UQM Technologies Reports Fourth Quarter and Fiscal 2012 Operating Results

  • Fourth-quarter product sales increased 52 percent year-over-year to $3.4 million fueled by shipments to CODA.
  • Total revenue for Fiscal 2012 increased 12 percent year-over-year to $10.1M reflecting propulsion system shipments to CODA, Audi, Rolls Royce, Electric Vehicles International, Proterra and a wide-range of other customers worldwide.

LONGMONT, Colo.--()--UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the quarter and fiscal year ended March 31, 2012. Revenue for the fiscal fourth quarter of 2012 grew 61 percent to $3.8 million compared to $2.3 million in the fourth quarter of 2011, due primarily to shipments to CODA. Net loss for the fourth quarter was $1.5 million or $0.04 per common share versus a net loss of $0.2 million or $0.01 per common share for the fourth quarter of fiscal 2011 due primarily to expanded production engineering activities.

For the fiscal year ended March 31, 2012, total revenue increased 12 percent to $10.1 million compared to $9.0 million in fiscal 2011. Gross profit contribution dollars increased year-over-year by 25% to $3.0 million due to increased margins and higher revenue. Net operating loss for fiscal 2012 was $4,928,520 or $0.14 per common share versus a net loss of $1,992,358 or $0.06 per common share for fiscal 2011. Net loss increased primarily due to the expansion of our production engineering group who are working on new products and business development activities to add new customers. The net loss in fiscal 2011 included the benefit of DOE reimbursements from prior periods of approximately $1.5 million and a recovery from a customer bankruptcy of $0.3 million.

“Fiscal 2012 was an exciting year for UQM, as we made progress on several initiatives. During the fourth quarter, we began volume production of our PowerPhase Pro® electric propulsion system for the all-electric CODA passenger sedan which was introduced to the California market in March,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “Additionally, with the recent production qualification for our PowerPhase HD® 220 in the medium-duty commercial truck and bus markets, we are beginning to see the benefit from the substantial investments made in product development during fiscal 2012. This type of investment is critical to positioning us for future success as the electrification market grows and customers demand higher performing products at reduced cost.”

Fiscal Fourth Quarter 2012 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 fiscal year ended March 31, 2012. To attend the conference call, please dial 1-800-762-8908 approximately ten minutes before the conference is scheduled to begin and provide confirmation code 4541581 to access the call. International callers should dial 1-480-629-9868. 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 4541581#.

About UQM

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.

Forward-Looking Language

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, 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-K 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,

      Fiscal Year Ended March 31,

 

2012

      2011 2012       2011
Revenue:
Contract services $ 363,172 96,027 785,068 608,204
Product sales   3,411,678   2,251,919   9,358,388   8,413,098  
  3,774,850   2,347,946   10,143,456   9,021,302  
 
Operating costs and expenses:
Costs of contract services 240,891 93,370 499,813 541,214
Costs of product sales 2,740,929 1,492,388 6,663,648 6,087,385
Research and development 26,457 10,381 37,128 292,865
Production engineering 1,607,376 1,001,917 6,014,868 3,536,287
Reimbursement of costs under DOE
grant (624,381 ) (889,908 ) (3,794,324 ) (3,988,655 )
Selling, general and administrative 1,240,510 837,706 5,678,797 4,884,373
Loss (gain) on disposal of assets   -   18,011   (3,138 ) 17,007  
  5,231,782   2,563,865   15,096,792   11,370,476  
 
Loss before other income
(expense) (1,456,932 ) (215,919 ) (4,953,336 ) (2,349,174 )
 
Other income (expense):
Interest income 3,524 20,539 22,805 91,342
Interest expense - - - -
Other   1,032   205   2,011   265,474  
  4,556   20,744   24,816   356,816  
 
 
Net loss $ (1,452,376 ) (195,175 ) (4,928,520 ) (1,992,358 )
 
Net loss per common share -

basic and diluted

$ (0.04 ) (0.01 ) (0.14 ) (0.06 )
 
Weighted average number of shares of
common stock outstanding - basic
and diluted   36,352,918   36,191,940   36,301,642   36,070,364  
 

UQM TECHNOLOGIES, INC.

AND SUBSIDIARIES

Consolidated Balance Sheets

           

Assets

March 31, 2012 March 31, 2011
Current assets:
Cash and cash equivalents $ 11,637,940 15,878,752
Short-term investments 482,909 8,332,523
Accounts receivable, net 4,929,117 3,527,054
Costs and estimated earnings in excess of billings on uncompleted contracts 78,376 126,775
Inventories 10,564,148 2,213,441
Facility held for sale 1,621,257 -
Prepaid expenses and other current assets   556,592     367,154  
Total current assets   29,870,339     30,445,699  
 
Property and equipment, at cost:
Land 1,683,330 1,859,988
Building 4,484,493 6,822,850
Machinery and equipment   7,868,481     6,766,539  
14,036,304 15,449,377
Less accumulated depreciation   (4,677,827 )   (4,696,942 )
Net property and equipment   9,358,477     10,752,435  
 
Patent costs, net of accumulated amortization of $816,259 and $781,608 222,836 264,091
 
Trademark costs, net of accumulated amortization of $59,743 and $55,256 113,844 118,331
 
Other assets   90,105     223,364  
Total assets $ 39,655,601   $ 41,803,920  
 

Liabilities and Stockholders’ Equity

March 31, 2012 March 31, 2011
Current liabilities:
Accounts payable $ 2,356,513 1,373,403
Other current liabilities 2,329,101 903,706
Short-term deferred compensation under executive employment agreements 152,007 739,200
Billings in excess of costs and estimated earnings on uncompleted contracts   7,201     15,726  
Total current liabilities   4,844,822     3,032,035  
 
Long-term deferred compensation under executive employment agreements   563,100     577,172  
Total liabilities   5,407,922     3,609,207  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares authorized;
36,356,177 and 36,213,293 shares issued and outstanding 363,562 362,133
Additional paid-in capital 114,371,106 113,391,049
Accumulated deficit   (80,486,989 )   (75,558,469 )
Total stockholders’ equity   34,247,679     38,194,713  
Total liabilities and stockholders’ equity $ 39,655,601     41,803,920  
 

Contacts

UQM Technologies, Inc.
Donald A. French, 303-682-4918
or
StreetSmart Investor Relations
Annie Leschin, 415-775-1788
or
Barry Hutton, 415-775-1788

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Contacts

UQM Technologies, Inc.
Donald A. French, 303-682-4918
or
StreetSmart Investor Relations
Annie Leschin, 415-775-1788
or
Barry Hutton, 415-775-1788