CarCharging Announces First Quarter 2017 Financials
May 16 2017 - 9:56AM
Marketwired
CarCharging Announces First Quarter 2017 Financials
Largest Owner and Operator of Electric Vehicle Charging
Equipment and Services Improves Operational Efficiency and
Increases Gross Profit
MIAMI BEACH, FL Car Charging Group, Inc. (OTCQB: CCGI)
("CarCharging") the largest owner, operator, and provider of
electric vehicle (EV) charging services and the owner and operator
of the Blink Network, announced its financial results for the first
quarter of 2017.
First Quarter 2017 Highlights* Include:
- Charging service revenue from company-owned charging stations,
excluding revenue from a program sponsored by a leading auto
manufacturer, increased 6% from $209,893 for the three months ended
March 31, 2016 to $224,096 for the three months ended March 31,
2017.
- Gross Profit increased by 75% from $93,362 for the quarter
ended March 31, 2016 to $163,213 for the quarter ended March 31,
2017.
- Total Operating expenses decreased by 12% from $2.1M for the
quarter ended March 31, 2016 to $1.85M for the quarter ended March
31, 2017.
- Net Loss decreased by 30% or $1.30M from $4.40M for the quarter
ended March 31, 2016 to $3.10M for the quarter ended March 31,
2017.
- Net Loss per Share was reduced from ($0.06) for the quarter
ended March 31, 2016 to ($0.05) for the quarter ended March 31,
2017.
*The Company's unaudited financial results appear in the
Company's Quarterly Report on Form 10-Q, which was filed with the
SEC on May 15, 2017.
"Overall, we are pleased with the financial results from the
first quarter of 2017. Our strategy to improve operational
efficiency is in full swing and combined with increases in direct
charging services revenue, we are satisfied with the growth and
profit margin target," stated Mike Calise, CarCharging's Chief
Executive Officer. "Moving forward, we anticipate that our
transition from first generation to second generation EV charging
equipment should drive future EV charging equipment sales and
charging service revenue."
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging") is a
leader in nationwide public electric vehicle (EV) charging
equipment and services, enabling EV drivers to easily charge at
locations throughout the United States. Headquartered in Florida
with offices in Arizona and California, CarCharging's business is
designed to accelerate EV adoption.
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 the associated data.
The Company also provides residential EV charging solutions for
single-family homes.
CarCharging has strategic property partners across multiple
business sectors including multifamily residential and commercial
properties, airports, colleges, municipalities, parking garages,
shopping malls, retail parking, schools, and workplaces.
For more information about CarCharging, please visit
www.CarCharging.com and www.BlinkNetwork.com
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.
Investor Relations and Media Contacts:
CarCharging Media Contact:
Suzanne Tamargo
Suzanne@CarCharging.com
(305) 521-0200 x 214
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