UQM Technologies Reports Fiscal Third Quarter Operating Results

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UQM Technologies Reports Fiscal Third Quarter Operating Results

  • Deliveries during Q3 of PowerPhase HD® electric propulsion systems to Electric Vehicles International for UPS delivery vehicles exceeded $700,000
  • One time charge of $3.8 million or $0.10 per common share taken to reserve for accounts receivable due from CODA
  • Q3 Net loss, excluding the charge, decreased to $0.02 per share versus $0.03 per share for Q3 last fiscal year

LONGMONT, Colo.--(BUSINESS WIRE)-- UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the fiscal third quarter ended December 31, 2012. Total revenue was $1.9 million, a decrease of 29% from $2.7 million for the same quarter last year. Net loss for the third quarter was $4.6 million, or $0.12 per common share, including a charge of $3.8 million or $0.10 per common share to establish an allowance for doubtful accounts for CODA receivables. This compares to a net loss of $0.8 million or $0.03 per common share for the same period last year. Net loss for the quarter, excluding the charge related to CODA, improved by 15 percent primarily due to lower production engineering expenditures, increased reimbursements under our DOE Grant and increased product shipments to customers other than CODA.

"Despite the lack of shipments to CODA this quarter and the need to take a charge to earnings, we demonstrated our ability to diversify our customer base by delivering a more than a 50% increase in revenues to customers outside of CODA," said Eric R. Ridenour, UQM Technologies' President and Chief Executive Officer. "During the quarter we continued to aggressively pursue discussions with potential customers globally, including in China, and took several steps to proactively lower our expenses and improve operating efficiencies to ensure that we have the financial and technical resources to pursue and execute the many opportunities that lay ahead with our various customers."


As of December 31, 2012, cash and short-term investments were $5.9 million and working capital was $18.4 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 and nine months ended December 31, 2012. To attend the conference call, please dial 1-877-941-6009 approximately ten minutes before the conference is scheduled to begin and provide the passcode "4591697" to access the call. International callers should dial 1-480-629-9819. 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 "4591697#". 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, marine 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 atwww.uqm.comor atwww.sec.gov.

 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Statements of Operations (unaudited)

       
Quarter Ended December 31,Nine Months Ended December 31,
2012201120122011
Revenue:
Contract services$235,794210,047951,807421,896
Product sales 1,692,276  2,509,276  4,568,795  5,946,710 
 1,928,070  2,719,323  5,520,602  6,368,606 
Operating costs and expenses:
Costs of contract services121,624127,229518,159258,922
Costs of product sales1,529,8522,013,5653,331,4693,922,719
Research and development23,1905,86155,64710,671
Production engineering991,6531,210,5063,646,9754,407,492
Reimbursement of costs under DOE grant(1,446,356)(937,273)(3,176,556)(3,169,943)
Selling, general and administrative1,434,2411,149,6595,729,7414,438,287
Impairment of assets under supply agreement3,833,860-3,833,860-
Loss (gain) on disposal of long-lived asset 407  -  407  (3,138)
 6,488,471  3,569,547  13,939,702  9,865,010 
 
Loss before other income(4,560,401)(850,224)(8,419,100)(3,496,404)
 
Other income:
Interest income5,2443,38610,25019,281
Other 124  422  2,835  979 
 5,368  3,808  13,085  20,260 
 
Net loss$(4,555,033) (846,416) (8,406,015) (3,476,144)
 

Net loss per common share - basic and diluted

$(0.12) (0.03) (0.23) (0.10)

Weighted average number of shares of common stock outstanding - basic and diluted

 36,654,737  36,326,516  36,532,510  36,284,675 
 
 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

 
 December 31, 2012 March 31, 2012

Assets

 
Current assets:
Cash and cash equivalents$5,904,98511,637,940
Short-term investments-482,909
Accounts receivable, net1,430,3164,929,117
Costs and estimated earnings in excess of billings on uncompleted contracts239,71978,376
Inventories11,409,82510,564,148
Facility held for sale1,621,2571,621,257
Prepaid expenses and other current assets 432,922  556,592 
Total current assets 21,039,024  29,870,339 
 
Property and equipment, at cost:
Land1,683,3301,683,330
Building4,516,3014,484,493
Machinery and equipment 8,100,125  7,868,481 
14,299,75614,036,304
Less accumulated depreciation (5,635,675) (4,677,827)
Net property and equipment 8,664,081  9,358,477 
 
Patent costs, net of accumulated amortization of $839,446 and $816,259221,353222,836
Trademark costs, net of accumulated amortization of $63,108 and $59,743110,479113,844
Other assets 70,588  90,105 
Total assets$30,105,525  39,655,601 
 

Liabilities and Stockholders' Equity

Current liabilities:
Accounts payable$850,6582,356,513
Other current liabilities1,657,0092,329,101

Short-term deferred compensation under executive employment agreements

-152,007
Billings in excess of costs and estimated earnings on uncompleted contracts 85,785  7,201 
Total current liabilities 2,593,452  4,844,822 
 
Long-term deferred compensation under executive employment agreements 614,921  563,100 
 
Total liabilities 3,208,373  5,407,922 
 
Commitments and contingencies
 
Stockholders' equity:

Common stock, $0.01 par value, 50,000,000 shares authorized; 36,663,883 and 36,356,177 shares issued and outstanding

366,639363,562
Additional paid-in capital115,423,517114,371,106
Accumulated deficit (88,893,004) (80,486,989)
Total stockholders' equity 26,897,152  34,247,679 
 
Total liabilities and stockholders' equity$30,105,525  39,655,601 
 



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Barry Hutton, 415-775-1788

KEYWORDS:   United States  North America  Colorado

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