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UQM Technologies Reports Second Quarter Operating Results

November 05, 2014

LONGMONT, Colo.--()--UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the second quarter ended September 30, 2014. Total revenue for the quarter was $1.1 million compared to $2.0 million for the same quarter last year. Net loss for the second quarter was $2.0 million, or $0.05 per common share. This compares to a net loss of $0.4 million, or $0.01 per common share for the same period last year.

”Despite the slowdown in the domestic market due to lower fuel prices and the cyclicality of our order flow by fleets, we made significant strategic progress on a number of fronts, including the recent announcement of a long-term supply agreement,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “Our progress in China with several different partners is moving as planned and could result in significant sales as early as calendar year 2015.”

As of September 30, 2014, UQM reported cash and short term investments of $8.1 million and working capital of $17.5 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 1-888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide conference ID code “25662360” to access the call. International callers should dial +1-647-427-3411. For anyone who is unable to participate in the conference, a recording will be available for seven days beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-855-859-2056 and enter replay access code 25662360#. International callers should dial +1-404-537-3406.

About UQM

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the commercial truck, bus, automotive, marine, military and industrial 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 TS 16949 certified and 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, 2014 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,
2014   2013   2014   2013  
Revenue:
Product sales $ 846,283 $ 1,838,676 $ 1,669,315 $ 3,525,936
Contract services   270,496     203,282     467,012     464,533  
  1,116,779     2,041,958     2,136,327     3,990,469  
Operating costs and expenses:
Costs of product sales 489,281 974,979 953,309 2,080,514
Costs of contract services 227,867 218,416 376,101 399,150
Research and development 92,801 59,637 177,205 114,545
Production engineering 1,065,810 939,887 2,293,001 2,032,956
Reimbursement of costs under DOE grant (539,329 ) (1,352,201 ) (1,255,343 ) (2,125,659 )
Selling, general and administrative 1,771,713 1,615,075 2,900,244 2,859,476
Gain on sale of facility held for sale   -     -     -     (40,032 )
  3,108,143     2,455,793     5,444,517     5,320,950  
 
Loss before other income (1,991,364 ) (413,835 ) (3,308,190 ) (1,330,481 )
 
Other income:
Interest income 400 941 7,189 1,070
Other   250     625     250     788  
  650     1,566     7,439     1,858  
 
Net loss $ (1,990,714 ) $ (412,269 ) $ (3,300,751 ) $ (1,328,623 )
 
Net loss per common share - basic and
diluted $ (0.05 ) $ (0.01 ) $ (0.08 ) $ (0.04 )
Weighted average number of shares of common
stock outstanding - basic and diluted   39,974,078     36,836,009     39,881,930     36,752,977  
 
 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets

   
September 30, 2014 March 31, 2014
(unaudited)

Assets

Current assets:
Cash and cash equivalents $ 8,047,444 $ 10,247,112
Short-term investments 63,323 63,029
Accounts receivable 1,015,007 960,419
Costs and estimated earnings in excess of billings on
uncompleted contracts 38,779 341,255
Inventories 9,750,250 10,054,422
Prepaid expenses and other current assets   451,283     263,988  
Total current assets   19,366,086     21,930,225  
 
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,516,301 4,516,301
Machinery and equipment   7,753,571     7,706,066  
13,953,202 13,905,697
Less accumulated depreciation   (6,852,808 )   (6,337,924 )
Net property and equipment   7,100,394     7,567,773  
 
Patent costs, net of accumulated amortization of $886,960 and $878,707, respectively 239,524 227,015
 
Trademark costs, net of accumulated amortization of $70,868 and $68,718, respectively 104,973 107,123
Other assets   39,317     2,997  
Total assets $ 26,850,294   $ 29,835,133  

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 351,079 $ 386,293
Other current liabilities 1,513,022 1,491,745
Billings in excess of costs and estimated earnings on
uncompleted contracts   28,087     -  
Total current liabilities   1,892,188     1,878,038  
 
Long-term deferred compensation under executive employment agreements   232,471     182,100  
 
Total liabilities   2,124,659     2,060,138  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares
authorized; 39,999,984 and 39,777,767 shares
issued and outstanding, respectively 400,000 397,778
Additional paid-in capital 121,574,931 121,325,762
Accumulated deficit   (97,249,296 )   (93,948,545 )
Total stockholders’ equity   24,725,635     27,774,995  
 
Total liabilities and stockholders’ equity $ 26,850,294   $ 29,835,133  
 

Contacts

StreetSmart Investor Relations
Annie Leschin, 415-775-1788
or
UQM Technologies, Inc.
David I. Rosenthal, 303-682-4900

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