UQM Technologies Reports Third Quarter Operating Results

  • Product sales and total revenue rose 30 percent for the quarter
  • Volume production and shipment of automotive-qualified PowerPhase Pro® electric propulsion system to CODA Automotive underway
  • PowerPhase HD® electric propulsion systems will drive 100 UPS delivery vehicles being built by Electric Vehicles International

LONGMONT, Colo.--()--UQM Technologies, Inc. (NYSE Amex: UQM), a developer of alternative-energy technologies, announced today operating results for the quarter and nine month period ended December 31, 2011.

“Operating results for the third quarter were positively impacted by shipments of our PowerPhase Pro® electric propulsion systems to CODA Automotive. Product sales for the quarter rose 30 percent contributing to a reduction in net loss,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “CODA has announced that they will begin delivering vehicles to customers in February and we are ramping-up our production to meet their increasing requirements. In addition, we recently received a 100 unit order from Electric Vehicles International for PowerPhase HD® electric propulsion systems to power all-electric trucks for UPS, expanding our penetration in the medium-duty truck market. We are looking forward to acceleration in our revenues in future quarters from these programs and from additional market opportunities originating from an aggressive sales and marketing outreach program lead by our newly hired Vice President of Sales and Business Development, Adrian Schaffer.”

Operations for the third quarter resulted in a net loss of $846,416 or $0.03 per common share on total revenue of $2,719,323 versus a net loss of $932,520 or $0.03 per common share on total revenue of $2,090,474 for the third quarter last fiscal year.

Operations for the nine month period ended December 31, 2011 resulted in a net loss of $3,476,144 or $0.10 per common share on total revenue of $6,368,606 versus a net loss of $1,797,183 or $0.05 per common share on total revenue of $6,673,356 for the comparable period last year. Net loss for the nine month period last fiscal year includes an expense reduction for the recovery of costs from earlier periods under our DOE grant of $1,546,446.

“The reduction in net loss for the quarter was driven by a 30 percent increase in total revenue which fueled an expansion in gross profit to $578,529 versus $439,834 for the comparable period last fiscal year,” said Donald A. French, UQM Technologies’ Treasurer and Chief Financial Officer. “Operating results for the quarter and the nine months ended December 31, 2011 were negatively impacted by the bankruptcy filing of Saab, which resulted in a bad debt charge of $127,697 and recruiting costs for our new Vice President of Sales.”

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and nine months ended December 31, 2011. To attend the conference call, please dial 1-877-941-8631 approximately ten minutes before the conference is scheduled to begin and provide the passcode “4509986” to access the call. International callers should dial 1-480-629-9644. For anyone who is unable to participate in the conference, a recording will be available for 48 hours beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-800-406-7325 and enter replay code “4509986#”. International callers should dial +1 303-590-3030.

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. 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 officers and directors with respect to, among other things, orders to be received under our supply agreement with CODA Automotive, Electric Vehicles International and Proterra, future financial results, 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.

 

 

 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Statements of Operations (unaudited)

 
Quarter Ended December 31, Nine Months Ended December 31,
2011   2010 2011   2010
Revenue:
Contract services $ 210,047 166,687 421,896 512,177
Product sales   2,509,276   1,923,787   5,946,710   6,161,179  
  2,719,323   2,090,474   6,368,606   6,673,356  
 
Operating costs and expenses:
Costs of contract services 127,229 97,094 258,922 447,844
Costs of product sales 2,013,565 1,553,546 3,922,719 4,594,997
Research and development 5,861 10,537 10,671 282,484
Production engineering 1,210,506 874,054 4,407,492 2,534,370
Reimbursement of costs under DOE grant (937,273 ) (546,803 ) (3,169,943 ) (3,098,747 )
Selling, general and administrative 1,149,659 1,045,845 4,438,287 4,046,667
Gain on sale of long-lived asset   -   -   (3,138 ) (1,004 )
  3,569,547   3,034,273   9,865,010   8,806,611  
 
Loss before other income (850,224 ) (943,799 ) (3,496,404 ) (2,133,255 )
 
Other income:
Interest income 3,386 11,150 19,281 70,803
Other   422   129   979   265,269  
  3,808   11,279   20,260   336,072  
 
 
Net loss $ (846,416 ) (932,520 ) (3,476,144 ) (1,797,183 )
 
Net loss per common share - basic and
diluted $ (0.03 ) (0.03 ) (0.10 ) (0.05 )
 
Weighted average number of shares of
common stock outstanding - basic and

diluted

  36,326,516   36,137,980   36,284,675   36,030,576  
 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

   
December 31, 2011 March 31, 2011

Assets

Current assets:
Cash and cash equivalents $ 11,545,184 15,878,752
Short-term investments 3,447,893 8,332,523
Accounts receivable, net 3,952,876 3,527,054
Costs and estimated earnings in excess of billings on uncompleted contracts 84,239 126,775
Inventories 7,992,353 2,213,441
Facility held for sale 1,621,257 -
Prepaid expenses and other current assets   1,151,932   367,154  
Total current assets   29,795,734   30,445,699  
 
Property and equipment, at cost:
Land 1,683,330 1,859,988
Building 4,474,092 6,822,850
Machinery and equipment   7,517,846   6,766,539  
13,675,268 15,449,377
Less accumulated depreciation   (4,494,696 ) (4,696,942 )
Net property and equipment   9,180,572   10,752,435  
 
Patent costs, net of accumulated amortization of $807,689 and $781,608 256,611 264,091
 
Trademark costs, net of accumulated amortization of $58,621 and $55,256 114,966 118,331
 
Other assets   374,353   223,364  
 
Total assets $ 39,722,236   41,803,920  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 1,903,876 1,373,403
Other current liabilities 1,616,474 903,706
Short-term deferred compensation under executive employment
agreements - 739,200
Billings in excess of costs and estimated earnings on uncompleted contracts   54,236   15,726  
Total current liabilities   3,574,586   3,032,035  
 
Long-term deferred compensation under executive employment agreements   650,623   577,172  
 
Total liabilities   4,225,209   3,609,207  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares
authorized; 36,326,516 and 36,213,293 shares
issued and outstanding 363,265 362,133
Additional paid-in capital 114,168,375 113,391,049
Accumulated deficit   (79,034,613 ) (75,558,469 )
 
Total stockholders’ equity   35,497,027   38,194,713  
 
Total liabilities and stockholders’ equity $ 39,722,236   41,803,920  

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