UQM Technologies Reports Fiscal Third Quarter Operating Results

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,

2012

2011

2012

2011

Revenue:

Contract services

$

235,794

210,047

951,807

421,896

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 services

121,624

127,229

518,159

258,922

Costs of product sales

1,529,852

2,013,565

3,331,469

3,922,719

Research and development

23,190

5,861

55,647

10,671

Production engineering

991,653

1,210,506

3,646,975

4,407,492

Reimbursement of costs under DOE grant

(1,446,356

)

(937,273

)

(3,176,556

)

(3,169,943

)

Selling, general and administrative

1,434,241

1,149,659

5,729,741

4,438,287

Impairment of assets under supply agreement

3,833,860

-

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 income

5,244

3,386

10,250

19,281

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

$

5,904,985

11,637,940

Short-term investments

-

482,909

Accounts receivable, net

1,430,316

4,929,117

Costs and estimated earnings in excess of billings on uncompleted contracts

239,719

78,376

Inventories

11,409,825

10,564,148

Facility held for sale

1,621,257

1,621,257

Prepaid expenses and other current assets

432,922

556,592

Total current assets

21,039,024

29,870,339

Property and equipment, at cost:

Land

1,683,330

1,683,330

Building

4,516,301

4,484,493

Machinery and equipment

8,100,125

7,868,481

14,299,756

14,036,304

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 $816,259

221,353

222,836

Trademark costs, net of accumulated amortization of $63,108 and $59,743

110,479

113,844

Other assets

70,588

90,105

Total assets

$

30,105,525

39,655,601

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$

850,658

2,356,513

Other current liabilities

1,657,009

2,329,101

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

366,639

363,562

Additional paid-in capital

115,423,517

114,371,106

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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