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Old 11-25-2015
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Default Saleen Automotive Posts Second Quarter 2015 Results



November 24, 2015 15:00 ET
Saleen Automotive Posts Second Quarter 2015 Results

CORONA, CA--(Marketwired - Nov 24, 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 three and six months ended September 30, 2015. The Company's full report on Form 10-Q is available in its entirety at http://edgar.sec.gov/.

Key financial results for the three and six months ended September 30, 2015 are summarized herein:

  • Revenues were $627,187 and $2,219,177 for the three and six months ended September 30, 2015, respectively, compared to $866,524 and $2,563,901 for the three and six months ended September 30, 2014, respectively. The decrease in revenues was primarily related to lower chassis revenue, as customers opted to obtain and send to us their new chassis rather than us having to procure the chassis. Excluding chassis, volume of vehicles sold and sales of our aftermarket retail parts increased on a year over year basis;
  • Gross margin was $37,827 and $379,997 for the three and six months ended September 30, 2015, respectively, compared to $96,534 and $362,626 for the three and six months ended September 30, 2014, respectively. Excluding a one-time charge of $62,500 incurred during the three months ended September 30, 2015, gross margin as a percentage of revenue was 16% and 20% for the three and six months ended September 30, 2015, respectively, versus 11% and 14% for the three and six months ended September 30, 2014, respectively;
  • Operating expenses decreased to $719,330 and $1,685,227, respectively, for the three and six months ended September 30, 2015 from $1,549,765 and $3,419,606, respectively, for the three and six months ended September 30, 2014;
  • Loss from operations decreased to $679,498 and $1,305,230 for the three and six months ended September 30, 2015, respectively, from $1,453,231 and $3,056,980 for the three and six months ended September 30, 2014, respectively;

Net loss for the three and six months ended September 30, 2015 was $825,038 and $1,206,131, respectively, compared to a net loss of $2,083,705 and net income of $902,279 for the three and six months ended September 30, 2014, respectively. The net income for the six months ended September 30, 2014 included non-cash gains of $2,586,732 and $2,473,210 related to an extinguishment of a derivative liability and change in fair value of a derivative liability. Excluding these gains, net loss for the six months ended September 30, 2014 was $4,157,663.

Net cash used in operating and investing activities were $164,273 and $8,811, respectively, for the six months ended September 30, 2015 compared to $1,714,196 and $224,859, respectively for the six months ended September 30, 2014. At September 30, 2015 we had cash on hand in the amount of $14,999. As discussed further in our current quarterly report on Form 10-Q filed on November 23, 2015, we will need and are currently seeking additional financing to fund our operations and development. To this end and as further discussed in our Form 10-Q and Form 8-K filed on October 21, 2015, in October 2015 we entered into a Binding Letter of Intent with SM Funding Group, Inc. ("SM Funding") whereby SM Funding will purchase from us up to $2 million but not less than $1 million of senior convertible secured notes. In addition, we agreed to offer SM Funding or its affiliates up to $10 million of Preferred Stock. Over the next few months, we will be working with SM Funding to raise funds to grow our business and help achieve our objectives.

"Our financial results for the three and six months ended September 30, 2015 are in sync with our continued growth in expanding our markets, as well as tailoring the business for efficiency," stated Steve Saleen, CEO, Saleen Automotive. "We have continued to grow our volume and distribution network, and also have increased our sales of performance parts. While we haven't grown revenues as quickly as I'd like due mainly to delays experienced during the six months ended September 30, 2015 in obtaining tooling and other parts for our 2015 Saleen Mustang, volume on a year over year basis has increased positively as we have continued to receive enthusiasm for our new Saleen Mustang which we have turned into orders. With the help of SM Funding and success of our Saleen Mustang, we anticipate further growth in sales of vehicles and aftermarket sales," added Saleen.

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.


Contact Information

Media Contact:

Molly Saleen
(714) 400-2121

[SOURCE: Saleen Automotive, Inc.]
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