Green Automotive Company Reports Second Quarter Financial Results
September 05 2014 - 1:09PM
Business Wire
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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