Welcome!

Agile Computing Authors: Liz McMillan, Elizabeth White, Pat Romanski, Rishi Bhargava, Xenia von Wedel

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
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Businesses and business units of all sizes can benefit from cloud computing, but many don't want the cost, performance and security concerns of public cloud nor the complexity of building their own private clouds. Today, some cloud vendors are using artificial intelligence (AI) to simplify cloud deployment and management. In his session at 20th Cloud Expo, Ajay Gulati, Co-founder and CEO of ZeroStack, will discuss how AI can simplify cloud operations. He will cover the following topics: why clou...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Dave McCarthy, Director of Products at Bsquare Corporation; Alan Williamson, Principal...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, drew together recent research and lessons learned from emerging and established compa...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
"At ROHA we develop an app called Catcha. It was developed after we spent a year meeting with, talking to, interacting with senior citizens watching them use their smartphones and talking to them about how they use their smartphones so we could get to know their smartphone behavior," explained Dave Woods, Chief Innovation Officer at ROHA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2017 New York. The 20th Cloud Expo and 7th @ThingsExpo will take place on June 6-8, 2017, at the Javits Center in New York City, NY. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Internet to enable us all to im...
We are always online. We access our data, our finances, work, and various services on the Internet. But we live in a congested world of information in which the roads were built two decades ago. The quest for better, faster Internet routing has been around for a decade, but nobody solved this problem. We’ve seen band-aid approaches like CDNs that attack a niche's slice of static content part of the Internet, but that’s it. It does not address the dynamic services-based Internet of today. It does...