UQM Technologies Reports Fourth Quarter and Fiscal 2011 Operating Results

  • Fourth-quarter results improved 81 percent compared to Q4 FY 2010 with net loss declining to $195,175
  • Fiscal 2011 operating results showed a $2.1M improvement compared to FY 2010
  • Product sales rose by more than 15 percent for fiscal 2011
  • UQM propulsion systems power multiple manufacturers’ vehicles, including CODA Automotive, Audi, Saab, Rolls-Royce, Proterra and EVI

LONGMONT, Colo.--()--UQM TECHNOLOGIES, INC. (NYSE Amex: UQM), a developer of alternative energy technologies, announced today operating results for the quarter and fiscal year ended March 31, 2011. Operations for the fourth quarter resulted in a net loss of $195,175 or $0.01 per common share on total revenue of $2,347,946 versus a net loss of $1,031,250 or $0.03 per common share on total revenue of $2,284,878 for the fourth quarter last year.

Operations for the fiscal year ended March 31, 2011 resulted in a net loss of $1,992,358 or $0.06 per common share on total revenue of $9,021,302 versus a net loss of $4,140,872 or $0.13 per common share on total revenue of $8,691,953 last fiscal year.

“Fiscal 2011 was a year of transition for the company. We streamlined our structure, expanded our production engineering organization, relocated our manufacturing facility and qualified our manufacturing lines in preparation for the higher volume production of our electric propulsion systems for CODA Automotive,” said Eric R. Ridenour, UQM Technologies President and Chief Executive Officer. “Pre-production unit shipments to CODA, propulsion systems shipments to Audi and Saab for their vehicle test fleets together with shipments to Proterra and Electric Vehicles International contributed to a 15 percent increase in product sales for the year.”

“During the fiscal year we invested $7.4 million in upgrades to our facilities and for manufacturing equipment, half of which was funded under the DOE grant, to establish annual manufacturing capacity of 40,000 units per year,” said Donald A. French, UQM Technologies Treasurer and Chief Financial Officer. “Reimbursements of product qualification and testing costs under our Department of Energy award, including reimbursements of approximately $1.5 million related to costs incurred last fiscal year, together with lower levels of internally-funded research and development expenditures contributed to a reduction in net loss for the fiscal year. We are looking forward to the successful launch of production for CODA in the second half of this calendar year.”

Building on its 35 years of experience, UQM develops and manufactures electric propulsion systems that have been selected to power the Saab 9-3 ePower, Audi A-1 e-tron and Rolls-Royce 102EX Electric Phantom pre-production test fleet vehicles. UQM is also powering Proterra’s electric composite transit buses, as well as Electric Vehicles International’s all-electric medium-duty truck and walk-in van. The company has a new facility with 40,000 units of annual production capacity for its PowerPhase® electric propulsion systems to support the commercial launch of CODA Automotive and other customer vehicles.

The company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and fiscal year ended March 31, 2011. To attend the conference call, please dial 1-866-966-5335 approximately ten minutes before the conference is scheduled to begin and provide confirmation code “UQM” to access the call. International callers should dial 1-212-999-6659. 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 1-866-583-1035 and give replay code 1963841#.

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, aerospace, military and industrial markets. A major emphasis for UQM is developing products for the alternative-energy technologies sector, including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles, under-the-hood power accessories and other vehicle auxiliaries. UQM headquarters, engineering, product development center and manufacturing operation are located in Longmont, Colorado.

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, orders to be received under our supply agreement with CODA Automotive, our ability to successfully expand our manufacturing facilities, 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 filed today, which is available through our website at www.uqm.com or at www.sec.gov .

   

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

 
March 31, 2011 March 31, 2010

Assets

 
Current assets:
  Cash and cash equivalents $ 15,878,752 17,739,600
Short-term investments 8,332,523 12,409,183
Accounts receivable 3,527,054 1,695,638
Costs and estimated earnings in excess of billings on
  uncompleted contracts 126,775 680,746
Inventories 2,213,441 1,291,326
Prepaid expenses and other current assets 367,154 140,285
  Total current assets 30,445,699 33,956,778
 
Property and equipment, at cost:
Land 1,859,988 1,825,968
Building 6,822,850 5,402,176
Machinery and equipment 6,766,539 4,524,188
15,449,377 11,752,332
Less accumulated depreciation (4,696,942) (4,090,962)
Net property and equipment 10,752,435 7,661,370
 
Patent costs, net of accumulated amortization
of $781,608 and $738,556 264,091 297,623
 
Trademark costs, net of accumulated amortization of $55,256 and $50,769 118,331 122,818
 
Other assets 223,364 643,984
 
  Total assets $ 41,803,920 42,682,573
 
March 31, 2011 March 31, 2010

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 1,373,403 1,421,779
Other current liabilities 903,706 1,049,243
Short-term deferred compensation under executive employment
agreements 739,200 432,554
Billings in excess of costs and estimated earnings on
uncompleted contracts 15,726 51,552
Total current liabilities 3,032,035 2,955,128
 
Long-term deferred compensation under executive employment agreements 577,172 722,862
 
Total liabilities 3,609,207 3,677,990
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares
authorized; 36,213,293and 35,946,738 shares
issued and outstanding 362,133 359,467
Additional paid-in capital 113,391,049 112,211,227
Accumulated deficit (75,558,469) (73,566,111)
Total stockholders’ equity 38,194,713 39,004,583
 
Total liabilities and stockholders’ equity $ 41,803,920 42,682,573
 
     

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Statements of Operations (unaudited)

 
Quarter Ended March 31, Fiscal Year Ended March 31,
2011       2010   2011       2010  
Revenue:        
  Contract services $ 96,027 317,124 608,204 1,384,599
Product sales   2,251,919   1,967,754   8,413,098   7,307,354  
  2,347,946   2,284,878   9,021,302   8,691,953  
 
Operating costs and expenses:
Costs of contract services 93,370 167,317 541,214 892,649
Costs of product sales 1,492,388 1,464,796 6,087,385 5,082,171
Research and development 10,381 123,685 292,865 576,341
Production engineering 1,001,917 816,197 3,536,287 2,908,334
Reimbursement of costs under DOE
  grant (889,908 ) - (3,988,655 ) -
Selling, general and administrative 838,710 764,867 4,884,373 3,433,549
Loss (gain) on disposal of assets   17,007   -   17,007   -  
  2,563,865   3,336,862   11,370,476   12,893,044  
 
Loss before other income
  (expense) (215,919 ) (1,051,984 ) (2,349,174 ) (4,201,091 )
 
Other income (expense):
Interest income 20,539 20,734 91,342 64,916
Interest expense - - - (15,697 )
Other   205   -   265,474   11,000  
  20,744   20,734   356,816   60,219  
 
 
Net loss $ (195,175 ) (1,031,250 ) (1,992,358 ) (4,140,872 )
 
Net loss per common share -
basic and diluted $ (0.01 ) (0.03 ) (0.06 ) (0.13 )
 
Weighted average number of shares of
common stock outstanding - basic
and diluted   36,191,940   35,932,992   36,070,364   30,720,368  
 
       

The following table summarizes significant financial statement information after deducting intersegment
eliminations of each of the reportable segments as of and for the quarter ended March 31, 2011:

 
Power
Technology Products Total
 
Revenue $ 1,305,433 1,042,513 2,347,946
Interest income $ 20,037 502 20,539
Interest expense $ - - -
Depreciation and amortization $ (118,926 ) (129,341 ) (248,267 )
Impairment of inventories $ (3,924 ) (6,236 ) (10,160 )
Segment earnings (loss) $ (444,751 ) 249,576 (195,175 )
Total assets $ 29,474,989 12,328,931 41,803,920
Expenditures for long-lived segment assets $ (283,558 ) (1,037,543 ) (1,321,101 )
 

The following table summarizes significant financial statement information after deducting intersegment
eliminations of each of the reportable segments as of and for the quarter ended March 31, 2010:

 
Power
Technology Products Total
 
Revenue $ 1,478,790 806,088 2,284,878
Interest income $ 20,177 557 20,734
Interest expense $ - - -
Depreciation and amortization $ (101,465 ) (54,837 ) (156,302 )
Impairment of inventories $ (23,094 ) - (23,094 )
Segment loss $ (902,475 ) (128,775 ) (1,031,250 )
Total assets $ 34,214,998 8,467,575 42,682,573
Expenditures for long-lived segment assets $ (211,601 ) (659,066 ) (870,667 )
 

The following table summarizes significant financial statement information after deducting intersegment
eliminations of each of the reportable segments as of and for the year ended March 31, 2011:

 
Power
Technology Products Total
 
Revenue $ 5,884,486 3,136,816 9,021,302
Interest income $ 89,343 1,999 91,342
Interest expense $ - - -
Depreciation and amortization $ (462,312 ) (402,260 ) (864,572 )
Impairment of inventories $ (3,924 ) (6,236 ) (10,160 )
Segment loss $ (1,015,085 ) (977,273 ) (1,992,358 )
Total assets $ 29,474,989 12,328,931 41,803,920
Expenditures for long-lived segment assets $ (1,297,816 ) (6,099,992 ) (7,397,808 )
 

The following table summarizes significant financial statement information after deducting intersegment
eliminations of each of the reportable segments as of and for the year ended March 31, 2010:

 
Power
Technology Products Total
 
Revenue $ 6,236,177 2,455,776 8,691,953
Interest income $ 62,141 2,775 64,916
Interest expense $ - (15,697 ) (15,697 )
Depreciation and amortization $ (389,725 ) (213,370 ) (603,095 )
Impairment of inventories $ (26,714 ) - (26,714 )
Segment loss $ (3,681,599 ) (459,273 ) (4,140,872 )
Total assets $ 34,214,998 8,467,575 42,682,573
Expenditures for long-lived segment assets $ (718,040 ) (8,530,736 ) (9,248,776 )

Contacts

UQM Technologies, Inc.
Donald A. French, 303-682-4918
or
BPC Financial Marketing
John Baldiserra, 800-368-1217

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Contacts

UQM Technologies, Inc.
Donald A. French, 303-682-4918
or
BPC Financial Marketing
John Baldiserra, 800-368-1217