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UQM Technologies Reports Fourth Quarter and Fiscal Year 2015 Operating Results

May 28, 2015

LONGMONT, Colo.--()--UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the fourth quarter and fiscal year ended March 31, 2015. Total revenue for the quarter was $1.0 million, the same as the fourth quarter last year. Net loss for the fourth quarter was $1.3 million, or $0.03 per common share. This compares to a net loss of $1.4 million, or $0.04 per common share for the same period last year.

For the year ended March 31, 2015, total revenue was $4.0 million compared to $7.0 million in the prior year. Net loss was $6.0 million, or $0.15 per common share versus $2.8 million, or $0.07 per common share in the year ended March 31, 2014. As of March 31, 2015, cash was $6.6 million and working capital was $15.6 million versus $10.2 million and $20.1 million last year, respectively.

“Fourth quarter revenue grew 25% over last quarter, reflecting some improvement in our customers’ ordering cycles,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. ”Our primary focus is centered on our strategic business development in China where we see the greatest opportunity for our offerings at present. Having recently signed a long-term agreement with the KESHI Group and with on-going discussions with other parties to secure volume production contracts, we are making significant inroads into this market as customers recognize the clear advantages of our products.”

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 year ended March 31, 2015. 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 “47696708” 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 “47696708#”. 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 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 annual report on Form 10-K for the fiscal year ended March 31, 2015 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

 
 
Quarter Ended March 31, Year Ended March 31,
2015 2014 2015 2014
(unaudited) (unaudited)
Revenue:
Product sales $ 954,493 $ 785,018 $ 3,218,616 $ 6,136,305
Contract services   89,289   230,464   797,128   909,895
  1,043,782   1,015,482   4,015,744   7,046,200
Operating costs and expenses:
Costs of product sales 778,532 474,798 2,101,610 3,609,028
Costs of contract services 130,236 190,271 798,038 743,068
Research and development 913,771 61,035 1,131,159 219,887
Production engineering 179,683 1,793,230 3,406,923 4,644,646
Reimbursement of costs under DOE grant (88,439) (1,049,168) (1,901,109) (3,625,853)
Selling, general and administrative 1,303,764 1,064,204 5,337,795 5,143,864
(Recovery) impairment of assets - (141,835) - (868,475)
(Gain) loss on disposal of long-lived asset   1,219   2,570   1,219   (37,462)
  3,218,766   2,395,105   10,875,635   9,828,703
 
Loss before other income (2,174,984) (1,379,623) (6,859,891) (2,782,503)
 
Other income:
Interest income 182 378 12,306 1,787
Other   858,488   537   859,055   7,472
  858,670   915   871,361   9,259
 
Net loss $ (1,316,314) $ (1,378,708) $ (5,988,530) $ (2,773,244)
 
Net loss per common share - basic and diluted $ (0.03) $ (0.04) $ (0.15) $ (0.07)
Weighted average number of shares
of common stock outstanding -
basic and diluted   39,999,984   38,653,221   39,940,795   37,253,066
 
       

UQM TECHNOLOGIES, INC.
AND SUBSIDIARIES
Consolidated Balance Sheets

 
 
March 31, 2015 March 31, 2014
Assets
Current assets:
Cash and cash equivalents $ 6,585,703 $ 10,247,112
Short-term investments - 63,029
Accounts receivable 522,417 960,419
Other receivable 855,000 -
Costs and estimated earnings in excess of billings on
uncompleted contracts 49,917 341,255
Inventories 9,354,053 10,054,422
Prepaid expenses and other current assets   266,448   263,988
Total current assets   17,633,538   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   7,037,200   7,706,066
13,236,831 13,905,697
Less accumulated depreciation   (6,410,242)   (6,337,924)
Net property and equipment   6,826,589   7,567,773
 
Patent costs, net of accumulated amortization of $895,227 and $878,707,
respectively 239,043 227,015
Trademark costs, net of accumulated amortization of $73,018 and $68,718,
respectively 102,823 107,123
Other assets   -   2,997
Total assets $ 24,801,993 $ 29,835,133
 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 398,568 $ 386,293
Other current liabilities 1,544,971 1,491,745
Billings in excess of costs and estimated earnings on
uncompleted contracts   84,444   -
Total current liabilities   2,027,983   1,878,038
 
Other long-term liabilities   445,024   182,100
 
Total liabilities   2,473,007   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 121,866,061 121,325,762
Accumulated deficit   (99,937,075)   (93,948,545)
Total stockholders’ equity   22,328,986   27,774,995
Total liabilities and stockholders’ equity $ 24,801,993 $ 29,835,133
 

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