SOURCE: Car Charging Group, Inc.

Car Charging Group, Inc.

April 15, 2016 08:30 ET

CarCharging Files Financials for the First Half of 2015

Company Achieves Gross Profitability for the First Time and Continues to Demonstrate Growth in Key Areas While Reducing Operating Expenses and Net Losses

MIAMI BEACH, FL--(Marketwired - Apr 15, 2016) - Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging") the largest owner, operator, and provider of electric vehicle (EV) charging services, announced its financial results for the three months ended June 30, 2015. 

Highlights for the six months ended June 30, 2015* compared to the six months ended June 30, 2014 include:

  • Gross profits turned positive to $513,307 from a loss of ($1.56m)
  • EV Charging hardware sales grew over 4x to $405,979 from $98,721
  • EV Charging service fees grew 72% to $905,770 from $527,514
  • Net Operating Expenses were reduced by $3.33m to $7.20m from $10.54m
  • Total Loss from Operations was nearly reduced in half to $6.69m from $12.01m
  • Net Loss per Share was significantly reduced to (0.08) from (0.14)

*The Company's financial results for the three and six months ended June 30, 2015 also appear in the Company's Quarterly Report on Form 10-Q, which was filed with the SEC on Thursday, April 14, 2016.

"In the first half of 2015, the Company's acquisition integration strategy continued to deliver favorable financial improvements as compared to 2014. We demonstrated growth in our key areas, including charging equipment sales, fees and revenues, and also began the implementation of cost reductions that were vital to operating the Company in an efficient manner moving forward," stated Mike Calise, CarCharging's Chief Executive Officer. "This execution led to a significant reduction in net loss per share.

"We have dedicated major project management resources to ensure the rapid completion of our filings with the SEC," continued Mr. Calise. "We anticipate that the improved timeframes for our financial reporting should have a positive effect on our shareholder's confidence in the Company."

About Car Charging Group, Inc. 
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public electric vehicle (EV) charging services, enabling EV drivers to easily recharge at locations throughout the United States. Headquartered in Miami Beach, FL with offices in San Jose, CA; New York, NY; and Phoenix, AZ; CarCharging's business model is designed to accelerate the adoption of public EV charging.

Through its subsidiary, Blink Network, CarCharging also provides residential EV charging solutions for single-family homes. For more information, please visit www.BlinkHQ.com.

CarCharging has strategic partnerships across multiple business sectors including multi-family residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities. 

For more information about CarCharging, please visit www.CarCharging.com, www.facebook.com/Car.Charging, or www.twitter.com/CarCharging.

Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Car Charging Group, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

Contact Information

  • Investor Relations and Media Contacts:

    CarCharging Media Contact:
    Suzanne Tamargo
    Suzanne@CarCharging.com
    (305) 521-0200 x 214