SOURCE: Saleen Automotive, Inc.

Saleen Automotive, Inc.

February 17, 2015 20:06 ET

Saleen Automotive Posts Third Quarter Results

CORONA, CA--(Marketwired - Feb 17, 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 and nine months ended December 31, 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 three months ended December 31, 2014 are summarized herein:

  • Revenue decreased to $536,895 for the quarter ended December 31, 2014 from $1,007,179 for the quarter ended December 31, 2013;
  • Gross margin decreased to a loss of $15,893 for the quarter ended December 31, 2014 from a profit of $233,712 for the quarter ended December 31, 2013;
  • Operating expenses decreased to $1,219,347 for the quarter ended December 31, 2014 from $1,502,771 for the quarter ended December 31, 2013;
  • Loss from operations decreased to $1,235,240 for the quarter ended December 31, 2014 from $1,269,059 for the quarter ended December 31, 2013;
  • Net loss for the quarter ended December 31, 2014 increased to $2,442,893, compared to a net loss of $1,539,541 for the quarter ended December 31, 2013. 

Key financial results of operations for the nine months ended December 31, 2014 are summarized herein:

  • Revenue decreased to $3,072,596 for the nine months ended December 31, 2014 from $3,449,875 for the nine months ended December 31, 2013;
  • Gross margin decreased to $347,218 for the nine months ended December 31, 2014 from $597,210 for the nine months ended December 31, 2013;
  • Operating expenses declined to $4,639,437 for the nine months ended December 31, 2014 from $4,953,289 for the nine months ended December 31, 2013;
  • Loss from operations decreased to $4,292,219 for the nine months ended December 31, 2014 from $4,356,079 for the nine months ended December 31, 2013;
  • Net loss for the nine months ended December 31, 2014 was $1,540,614, compared to a net loss of $5,117,754 for the nine months ended December 31, 2013. Excluding the impact of a non-cash gain of $5,032,789 from the extinguishment and change in fair value of a derivative liability extinguished in June 2014, net loss increased to a net loss of $6,573,403 for the nine months ended December 31, 2014 from a net loss of $5,117,754 for the nine months ended June 30, 2013.
  • Net cash used in operating and investing activities were $2,127,243 and $218,685, respectively, for the nine months ended December 31, 2014 compared to $2,373,185 and $237,729, respectively for the nine months ended December 31, 2013. At December 31, 2014 we had cash on hand in the amount of $95,435. As discussed further in our current quarterly report on Form 10-Q filed on February 17, 2015, we will need and are currently seeking additional financing to fund our operations and development.

"Notwithstanding our financial results for the three and nine months ended December 31, 2014, which were negatively impacted first by Ford's switch to an all-new redesigned 2015 Mustang model with shipments to us starting in late December 2014 requiring us to make significant design and tooling modifications to our Saleen Mustangs, and second by the discontinuation of the 2014 Mustang in May 2014, from a product perspective this quarter represented a major game changer for Saleen's high-performance line of vehicles, as we successfully launched our 2015 Saleen Mustang White and Yellow Label models and have begun development of our 2015 Saleen Black Label," stated Steve Saleen, CEO, Saleen Automotive. "Despite these challenges, I'm thrilled with our teams' design and production of our new Saleen Mustang models, which has been favorably viewed based on feedback we've received and increased dealer interest and order volume. From this, I anticipate an increase in sales volume for our Saleen Mustangs," added Steve Saleen.

"We also began delivery of our well received Saleen GTX high performance vehicle, which is based on the Tesla Model S chassis. Keeping with our core competencies, we've accomplished concept-to-production in a short time," noted Steve Saleen. "The trend for luxury cars continues to climb as the demand for luxurious eco-friendly options becomes a growing necessity in the automotive industry. Tesla is at the forefront of this demand and pairing Tesla's conscious, luxurious design with Saleen's prestige performance has proven to be a masterpiece," added Saleen.

Major Milestones from the period include:

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.

Information about Forward-Looking Statements

This press release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in the Company's filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this press release include statements regarding increased enthusiasm, demand and sales volume for our products. For a more detailed description of the risk factors and uncertainties affecting Saleen Automotive, please refer to the Company's recent Securities and Exchange Commission filings, which are available at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Media Contact:
    Molly Saleen
    (714) 400-2121