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.
AND SUBSIDIARIES

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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