MIAMI BEACH, Fla., Aug. 22, 2014 /PRNewswire/ -- Car Charging Group, Inc. (OTCQB: CCGI) ("CarCharging") the largest provider, owner, and operator of electric vehicle (EV) charging services, announced today its financial results for the second quarter and six months ended June 30, 2014.
CarCharging's Second Quarter Highlights
- Total revenue increased by 1,152% to $973,268 for the second quarter of 2014 as compared to $77,739 in the same period of the prior year.
- Revenue for EV charging services rose by 8,803% to $315,931 in the second quarter of 2014, compared to $32,227 for second quarter of 2013.
- Net loss per common share decreased 18% to $(0.09) from $(0.11) in the second quarter of 2013.
- Increased monthly kilowatt-hour (kWh) charging output by 7,390% to 422,206 at the end of the second quarter 2014 from 50,324 at the end of the comparable period in 2013.
- Of the more than 4,600 Blink Level 2 public commercial charging stations installed, 63% of these are generating revenue for EV charging services, and of the 113 Blink DC Fast Chargers installed, 81% are generating revenue for EV charging services.
"The second quarter of 2014 demonstrated continued positive progress for CarCharging as we further executed our growth strategy in key geographic markets across North America and converted contracts with large retailers, parking management firms, and property owners from ECOtality to CarCharging," stated Michael D. Farkas, CarCharging's Founder and Chief Executive Officer. "Higher usage trends and increasing demand by consumers positions us for accelerated top line growth going forward. We anticipate strengthening revenue through participating in programs, such as Nissan's 'No Charge to Charge', adjusting our pricing policies, and introducing new network features."
CarCharging will host a conference call on Monday, August 25, at 1:00pm EST to discuss its second quarter and the six months ended June 30, 2014. During the call, Mr. Farkas will review the company's operating results. The telephone number for the conference call is (888) 424-8151 or (847) 585-4422, passcode 6690180. A few days after the call, an archived copy of the conference call will be available on the CarCharging's website.
About Car Charging Group, Inc.
Car Charging Group, Inc. (OTCQB: CCGI) is a pioneer in nationwide public electric vehicle (EV) charging services, enabling EV drivers to easily recharge at locations throughout the United States. The Company is headquartered in Miami Beach, FL and has offices in San Jose, CA; New York, NY; and Phoenix, AZ; CarCharging's business model is designed to accelerate the adoption of public EV charging.
CarCharging has strategic partnerships across multiple business sectors including multi-family residential and commercial properties, parking garages, shopping malls, retail parking, and municipalities.
Forward-Looking Safe Harbor Statement:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. Those statements include statements regarding the intent, belief or current expectations of Car Charging Group, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.
SOURCE Car Charging Group, Inc.