|By Business Wire||
|January 31, 2013 04:01 PM EST||
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.
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.
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.
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations (unaudited)
|Quarter Ended December 31,||Nine Months Ended December 31,|
|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|
|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||)|
|Loss before other income||(4,560,401||)||(850,224||)||(8,419,100||)||(3,496,404||)|
Net loss per common share - basic and diluted
Weighted average number of shares of common stock outstanding - basic and diluted
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (unaudited)
|December 31, 2012||March 31, 2012|
|Cash and cash equivalents||$||5,904,985||11,637,940|
|Accounts receivable, net||1,430,316||4,929,117|
|Costs and estimated earnings in excess of billings on uncompleted contracts||239,719||78,376|
|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:|
|Machinery and equipment||8,100,125||7,868,481|
|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|
Liabilities and Stockholders’ Equity
|Other current liabilities||1,657,009||2,329,101|
Short-term deferred compensation under executive employment agreements
|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|
|Commitments and contingencies|
Common stock, $0.01 par value, 50,000,000 shares authorized; 36,663,883 and 36,356,177 shares issued and outstanding
|Additional paid-in capital||115,423,517||114,371,106|
|Total stockholders’ equity||26,897,152||34,247,679|
|Total liabilities and stockholders’ equity||$||30,105,525||39,655,601|
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