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UQM Technologies Reports First Quarter Fiscal Year 2016 Financial and Operating Results

July 30, 2015

LONGMONT, Colo.--()--UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced financial and operating results for the first quarter ended June 30, 2015.

Total revenue for the quarter was $741,000 compared with $1.0 million in the same quarter last year. Net loss for the first quarter was $2.2 million, or $0.06 per common share. This compares to a net loss of $1.3 million, or $0.03 per common share for the same period last year. As of June 30, 2015, cash was $5.6 million and working capital was $13.8 million.

“While first quarter revenue was down from same quarter last year, we are beginning to see signs of a recovery with some of our customers in the U.S. electric vehicle market and early traction with our newly acquired fuel cell business,” said Joe Mitchell, COO and interim President and CEO. “The pace and progress of our negotiations with potential Chinese partners has increased, and with production orders from existing and new customers anticipated in the coming quarters, we believe that we are poised to turn a corner as a company in the coming year.”

Conference Call

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter ended June 30, 2015. To attend the conference call, please dial 1-888-241-0326 approximately 10 minutes before the conference is scheduled to begin and provide the passcode “85195023” 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 7 days beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-855-859-2056 and enter replay code “85195023#.” 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, power electronic controllers and fuel cell compressors 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 and ISO 14001 certified and 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 Form 10-K and Form 10-Q’s, 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 June 30,
2015   2014
Revenue:
Product sales $ 630,666 $ 823,032
Contract services   109,863     196,516  
  740,529     1,019,548  
Operating costs and expenses:
Costs of product sales 577,446 464,028
Costs of contract services 64,798 148,234
Research and development 1,088,480 84,404
Production engineering - 1,227,191
Reimbursement of costs under DOE grant - (716,014 )
Selling, general and administrative   1,245,374     1,128,531  
  2,976,098     2,336,374  
 
Loss before other income (2,235,569 ) (1,316,826 )
 
Other income:
Interest income 3,372 6,789
Other   7,946     -  
  11,318     6,789  
 
Net loss $ (2,224,251 ) $ (1,310,037 )
 
Net loss per common share - basic and
diluted $ (0.06 ) $ (0.03 )
Weighted average number of shares of common
stock outstanding - basic and diluted   40,040,673     39,788,769  
 
       

UQM TECHNOLOGIES, INC.

AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

 
June 30, 2015 March 31, 2015
(unaudited)

Assets

Current assets:
Cash and cash equivalents $ 5,626,817 $ 6,585,703
Accounts receivable 414,861 522,417
Other receivable - 855,000
Costs and estimated earnings in excess of billings on uncompleted contracts 69,917 49,917
Inventories 9,374,848 9,354,053
Prepaid expenses and other current assets   335,414     266,448  
Total current assets   15,821,857     17,633,538  
 
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,516,301 4,516,301
Machinery and equipment   7,083,950     7,037,200  
13,283,581 13,236,831
Less accumulated depreciation   (6,664,667 )   (6,410,242 )
Net property and equipment   6,618,914     6,826,589  
 
Patent costs, net of accumulated amortization of $898,292 and $895,227, respectively 238,430 239,043
 
Trademark costs, net of accumulated amortization of $74,048 and $73,018, respectively   101,793     102,823  
Total assets $ 22,780,994   $ 24,801,993  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 497,043 $ 398,568
Other current liabilities 1,464,540 1,544,971
Billings in excess of costs and estimated earnings on uncompleted contracts   83,591       84,444  
Total current liabilities   2,045,174     2,027,983  
 
Other long-term liabilities   470,080     445,024  
 
Total liabilities   2,515,254     2,473,007  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares
authorized; 40,052,602 and 39,999,984 shares
issued and outstanding, respectively 400,526 400,000
Additional paid-in capital 122,026,540 121,866,061
Accumulated deficit   (102,161,326 )   (99,937,075 )
Total stockholders’ equity   20,265,740     22,328,986  
 
Total liabilities and stockholders’ equity $ 22,780,994   $ 24,801,993  
 

Contacts

UQM Technologies, Inc.
David I. Rosenthal, 303-682-4900
or
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