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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.

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