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UQM Technologies Reports Fiscal Third Quarter Operating Results

January 31, 2013
  • Deliveries during Q3 of PowerPhase HD® electric propulsion systems to Electric Vehicles International for UPS delivery vehicles exceeded $700,000
    • One time charge of $3.8 million or $0.10 per common share taken to reserve for accounts receivable due from CODA
    • Q3 Net loss, excluding the charge, decreased to $0.02 per share versus $0.03 per share for Q3 last fiscal year

    LONGMONT, Colo.--()--UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the fiscal third quarter ended December 31, 2012. Total revenue was $1.9 million, a decrease of 29% from $2.7 million for the same quarter last year. Net loss for the third quarter was $4.6 million, or $0.12 per common share, including a charge of $3.8 million or $0.10 per common share to establish an allowance for doubtful accounts for CODA receivables. This compares to a net loss of $0.8 million or $0.03 per common share for the same period last year. Net loss for the quarter, excluding the charge related to CODA, improved by 15 percent primarily due to lower production engineering expenditures, increased reimbursements under our DOE Grant and increased product shipments to customers other than CODA.

    “Despite the lack of shipments to CODA this quarter and the need to take a charge to earnings, we demonstrated our ability to diversify our customer base by delivering a more than a 50% increase in revenues to customers outside of CODA,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “During the quarter we continued to aggressively pursue discussions with potential customers globally, including in China, and took several steps to proactively lower our expenses and improve operating efficiencies to ensure that we have the financial and technical resources to pursue and execute the many opportunities that lay ahead with our various customers.”

    As of December 31, 2012, cash and short-term investments were $5.9 million and working capital was $18.4 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 and nine months ended December 31, 2012. To attend the conference call, please dial 1-877-941-6009 approximately ten minutes before the conference is scheduled to begin and provide the passcode “4591697” to access the call. International callers should dial 1-480-629-9819. 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 1-800-406-7325 and enter replay code “4591697#”. 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, marine 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 officers and directors with respect to, among other things, future orders to be received, future shipments and payments under our Supply Agreement with CODA, future financial results 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 Form 10-Q filed today, which is available through our website at www.uqm.com or at www.sec.gov.

     

    UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

    Consolidated Statements of Operations (unaudited)

                 
    Quarter Ended December 31, Nine Months Ended December 31,
    2012 2011 2012 2011
    Revenue:
    Contract services $ 235,794 210,047 951,807 421,896
    Product sales   1,692,276     2,509,276     4,568,795     5,946,710  
      1,928,070     2,719,323     5,520,602     6,368,606  
    Operating costs and expenses:
    Costs of contract services 121,624 127,229 518,159 258,922
    Costs of product sales 1,529,852 2,013,565 3,331,469 3,922,719
    Research and development 23,190 5,861 55,647 10,671
    Production engineering 991,653 1,210,506 3,646,975 4,407,492
    Reimbursement of costs under DOE grant (1,446,356 ) (937,273 ) (3,176,556 ) (3,169,943 )
    Selling, general and administrative 1,434,241 1,149,659 5,729,741 4,438,287
    Impairment of assets under supply agreement 3,833,860 - 3,833,860 -
    Loss (gain) on disposal of long-lived asset   407     -     407     (3,138 )
      6,488,471     3,569,547     13,939,702     9,865,010  
     
    Loss before other income (4,560,401 ) (850,224 ) (8,419,100 ) (3,496,404 )
     
    Other income:
    Interest income 5,244 3,386 10,250 19,281
    Other   124     422     2,835     979  
      5,368     3,808     13,085     20,260  
     
    Net loss $ (4,555,033 )   (846,416 )   (8,406,015 )   (3,476,144 )
     

    Net loss per common share - basic and diluted

    $ (0.12 )   (0.03 )   (0.23 )   (0.10 )

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

      36,654,737     36,326,516     36,532,510     36,284,675  
     
     

    UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

    Consolidated Balance Sheets (unaudited)

     
      December 31, 2012   March 31, 2012

    Assets

     
    Current assets:
    Cash and cash equivalents $ 5,904,985 11,637,940
    Short-term investments - 482,909
    Accounts receivable, net 1,430,316 4,929,117
    Costs and estimated earnings in excess of billings on uncompleted contracts 239,719 78,376
    Inventories 11,409,825 10,564,148
    Facility held for sale 1,621,257 1,621,257
    Prepaid expenses and other current assets   432,922     556,592  
    Total current assets   21,039,024     29,870,339  
     
    Property and equipment, at cost:
    Land 1,683,330 1,683,330
    Building 4,516,301 4,484,493
    Machinery and equipment   8,100,125     7,868,481  
    14,299,756 14,036,304
    Less accumulated depreciation   (5,635,675 )   (4,677,827 )
    Net property and equipment   8,664,081     9,358,477  
     
    Patent costs, net of accumulated amortization of $839,446 and $816,259 221,353 222,836
    Trademark costs, net of accumulated amortization of $63,108 and $59,743 110,479 113,844
    Other assets   70,588     90,105  
    Total assets $ 30,105,525     39,655,601  
     

    Liabilities and Stockholders’ Equity

    Current liabilities:
    Accounts payable $ 850,658 2,356,513
    Other current liabilities 1,657,009 2,329,101

    Short-term deferred compensation under executive employment agreements

    - 152,007
    Billings in excess of costs and estimated earnings on uncompleted contracts   85,785     7,201  
    Total current liabilities   2,593,452     4,844,822  
     
    Long-term deferred compensation under executive employment agreements   614,921     563,100  
     
    Total liabilities   3,208,373     5,407,922  
     
    Commitments and contingencies
     
    Stockholders’ equity:

    Common stock, $0.01 par value, 50,000,000 shares authorized; 36,663,883 and 36,356,177 shares issued and outstanding

    366,639 363,562
    Additional paid-in capital 115,423,517 114,371,106
    Accumulated deficit   (88,893,004 )   (80,486,989 )
    Total stockholders’ equity   26,897,152     34,247,679  
     
    Total liabilities and stockholders’ equity $ 30,105,525     39,655,601  
     

    Contacts

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

IR Contact

investor@uqm.com

303.682.4900

UQM Technologies Inc
4120 Specialty Pl.
Longmont, Colorado 80504

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sales@uqm.com

303.682.4900

UQM Technologies Inc
4120 Specialty Pl.
Longmont, Colorado 80504