UQM Technologies Reports Second Quarter Operating Results
LONGMONT, Colo.--(BUSINESS WIRE)-- UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, announced operating results today for the second quarter ended September 30, 2012. Total revenue was $1.2 million, a decrease of 49% year-over-year versus $2.3 million for the second quarter of last year. Net loss for the second quarter was $2.6 million, or $0.07 per common share, versus a net loss of $1.6 million, or $0.04 per common share, for the comparable period last year.
Second quarter revenue was impacted by the slow pace of the CODA vehicle launch. We remain optimistic that CODA will resume its production ramp-up given its announced plans, including opening ten US dealerships by year end, said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies (UQM). Meanwhile, we took significant steps this quarter to further diversify our customer base and grow our worldwide presence, by entering emerging territories such as China. These business development activities are a critical investment in the future growth of the business.
Total revenue for the six months ended September 30, 2012 was $3.6 million, essentially flat with total revenue for the same period last fiscal year. Net loss for the six months ended September 30, 2012 was $3.9 million or $0.11 per common share, compared to a net loss of $2.6 million or $0.07 per common share for the comparable period last year. The higher net loss in 2012 reflects lower product margins and increased selling, general and administrative costs associated with investments made towards the companys strategic growth opportunities.
At September 30, 2012 cash and short-term investments were $7.0 million and working capital was $22.5 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 1-888-561-1799 approximately ten minutes before the conference is scheduled to begin and provide conference code 4570874 to access the call. International callers should dial 1-480-629-9678. 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 4570874#. International callers should dial +1 303-590-3030.
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 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.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
|Quarter Ended September 30,||Six Months Ended September 30,|
|Operating costs and expenses:|
|Costs of contract services||213,459||86,123||396,535||131,693|
|Costs of product sales||518,754||1,227,559||1,801,617||1,909,154|
|Research and development||19,810||647||32,457||4,810|
|Reimbursement of costs under DOE grant||(965,564||)||(1,111,034||)||(1,730,200||)||(2,232,670||)|
|Selling, general and administrative||2,472,653||2,099,025||4,295,500||3,288,628|
|Gain on sale of long-lived asset||-||(3,138||)||-||(3,138||)|
|Loss before other income||(2,568,111||)||(1,587,122||)||(3,858,699||)||(2,646,180||)|
|Net loss per common share -|
|basic and diluted||$||(0.07||)||(0.04||)||(0.11||)||(0.07||)|
|Weighted average number of shares|
|of common stock outstanding -|
|basic and diluted||36,547,878||36,304,613||36,471,063||36,263,640|
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
|September 30, 2012||March 31, 2012|
|Cash and cash equivalents||$||6,780,447||11,637,940|
|Accounts receivable, net||4,757,740||4,929,117|
|Costs and estimated earnings in excess of billings on uncompleted contracts||183,665||78,376|
|Facility held for sale||1,621,257||1,621,257|
|Prepaid expenses and other current assets||622,270||556,592|
|Total current assets||27,639,225||29,870,339|
|Property and equipment, at cost:|
|Machinery and equipment||8,048,746||7,868,481|
|Less accumulated depreciation||(5,320,920||)||(4,677,827||)|
|Net property and equipment||8,927,457||9,358,477|
|Patent costs, net of accumulated amortization of $833,098 and $816,259||221,453||222,836|
|Trademark costs, net of accumulated amortization of $61,987 and $59,743||111,600||113,844|
Liabilities and Stockholders Equity
|Other current liabilities||3,496,252||2,329,101|
|Short-term deferred compensation under executive employment|
|Billings in excess of costs and estimated earnings on uncompleted contracts||136,025||7,201|
|Total current liabilities||5,181,280||4,844,822|
|Long-term deferred compensation under executive employment agreements||602,081||563,100|
|Commitments and contingencies|
|Common stock, $0.01 par value, 50,000,000 shares authorized; 36,591,451|
|and 36,356,177 shares issued and outstanding||365,915||363,562|
|Additional paid-in capital||115,161,473||114,371,106|
|Total stockholders equity||31,189,417||34,247,679|
|Total liabilities and stockholders equity||$||36,972,778||39,655,601|
StreetSmart Investor Relations
Annie Leschin, 415-775-1788
Barry Hutton, 415-775-1788
Source: UQM Technologies, Inc.Copyright Business Wire 2012