UQM Technologies Reports First Quarter Operating Results

  • Total revenue increased 82% year-over-year to $2.4 million
  • Gross profit increased 58% year-over-year to $0.9 million
  • Strong growth in product revenue was driven by deliveries to an automotive OEM and others

LONGMONT, Colo.--()--UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, announced today operating results for the quarter ended June 30, 2012. Total revenue was $2.4 million, an increase of 82% year-over-year versus $1.3 million for the first quarter of last year. Net loss for the first quarter was $1.3 million, or $0.04 per common share, versus a net loss of $1.0 million, or $0.03 per common share, for the comparable period last year.

“First quarter revenue increased substantially reflecting strong growth in contract services revenue and a 64% increase in product revenue led by shipments to EVI and a major automotive OEM,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. “We are continuing to focus on a successful launch with CODA, expanding our worldwide presence, developing and launching advanced new products for our major markets and ensuring that we meet our customers’ needs for consistently high quality products.”

Gross profit for the quarter increased 58% percent to $0.9 million versus $0.6 million for the first quarter last fiscal year reflecting increased revenue and strong demand for our PowerPhase Select® systems. The increase in net loss for the first quarter was due primarily to higher recruiting, relocation and payroll costs related to recent additions to the senior management team and increased levels of marketing and travel expenditures related to our business development strategy for the Chinese market. At June 30, 2012 cash and short-term investments were $8.8 million and working capital was $24.2 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 1-877-941-8631 approximately ten minutes before the conference is scheduled to begin and provide conference code “4556393” to access the call. International callers should dial +1 480-629-9867. 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 4556393#. International callers should dial +1 303-590-3030.

Annual Meeting of Shareholders

The Company’s Annual Meeting of Shareholders will be held Wednesday, August 8, 2012 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 and military 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. 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, 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 June 30,
2012 2011
Revenue:
Contract services $ 365,379 76,302
Product sales   2,031,049     1,238,758  
  2,396,428     1,315,060  
Operating costs and expenses:
Costs of contract services 183,076 45,570
Costs of product sales 1,282,863 681,595
Research and development 12,647 4,163
Production engineering 1,150,219 1,574,823
Reimbursement of costs under DOE grant (764,636 ) (1,121,636 )
Selling, general and administrative   1,822,847     1,189,603  
  3,687,016     2,374,118  
 
Loss before other income (expense) (1,290,588 ) (1,059,058 )
 
Other income (expense):
Interest income 2,746 15,254
Other   408     261  
  3,154     15,515  
 
Net loss $ (1,287,434 )   (1,043,543 )
 
Net loss per common share - basic and
diluted $ (0.04 )   (0.03 )
Weighted average number of shares of common
stock outstanding - basic and diluted   36,393,403     36,222,217  
 
       

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

 

 
June 30, 2012 March 31, 2012

Assets

 
Current assets:
Cash and cash equivalents $ 8,749,156 11,637,940
Short-term investments 49,978 482,909
Accounts receivable, net 5,596,888 4,929,117
Costs and estimated earnings in excess of billings on
uncompleted contracts 91,027 78,376
Inventories 12,218,344 10,564,148
Facility held for sale 1,621,257 1,621,257
Prepaid expenses and other current assets   774,825     556,592  
Total current assets   29,101,475     29,870,339  
 
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,513,891 4,484,493
Machinery and equipment   8,005,687     7,868,481  
14,202,908 14,036,304
Less accumulated depreciation (4,998,716 ) (4,677,827 )
Net property and equipment   9,204,192     9,358,477  
 
Patent costs, net of accumulated amortization of $824,678 and $816,259 215,446 222,836
 
Trademark costs, net of accumulated amortization of $60,865 and $59,743 112,722 113,844
Other assets   61,997     90,105  
Total assets $ 38,695,832     39,655,601  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 1,452,838 2,356,513
Other current liabilities 3,231,345 2,329,101
Short-term deferred compensation under executive employment
agreements - 152,007
Billings in excess of costs and estimated earnings on
uncompleted contracts   245,674     7,201  
Total current liabilities   4,929,857     4,844,822  
 
Long-term deferred compensation under executive employment agreements   589,242     563,100  
 
Total liabilities   5,519,099     5,407,922  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares
authorized; 36,415,267 and 36,356,177 shares
issued and outstanding 364,153 363,562
Additional paid-in capital 114,587,003 114,371,106
Accumulated deficit   (81,774,423 )   (80,486,989 )
Total stockholders’ equity   33,176,733     34,247,679  
 
Total liabilities and stockholders’ equity $ 38,695,832     39,655,601  

Contacts

UQM Technologies
Investor Relations contact:
StreetSmart Investor Relations
Annie Leschin/Barry Hutton, 415-775-1788

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Contacts

UQM Technologies
Investor Relations contact:
StreetSmart Investor Relations
Annie Leschin/Barry Hutton, 415-775-1788