated data. Blink Network
also provides residential EV charging solutions for single-family
homes. For more information, please visit www.BlinkHQ.com.
CarCharging has strategic partnerships across multiple business
sectors including multi-family residential and commercial
properties, parking garages, shopping malls, retail parking, and
municipalities.
For more information about CarCharging, please visit
www.CarCharging.com, www.facebook.com/Car.Charging, or
www.twitter.com/CarCharging.
Forward-Looking Safe Harbor Statement:This press release
contains forward-looking statements as defined within Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. By their nature,
forward-looking statements and forecasts involve risks and
uncertainties because they relate to events and depend on
circumstances that will occur in the near future. Those statements
include statements regarding the intent, belief or current
expectations of Car Charging Group, Inc., and members of its
management as well as the assumptions on which such statements are
based. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and that actual results may
differ materially from those contemplated by such forward-looking
statements. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed
conditions.
Contact Information
Investor Relations and Media Contacts:CarCharging Media
Contact:Suzanne TamargoSuzanne@CarCharging.com
(305) 521-0200 x 214
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