LONGMONT, Colo.--(BUSINESS WIRE)--UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the quarter and nine months ended December 31, 2016. Total revenue for the quarter was $1.7 million compared to $1.3 million in the same quarter last year. Net loss for the quarter was $8.7 million, or $0.18 per common share, compared to a net loss of $1.4 million, or $0.03 per common share for the same period last year. Quarter results this year included a one-time inventory reserve adjustment of $7.2 million or $0.15 per common share related primarily to the PowerPhase Pro® inventory. This adjustment has no impact on cash.
For the nine months ended December 31, 2016, total revenue grew 8% to $4.1 million compared to $3.8 million in the prior year. Net loss was $13.0 million or $0.27 per common share versus $6.0 million, or $0.14 per common share, for the same period last year.
Joe Mitchell, UQM Technologies’ President and Chief Executive Officer, said, “We decided to take a reserve against our PowerPhase Pro® inventory because, while we have contracted with ITL to purchase the vast majority of this inventory, they have experienced delays in their launch schedule and payment towards the inventory purchase. This inventory has been on our books for over four years since the CODA program and we felt it appropriate to take an inventory reserve at this time.”
Mr. Mitchell continued, “Nonetheless, we still have confidence that our supply agreement with ITL is secure and we will continue to support them with their vehicle applications. This one-time adjustment does not alter our strategy in any way. We entered 2017 with the strongest backlog we have seen in years. We recently obtained a bank line of credit that secures our cash position for at least the next year. We are excited about our inroads in China, our recently announced development partnership with Meritor, and the progress we are making to identify a strategic partner to support our global expansion efforts.”
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, 2016. To attend the conference call, please dial 1-888-241-0326 approximately ten minutes before the conference is scheduled to begin and provide the passcode “73316281” to access the call. International callers should dial +1-647-427-3411. 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 1-855-859-2056 and enter replay code “73316281#”. International callers should dial +1-404-537-3406.
UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine, military and industrial 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 TS 16949 and ISO 14001 certified and 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 management with respect to, among other things, gaining required certifications, new product developments, future orders to be received from our customers, sales of products from inventory, future financial results, liquidity, 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 and Form 10-Qs, which are available through our website at www.uqm.com or at www.sec.gov.
Source: UQM Technologies, Inc.
|UQM TECHNOLOGIES, INC.|
Consolidated Condensed Statements of Operations
|Nine months ended December 31,||
|Operating costs and expenses:|
|Costs of product sales||9,526,302||2,533,674||3,343,508|
|Costs of contract services||538,700||355,803||659,244|
|Research and development||2,377,195||2,775,400||3,459,746|
|Selling, general and administrative||4,686,098||4,173,735||5,406,628|
|Recovery of impaired assets||-||-||(585,800||)|
Loss on disposal of long-lived assets
|Loss from operations||(13,044,547||)||(6,036,101||)||(6,976,527||)|
Net loss per common share - basic and diluted
Weighted average number of shares of common stock outstanding - basic and diluted
|UQM TECHNOLOGIES, INC.|
Consolidated Condensed Balance Sheets
|December 31,||March 31,|
|Cash and cash equivalents||$||2,100,089||$||7,030,230|
|Costs and estimated earnings in excess of billings on uncompleted contracts||29,917||60,296|
|Prepaid expenses and other current assets||259,682||272,597|
|Total current assets||5,302,739||10,115,798|
|Property and equipment, at cost:|
|Machinery and equipment||7,052,740||7,089,332|
|Less accumulated depreciation||(7,590,641||)||(7,241,769||)|
|Net property and equipment||5,661,730||6,047,194|
|Patent costs, net of accumulated amortization of $932,564 and $916,960, respectively||213,326||249,414|
|Trademark costs, net of accumulated amortization of $80,885 and $77,514, respectively||94,955||98,327|
Liabilities and Stockholders’ Equity
|Other current liabilities||1,318,941||985,435|
|Total current liabilities||2,128,891||1,350,276|
|Other long-term liabilities||141,667||288,889|
|Commitments and contingencies|
Common stock, $0.01 par value, 75,000,000 shares authorized; 48,519,313 and 48,330,286 shares issued and outstanding, respectively
|Additional paid-in capital||128,409,933||128,103,861|
|Total stockholders’ equity||9,002,192||21,711,738|
|Total liabilities and stockholders’ equity||$||11,272,750||$||23,350,903|