LONGMONT, Colo.--(BUSINESS WIRE)--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#.
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.
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.
Consolidated Statements of Operations
Quarter Ended March 31,
|Fiscal Year Ended March 31,|
|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|
|Reimbursement of costs under DOE|
|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|
|Loss before other income|
|Other income (expense):|
|Net loss per common share -|
basic and diluted
|Weighted average number of shares of|
|common stock outstanding - basic|
UQM TECHNOLOGIES, INC.
Consolidated Balance Sheets
|March 31, 2012||March 31, 2011|
|Cash and cash equivalents||$||11,637,940||15,878,752|
|Accounts receivable, net||4,929,117||3,527,054|
|Costs and estimated earnings in excess of billings on uncompleted contracts||78,376||126,775|
|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:|
|Machinery and equipment||7,868,481||6,766,539|
|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|
Liabilities and Stockholders’ Equity
|March 31, 2012||March 31, 2011|
|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|
|Commitments and contingencies|
|Common stock, $0.01 par value, 50,000,000 shares authorized;|
|36,356,177 and 36,213,293 shares issued and outstanding||363,562||362,133|
|Additional paid-in capital||114,371,106||113,391,049|
|Total stockholders’ equity||34,247,679||38,194,713|
|Total liabilities and stockholders’ equity||$||39,655,601||41,803,920|