NYSEMKT: UQM October 19, 2018 4:00 PM CET Minimum 20 min delay
+0.02 +1.44%
Volume: 73,820

UQM Technologies Reports Fiscal Second Quarter Operating Results

November 05, 2013

LONGMONT, Colo.--()--UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, announced operating results today for the second quarter ended September 30, 2013. Total revenue was $2.0 million, an increase of 71% year-over-year versus $1.2 million for the second quarter of last year. Net loss for the second quarter was $0.4 million, or $0.01 per common share, versus a net loss of $2.6 million, or $0.07 per common share, for the comparable period last year.

“We posted a solid performance in the second fiscal quarter, with strength across all product lines and customers,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. “Confidence in our products is being echoed in the industry as we see demand for existing products and praise from our customers. These developments, combined with our momentum from business development activities in Europe and China, reiterate the potential of our strategy.”

Total revenue for the six months ended September 30, 2013 was $4.0 million, an increase of 11% compared to total revenue of $3.6 million in the same period last fiscal year. Net loss for the six months ended September 30, 2013 was $1.3 million or $0.04 per common share, compared to a net loss of $3.9 million or $0.11 per common share for the comparable period last year. The lower net loss in 2013 reflects higher revenue and product margins as well as lower operating costs due to previously-announced cost saving initiatives.

At September 30, 2013, cash was $5.1 million and working capital was $15.5 million.

Conference Call

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter. To attend the conference call, please dial 1-877-941-0843 approximately 10 minutes before the conference is scheduled to begin and provide conference code “4646331” to access the call. International callers should dial 1-480-629-9722. For anyone who is unable to participate in the conference, a recording will be available for one week beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-800-406-7325 and enter replay code 4646331#. International callers should dial +1 303-590-3030.

About UQM

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, commercial truck, bus and military markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is located in Longmont, Colorado.

Please visit www.uqm.com for more information.

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 management with respect to, among other things, new product developments, future orders to be received from our customers, sales of products from inventory, future financial results, liquidity and the continued growth of the electric-powered vehicle industry. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our annual report on Form 10-K for the fiscal year ended March 31, 2013 and our Form 10-Q filed today, both which are available through our website at www.uqm.com or at www.sec.gov.

 
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations (unaudited)

               
Quarter Ended September 30, Six Months Ended September 30,
2013     2012 2013   2012
Revenue:
Product sales $ 1,838,676 $ 845,470 $ 3,525,936 $ 2,876,519
Contract services   203,282     350,634     464,533     716,013  
  2,041,958     1,196,104     3,990,469     3,592,532  
Operating costs and expenses:
Costs of product sales 974,979 518,754 2,080,514 1,801,617
Costs of contract services 218,416 213,459 399,150 396,535
Research and development 59,637 19,810 114,545 32,457
Production engineering 939,887 1,505,103 2,032,956 2,655,322
Reimbursement of costs under DOE grant (1,352,201 ) (965,564 ) (2,125,659 ) (1,730,200 )
Selling, general and administrative 1,615,075 2,472,653 2,859,476 4,295,500
Gain on sale of facility held for sale   -     -     (40,032 )   -  
  2,455,793     3,764,215     5,320,950     7,451,231  
 
Loss before other income (413,835 ) (2,568,111 ) (1,330,481 ) (3,858,699 )
 
Other income :
Interest income 941 2,260 1,070 5,006
Other   625     2,303     788     2,711  
  1,566     4,563     1,858     7,717  
 
Net loss $ (412,269 ) $ (2,563,548 ) $ (1,328,623 ) $ (3,850,982 )
 

Net loss per common share - basic and diluted

$ (0.01 ) $ (0.07 ) $ (0.04 ) $ (0.11 )

Weighted average number of shares of common stock outstanding - basic and diluted

  36,836,009     36,547,878     36,752,977     36,471,063  
 
 
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
   
September 30, 2013   March 31, 2013

(unaudited)

Assets

Current assets:
Cash and cash equivalents $ 5,071,049 $ 4,527,899
Accounts receivable, net 3,083,481 2,212,395
Costs and estimated earnings in excess of billings on uncompleted contracts 230,139 178,264
Inventories 10,527,520 10,998,461
Facility held for sale - 1,525,000
Prepaid expenses and other current assets   332,291     309,957  
Total current assets   19,244,480     19,751,976  
 
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,516,301 4,516,301
Machinery and equipment   8,048,146     7,771,363  
14,247,777 13,970,994
Less accumulated depreciation   (6,085,017 )   (5,507,801 )
Net property and equipment   8,162,760     8,463,193  
 
Patent costs, net of accumulated amortization of $865,530 and $845,795, respectively 204,646 206,287
 
Trademark costs, net of accumulated amortization of $66,474 and $64,230, respectively 108,284 110,528
Other assets   65,730     76,731  
Total assets $ 27,785,900   $ 28,608,715  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 704,606 $ 617,197
Other current liabilities 2,519,340 2,599,435

Short-term deferred compensation under executive employment agreements

  524,000     524,000  
Total current liabilities   3,747,946     3,740,632  
Long-term deferred compensation under executive employment agreements   142,229     103,412  
 
Total liabilities   3,890,175     3,844,044  
 
Commitments and contingencies
 
Stockholders’ equity:

Common stock, $0.01 par value, 50,000,000 shares authorized; 36,864,358 and 36,664,097 shares issued and outstanding, respectively

368,644 366,641
Additional paid-in capital 116,031,005 115,573,331
Accumulated deficit   (92,503,924 )   (91,175,301 )
Total stockholders’ equity   23,895,725     24,764,671  
Total liabilities and stockholders’ equity $ 27,785,900   $ 28,608,715  
 

Contacts

StreetSmart Investor Relations
Annie Leschin/Barry Hutton, 415-775-1788

IR Contact

investor@uqm.com

(646) 438-9385

UQM Investor Relations
4120 Specialty Place
Longmont, Colorado 80504

Email Alerts

Email Address *

 
Enter the code shown above.

contact

sales@uqm.com

303.682.4900

UQM Technologies Inc
4120 Specialty Pl.
Longmont, Colorado 80504