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UQM Technologies Reports Fourth Quarter and Fiscal 2013 Operating Results

May 23, 2013

LONGMONT, Colo.--()--UQM Technologies, Inc. (NYSE MKT:UQM), a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers, today announced operating results for the quarter and fiscal year ended March 31, 2013.

Revenue for the fiscal fourth quarter of 2013 decreased to $1.7 million compared to $3.8 million in the fourth quarter of 2012, reflecting the lack of shipments to CODA. Excluding CODA revenue, adjusted total revenue for the fourth quarter was $1.6 million compared to $1.8 million for the comparable quarter last fiscal year. Net loss for the fourth quarter was $2.3 million or $0.06 per common share versus a net loss of $1.5 million, or $0.04 per common share for the fourth quarter of fiscal 2012. Fourth quarter results this year included a charge of $1.1 million or $0.03 per common share for estimated CODA-related contract settlement costs.

For the fiscal year ended March 31, 2013, total revenue decreased to $7.2 million compared to $10.1 million in fiscal 2012. Excluding CODA revenue, adjusted total revenue increased 20 percent to $7.0 million in fiscal 2013 compared to $5.8 million last fiscal year. Net loss for fiscal 2013 was $10.7 million, or $0.29 per common share, and included charges related to the termination of the CODA program totaling $4.9 million, or $0.13 per common share. This compares with a net loss of $4.9 million or $0.14 per common share for fiscal 2012.

“During the year, we continued our expansion into the commercial truck and bus EV markets, signing multi-year supply agreements with Proterra and Boulder EV and increasing shipments to Electric Vehicles International,” said Eric R. Ridenour, UQM Technologies’ President and CEO. “These ongoing relationships demonstrate the strength and differentiation of our product line, and have enabled us to diversify our customer base and grow our revenues, minimizing the impact of CODA’s bankruptcy. The progress we are making with potential customers in China, coupled with our ongoing expense management and cash conservation, position us well for fiscal year 2014 and beyond.”

Subsequent to the end of the fiscal year, the Company completed a contract to sell its former facility in Frederick, Colorado for $1.65 million. The transaction is expected to close in the first quarter of fiscal 2014.

Fiscal Fourth Quarter 2013 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 fiscal year ended March 31, 2013. To attend the conference call, please dial 1-888-549-7880 approximately ten minutes before the conference is scheduled to begin and provide confirmation code 4620332 to access the call. International callers should dial +1-480-629-9770. For anyone who is unable to participate in the conference, a recording will be available for 7 days beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-800-406-7325 and enter replay code 4620332#. 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 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 Form 10-K 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

 
Year Ended Year Ended Year Ended
March 31, 2013 March 31, 2012 March 31, 2011
Revenue:
Contract services $ 1,268,556 785,068 608,204
Product sales   5,910,153     9,358,388     8,413,098  
  7,178,709     10,143,456     9,021,302  
Operating costs and expenses:
Costs of contract services 715,225 499,813 541,214
Costs of product sales 4,333,005 6,663,648 6,087,385
Research and development 96,905 37,128 292,865
Production engineering 4,921,970 6,014,868 3,536,287
Reimbursement of costs under DOE grant (4,205,678 ) (3,794,324 ) (3,988,655 )
Selling, general and administrative 7,022,112 5,678,797 4,884,373
Impairment of assets 4,980,117 - -
Loss (gain) on disposal of long-lived asset   22,485     (3,138 )   17,007  
  17,886,141     15,096,792     11,370,476  
 
Loss before other income (10,707,432 ) (4,953,336 ) (2,349,174 )
 
Other income:
Interest income 15,743 22,805 91,342
Other   3,377     2,011     265,474  
  19,120     24,816     356,816  
 
Net loss $ (10,688,312 )   (4,928,520 )   (1,992,358 )
 
Net loss per common share - basic and diluted $ (0.29 )   (0.14 )   (0.06 )
Weighted average number of shares
of common stock outstanding -
basic and diluted   36,564,952     36,301,642     36,070,364  
 
       

UQM TECHNOLOGIES, INC.

AND SUBSIDIARIES

Consolidated Balance Sheets

 
March 31, 2013 March 31, 2012

Assets

 
Current assets:
Cash and cash equivalents $ 4,527,899 11,637,940
Short-term investments - 482,909
Accounts receivable, net 2,212,395 4,929,117
Costs and estimated earnings in excess of billings on uncompleted contracts 178,264 78,376
Inventories 10,998,461 10,564,148
Facility held for sale 1,525,000 1,621,257
Prepaid expenses and other current assets   309,957     556,592  
Total current assets   19,751,976     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   7,771,363     7,868,481  
13,970,994 14,036,304
Less accumulated depreciation   (5,507,801 )   (4,677,827 )
Net property and equipment   8,463,193     9,358,477  
 
Patent costs, net of accumulated amortization of $845,795 and $816,259 206,287 222,836
Trademark costs, net of accumulated amortization of $64,230 and $59,743 110,528 113,844
Other assets   76,731     90,105  
Total assets $ 28,608,715     39,655,601  
 
March 31, 2013 March 31, 2012

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 617,197 2,356,513
Other current liabilities 2,599,435 2,329,101
Short-term deferred compensation under executive employment
agreements 524,000 152,007
Billings in excess of costs and estimated earnings on uncompleted contracts   -     7,201  
Total current liabilities   3,740,632     4,844,822  
 
Long-term deferred compensation under executive employment agreements   103,412     563,100  
 
Total liabilities   3,844,044     5,407,922  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares authorized;
36,664,097 and 36,356,177 shares issued and outstanding 366,641 363,562
Additional paid-in capital 115,573,331 114,371,106
Accumulated deficit   (91,175,301 )   (80,486,989 )
Total stockholders’ equity   24,764,671     34,247,679  
 
Total liabilities and stockholders’ equity $ 28,608,715     39,655,601  

Contacts

UQM Technologies, Inc.
StreetSmart Investor Relations
Annie Leschinor 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