CORONA, Calif., June 30, 2014 /PRNewswire/ — Saleen Automotive, Inc. (OTCBB: 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 and fiscal year ended March 31, 2014. The Company’s full report on Form 10-K is available in its entirety at http://edgar.sec.gov/.
Key financial results of operations for the quarter ending March 31, 2014 are summarized herein:
- Revenue increased 874 percent to $1,709,165 for the quarter ended March 31, 2014 from $175,554 for the quarter ended March 31, 2013. Revenue includes $121,500 realized from a design contract;
- Gross margin increased 422 percent to $284,791 for the quarter ended March 31, 2014 from a loss of $88,456 for the quarter ended March 31, 2013;
- Operating expenses increased 148 percent to $2,706,823 for the quarter ended March 31, 2014 from $1,092,002 for the quarter ended March 31, 2013. Operating expenses included one-time settlement costs of $736,908;
- Net loss increased 374 percent to $6,004,228 for the quarter ended March 31, 2014 from $1,267,223 for the quarter ended March 31, 2013. Net loss for the quarter ended March 31, 2014 included a net loss of $3,338,786 related to a derivative liability from convertible notes issued in June 2013. The derivative liability recorded as of March 31, 2014 will be extinguished in the quarter ending June 30, 2014 as a result of a convertible note amendment entered into between the Company and the related note holders.
Key financial results of operations for the fiscal year ended March 31, 2014 are summarized herein:
- Revenue for the year ended March 31, 2014 were $5,279,887, an increase of $2,580,872 or 96 percent from $2,699,015 for the year ended March 31, 2013. Revenue from the sale of automotive vehicles and parts increased $3,705,357 or 255% to $5,158,387 for the year ended March 31, 2014 from $1,453,030 for the year ended March 31, 2013;
- Gross Margin from the sale of vehicles and parts increased $748,378 to $881,347 or 563 percent from a gross margin of $132,969 for the year ended March 31, 2013. Gross Margin from design services contributed $121,500 and $386,444 for the year ended March 31, 2014 and 2013, respectively;
- Operating expenses increased 137 percent or $4,498,476 to $7,780,959 for the year ended March 31, 2014 from $3,282,483 for the year ended March 31, 2013 with $1,873,910 of the increase related to our investment in research and development and sales and marketing expenses. Operating expenses included one-time settlement costs of $945,401;
- Net loss increased 374 percent to $11,121,982 for the year ended March 31, 2014 from $2,988,116 for the year ended March 31, 2013. Net loss for the year ended March 31, 2014 included a loss of $3,372,130, net, related to a derivative liability from convertible notes issued in June 2013. The derivative liability recorded as of March 31, 2014 will be extinguished in the quarter ending June 30, 2014 as a result of a convertible note amendment entered into between the Company and the related note holders.
“Our robust sales performance this past fiscal year reflects our sales and marketing efforts achieved by our expanded sales force as well as expansion with the addition of new dealer networks,” stated Steve Saleen, CEO, Saleen Automotive. “As we look down the road, we plan to expand our business and launch into different verticals through bringing to market our first electric vehicle, the Saleen Tesla S, and through the opening of retail Saleen outlets and our agreement to distribute our full line of Saleen performance cars in China. These new initiatives and opportunities will allow us to expand our comprehensive portfolio and distribution network and capitalize on this momentum in our industry.”
Milestones from the period include:
- Entered into an agreement to distribute full collection of Saleen automobiles in China
- Released renderings for the new Saleen Tesla Model S; the Company’s first performance electric vehicle
- Appointed Joe Amato, legendary Top Fuel driver and businessman to the Company’s Board of Directors
- Entered into an exclusive agreement with BASF; will create a new line of Saleen colors using BASF’s state-of-the-art technology
All the above events can be read 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:
Facebook: https://www.facebook.com/Saleen
Company website: www.saleenautomotive.com
About Saleen Automotive, Inc.
Saleen Automotive 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 Automotive 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.
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[Source: Saleen Automotive]