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UQM Technologies Reports Fiscal Third Quarter Operating Results

UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the fiscal third quarter ended December 31, 2012. Total revenue was $1.9 million, a decrease of 29% from $2.7 million for the same quarter last year. Net loss for the third quarter was $4.6 million, or $0.12 per common share, including a charge of $3.8 million or $0.10 per common share to establish an allowance for doubtful accounts for CODA receivables. This compares to a net loss of $0.8 million or $0.03 per common share for the same period last year. Net loss for the quarter, excluding the charge related to CODA, improved by 15 percent primarily due to lower production engineering expenditures, increased reimbursements under our DOE Grant and increased product shipments to customers other than CODA.

“Despite the lack of shipments to CODA this quarter and the need to take a charge to earnings, we demonstrated our ability to diversify our customer base by delivering a more than a 50% increase in revenues to customers outside of CODA,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “During the quarter we continued to aggressively pursue discussions with potential customers globally, including in China, and took several steps to proactively lower our expenses and improve operating efficiencies to ensure that we have the financial and technical resources to pursue and execute the many opportunities that lay ahead with our various customers.”

As of December 31, 2012, cash and short-term investments were $5.9 million and working capital was $18.4 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 and nine months ended December 31, 2012. To attend the conference call, please dial 1-877-941-6009 approximately ten minutes before the conference is scheduled to begin and provide the passcode “4591697” to access the call. International callers should dial 1-480-629-9819. 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 “4591697#”. 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, 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 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.



Consolidated Statements of Operations (unaudited)

Quarter Ended December 31, Nine Months Ended December 31,
2012 2011 2012 2011
Contract services $ 235,794 210,047 951,807 421,896
Product sales   1,692,276     2,509,276     4,568,795     5,946,710  
  1,928,070     2,719,323     5,520,602     6,368,606  
Operating costs and expenses:
Costs of contract services 121,624 127,229 518,159 258,922
Costs of product sales 1,529,852 2,013,565 3,331,469 3,922,719
Research and development 23,190 5,861 55,647 10,671
Production engineering 991,653 1,210,506 3,646,975 4,407,492
Reimbursement of costs under DOE grant (1,446,356 ) (937,273 ) (3,176,556 ) (3,169,943 )
Selling, general and administrative 1,434,241 1,149,659 5,729,741 4,438,287
Impairment of assets under supply agreement 3,833,860 - 3,833,860 -
Loss (gain) on disposal of long-lived asset   407     -     407     (3,138 )
  6,488,471     3,569,547     13,939,702     9,865,010  
Loss before other income (4,560,401 ) (850,224 ) (8,419,100 ) (3,496,404 )
Other income:
Interest income 5,244 3,386 10,250 19,281
Other   124     422     2,835     979  
  5,368     3,808     13,085     20,260  
Net loss $ (4,555,033 )   (846,416 )   (8,406,015 )   (3,476,144 )

Net loss per common share - basic and diluted

$ (0.12 )   (0.03 )   (0.23 )   (0.10 )

Weighted average number of shares of common stock outstanding - basic and diluted

  36,654,737     36,326,516     36,532,510     36,284,675  


Consolidated Balance Sheets (unaudited)

  December 31, 2012   March 31, 2012


Current assets:
Cash and cash equivalents $ 5,904,985 11,637,940
Short-term investments - 482,909
Accounts receivable, net 1,430,316 4,929,117
Costs and estimated earnings in excess of billings on uncompleted contracts 239,719 78,376
Inventories 11,409,825 10,564,148
Facility held for sale 1,621,257 1,621,257
Prepaid expenses and other current assets   432,922     556,592  
Total current assets   21,039,024     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   8,100,125     7,868,481  
14,299,756 14,036,304
Less accumulated depreciation   (5,635,675 )   (4,677,827 )
Net property and equipment   8,664,081     9,358,477  
Patent costs, net of accumulated amortization of $839,446 and $816,259 221,353 222,836
Trademark costs, net of accumulated amortization of $63,108 and $59,743 110,479 113,844
Other assets   70,588     90,105  
Total assets $ 30,105,525     39,655,601  

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 850,658 2,356,513
Other current liabilities 1,657,009 2,329,101

Short-term deferred compensation under executive employment agreements

- 152,007
Billings in excess of costs and estimated earnings on uncompleted contracts   85,785     7,201  
Total current liabilities   2,593,452     4,844,822  
Long-term deferred compensation under executive employment agreements   614,921     563,100  
Total liabilities   3,208,373     5,407,922  
Commitments and contingencies
Stockholders’ equity:

Common stock, $0.01 par value, 50,000,000 shares authorized; 36,663,883 and 36,356,177 shares issued and outstanding

366,639 363,562
Additional paid-in capital 115,423,517 114,371,106
Accumulated deficit   (88,893,004 )   (80,486,989 )
Total stockholders’ equity   26,897,152     34,247,679  
Total liabilities and stockholders’ equity $ 30,105,525     39,655,601  

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