Click here to close now.

Welcome!

Web 2.0 Authors: Peter Silva, Sematext Blog, Ian Khan, Elizabeth White, Mike Kavis

News Feed Item

Saleen Automotive Release Q3 Results, Reports Vehicle and Parts Sales of $1.1 million, an Increase of 77%

CORONA, Calif., Feb. 15, 2014 /PRNewswire/ -- Saleen Automotive, Inc. (OTCQB: SLNN), (OTCBB: SLNN) (the "Company"), an American specialty manufacturer of performance vehicles, technical performance parts, lifestyle accessories and apparel, is pleased to provide the market with its third quarter key financial results for the three and nine months ended December 31, 2013. The full 10-Q filing is available on the SEC's website http://1.usa.gov/1cNCnmi.

Key financial results of operations for the quarter ended December 31, 2013 are summarized herein:

  • Vehicle and parts revenue increased 77.1% to $1,076,153 for the quarter ended December 31, 2013, from $591,487 for the quarter ended December 31, 2012.  For the quarter ended December 31, 2013, revenue decreased by $777,332 or 41.9% from the quarter ended December 31, 2012 due to the one-time design contract with a major movie studio of $1,245,985 realized in the quarter ended December 31, 2012;
  • Gross margin for vehicle and parts increased 306.0% to $302,686 for the quarter ended December 31, 2013 from $74,558 for the quarter ended December 31, 2012.  For the quarter ended December 31, 2013, gross margin decreased $158,316 from the quarter ended December 31, 2012 due to the one-time design contract;
  • Operating expenses increased 111.1% to $1,571,745 for the quarter ended December 31, 2013 from $744,578 for the quarter ended December 31, 2012 with $446,610 of the increase related to our investment in research and development and sales and marketing expenses related to our expanded marketing efforts;
  • Net loss increased to $1,539,541 for the quarter ended December 31, 2013 from $321,171 for the quarter ended December 31, 2012;

Key financial results of operations for the nine months ended December 31, 2013 are summarized herein:

  • For the nine months ended December 31, 2013, revenue increased by $1,824,583 or 72.3% from the nine months ended December 31, 2012.  Vehicle and parts revenue increased 179.5% to $3,570,722 for the nine months ended December, 2013 from $1,277,476 for the nine months ended December 31, 2012;
  • Gross margin for the nine months ended December 31, 2013 was $718,057, an increase of 18.1% from the nine months ended December 31, 2012.  Gross margin for vehicle and parts increased 224.4% to $718,057 for the nine months ended December 31, 2013 from $221,335 for the nine months ended December 31, 2013;
  • Operating expenses increased 131.6% to $5,074,136 for the nine months ended December 31, 2013 from $2,190,481 for the nine months ended December 31, 2012 with $1,286,436 of the increase related to our investment in research and development and sales and marketing expenses related to our expanded marketing efforts;
  • Net loss increased to $5,117,754 for the nine months ended December 31, 2013 from $1,720,893 for the nine months ended December 31, 2012;

"We are pleased to release financials that demonstrate significant growth in our critical parts and vehicle sales category," stated Steve Saleen, CEO, Saleen Automotive. "While operating expenses increased significantly during this period, I am pleased with the concurrent increase in our ability to produce new and compelling vehicles. I truly believe this is a necessary expenditure and a catalyst to greater revenue diversity for Saleen."

The sales increase reflects an aggressive sales effort during the nine months ended December 31, 2013.  The increase in operating expenses is largely attributable to or investment in research and development and expanded marketing efforts and the expansion of the Company's facilities to support the growth in sales, including a notable investment into the development of a proprietary electric car design.

Milestones from the period include:

  • Saleen Automotive Collaborates with Renowned Art Center College of Design for Revolutionary New Electric Vehicle
  • Saleen Automotive Announces Plans to Produce Saleen Tesla Model S Electric Sports Car
  • World Class Ad Agency Havas Edge to Represent Saleen Automotive in New National Campaign
  • Saleen Automotive Reports Strong Sales for 30th Anniversary Editions
  • Saleen Automotive Confirms Electric Car Project in Development

All the above events can be read 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 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 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 Saleen Automotive'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 Saleen Automotive's filings with the United States Securities and Exchange Commission.  Examples of such forward looking statements in this release include statements regarding growth in our parts and vehicle sales and increases in our ability to produce new 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.  Saleen Automotive undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Saleen Automotive, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Enterprise IoT is an exciting and chaotic space with a lot of potential to transform how the enterprise resources are managed. In his session at @ThingsExpo, Hari Srinivasan, Sr Product Manager at Cisco, will describe the challenges in enabling mass adoption of IoT, and share perspectives and insights on architectures/standards/protocols that are necessary to build a healthy ecosystem and lay the foundation to for a wide variety of exciting IoT use cases in the years to come.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immediate and actionable interpretation of events as they happen. Another aspect concerns how to deliver ...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
As we approach the next @ThingsExpo, to be held June 9-11 at the Javits Center in New York, my thoughts naturally turn to the Internet of Things. The IoT is a leviathan—in the best possible sense of the term—that will sweep up most everything in the ocean of data and technology being created today and tomorrow. But rather than try to grasp all of its possible uses, for today I'm looking at “just” the Industrial Internet part. I just read a long paper co-authored by Tim Berners-Lee about the possibility of describing a “web science,” that is, discipline that combines the study involved ...
Chuck Piluso will present a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Speaker Bio: Prior to Data Storage Corporation (DSC), Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Telecommunications Corporation, a facilities-based international carrier licensed by t...
There are lots of challenges in IoT around secure, scalable and business friendly infrastructure for enterprises. For large corporations, IoT implementations are one of the top priorities of the decade. All industries are seeing a competitive need to sustain by investing in IoT initiatives. The value addition comes from improved customer service, innovative product and additional revenue streams. The data from these IP-connected devices can be leveraged for a variety of business applications as well as responsive action controls. The various architectural building blocks of an IoT ...
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Recent technology advances in miniaturization has positioned the wearables as the pinnacle of technology convergence with the human body. We inquire if wearables are mere standard miniaturized devices extended with the connectivity and present our views on considerations like design, applications, performance, efficiency, interoperability, usage scenarios, human device interaction and consequent trade-offs enabling wearables to impart optimal value.
In this session we look at creating interactive communications via the web by adding messaging, file transfer, and group communication (group chat and audio/video conferencing) into the web experience. We will also discuss potential applications of this technology in areas including B2B, B2C, P2P, and gaming. Peter is Technical Director at Acision. He graduated from The University of Edinburgh in 2000 with a BSc (Hons) in Computer Science. After graduation Peter worked on a PSTN switch developing signalling stacks for SS7, ISDN and similar protocols and creating advanced routing and serv...
The Internet of Things Maturity Model (IoTMM) is a qualitative method to gauge the growth and increasing impact of IoT capabilities in an IT environment from both a business and technology perspective. In his session at @ThingsExpo, Tony Shan will first scan the IoT landscape and investigate the major challenges and barriers. The key areas of consideration are identified to get started with IoT journey. He will then pinpoint the need of a tool for effective IoT adoption and implementation, which leads to IoTMM in which five maturity levels are defined: Advanced, Dynamic, Optimized, Primitive,...
SYS-CON Events announced today that AIC, a leading provider of OEM/ODM server and storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. AIC is a leading provider of both standard OTS, off-the-shelf, and OEM/ODM server and storage solutions. With expert in-house design capabilities, validation, manufacturing and production, AIC's broad selection of products are highly flexible and are configurable to any form factor or custom configuration. AIC leads the industry with nearly 20 years of ...