UQM Technologies Reports First Quarter Operating Results
- Total revenue increased 82% year-over-year to $2.4 million
- Gross profit increased 58% year-over-year to $0.9 million
- Strong growth in product revenue was driven by deliveries to an automotive OEM and others
LONGMONT, Colo.--(BUSINESS WIRE)-- UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, announced today operating results for the quarter ended June 30, 2012. Total revenue was $2.4 million, an increase of 82% year-over-year versus $1.3 million for the first quarter of last year. Net loss for the first quarter was $1.3 million, or $0.04 per common share, versus a net loss of $1.0 million, or $0.03 per common share, for the comparable period last year.
First quarter revenue increased substantially reflecting strong growth in contract services revenue and a 64% increase in product revenue led by shipments to EVI and a major automotive OEM, said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies (UQM). We are continuing to focus on a successful launch with CODA, expanding our worldwide presence, developing and launching advanced new products for our major markets and ensuring that we meet our customers needs for consistently high quality products.
Gross profit for the quarter increased 58% percent to $0.9 million versus $0.6 million for the first quarter last fiscal year reflecting increased revenue and strong demand for our PowerPhase Select® systems. The increase in net loss for the first quarter was due primarily to higher recruiting, relocation and payroll costs related to recent additions to the senior management team and increased levels of marketing and travel expenditures related to our business development strategy for the Chinese market. At June 30, 2012 cash and short-term investments were $8.8 million and working capital was $24.2 million.
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter. To attend the conference call, please dial 1-877-941-8631 approximately ten minutes before the conference is scheduled to begin and provide conference code 4556393 to access the call. International callers should dial +1 480-629-9867. 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 4556393#. International callers should dial +1 303-590-3030.
Annual Meeting of Shareholders
The Companys Annual Meeting of Shareholders will be held Wednesday, August 8, 2012 beginning at 10:00 a.m. Denver time at The Golden Hotel located at 800 Eleventh Street, Golden, Colorado 80401. Shareholders and members of the press are cordially invited to attend. A continental breakfast will be available beginning at 9:00 a.m. Directions to The Golden Hotel are available on our website at www.uqm.com.
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 and military markets. A major emphasis for UQM is developing products for the alternative-energy technologies sector, including propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM headquarters, engineering, product development center and manufacturing operation are 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, orders to be received 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.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations (unaudited)
|Quarter Ended June 30,|
|Operating costs and expenses:|
|Costs of contract services||183,076||45,570|
|Costs of product sales||1,282,863||681,595|
|Research and development||12,647||4,163|
|Reimbursement of costs under DOE grant||(764,636||)||(1,121,636||)|
|Selling, general and administrative||1,822,847||1,189,603|
|Loss before other income (expense)||(1,290,588||)||(1,059,058||)|
|Other income (expense):|
|Net loss per common share - basic and|
|Weighted average number of shares of common|
|stock outstanding - basic and diluted||36,393,403||36,222,217|
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)
|June 30, 2012||March 31, 2012|
|Cash and cash equivalents||$||8,749,156||11,637,940|
|Accounts receivable, net||5,596,888||4,929,117|
|Costs and estimated earnings in excess of billings on|
|Facility held for sale||1,621,257||1,621,257|
|Prepaid expenses and other current assets||774,825||556,592|
|Total current assets||29,101,475||29,870,339|
|Property and equipment, at cost:|
|Machinery and equipment||8,005,687||7,868,481|
|Less accumulated depreciation||(4,998,716||)||(4,677,827||)|
|Net property and equipment||9,204,192||9,358,477|
|Patent costs, net of accumulated amortization of $824,678 and $816,259||215,446||222,836|
|Trademark costs, net of accumulated amortization of $60,865 and $59,743||112,722||113,844|
Liabilities and Stockholders Equity
|Other current liabilities||3,231,345||2,329,101|
|Short-term deferred compensation under executive employment|
|Billings in excess of costs and estimated earnings on|
|Total current liabilities||4,929,857||4,844,822|
|Long-term deferred compensation under executive employment agreements||589,242||563,100|
|Commitments and contingencies|
|Common stock, $0.01 par value, 50,000,000 shares|
|authorized; 36,415,267 and 36,356,177 shares|
|issued and outstanding||364,153||363,562|
|Additional paid-in capital||114,587,003||114,371,106|
|Total stockholders equity||33,176,733||34,247,679|
|Total liabilities and stockholders equity||$||38,695,832||39,655,601|
Investor Relations contact:
StreetSmart Investor Relations
Annie Leschin/Barry Hutton, 415-775-1788
Source: UQM TechnologiesCopyright Business Wire 2012