UQM Technologies Reports First Quarter 2014 Operating Results

August 01, 2013

LONGMONT, Colo.--()--UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers, today announced its operating results for the quarter ended June 30, 2013.

Revenue for the quarter was $1.95 million versus $2.4 million in the same quarter last year. Net loss for the first quarter was $0.9 million, or $0.02 per common share, versus a net loss of $1.3 million, or $0.04 per common share, for the comparable period last year. The improvement in net loss results from recent actions to lower the cost structure that more than offset the decline in revenue.

“In the first quarter, we continued to execute on our stated strategic priorities to expand our worldwide presence, launch new products for our major markets and run a cost efficient company,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. “We solidified and expanded relationships with existing customers EVI and Boulder EV, and also signed a new agreement with Zenith Motors. With the launch of our PowerPhase HD® 950T, we continue to bring new and innovative products to the market and expand our portfolio. In addition, we began to see the positive financial benefits from our ongoing cost management efforts.”

Selling, general and administrative costs were $1.2 million or $0.6 million lower than the first quarter last year as a result of actions taken to reduce costs while maintaining the new product introduction pace. At June 30, 2013, cash and short-term investments were $5.3 million and working capital was $15.5 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 1-800-762-8795 approximately ten minutes before the conference is scheduled to begin and provide conference code “4632557” to access the call. International callers should dial +1-480-629-9724. 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 1-800-406-7325 and enter replay code 4632557#. International callers should dial +1-303-590-3030.

Annual Meeting of Shareholders

The Company’s Annual Meeting of Shareholders will be held Wednesday, August 7, 2013 beginning at 10:00 a.m. Denver time at The Golden Hotel located at 800 Eleventh Street, Golden, Colorado 80401. Shareholders and members of the press are cordially invited to attend. A continental breakfast will be available beginning at 9:00 a.m. Directions to The Golden Hotel are available on our website at www.uqm.com.

About UQM

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, commercial truck, bus, marine and military 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 located in Longmont, Colorado. Please visit www.uqm.com for more information.

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 officers and directors 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-Q filed today, which is available through our website at www.uqm.com or at www.sec.gov.

Consolidated Condensed Statements of Operations (unaudited)
Quarter Ended June 30,
2013 2012
Contract services $ 261,251 365,379
Product sales   1,687,260     2,031,049  
  1,948,511     2,396,428  
Operating costs and expenses:
Costs of contract services 180,734 183,076
Costs of product sales 1,105,535 1,282,863
Research and development 54,908 12,647
Production engineering 1,093,069 1,150,219
Reimbursement of costs under DOE grant (773,458 ) (764,636 )
Selling, general and administrative 1,244,401 1,822,847
Gain on sale of facility held for sale   (40,032 )   -  
  2,865,157     3,687,016  
Loss before other income (expense) (916,646 ) (1,290,588 )
Other income (expense):
Interest income 129 2,746
Other   163     408  
  292     3,154  
Net loss $ (916,354 )   (1,287,434 )

Net loss per common share - basic and diluted

$ (0.02 )   (0.04 )

Weighted average number of shares of common stock outstanding - basic and diluted

  36,669,033     36,393,403  


Consolidated Condensed Balance Sheets

June 30, 2013 March 31, 2013


Current assets:
Cash and cash equivalents $ 5,334,699 4,527,899
Accounts receivable, net 2,726,195 2,212,395
Costs and estimated earnings in excess of billings on uncompleted contracts 158,026 178,264
Inventories 10,758,922 10,998,461
Facility held for sale - 1,525,000
Prepaid expenses and other current assets   316,117     309,957  
Total current assets   19,293,959     19,751,976  
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,516,301 4,516,301
Machinery and equipment   7,908,355     7,771,363  
14,107,986 13,970,994
Less accumulated depreciation   (5,803,120 )   (5,507,801 )
Net property and equipment   8,304,866     8,463,193  

Patent costs, net of accumulated amortization of $855,662 and $845,795, respectively

199,532 206,287

Trademark costs, net of accumulated amortization of $65,351 and $64,230, respectively

109,407 110,528
Other assets   66,992     76,731  
Total assets $ 27,974,756     28,608,715  

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 895,453 617,197
Other current liabilities 2,418,396 2,599,435

Short-term deferred compensation under executive employment agreements

  524,000     524,000  
Total current liabilities   3,837,849     3,740,632  
Long-term deferred compensation under executive employment agreements   122,294     103,412  
Total liabilities   3,960,143     3,844,044  
Commitments and contingencies
Stockholders’ equity:

Common stock, $0.01 par value, 50,000,000 shares authorized; 36,669,509 and 36,664,097 shares issued and outstanding, respectively

366,695 366,641
Additional paid-in capital 115,739,573 115,573,331
Accumulated deficit   (92,091,655 )   (91,175,301 )
Total stockholders’ equity   24,014,613     24,764,671  
Total liabilities and stockholders’ equity $ 27,974,756     28,608,715  


StreetSmart Investor Relations
Annie Leschin/Barry Hutton, 415-775-1788

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4120 Specialty Pl.
Longmont, Colorado 80504