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UQM Technologies Reports Fiscal Third Quarter Operating Results

January 30, 2014

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, 2013. Total revenue was $2.04 million, an increase of 6% from $1.9 million for the same quarter last year. Net loss for the third quarter was $66,000, or $0.00 per common share, including a reduction of an accrued liability related to import duty fees of $727,000. This compares to a net loss of $4.6 million, or $0.12 per common share for the same period last year, which included a charge of $3.8 million for the Coda bankruptcy.

“Our strong performance in the third quarter was the result of the continued execution of our strategy to expand sales of our industry-leading products worldwide,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “Our focus on new markets began to pay off this quarter with the delivery of our first units for electric buses into China and Indonesia. We are excited for the opportunities ahead and believe that our ongoing focus on product innovation, quality, and costs positions us well for future growth.”

As of December 31, 2013, cash and short-term investments were $6.3 million and working capital was $15.7 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, 2013. 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 “4664380” 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 7 days beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-800-406-7325 and enter replay code “4664380#”. 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.

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, which is 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 December 31, Nine Months Ended December 31,
2013 2012 2013 2012
Revenue:
Product sales $ 1,825,351 $ 1,692,276 $ 5,351,287 $ 4,568,795
Contract services   214,898   235,794   679,431   951,807
  2,040,249   1,928,070   6,030,718   5,520,602
Operating costs and expenses:
Costs of product sales 1,053,716 1,529,852 3,134,230 3,331,469
Costs of contract services 153,647 121,624 552,797 518,159
Research and development 44,307 23,190 158,852 55,647
Production engineering 818,460 991,653 2,851,416 3,646,975
Reimbursement of costs under DOE grant (451,026) (1,446,356) (2,576,685) (3,176,556)
Selling, general and administrative 1,220,184 1,434,241 4,079,660 5,729,741
Impairment of assets (726,640) 3,833,860 (726,640) 3,833,860
(Gain) loss on disposal of long-lived assets   -   407   (40,032)   407
  2,112,648   6,488,471   7,433,598   13,939,702
 
Loss before other income (72,399) (4,560,401) (1,402,880) (8,419,100)
 
Other income:
Interest income 339 5,244 1,409 10,250
Other   6,147   124   6,935   2,835
  6,486   5,368   8,344   13,085
 
Net loss $ (65,913) $ (4,555,033) $ (1,394,536) $ (8,406,015)
 

Net loss per common share - basic and diluted

$ 0.00 $ (0.12) $ (0.04) $ (0.23)

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

  36,878,092   36,654,737   36,794,834   36,532,510
 
 
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
   
 
December 31, 2013 March 31, 2013
(unaudited)

Assets

Current assets:
Cash and cash equivalents $ 6,263,510 $ 4,527,899

Accounts receivable, net of allowance for doubtful accounts of zero and $3,838,092, respectively

682,980 2,212,395

Costs and estimated earnings in excess of billings on uncompleted contracts

445,037 178,264
Inventories 10,255,074 10,998,461
Facility held for sale - 1,525,000
Prepaid expenses and other current assets   304,417   309,957
Total current assets   17,951,018   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   8,208,689   7,771,363
14,408,320 13,970,994
Less accumulated depreciation   (6,348,064)   (5,507,801)
Net property and equipment   8,060,256   8,463,193
 

Patent costs, net of accumulated amortization of $872,118 and $845,795, respectively

227,339 206,287
 

Trademark costs, net of accumulated amortization of $67,595 and $64,230, respectively

107,163 110,528
Other assets   65,880   76,731
Total assets $ 26,411,656 $ 28,608,715
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 551,701 $ 617,197
Other current liabilities 1,666,114 2,599,435

Short-term deferred compensation under executive employment agreements

  -   524,000
Total current liabilities   2,217,815   3,740,632
 
Long-term deferred compensation under executive employment agreements   162,165   103,412
 
Total liabilities   2,379,980   3,844,044
 
Commitments and contingencies
 
Stockholders’ equity:

Common stock, $0.01 par value, 50,000,000 shares authorized; 36,891,654 and 36,664,097 shares issued and outstanding, respectively

368,917 366,641
Additional paid-in capital 116,232,596 115,573,331
Accumulated deficit   (92,569,837)   (91,175,301)
 
Total stockholders’ equity   24,031,676   24,764,671
 
Total liabilities and stockholders’ equity $ 26,411,656 $ 28,608,715

Contacts

StreetSmart Investor Relations
Annie Leschin, 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