UQM Technologies Reports Fourth Quarter and Fiscal Year 2014 Operating Results

UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the fourth quarter and fiscal year ended March 31, 2014. Total revenue for the quarter was $1.0 million compared to $1.7 million for the same quarter last year. Net loss for the fourth quarter was $1.4 million, or $0.04 per common share. This compares to a net loss of $2.3 million, or $0.06 per common share for the same period last year.

For the year ended March 31, 2014, total revenue was $7.05 million, a 2% decrease from the prior year. Net loss was $2.8 million, or $0.07 per common share, compared to $10.7 million, or $0.29 per common share last year. As of March 31, 2014, cash and short-term investments improved to $10.3 million and working capital was $20.0 million versus $4.5 million and $16.0 million last year, respectively.

“Despite a slower than expected fourth quarter due primarily to the delayed start for the 2014 California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), our performance for the fiscal year remained solid with increased product sales, higher gross margins and decreased losses,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. ”We continue to execute our business development activities in promising regions such as Asia, Europe and North America. In particular, we added two new customers since January in Indonesia and Turkey as we focus on expanding our customer base and worldwide footprint. With a strong balance sheet bolstered by a successful capital raise during the fourth quarter and a lower cost structure in place, we are excited about the opportunities ahead in fiscal 2015.”

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, 2014. To attend the conference call, please dial 1-877-941-9205 approximately ten minutes before the conference is scheduled to begin and provide the passcode “4684827” to access the call. International callers should dial 1-480-629-9771. 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 “4684827#”. 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 commercial truck, bus, automotive, 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 TS 16949 certified and located in Longmont, Colorado.

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 management with respect to, among other things, new product developments, 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 and Form 10-Q’s, which are available through our website at www.uqm.comor at www.sec.gov.

UQM TECHNOLOGIES, INC.

AND SUBSIDIARIES

Consolidated Statements of Operations

Quarter Ended March 31, Year Ended March 31,
2014 2013 2014 2013
(unaudited) (unaudited)
Revenue:
Product sales $ 785,018 $ 1,341,358 $ 6,136,305 $ 5,910,153
Contract services 230,464 316,749 909,895 1,268,556
1,015,482 1,658,107 7,046,200 7,178,709
Operating costs and expenses:
Costs of product sales 474,798 1,001,536 3,609,028 4,333,005
Costs of contract services 190,271 197,066 743,068 715,225
Research and development 61,035 41,258 219,887 96,905
Production engineering 1,793,230 1,274,995 4,644,646 4,921,970
Reimbursement of costs under DOE grant (1,049,168 ) (1,029,122 ) (3,625,853 ) (4,205,678 )
Selling, general and administrative 1,064,204 1,292,371 5,143,864 7,022,112
(Recovery) impairment of assets (141,835 ) 1,146,257 (868,475 ) 4,980,117
Loss (gain) on disposal of long-lived assets 2,570 22,078 (37,462 ) 22,485
2,395,105 3,946,439 9,828,703 17,886,141
Loss before other income (1,379,623 ) (2,288,332 ) (2,782,503 ) (10,707,432 )
Other income:
Interest income 378 5,493 1,787 15,743
Other 537 542 7,472 3,377
915 6,035 9,259 19,120
Net loss $ (1,378,708 ) $ (2,282,297 ) $ (2,773,244 ) $ (10,688,312 )
Net loss per common share - basic and diluted $ (0.04 ) $ (0.06 ) $ (0.07 ) $ (0.29 )
Weighted average number of shares
of common stock outstanding -
basic and diluted 38,653,221 36,664,078 37,253,066 36,564,952

UQM TECHNOLOGIES, INC.

AND SUBSIDIARIES

Consolidated Balance Sheets

March 31, 2014 March 31, 2013

Assets

Current assets:
Cash and cash equivalents $ 10,247,112 $ 4,527,899
Short-term investments 63,029 -
Accounts receivable, net of allowance for doubtful accounts of zero and
$3,838,092, respectively 960,419 2,212,395
Costs and estimated earnings in excess of billings on
uncompleted contracts 341,255 178,264
Inventories 10,054,422 10,998,461
Facility held for sale - 1,525,000
Prepaid expenses and other current assets 263,988 309,957
Total current assets 21,930,225 19,751,976
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,516,301 4,516,301
Machinery and equipment 7,706,066 7,771,363
13,905,697 13,970,994
Less accumulated depreciation (6,337,924 ) (5,507,801 )
Net property and equipment 7,567,773 8,463,193
Patent costs, net of accumulated amortization of $878,707 and $845,795, 227,015 206,287
respectively
Trademark costs, net of accumulated amortization of $68,718 and $64,230, 107,123 110,528
respectively
Other assets 2,997 76,731
Total assets $ 29,835,133 $ 28,608,715

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 386,293 $ 617,197
Other current liabilities 1,491,745 2,599,435
Short-term deferred compensation under executive employment
agreements - 524,000
Total current liabilities 1,878,038 3,740,632
Long-term deferred compensation under executive employment agreements 182,100 103,412
Total liabilities 2,060,138 3,844,044
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares
authorized; 39,777,767 and 36,664,097 shares
issued and outstanding 397,778 366,641
Additional paid-in capital 121,325,762 115,573,331
Accumulated deficit (93,948,545 ) (91,175,301 )
Total stockholders’ equity 27,774,995 24,764,671
Total liabilities and stockholders’ equity $ 29,835,133 $ 28,608,715

Contacts:

UQM Technologies, Inc.
David I. Rosenthal, 303-682-4900
or
StreetSmart Investor Relations
Annie Leschin, 415-775-1788

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