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UQM Technologies Reports Fourth Quarter and Fiscal Year 2016 Operating Results

June 07, 2016

LONGMONT, Colo.--(BUSINESS WIRE)-- 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, 2016. Total revenue for the quarter was $1.5 million compared to $1.0 million in the fourth quarter last year. Net loss for the fourth quarter was $931,000, or $0.01 per common share. This compares to a net loss of $1.3 million, or $0.04 per common share for the same period last year.

For the year ended March 31, 2016, total revenue grew 32% to $5.3 million compared to $4.0 million in the prior year. Net loss was $6.9 million, or $0.16 per common share versus $6.0 million, or $0.15 per common share in the year ended March 31, 2015. As of March 31, 2016, cash was $7.0 million.

“Fourth quarter revenue grew 44% over the same quarter last year, reflecting increases in our North American base business as we continue to see growth with our existing customers and take advantage of new applications for our electric propulsion systems,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “We are still focusing on our strategic business development in China where we see the greatest opportunity for our offerings at present. 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, 2016. 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 “9402118” 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 “9402118#”. 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. 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 annual report on Form 10-K for the fiscal year ended March 31, 2016 filed today, which is available through our website at www.uqm.com or at www.sec.gov.

Source: UQM Technologies, Inc.

         

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Condensed Statements of Operations

 
Quarter Ended March 31, Year Ended March 31,
  2016     2015     2016     2015  
(unaudited) (unaudited)
Revenue:
Product sales $ 1,218,797 $ 954,493 $ 4,592,852 $ 3,218,616
Contract services   285,493     89,289     713,947     797,128  
  1,504,290     1,043,782     5,306,799     4,015,744  
Operating costs and expenses:
Costs of product sales 809,834 778,532 3,343,508 2,101,610
Costs of contract services 303,441 130,236 659,244 798,038
Research and development 684,346 913,771 3,459,746 1,131,159
Production engineering - 179,683 - 3,406,923
Reimbursement of costs under DOE grant - (88,439 ) - (1,901,109 )
Selling, general and administrative

1,232,893

1,303,764 5,406,628 5,337,795
Recovery of impaired assets (585,800 ) (585,800 )
Loss on disposal of long-lived asset     1,219       1,219  
  2,444,714     3,218,766     12,283,326     10,875,635  
 
Loss before other income (940,424 ) (2,174,984 ) (6,976,527 ) (6,859,891 )
 
Other income:
Interest income 3,882 182 8,122 12,306
Other   5,625     858,488     30,054     859,055  
  9,507     858,670     38,176     871,361  
 
Net loss $ (930,917 ) $ (1,316,314 ) $ (6,938,351 ) $ (5,988,530 )
 
Net loss per common share - basic and diluted $ (0.01 ) $ (0.04 ) $ (0.16 ) $ (0.15 )
Weighted average number of shares
of common stock outstanding -
basic and diluted   48,327,219     39,999,984     43,574,137     39,940,795  
 
 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

     
 
Fiscal Year Ended March 31,
  2016       2015  

Assets

Current assets:
Cash and cash equivalents $ 7,030,230 $ 6,585,703
Accounts receivable 481,404 522,417
Other receivable - 855,000
Costs and estimated earnings in excess of billings on uncompleted contracts 60,296 49,917
Inventories 2,271,271 9,354,053
Prepaid expenses and other current assets   272,597     266,448  
Total current assets   10,115,798     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   7,089,332     7,037,200  
13,288,963 13,236,831
Less accumulated depreciation (7,241,769 ) (6,410,242 )
Net property and equipment   6,047,194     6,826,589  
 
Patent costs, net of accumulated amortization of $916,960 and $895,227, respectively 249,414 239,043
 
Trademark costs, net of accumulated amortization of $77,514 and $73,018, respectively 98,327 102,823
 
Noncurrent inventories   6,840,170     -  
 
Total assets $ 23,350,903   $ 24,801,993  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 364,841 $ 398,568
Other current liabilities 985,435 1,544,971
Billings in excess of costs and estimated earnings on
uncompleted contracts   -     84,444  
Total current liabilities   1,350,276     2,027,983  
 
Other long-term liabilities   288,889     445,024  
 
Total liabilities   1,639,165     2,473,007  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 75,000,000 and 50,000,000 shares
authorized; 48,330,286 and 39,999,984 shares
issued and outstanding, respectively 483,303 400,000
Additional paid-in capital 128,103,861 121,866,061
Accumulated deficit   (106,875,426 )   (99,937,075 )
Total stockholders’ equity   21,711,738     22,328,986  
Total liabilities and stockholders’ equity $ 23,350,903   $ 24,801,993  
 

Source: UQM Technologies, Inc.

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UQM Technologies Inc
4120 Specialty Pl.
Longmont, Colorado 80504

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UQM Technologies Inc
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Longmont, Colorado 80504