UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the first quarter ended June 30, 2014. Total revenue for the quarter was $1.0 million compared to $1.9 million for the same quarter last year. Net loss for the first quarter was $1.3 million, or $0.03 per common share. This compares to a net loss of $0.9 million, or $0.02 per common share for the same period last year.
”While quarterly revenue was impacted by the delayed start of the 2014 California Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project as well as the timing of customer orders, we continued to make significant progress on our strategic initiatives,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “The addition of new customers in a variety of important geographies, particularly China, is broadening our reach. We now have more total customers than we have ever had who are designing our industry-leading products into their next-generation vehicles. Together with key manufacturing certifications, we believe the strategic components are coming together for long-term success.”
As of June 30, 2014, UQM reported cash and short term investments of $9.5 million and working capital of $19.2 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 ended June 30, 2014. To attend the conference call, please dial 1-888-417-8465 approximately ten minutes before the conference is scheduled to begin and provide the passcode “5689378” to access the call. International callers should dial 1-719-325-2323. 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 1-888-203-1112 and enter replay code “5689378#”. International callers should dial 1-719-457-0820.
Annual Meeting of Shareholders
The Company’s Annual Meeting of Shareholders will be held Wednesday, August 13, 2014 beginning at 10:00 a.m. Denver time at The Hotel Boulderado located at 2115 Thirteenth Street, Boulder, Colorado 80302. 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 Hotel Boulderado are available on our website at www.uqm.com.
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 Condensed Statements of Operations (unaudited) | ||||||||||
| Quarter Ended June 30, | ||||||||||
| 2014 | 2013 | |||||||||
| Revenue: | ||||||||||
| Product sales | $ | 823,032 | $ | 1,687,260 | ||||||
| Contract services | 196,516 | 261,251 | ||||||||
| 1,019,548 | 1,948,511 | |||||||||
| Operating costs and expenses: | ||||||||||
| Costs of product sales | 464,028 | 1,105,535 | ||||||||
| Costs of contract services | 148,234 | 180,734 | ||||||||
| Research and development | 84,404 | 54,908 | ||||||||
| Production engineering | 1,227,191 | 1,093,069 | ||||||||
| Reimbursement of costs under DOE grant | (716,014 | ) | (773,458 | ) | ||||||
| Selling, general and administrative | 1,128,531 | 1,244,401 | ||||||||
| Gain on sale of facility held for sale | - | (40,032 | ) | |||||||
| 2,336,374 | 2,865,157 | |||||||||
| Loss before other income | (1,316,826 | ) | (916,646 | ) | ||||||
| Other income: | ||||||||||
| Interest income | 6,789 | 129 | ||||||||
| Other | - | 163 | ||||||||
| 6,789 | 292 | |||||||||
| Net loss | $ | (1,310,037 | ) | $ | (916,354 | ) | ||||
| Net loss per common share - basic and | ||||||||||
| diluted | $ | (0.03 | ) | $ | (0.02 | ) | ||||
| Weighted average number of shares of common | ||||||||||
| stock outstanding - basic and diluted | 39,788,769 | 36,669,033 | ||||||||
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets | ||||||||||
| June 30, 2014 | March 31, 2014 | |||||||||
| (unaudited) | ||||||||||
Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 9,458,909 | $ | 10,247,112 | ||||||
| Short-term investments | 63,182 | 63,029 | ||||||||
| Accounts receivable | 889,745 | 960,419 | ||||||||
| Costs and estimated earnings in excess of billings on uncompleted contracts | 147,235 | 341,255 | ||||||||
| Inventories | 9,940,009 | 10,054,422 | ||||||||
| Prepaid expenses and other current assets | 488,125 | 263,988 | ||||||||
| Total current assets | 20,987,205 | 21,930,225 | ||||||||
| Property and equipment, at cost: | ||||||||||
| Land | 1,683,330 | 1,683,330 | ||||||||
| Building | 4,516,301 | 4,516,301 | ||||||||
| Machinery and equipment | 7,728,795 | 7,706,066 | ||||||||
| 13,928,426 | 13,905,697 | |||||||||
| Less accumulated depreciation | (6,593,210 | ) | (6,337,924 | ) | ||||||
| Net property and equipment | 7,335,216 | 7,567,773 | ||||||||
| Patent costs, net of accumulated amortization of $882,830 and $878,707, respectively | 229,336 | 227,015 | ||||||||
| Trademark costs, net of accumulated amortization of $69,793 and $68,718, respectively | 106,048 | 107,123 | ||||||||
| Other assets | 2,997 | 2,997 | ||||||||
| Total assets | $ | 28,660,802 | $ | 29,835,133 | ||||||
Liabilities and Stockholders’ Equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 362,907 | $ | 386,293 | ||||||
| Other current liabilities | 1,432,891 | 1,491,745 | ||||||||
| Total current liabilities | 1,795,798 | 1,878,038 | ||||||||
| Long-term deferred compensation under executive employment agreements | 206,836 | 182,100 | ||||||||
| Total liabilities | 2,002,634 | 2,060,138 | ||||||||
| Commitments and contingencies | ||||||||||
| Stockholders’ equity: | ||||||||||
| Common stock, $0.01 par value, 50,000,000 shares | ||||||||||
| authorized; 39,798,538 and 39,777,767 shares | ||||||||||
| issued and outstanding, respectively | 397,985 | 397,778 | ||||||||
| Additional paid-in capital | 121,518,765 | 121,325,762 | ||||||||
| Accumulated deficit | (95,258,582 | ) | (93,948,545 | ) | ||||||
| Total stockholders’ equity | 26,658,168 | 27,774,995 | ||||||||
| Total liabilities and stockholders’ equity | $ | 28,660,802 | $ | 29,835,133 | ||||||
Contacts:
Annie Leschin, 415-775-1788
or
UQM
Technologies, Inc.
David I. Rosenthal, 303-682-4900
