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