CORONA, CA--(Marketwired - Aug 19, 2015) - 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 ended June 30, 2015. 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 June 30, 2015 are summarized herein:
Revenue decreased to $1,591,989 for the quarter ended June 30, 2015 from $1,697,377 for the quarter ended June 30, 2014;
Gross profit increased to $340,164 for the quarter ended June 30, 2015 from a profit of $265,892 for the quarter ended June 30, 2014;
Operating expenses decreased to $965,895 for the quarter ended June 30, 2015 from $1,869,641 for the quarter ended June 30, 2014;
Loss from operations decreased to $625,731 for the quarter ended June 30, 2015 from $1,603,749 for the quarter ended June 30, 2014;
Net loss for the quarter ended June 30, 2015 increased to $381,093, compared to a net income of $2,985,984 for the quarter ended June 30, 2014.
Net cash used in operating and investing activities were $31,366 and $8,811, respectively, for the three months ended June 30, 2015 compared to $1,423,194 and $210,159, respectively for the three months ended June 30, 2014. At June 30, 2015 we had cash on hand in the amount of $85,406. As discussed further in our current quarterly report on Form 10-Q filed on August 19, 2015, we will need and are currently seeking additional financing to fund our operations and development.
"Our financial results for the three months ended June 30, 2015 are coherent as we have finalized the majority of our development and engineering investment and successfully debuted all-new 2015 Saleen Black Label Mustang. This milestone, coupled with increase of our sales and distribution network is indicative that we have the foundation in place to progress past the introduction stage of the lifecycle for this product," stated Steve Saleen, CEO, Saleen Automotive.
"With the 2016 model year approaching, I am seeing real forecasts not only for our current vehicles but also for the performance aftermarket segment that are exceeding my expectations," added Steve Saleen. "These forecasts include not only Mustang owners wanting to add some Saleen parts to their already owned vehicles, but current Tesla Model S owners are also demonstrating their demand for the Saleen touch."
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:
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.
