Saleen Automotive Reports Increased Third Quarter Sales
Feb. 17, 2014—Saleen Automotive announced an increase of revenue for the third quarter of 2013.
Saleen is an American specialty manufacturer of performance vehicles, technical performance parts, lifestyle accessories and apparel.
"We are pleased to release financials that demonstrate significant growth in our critical parts and vehicle sales category," said Steve Saleen, CEO of 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."
Vehicle and parts revenue increased 77.1 percent to $1.08 million for the quarter ending on Dec. 31, though revenue decreased by $777,332 (41.9 percent) from last year due to the one-time design contract with a major movie studio.
Gross margin for vehicle and parts increased 306 percent to $302,686. Operating expenses increased 131 percent to $5.07 million because of increased investment into the development of a proprietary electric car design, research and development, and marketing expenses.