CORONA, CA–(Marketwired – August 19, 2015) – Saleen Automotive, Inc. (OTCQB: SLNN) (the “Company”), an American specialty manufacturer of high performance vehicles, technical performance parts, lifestyle accessories and apparel, is pleased to provide the market with its results for the three months ended June 30, 2015. The Company’s full report on Form 10-Q is available in its entirety at http://edgar.sec.gov/.
Key financial results of operations for the three months ended June 30, 2015 are summarized herein:
- Revenue decreased to $1,591,989 for the quarter ended June 30, 2015 from $1,697,377 for the quarter ended June 30, 2014;
- Gross profit increased to $340,164 for the quarter ended June 30,
- 2015 from a profit of $265,892 for the quarter ended June 30, 2014;
- Operating expenses decreased to $965,895 for the quarter ended June 30, 2015 from $1,869,641 for the quarter ended June 30, 2014;
- Loss from operations decreased to $625,731 for the quarter ended June 30, 2015 from $1,603,749 for the quarter ended June 30, 2014;
- Net loss for the quarter ended June 30, 2015 increased to $381,093, compared to a net income of $2,985,984 for the quarter ended June 30, 2014.
Net cash used in operating and investing activities were $31,366 and $8,811, respectively, for the three months ended June 30, 2015 compared to $1,423,194 and $210,159, respectively for the three months ended June 30, 2014. At June 30, 2015 we had cash on hand in the amount of $85,406. As discussed further in our current quarterly report on Form 10-Q filed on August 19, 2015, we will need and are currently seeking additional financing to fund our operations and development.
“Our financial results for the three months ended June 30, 2015 are coherent as we have finalized the majority of our development and engineering investment and successfully debuted all-new 2015 Saleen Black Label Mustang. This milestone, coupled with increase of our sales and distribution network is indicative that we have the foundation in place to progress past the introduction stage of the lifecycle for this product,” stated Steve Saleen, CEO, Saleen Automotive.
“With the 2016 model year approaching, I am seeing real forecasts not only for our current vehicles but also for the performance aftermarket segment that are exceeding my expectations,” added Steve Saleen. “These forecasts include not only Mustang owners wanting to add some Saleen parts to their already owned vehicles, but current Tesla Model S owners are also demonstrating their demand for the Saleen touch.”
Major Milestones from the period include:
- Saleen Unveils Most Powerful Production Mustang to Date
- Saleen GTX Tesla Drew Crowds at Formula-E Event
- Saleen Automotive Signs Progressive Licensing Agreement for Cars and Parts
All the above events can be read in their entirety by looking under the news feed for SLNN. Saleen uses the following outlets to provide updates from time to time to the public regarding its business and operations:
Company website: www.saleenautomotive.com
About Saleen Automotive, Inc.
Saleen is an American specialty manufacturer of high performance vehicles, technical performance parts, lifestyle accessories and apparel. Founder Steve Saleen has continually set the bar for automotive design and performance engineering in both street and racing applications. Saleen plans to utilize its existing strategic partnerships and dealer network to refine its design and engineering prowess, continue development of emerging automotive technologies, and expand its presence nationwide with a combination of automotive retail services, aftermarket parts and new vehicle sales to build significant long-term value. Learn more at www.saleenautomotive.com.