UQM Technologies Reports Second Quarter Operating Results

LONGMONT, Colo.--()--UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, announced operating results today for the second quarter ended September 30, 2012. Total revenue was $1.2 million, a decrease of 49% year-over-year versus $2.3 million for the second quarter of last year. Net loss for the second quarter was $2.6 million, or $0.07 per common share, versus a net loss of $1.6 million, or $0.04 per common share, for the comparable period last year.

“Second quarter revenue was impacted by the slow pace of the CODA vehicle launch. We remain optimistic that CODA will resume its production ramp-up given its announced plans, including opening ten US dealerships by year end,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. “Meanwhile, we took significant steps this quarter to further diversify our customer base and grow our worldwide presence, by entering emerging territories such as China. These business development activities are a critical investment in the future growth of the business.”

Total revenue for the six months ended September 30, 2012 was $3.6 million, essentially flat with total revenue for the same period last fiscal year. Net loss for the six months ended September 30, 2012 was $3.9 million or $0.11 per common share, compared to a net loss of $2.6 million or $0.07 per common share for the comparable period last year. The higher net loss in 2012 reflects lower product margins and increased selling, general and administrative costs associated with investments made towards the company’s strategic growth opportunities.

At September 30, 2012 cash and short-term investments were $7.0 million and working capital was $22.5 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 1-888-561-1799 approximately ten minutes before the conference is scheduled to begin and provide conference code “4570874” to access the call. International callers should dial 1-480-629-9678. 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 4570874#. International callers should dial +1 303-590-3030.

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 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.

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, future orders to be received, future shipments and payments 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 September 30, Six Months Ended September 30,
2012 2011 2012 2011
Revenue:
Contract services $ 350,634 135,547 716,013 211,849
Product sales   845,470     2,198,676     2,876,519     3,437,434  
  1,196,104     2,334,223     3,592,532     3,649,283  
Operating costs and expenses:
Costs of contract services 213,459 86,123 396,535 131,693
Costs of product sales 518,754 1,227,559 1,801,617 1,909,154
Research and development 19,810 647 32,457 4,810
Production engineering 1,505,103 1,622,163 2,655,322 3,196,986
Reimbursement of costs under DOE grant (965,564 ) (1,111,034 ) (1,730,200 ) (2,232,670 )
Selling, general and administrative 2,472,653 2,099,025 4,295,500 3,288,628
Gain on sale of long-lived asset   -     (3,138 )   -     (3,138 )
  3,764,215     3,921,345     7,451,231     6,295,463  
 
Loss before other income (2,568,111 ) (1,587,122 ) (3,858,699 ) (2,646,180 )
 
Other income:
Interest income 2,260 641 5,006 15,895
Other   2,303     296     2,711     557  
  4,563     937     7,717     16,452  
 
Net loss $ (2,563,548 )   (1,586,185 )   (3,850,982 )   (2,629,728 )
 
Net loss per common share -
basic and diluted $ (0.07 )   (0.04 )   (0.11 )   (0.07 )
Weighted average number of shares
of common stock outstanding -
basic and diluted   36,547,878     36,304,613     36,471,063     36,263,640  
 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)

   
September 30, 2012 March 31, 2012

Assets

Current assets:
Cash and cash equivalents $ 6,780,447 11,637,940
Short-term investments 245,987 482,909
Accounts receivable, net 4,757,740 4,929,117
Costs and estimated earnings in excess of billings on uncompleted contracts 183,665 78,376
Inventories 13,427,859 10,564,148
Facility held for sale 1,621,257 1,621,257
Prepaid expenses and other current assets   622,270   556,592  
Total current assets   27,639,225   29,870,339  
 
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,516,301 4,484,493
Machinery and equipment   8,048,746   7,868,481  
14,248,377 14,036,304
Less accumulated depreciation   (5,320,920 ) (4,677,827 )
Net property and equipment   8,927,457   9,358,477  
 
Patent costs, net of accumulated amortization of $833,098 and $816,259 221,453 222,836
Trademark costs, net of accumulated amortization of $61,987 and $59,743 111,600 113,844
Other assets   73,043   90,105  

Total assets

$ 36,972,778   39,655,601  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 1,549,003 2,356,513
Other current liabilities 3,496,252 2,329,101
Short-term deferred compensation under executive employment
agreements - 152,007
Billings in excess of costs and estimated earnings on uncompleted contracts   136,025     7,201  
Total current liabilities   5,181,280     4,844,822  
 
Long-term deferred compensation under executive employment agreements   602,081     563,100  
 
Total liabilities   5,783,361     5,407,922  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares authorized; 36,591,451
and 36,356,177 shares issued and outstanding 365,915 363,562
Additional paid-in capital 115,161,473 114,371,106
Accumulated deficit   (84,337,971 )   (80,486,989 )
Total stockholders’ equity   31,189,417     34,247,679  
 
Total liabilities and stockholders’ equity $ 36,972,778     39,655,601  

Contacts

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

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Contacts

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