Press Release 08-11
   
UQM Technologies, Inc.
 7501 Miller Drive
Frederick, CO 80530
Contact:
John Baldiserra
BPC Financial Marketing
(800) 368-1217
    or
Donald A. French, Treasurer
(303) 278-2002
  
UQM Technologies Reports First Quarter Operating Results
 
 

FREDERICK, COLORADO, JULY 25, 2007 ... UQM TECHNOLOGIES, INC. (AMEX:UQM), a developer of alternative energy technologies, announced today operating results for the quarter ended June 30, 2007. Continuing operations for the first quarter resulted in a loss of $1,128,751 or $0.05 per common share on total revenue of $1,454,452 versus a loss from continuing operations of $785,684 or $0.03 per common share on total revenue of $1,301,332 for the first quarter last fiscal year. Net loss for the quarter was $1,128,751 or $0.05 per common share versus a net loss of $787,796 or $0.03 per common share for the comparable quarter last fiscal year.

“Total revenue for the quarter rose 12 percent versus the first quarter last year fueled by strong product sales growth which nearly doubled. Contract services revenue for the quarter declined 38 percent to $514, 750 due to the application of substantial engineering resources to support production planning and production engineering activities associated with the Phoenix Motorcars all-electric SUT program. As a result of these activities, production engineering expense for the quarter increased 120 percent to $546,033 versus $248,372 for the comparable quarter last fiscal year. This additional expense, together with the associated reduction in revenue from engineering programs, were the primary factors behind the increase in losses from continuing operations for the first quarter this year versus the same quarter last year,” said Donald A. French, UQM Technologies’ Treasurer and Chief Financial Officer. “During the quarter we completed a private placement of our common stock to two institutional investors which resulted in net cash proceeds to the Company of approximately $5.2 million and raised our cash and short-term investments at June 30, 2007 to $11,873,392. These additional cash resources will significantly strengthen our ability to fund the volume production launch of the Phoenix Motorcars SUT program and the working capital requirements associated with the anticipated rapid growth in our revenues resulting from product shipments to support vehicle deliveries over the coming quarters.”

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter ended June 30, 2007. To attend the conference call, please dial 1-866-321-8231 approximately ten minutes before the conference is scheduled to begin. International callers should dial 1-416-642-5213. For anyone who is unable to participate in the conference, a recording will be available for 48 hours beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-866-244-4494 and give replay code 147696. International callers should dial 1-416-915-1028.

UQM Technologies, Inc. is a developer and manufacturer of power dense, high efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, medical, military and industrial markets. A major emphasis of the Company is developing products for the alternative energy technologies sector including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries and distributed power generation applications. The Company's headquarters, engineering and product development center, and motor manufacturing operation are located in Frederick, Colorado. For more information on the Company, please visit its worldwide website at www.uqm.com.

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)

 

 

June 30, 2007

March 31, 2007

Assets:

 

 

Current Assets:

 

 

 

Cash and cash equivalents

$  4,157,625 

  1,952,177 

 

Short-term investments

7,715,767 

5,981,828 

 

Accounts receivable

1,316,865 

1,434,686 

 

Accounts receivable from discontinued operations

30,700 

76,097 

 

Costs and estimated earnings in excess of billings on

  

 

 

   uncompleted contracts

98,183 

187,913 

 

Inventories

1,153,623 

899,885 

 

Prepaid expenses and other current assets

     389,606 

     279,343 

 

      Total current assets

14,862,369 

10,811,929 

 

 

 

Property and equipment, at cost:

 

 

 

Land

181,580 

   181,580 

 

Building

2,306,154 

   2,306,154 

 

Machinery and equipment

  3,273,359 

   3,152,296 

 

5,761,093 

5,640,030 

 

Less accumulated depreciation

(3,062,672)

  (2,977,305)

 

      Net property and equipment

  2,698,421 

  2,662,725 

 

 

 

Patent and trademark costs, net of accumulated

 

 

 

amortization of $636,229 and $622,320

 498,978 

   482,303 

Other assets

       54,102 

       55,650 

 

      Total assets

$ 18,113,870 

14,012,607 

 

 

June 30, 2007

March 31, 2007

Liabilities and Stockholders’ Equity

 

 

Current liabilities:

 

 

 

Accounts payable

$      811,429 

982,931 

 

Other current liabilities

271,557 

344,952 

 

Current portion of long-term debt

100,537 

98,760 

 

Short-term deferred compensation under executive employment agreements

149,325 

149,325 

 

Liabilities and commitments of discontinued operations

-       

13,847 

 

Billings in excess of costs and estimated earnings on

 

 

 

       uncompleted contracts

    479,353 

     312,537 

 

            Total current liabilities

 1,812,201 

  1,902,352 

 

 

 

Long-term debt, less current portion

497,192 

522,925 

Long-term deferred compensation under executive employment agreements

    404,391 

     396,214 

 

    901,583 

     919,139 

 

            Total liabilities

 2,713,784 

  2,821,491 

 

 

 

Commitments and contingencies

 

 

 

 

 

Stockholders’ equity:

 

 

 

Common stock, $.01 par value, 50,000,000 shares authorized;

 

 

 

    26,437,482 and 25,176,889 shares issued and outstanding

264,375 

251,769 

 

Additional paid-in capital

76,701,577 

71,376,462 

 

Accumulated deficit

(61,565,866)

(60,437,115)

 

           Total stockholders’ equity

15,400,086 

11,191,116 

 

            Total liabilities and stockholders’ equity

$ 18,113,870 

14,012,607 


UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations (unaudited)

 

Quarter Ended June 30,

 

     2007      

     2006     

Revenue:

 

 

 

Contract services

$      514,750 

824,354 

 

Product sales

     939,702 

     476,978 

 

  1,454,452 

  1,301,332 

 

 

 

Operating costs and expenses:

 

 

 

Costs of contract services

461,146 

655,125 

 

Costs of product sales

964,403 

524,076 

 

Research and development

98,324 

95,151 

 

Production engineering

546,033 

248,372 

 

Selling, general and administrative

     629,836 

     672,517 

 

  2,699,742 

  2,195,241 

 

 

 

 

      Loss from continuing operations before other

 

 

                 income (expense)

 

 

 

 

 

Other income (expense):

 

 

 

Interest income

123,439 

120,652 

 

Interest expense

    (10,900)

    (12,427)

 

Gain on sale of property and equipment

       4,000 

          -       

 

 

   116,539 

    108,225 

 

 

 

 

 

           Loss from continuing operations

(1,128,751)

(785,684)

 

 

 

Discontinued operations - loss from operations of

 

 

 

discontinued electronic products segment

          -       

      (2,112)

 

 

 

 

 

           Net loss

$ (1,128,751)

   (787,796)

 

 

 

 

          Net loss per common share - basic and diluted:

 

 

 

             Continuing operations

      $    (.05)

(.03)    

 

              Discontinued operations

      $        -  

  -       

 

      $    (.05)

(.03)    

 

 

 

Weighted average number of shares of common

 

 

 

stock outstanding - basic and diluted

25,254,531 

25,026,218 

 

 

 

The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the quarter ended June 30, 2007:

   

Technology

Power Products 

    Total     

  Revenue

$

704,374 

750,078  

1,454,452 

  Interest income

121,476 

1,963  

123,439 

  Interest expense

-       

(10,900) 

(10,900)

  Depreciation and amortization

(55,452)

(50,724) 

(106,176)

  Segment loss from continuing operations

(984,590)

(144,161) 

(1,128,751)

  Assets of continuing operations

14,312,092 

3,771,078  

18,083,170 

  Expenditures for long-lived segment assets

$

(119,254)

(39,293) 

(158,547)

 

The following table summarizes significant financial statement information for continuing operations of each of the reportable segments as of and for the quarter ended June 30, 2006:

   

Technology

Power Products 

    Total      

  Revenue

$

879,632 

421,700  

1,301,332 

  Interest income

119,089 

1,563  

120,652 

  Interest expense

-       

(12,427) 

(12,427)

  Depreciation and amortization

(67,129)

(30,835) 

(97,964)

  Segment loss from continuing operations

(606,047)

(179,637) 

(785,684)

  Assets of continuing operations

12,503,459 

2,851,861  

15,355,320 

  Expenditures for long-lived segment assets

$

(85,233)

(160,425) 

(245,658)
 
This Release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things the development of markets for our products and the adequacy of our cash balances and liquidity to meet future operating needs.  Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-Q filed July 25, 2007, which is available through our website at www.uqm.com or at www.sec.gov.
 

[Home | Previous | Next | Top ]

Last Update:07/25/07