UQM Technologies Reports Fourth Quarter and Fiscal 2013 Operating Results
UQM Technologies Reports Fourth Quarter and Fiscal 2013 Operating Results
LONGMONT, Colo.--(BUSINESS WIRE)-- UQM Technologies, Inc. (NYSE MKT:UQM), a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers, today announced operating results for the quarter and fiscal year ended March 31, 2013.
Revenue for the fiscal fourth quarter of 2013 decreased to $1.7 million compared to $3.8 million in the fourth quarter of 2012, reflecting the lack of shipments to CODA. Excluding CODA revenue, adjusted total revenue for the fourth quarter was $1.6 million compared to $1.8 million for the comparable quarter last fiscal year. Net loss for the fourth quarter was $2.3 million or $0.06 per common share versus a net loss of $1.5 million, or $0.04 per common share for the fourth quarter of fiscal 2012. Fourth quarter results this year included a charge of $1.1 million or $0.03 per common share for estimated CODA-related contract settlement costs.
For the fiscal year ended March 31, 2013, total revenue decreased to $7.2 million compared to $10.1 million in fiscal 2012. Excluding CODA revenue, adjusted total revenue increased 20 percent to $7.0 million in fiscal 2013 compared to $5.8 million last fiscal year. Net loss for fiscal 2013 was $10.7 million, or $0.29 per common share, and included charges related to the termination of the CODA program totaling $4.9 million, or $0.13 per common share. This compares with a net loss of $4.9 million or $0.14 per common share for fiscal 2012.
"During the year, we continued our expansion into the commercial truck and bus EV markets, signing multi-year supply agreements with Proterra and Boulder EV and increasing shipments to Electric Vehicles International," said Eric R. Ridenour, UQM Technologies' President and CEO. "These ongoing relationships demonstrate the strength and differentiation of our product line, and have enabled us to diversify our customer base and grow our revenues, minimizing the impact of CODA's bankruptcy. The progress we are making with potential customers in China, coupled with our ongoing expense management and cash conservation, position us well for fiscal year 2014 and beyond."
Subsequent to the end of the fiscal year, the Company completed a contract to sell its former facility in Frederick, Colorado for $1.65 million. The transaction is expected to close in the first quarter of fiscal 2014.
Fiscal Fourth Quarter 2013 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, 2013. To attend the conference call, please dial 1-888-549-7880 approximately ten minutes before the conference is scheduled to begin and provide confirmation code 4620332 to access the call. International callers should dial +1-480-629-9770. 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 4620332#. 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 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 filed today, which is available through our website atwww.uqm.comor atwww.sec.gov.
UQM TECHNOLOGIES, INC. Consolidated Statements of Operations | ||||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||||
March 31, 2013 | March 31, 2012 | March 31, 2011 | ||||||||||||
Revenue: | ||||||||||||||
Contract services | $ | 1,268,556 | 785,068 | 608,204 | ||||||||||
Product sales | 5,910,153 | 9,358,388 | 8,413,098 | |||||||||||
7,178,709 | 10,143,456 | 9,021,302 | ||||||||||||
Operating costs and expenses: | ||||||||||||||
Costs of contract services | 715,225 | 499,813 | 541,214 | |||||||||||
Costs of product sales | 4,333,005 | 6,663,648 | 6,087,385 | |||||||||||
Research and development | 96,905 | 37,128 | 292,865 | |||||||||||
Production engineering | 4,921,970 | 6,014,868 | 3,536,287 | |||||||||||
Reimbursement of costs under DOE grant | (4,205,678 | ) | (3,794,324 | ) | (3,988,655 | ) | ||||||||
Selling, general and administrative | 7,022,112 | 5,678,797 | 4,884,373 | |||||||||||
Impairment of assets | 4,980,117 | - | - | |||||||||||
Loss (gain) on disposal of long-lived asset | 22,485 | (3,138 | ) | 17,007 | ||||||||||
17,886,141 | 15,096,792 | 11,370,476 | ||||||||||||
Loss before other income | (10,707,432 | ) | (4,953,336 | ) | (2,349,174 | ) | ||||||||
Other income: | ||||||||||||||
Interest income | 15,743 | 22,805 | 91,342 | |||||||||||
Other | 3,377 | 2,011 | 265,474 | |||||||||||
19,120 | 24,816 | 356,816 | ||||||||||||
Net loss | $ | (10,688,312 | ) | (4,928,520 | ) | (1,992,358 | ) | |||||||
Net loss per common share - basic and diluted | $ | (0.29 | ) | (0.14 | ) | (0.06 | ) | |||||||
Weighted average number of shares | ||||||||||||||
of common stock outstanding - | ||||||||||||||
basic and diluted | 36,564,952 | 36,301,642 | 36,070,364 | |||||||||||
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Balance Sheets | ||||||||||
March 31, 2013 | March 31, 2012 | |||||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 4,527,899 | 11,637,940 | |||||||
Short-term investments | - | 482,909 | ||||||||
Accounts receivable, net | 2,212,395 | 4,929,117 | ||||||||
Costs and estimated earnings in excess of billings on uncompleted contracts | 178,264 | 78,376 | ||||||||
Inventories | 10,998,461 | 10,564,148 | ||||||||
Facility held for sale | 1,525,000 | 1,621,257 | ||||||||
Prepaid expenses and other current assets | 309,957 | 556,592 | ||||||||
Total current assets | 19,751,976 | 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 | 7,771,363 | 7,868,481 | ||||||||
13,970,994 | 14,036,304 | |||||||||
Less accumulated depreciation | (5,507,801 | ) | (4,677,827 | ) | ||||||
Net property and equipment | 8,463,193 | 9,358,477 | ||||||||
Patent costs, net of accumulated amortization of $845,795 and $816,259 | 206,287 | 222,836 | ||||||||
Trademark costs, net of accumulated amortization of $64,230 and $59,743 | 110,528 | 113,844 | ||||||||
Other assets | 76,731 | 90,105 | ||||||||
Total assets | $ | 28,608,715 | 39,655,601 | |||||||
March 31, 2013 | March 31, 2012 | |||||||||
Liabilities and Stockholders' Equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ | 617,197 | 2,356,513 | |||||||
Other current liabilities | 2,599,435 | 2,329,101 | ||||||||
Short-term deferred compensation under executive employment | ||||||||||
agreements | 524,000 | 152,007 | ||||||||
Billings in excess of costs and estimated earnings on uncompleted contracts | - | 7,201 | ||||||||
Total current liabilities | 3,740,632 | 4,844,822 | ||||||||
Long-term deferred compensation under executive employment agreements | 103,412 | 563,100 | ||||||||
Total liabilities | 3,844,044 | 5,407,922 | ||||||||
Commitments and contingencies | ||||||||||
Stockholders' equity: | ||||||||||
Common stock, $0.01 par value, 50,000,000 shares authorized; | ||||||||||
36,664,097 and 36,356,177 shares issued and outstanding | 366,641 | 363,562 | ||||||||
Additional paid-in capital | 115,573,331 | 114,371,106 | ||||||||
Accumulated deficit | (91,175,301 | ) | (80,486,989 | ) | ||||||
Total stockholders' equity | 24,764,671 | 34,247,679 | ||||||||
Total liabilities and stockholders' equity | $ | 28,608,715 | 39,655,601 | |||||||
UQM Technologies, Inc.
StreetSmart Investor Relations
Annie Leschinor Barry Hutton, 415-775-1788
KEYWORDS: United States North America Colorado
INDUSTRY KEYWORDS:
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