Reports Sales of $1.5 million, an Increase of 165%
CORONA, Calif., Nov. 14, 2013 /PRNewswire/ — Saleen Automotive, Inc. (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 second quarter key financial results for the three and six month periods ending September 30, 2013. The full 10Q filing is available on the SEC’s website http://1.usa.gov/1cNCnmi
Key financial results of operations for the quarter ending September 30, 2013 are summarized herein:
Sales increased 165.2% to $1,568,480 for the quarter ended September 30, 2013 from $591,487 for the quarter ended September 30, 2012;
Gross margin increased 79.3% to $334,472 for the quarter ended September 30, 2013 from $186,738 for the quarter ended September 30, 2012;
Operating expenses increased 108.4% to $1,482,398 for the quarter ended September 30, 2013 from $711,420 for the quarter ended September 30, 2012;
Net loss increased 99.6% to $1,1344,966 for the quarter ended September 30, 2013 from $568,682 for the quarter ended September 30, 2012;
Key financial results of operations for the six months through September 30, 2013 are summarized herein:
Sales increased 272.3% to $2,494,569 for the six months ended September 30, 2013 from $669,986 for the six months ended September 30, 2012;
Gross margin increased 184.3% to $417,590 for the six months ended September 30, 2013 from $146,869 for the six months ended September 30, 2012;
Operating expenses increased 142.4% to $3,504,609 for the six months ended September 30, 2013 from $1,445,802 for the six months ended September 30, 2012;
Net loss increased 155.6% to $3,578,213 for the six months ended September 30, 2013 from $1,399,719 for the six months ended September 30, 2012;
“We are pleased to release financials that simultaneously demonstrate an increase in sales as well as a significantly higher gross margin,” stated Steve Saleen, CEO, Saleen Automotive. “We believe that this early sales momentum is critical as it not only validates our current product offerings in the marketplace, but it also puts Saleen vehicles on the road where they become rolling advertisements for the Saleen brand.”
The sales increase reflects an aggressive sales effort during the six months ended September 30, 2013. The increase in operating expenses is largely attributable to the hiring of new personnel and expansion of the company’s facilities to support the growth in sales.
Milestones from the period include:
- Saleen Automotive Announces Expansion, Creates Four Acre Campus
- Saleen featured in National Financial Media article, ‘Steve Saleen, Mustang, and the Next Chapter’ http://bit.ly/1aCLOym
- Saleen Unveils Heritage Collection, Celebrates Racing Legends by Creating Legendary Cars
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 is an American specialty manufacturer of 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.
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[Source: Saleen Automotive]
