LONGMONT, Colo.--(BUSINESS WIRE)--UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the fourth quarter and fiscal year ended March 31, 2016. Total revenue for the quarter was $1.5 million compared to $1.0 million in the fourth quarter last year. Net loss for the fourth quarter was $931,000, or $0.01 per common share. This compares to a net loss of $1.3 million, or $0.04 per common share for the same period last year.
For the year ended March 31, 2016, total revenue grew 32% to $5.3 million compared to $4.0 million in the prior year. Net loss was $6.9 million, or $0.16 per common share versus $6.0 million, or $0.15 per common share in the year ended March 31, 2015. As of March 31, 2016, cash was $7.0 million.
“Fourth quarter revenue grew 44% over the same quarter last year, reflecting increases in our North American base business as we continue to see growth with our existing customers and take advantage of new applications for our electric propulsion systems,” said Joe Mitchell, UQM Technologies’ President and Chief Executive Officer. “We are still focusing on our strategic business development in China where we see the greatest opportunity for our offerings at present. We are making significant inroads into this market as customers recognize the clear advantages of our products.”
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and year ended March 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 “9402118” 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 “9402118#”. 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 annual report on Form 10-K for the fiscal year ended March 31, 2016 filed today, which is available through our website at www.uqm.com or at www.sec.gov.
Source: UQM Technologies, Inc.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
|Quarter Ended March 31,||Year Ended March 31,|
|Operating costs and expenses:|
|Costs of product sales||809,834||778,532||3,343,508||2,101,610|
|Costs of contract services||303,441||130,236||659,244||798,038|
|Research and development||684,346||913,771||3,459,746||1,131,159|
|Reimbursement of costs under DOE grant||-||(88,439||)||-||(1,901,109||)|
|Selling, general and administrative||
|Recovery of impaired assets||(585,800||)||(585,800||)|
|Loss on disposal of long-lived asset||1,219||1,219|
|Loss before other income||(940,424||)||(2,174,984||)||(6,976,527||)||(6,859,891||)|
|Net loss per common share - basic and diluted||$||(0.01||)||$||(0.04||)||$||(0.16||)||$||(0.15||)|
|Weighted average number of shares|
|of common stock outstanding -|
|basic and diluted||48,327,219||39,999,984||43,574,137||39,940,795|
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Condensed Balance Sheets
|Fiscal Year Ended March 31,|
|Cash and cash equivalents||$||7,030,230||$||6,585,703|
|Costs and estimated earnings in excess of billings on uncompleted contracts||60,296||49,917|
|Prepaid expenses and other current assets||272,597||266,448|
|Total current assets||10,115,798||17,633,538|
|Property and equipment, at cost:|
|Machinery and equipment||7,089,332||7,037,200|
|Less accumulated depreciation||(7,241,769||)||(6,410,242||)|
|Net property and equipment||6,047,194||6,826,589|
|Patent costs, net of accumulated amortization of $916,960 and $895,227, respectively||249,414||239,043|
|Trademark costs, net of accumulated amortization of $77,514 and $73,018, respectively||98,327||102,823|
Liabilities and Stockholders’ Equity
|Other current liabilities||985,435||1,544,971|
|Billings in excess of costs and estimated earnings on|
|Total current liabilities||1,350,276||2,027,983|
|Other long-term liabilities||288,889||445,024|
|Commitments and contingencies|
|Common stock, $0.01 par value, 75,000,000 and 50,000,000 shares|
|authorized; 48,330,286 and 39,999,984 shares|
|issued and outstanding, respectively||483,303||400,000|
|Additional paid-in capital||128,103,861||121,866,061|
|Total stockholders’ equity||21,711,738||22,328,986|
|Total liabilities and stockholders’ equity||$||23,350,903||$||24,801,993|