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UQM Technologies Reports Fiscal Third Quarter Operating Results

February 05, 2015

LONGMONT, Colo.--()--UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the third quarter ended December 31, 2014. Total revenue for the quarter was $836,000 compared to $2.0 million for the same quarter last year. Net loss for the third quarter was $1.4 million, or $0.03 per common share. This compares to a net loss of $66,000, or $0.00 per common share for the same period last year, which included a one-time benefit of $727,000.

”While our results this quarter reflect the sluggish domestic market and the timing of orders from our customers, we are very pleased with our ongoing progress outside of the US. Our newly-announced China certification and strategic customer agreements in Asia reflect our significant efforts to secure high volume contracts and penetrate that large and growing market opportunity,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer.

As of December 31, 2014, UQM reported cash of $7.2 million and working capital of $16.4 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 ended December 31, 2014. To attend the conference call, please dial 1-888-241-0326 approximately ten minutes before the conference is scheduled to begin and provide the passcode “72341552” 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 “72341552#”. 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 and 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.

For more information, please visit www.uqm.com.

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, gaining required certifications, 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 December 31, Nine Months Ended December 31,
2014   2013   2014   2013  
Revenue:
Product sales $ 594,808 $ 1,825,351 $ 2,264,123 $ 5,351,287
Contract services   240,827     214,898     707,839     679,431  
  835,635     2,040,249     2,971,962     6,030,718  
Operating costs and expenses:
Costs of product sales 369,769 1,053,716 1,323,078 3,134,230
Costs of contract services 291,701 153,647 667,802 552,797
Research and development 40,183 44,307 217,388 158,852
Production engineering 934,239 818,460 3,227,240 2,851,416
Reimbursement of costs under DOE grant (557,327 ) (451,026 ) (1,812,670 ) (2,576,685 )
Selling, general and administrative 1,133,787 1,220,184 4,034,031 4,079,660
Impairment of assets - (726,640 ) - (726,640 )
Gain on sale of facility held for sale   -     -     -     (40,032 )
  2,212,352     2,112,648     7,656,869     7,433,598  
 
Loss before other income (1,376,717 ) (72,399 ) (4,684,907 ) (1,402,880 )
 
Other income:
Interest income 4,935 339 12,124 1,409
Other   317     6,147     567     6,935  
  5,252     6,486     12,691     8,344  
 
Net loss $ (1,371,465 ) $ (65,913 ) $ (4,672,216 ) $ (1,394,536 )
 
Net loss per common share - basic and
diluted $ (0.03 ) $ -   $ (0.12 ) $ (0.04 )
Weighted average number of shares of common
stock outstanding - basic and diluted   39,999,984     36,878,092     39,921,424     36,794,834  
 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets

   
December 31, 2014 March 31, 2014
(unaudited)

Assets

Current assets:
Cash and cash equivalents $ 7,217,340 $ 10,247,112
Short-term investments - 63,029
Accounts receivable, net 895,508 960,419
Costs and estimated earnings in excess of billings on
uncompleted contracts 36,760 341,255
Inventories 9,651,769 10,054,422
Prepaid expenses and other current assets   337,789     263,988  
Total current assets   18,139,166     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   7,809,643     7,706,066  
14,009,274 13,905,697
Less accumulated depreciation   (7,113,238 )   (6,337,924 )
Net property and equipment   6,896,036     7,567,773  
 
Patent costs, net of accumulated amortization of $891,090 and $878,707, respectively 239,528 227,015
 
Trademark costs, net of accumulated amortization of $71,943 and $68,718, respectively 103,898 107,123
Other assets   99,706     2,997  
Total assets $ 25,478,334   $ 29,835,133  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 168,558 $ 386,293
Other current liabilities 1,505,116 1,491,745
Billings in excess of costs and estimated earnings on
uncompleted contracts   39,520     -  
Total current liabilities   1,713,194     1,878,038  
 
Long-term deferred compensation under executive employment agreements   257,657     182,100  
 
Total liabilities   1,970,851     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 121,728,244 121,325,762
Accumulated deficit   (98,620,761 )   (93,948,545 )
Total stockholders’ equity   23,507,483     27,774,995  
 
Total liabilities and stockholders’ equity $ 25,478,334   $ 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