Photo By: Drew Phillips
CORONA, CA–(Marketwired – Aug 14, 2014) – Saleen Automotive, Inc. (OTCBB: SLNN) (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, 2014. 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 quarter ending June 30, 2014 are summarized herein:
- Revenue rose 91 percent to $1,697,377 for the quarter ended June 30, 2014 from $889,904 for the quarter ended June 30, 2013;
- Gross margin increased 319 percent to $265,892 for the quarter ended June 30, 2014 from $63,462 for the quarter ended June 30, 2013;
- Operating expenses decreased five percent to $1,869,641 for the quarter ended June 30, 2014 from $1,977,855 for the quarter ended June 30, 2013;
- Loss from operations declined to $1,603,749 for the quarter ended June 30, 2014 from $1,914,393 for the quarter ended June 30, 2013;
- Net income for the quarter ended June 30, 2014 was $2,985,984, compared to a net loss of $2,443,244 for the quarter ended June 30, 2013. Excluding the impact of a non-cash gain of $5,032,789 from the extinguishment of a derivative liability, net loss decreased $306,677 to a net loss of $2,046,802 for the three months ended June 30, 2014 from a net loss of $2,443,244 for the three months ended June 30, 2013.
“I’m very pleased with this quarter’s results, as our solid execution and expense discipline allowed us to deliver increased sales while lowering costs and improving the bottom line,” stated Steve Saleen, CEO, Saleen Automotive. “This improvement along with our engineering team’s development of several new product initiatives including our first ever electric vehicle product, the Saleen Tesla S, and the upcoming 2015 Saleen Mustang, which is arguably the boldest Saleen Mustang ever, is designed to position Saleen for continued growth and expansion.”
“As we continue down the road in fiscal 2015, we are focused on aligning our resources to strategic investments that we believe will deliver the next wave of innovation, growth, and long-term shareholder value,” added Saleen.
Milestones from the period include:
- Released renderings for the new 2015 Saleen Mustang
- Tested the Saleen Tesla S at Buttonwillow Raceway
- Appointed Joe Amato, legendary Top Fuel driver and businessman, to Saleen’s Board of Directors
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:
Facebook: https://www.facebook.com/Saleen
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.
Media Contact:
Molly Saleen
(714) 400-2121
Investor Relations & Financial Media:
I.M.I.
888-216-3595
info(at)integrityir.com
[Source: Saleen Automotive]