LMP Automotive Holdings, Inc. Pre-Announces Strong Second Quarter Results Amid COVID-19 Crisis - Significant Increase in Reve...
July 15 2020 - 8:00AM
LMP Automotive Holdings, Inc. (NASDAQ:LMPX) (the "Company"), an
e-commerce and facilities-based platform for consumers who desire
to buy, sell, subscribe for or finance pre-owned and new
automobiles, today announced certain preliminary results of
operations for the three months ended June 30, 2020.
Preliminary Expected Results of OperationsFor
the three months ended June 30, 2020, the Company expects to report
the following operating results:
- Revenue is expected to be aproximately $6,895,000, an increase
of $1,545,325 as compared to Q1 2020;
- Gross profit is expected to be $1,156,314, an improvement of
$288,182 as compared to Q1 2020;
- Net income is expected to be $161,314 ($.02 per share), an
improvement of $1,895,175 as compared to Q1 2020;
2020 OUTLOOK Sam Tawfik, the Company's Chairman
and Chief Executive Officer stated,“We discontinued our daily
rental product offering, and I am extremely proud that our teams
successfully navigated the very challenging environment to deliver
a better than anticipated quarter. In line with our strategy, we
continue to invest in our growth drivers such as our Subscription
Leasing business and our online technology platform in order to
further expand by overlaying that business model at potential
franchise dealership group acquisitions.”
The Company is reiterating its 2020 internal goals and its view
that there will be many exciting opportunities ahead. The Company’s
internal goals are as follows:
- Expand the online vehicle sales segment of our
business
- Launch LMP’s App Technology in the Apple and Google
stores during the third quarter for a smoother and faster consumer
onboarding and experience
- Expand wholesale Subscription Leasing offering to
Business customers, Auto Dealers, and Brokers
Partners
Mr. Tawfik also added, “This performance continues to prove
out our subscription model. We believe we can continue and expand
the success of our Subscription Leasing business model at potential
franchise dealership group acquisitions, as we implement our
dealership acquisition strategy.”
About LMP Automotive Holdings, Inc. – “Buy, Subscribe,
Sell and Repeat.”LMP Automotive Holdings, Inc. (NASDAQ:
LMPX) describes its business model as “Buy, Subscribe, Sell and
Repeat.” This means that we “Buy” pre-owned automobiles primarily
through auctions or directly from other automobile dealers, and new
automobiles from manufacturers and manufacturer distributors at
fleet rates. We “Subscribe” to our customers by allowing them to
enter into our subscription plan for automobiles in which customers
have use of an automobile. Our subscription plans offer the
flexibility to upgrade your vehicle to a more premium model or
downgrade for a lesser cost model when you like. We “Sell” our
inventory, including automobiles previously included in our
subscription programs, to customers as well, and then we “Repeat”
the whole process.
MEDIA CONTACT:John MattioPresident and
FounderLamnia International(203) 885-1058jmattio@lamniacom.com
For more information visit: https://lmpmotors.com/.
FORWARD-LOOKING STATEMENTS:This press release
may contain “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, each as amended. Such statements
include, but are not limited to, any statements relating to our
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar matters that are not
historical facts. These statements may be preceded by, followed by
or include the words “aim,” “anticipate,” “believe,” “estimate,”
“expect,” “forecast,” “intend,” “likely,” “outlook,” “plan,”
“potential,” “project,” “projection,” “seek,” “can,” “could,”
“may,” “should,” “would,” will,” the negatives thereof and other
words and terms of similar meanings. Forward-looking statements are
based on management’s current expectations and are subject to risks
and uncertainties that could negatively affect our business,
operating results, financial condition and stock value. Factors
that could cause actual results to differ materially from those
currently anticipated include: our dependence upon external sources
for the financing of our operations; our ability to effectively
executive our business plan; our ability to maintain and grow our
reputation and to achieve and maintain the market acceptance of our
services and platform; our ability to manage the growth of our
operations over time; our ability to maintain adequate protection
of our intellectual property and to avoid violation of the
intellectual property rights of others; our ability to maintain
relationships with existing customers and automobile suppliers, and
develop relationships; and our ability to compete and succeed in a
highly competitive and evolving industry; as well as other risks
described in our SEC filings. There is no assurance that any
forward-looking statements will materialize. You are cautioned not
to place undue reliance on forward-looking statements, which
reflect expectations only as of this date. We expressly disclaim
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in our expectations or any changes in events,
conditions or circumstances on which any such statement is based,
except as required by law.
SOURCE: LMP Automotive Holdings, Inc.
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