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, 2015. Total revenue for the quarter was $1.0 million, the same as the fourth quarter last year. Net loss for the fourth quarter was $1.3 million, or $0.03 per common share. This compares to a net loss of $1.4 million, or $0.04 per common share for the same period last year.
For the year ended March 31, 2015, total revenue was $4.0 million compared to $7.0 million in the prior year. Net loss was $6.0 million, or $0.15 per common share versus $2.8 million, or $0.07 per common share in the year ended March 31, 2014. As of March 31, 2015, cash was $6.6 million and working capital was $15.6 million versus $10.2 million and $20.1 million last year, respectively.
“Fourth quarter revenue grew 25% over last quarter, reflecting some improvement in our customers’ ordering cycles,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. ”Our primary focus is centered on our strategic business development in China where we see the greatest opportunity for our offerings at present. Having recently signed a long-term agreement with the KESHI Group and with on-going discussions with other parties to secure volume production contracts, we are making significant inroads into this market as customers recognize the clear advantages of our products.”
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 year ended March 31, 2015. To attend the conference call, please dial 1-888-241-0326 approximately ten minutes before the conference is scheduled to begin and provide the passcode “47696708” to access the call. International callers should dial 1-647-427-3411. 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 1-855-859-2056 and enter replay code “47696708#”. International callers should dial 1-404-537-3406.
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, military and industrial 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 and ISO 14001 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 annual report on Form 10-K for the fiscal year ended March 31, 2015 filed today, which is available through our website at www.uqm.comor at www.sec.gov.
UQM TECHNOLOGIES, INC. | |||||||||||||||||
Quarter Ended March 31, | Year Ended March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(unaudited) | (unaudited) | ||||||||||||||||
Revenue: | |||||||||||||||||
Product sales | $ | 954,493 | $ | 785,018 | $ | 3,218,616 | $ | 6,136,305 | |||||||||
Contract services | 89,289 | 230,464 | 797,128 | 909,895 | |||||||||||||
1,043,782 | 1,015,482 | 4,015,744 | 7,046,200 | ||||||||||||||
Operating costs and expenses: | |||||||||||||||||
Costs of product sales | 778,532 | 474,798 | 2,101,610 | 3,609,028 | |||||||||||||
Costs of contract services | 130,236 | 190,271 | 798,038 | 743,068 | |||||||||||||
Research and development | 913,771 | 61,035 | 1,131,159 | 219,887 | |||||||||||||
Production engineering | 179,683 | 1,793,230 | 3,406,923 | 4,644,646 | |||||||||||||
Reimbursement of costs under DOE grant | (88,439) | (1,049,168) | (1,901,109) | (3,625,853) | |||||||||||||
Selling, general and administrative | 1,303,764 | 1,064,204 | 5,337,795 | 5,143,864 | |||||||||||||
(Recovery) impairment of assets | - | (141,835) | - | (868,475) | |||||||||||||
(Gain) loss on disposal of long-lived asset | 1,219 | 2,570 | 1,219 | (37,462) | |||||||||||||
3,218,766 | 2,395,105 | 10,875,635 | 9,828,703 | ||||||||||||||
Loss before other income | (2,174,984) | (1,379,623) | (6,859,891) | (2,782,503) | |||||||||||||
Other income: | |||||||||||||||||
Interest income | 182 | 378 | 12,306 | 1,787 | |||||||||||||
Other | 858,488 | 537 | 859,055 | 7,472 | |||||||||||||
858,670 | 915 | 871,361 | 9,259 | ||||||||||||||
Net loss | $ | (1,316,314) | $ | (1,378,708) | $ | (5,988,530) | $ | (2,773,244) | |||||||||
Net loss per common share - basic and diluted | $ | (0.03) | $ | (0.04) | $ | (0.15) | $ | (0.07) | |||||||||
Weighted average number of shares | |||||||||||||||||
of common stock outstanding - | |||||||||||||||||
basic and diluted | 39,999,984 | 38,653,221 | 39,940,795 | 37,253,066 | |||||||||||||
UQM TECHNOLOGIES, INC. | ||||||||
March 31, 2015 | March 31, 2014 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 6,585,703 | $ | 10,247,112 | ||||
Short-term investments | - | 63,029 | ||||||
Accounts receivable | 522,417 | 960,419 | ||||||
Other receivable | 855,000 | - | ||||||
Costs and estimated earnings in excess of billings on | ||||||||
uncompleted contracts | 49,917 | 341,255 | ||||||
Inventories | 9,354,053 | 10,054,422 | ||||||
Prepaid expenses and other current assets | 266,448 | 263,988 | ||||||
Total current assets | 17,633,538 | 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 | 7,037,200 | 7,706,066 | ||||||
13,236,831 | 13,905,697 | |||||||
Less accumulated depreciation | (6,410,242) | (6,337,924) | ||||||
Net property and equipment | 6,826,589 | 7,567,773 | ||||||
Patent costs, net of accumulated amortization of $895,227 and $878,707, | ||||||||
respectively | 239,043 | 227,015 | ||||||
Trademark costs, net of accumulated amortization of $73,018 and $68,718, | ||||||||
respectively | 102,823 | 107,123 | ||||||
Other assets | - | 2,997 | ||||||
Total assets | $ | 24,801,993 | $ | 29,835,133 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 398,568 | $ | 386,293 | ||||
Other current liabilities | 1,544,971 | 1,491,745 | ||||||
Billings in excess of costs and estimated earnings on | ||||||||
uncompleted contracts | 84,444 | - | ||||||
Total current liabilities | 2,027,983 | 1,878,038 | ||||||
Other long-term liabilities | 445,024 | 182,100 | ||||||
Total liabilities | 2,473,007 | 2,060,138 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Common stock, $0.01 par value, 50,000,000 shares | ||||||||
authorized; 39,999,984 and 39,777,767 shares | ||||||||
issued and outstanding, respectively | 400,000 | 397,778 | ||||||
Additional paid-in capital | 121,866,061 | 121,325,762 | ||||||
Accumulated deficit | (99,937,075) | (93,948,545) | ||||||
Total stockholders’ equity | 22,328,986 | 27,774,995 | ||||||
Total liabilities and stockholders’ equity | $ | 24,801,993 | $ | 29,835,133 | ||||
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