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| [January 31, 2013] |
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UQM Technologies Reports Fiscal Third Quarter Operating Results
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 at www.uqm.com
or at www.sec.gov.
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UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
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Consolidated Statements of Operations (unaudited)
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Quarter Ended December 31,
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Nine Months Ended December 31,
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2012
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2011
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2012
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2011
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Revenue:
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Contract services
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$
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235,794
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210,047
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951,807
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421,896
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Product sales
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1,692,276
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2,509,276
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4,568,795
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5,946,710
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1,928,070
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2,719,323
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5,520,602
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6,368,606
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Operating costs and expenses:
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Costs of contract services
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121,624
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127,229
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518,159
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258,922
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Costs of product sales
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1,529,852
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2,013,565
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3,331,469
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3,922,719
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Research and development
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23,190
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5,861
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55,647
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10,671
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Production engineering
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991,653
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1,210,506
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3,646,975
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4,407,492
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Reimbursement of costs under DOE grant
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(1,446,356
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)
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(937,273
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)
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(3,176,556
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)
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(3,169,943
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)
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Selling, general and administrative
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1,434,241
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1,149,659
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5,729,741
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4,438,287
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Impairment of assets under supply agreement
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3,833,860
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-
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3,833,860
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-
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Loss (gain) on disposal of long-lived asset
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407
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-
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407
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(3,138
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)
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6,488,471
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3,569,547
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13,939,702
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9,865,010
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Loss before other income
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(4,560,401
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)
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(850,224
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)
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(8,419,100
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)
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(3,496,404
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)
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Other income:
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Interest income
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5,244
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3,386
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10,250
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19,281
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Other
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124
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422
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2,835
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979
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5,368
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3,808
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13,085
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20,260
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Net loss
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$
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(4,555,033
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)
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(846,416
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)
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(8,406,015
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)
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(3,476,144
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Net loss per common share - basic and diluted
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$
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(0.12
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(0.03
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(0.23
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(0.10
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Weighted average number of shares of common stock outstanding -
basic and diluted
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36,654,737
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36,326,516
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36,532,510
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36,284,675
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UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
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Consolidated Balance Sheets (unaudited)
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December 31, 2012
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March 31, 2012
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Assets
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Current assets:
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Cash and cash equivalents
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$
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5,904,985
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11,637,940
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Short-term investments
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-
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482,909
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Accounts receivable, net
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1,430,316
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4,929,117
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Costs and estimated earnings in excess of billings on uncompleted
contracts
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239,719
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78,376
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Inventories
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11,409,825
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10,564,148
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Facility held for sale
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1,621,257
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1,621,257
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Prepaid expenses and other current assets
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432,922
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556,592
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Total current assets
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21,039,024
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29,870,339
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Property and equipment, at cost:
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Land
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1,683,330
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1,683,330
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Building
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4,516,301
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4,484,493
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Machinery and equipment
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8,100,125
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7,868,481
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14,299,756
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14,036,304
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Less accumulated depreciation
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(5,635,675
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(4,677,827
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Net property and equipment
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8,664,081
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9,358,477
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Patent costs, net of accumulated amortization of $839,446 and
$816,259
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221,353
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222,836
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Trademark costs, net of accumulated amortization of $63,108 and
$59,743
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110,479
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113,844
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Other assets
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70,588
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90,105
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Total assets
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$
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30,105,525
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39,655,601
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Liabilities and Stockholders' Equity
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Current liabilities:
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Accounts payable
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$
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850,658
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2,356,513
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Other current liabilities
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1,657,009
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2,329,101
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Short-term deferred compensation under executive employment
agreements
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-
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152,007
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Billings in excess of costs and estimated earnings on uncompleted
contracts
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85,785
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7,201
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Total current liabilities
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2,593,452
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4,844,822
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Long-term deferred compensation under executive employment agreements
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614,921
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563,100
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Total liabilities
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3,208,373
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5,407,922
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Commitments and contingencies
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Stockholders' equity:
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Common stock, $0.01 par value, 50,000,000 shares authorized;
36,663,883 and 36,356,177 shares issued and outstanding
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366,639
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363,562
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Additional paid-in capital
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115,423,517
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114,371,106
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Accumulated deficit
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(88,893,004
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(80,486,989
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Total stockholders' equity
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26,897,152
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34,247,679
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Total liabilities and stockholders' equity
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$
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30,105,525
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39,655,601
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