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.

Conference Call

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.

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 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 Consolidated Statements of Operations (unaudited)
		Quarter Ended September 30,								Six Months Ended September 30,
		2012				2011				2012				2011
Revenue:
Contract services		$	350,634				135,547				716,013				211,849
Product sales			845,470				2,198,676				2,876,519				3,437,434
			1,196,104				2,334,223				3,592,532				3,649,283
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
Production engineering			1,505,103				1,622,163				2,655,322				3,196,986
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	)
			3,764,215				3,921,345				7,451,231				6,295,463
Loss before other income			(2,568,111	)			(1,587,122	)			(3,858,699	)			(2,646,180	)
Other income:
Interest income			2,260				641				5,006				15,895
Other			2,303				296				2,711				557
			4,563				937				7,717				16,452
Net loss		$	(2,563,548	)			(1,586,185	)			(3,850,982	)			(2,629,728	)
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 Consolidated Balance Sheets (unaudited)
		September 30, 2012				March 31, 2012
Assets
Current assets:
Cash and cash equivalents		$	6,780,447			11,637,940
Short-term investments			245,987			482,909
Accounts receivable, net			4,757,740			4,929,117
Costs and estimated earnings in excess of billings on uncompleted contracts			183,665			78,376
Inventories			13,427,859			10,564,148
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:
Land			1,683,330			1,683,330
Building			4,516,301			4,484,493
Machinery and equipment			8,048,746			7,868,481
			14,248,377			14,036,304
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
Other assets			73,043			90,105
Total assets		$	36,972,778			39,655,601
Liabilities and Stockholders Equity
Current liabilities:
Accounts payable		$	1,549,003				2,356,513
Other current liabilities			3,496,252				2,329,101
Short-term deferred compensation under executive employment
agreements			-				152,007
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
Total liabilities			5,783,361				5,407,922
Commitments and contingencies
Stockholders equity:
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
Accumulated deficit			(84,337,971	)			(80,486,989	)
Total stockholders equity			31,189,417				34,247,679
Total liabilities and stockholders equity		$	36,972,778				39,655,601

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Source: UQM Technologies, Inc.

Copyright Business Wire 2012