LONGMONT, Colo.--(BUSINESS WIRE)--
UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers, today announced its operating results for the quarter ended June 30, 2013.
Revenue for the quarter was $1.95 million versus $2.4 million in the same quarter last year. Net loss for the first quarter was $0.9 million, or $0.02 per common share, versus a net loss of $1.3 million, or $0.04 per common share, for the comparable period last year. The improvement in net loss results from recent actions to lower the cost structure that more than offset the decline in revenue.
“In the first quarter, we continued to execute on our stated strategic priorities to expand our worldwide presence, launch new products for our major markets and run a cost efficient company,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. “We solidified and expanded relationships with existing customers EVI and Boulder EV, and also signed a new agreement with Zenith Motors. With the launch of our PowerPhase HD® 950T, we continue to bring new and innovative products to the market and expand our portfolio. In addition, we began to see the positive financial benefits from our ongoing cost management efforts.”
Selling, general and administrative costs were $1.2 million or $0.6 million lower than the first quarter last year as a result of actions taken to reduce costs while maintaining the new product introduction pace. At June 30, 2013, cash and short-term investments were $5.3 million and working capital was $15.5 million.
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter. To attend the conference call, please dial 1-800-762-8795 approximately ten minutes before the conference is scheduled to begin and provide conference code “4632557” to access the call. International callers should dial +1-480-629-9724. 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 4632557#. International callers should dial +1-303-590-3030.
Annual Meeting of Shareholders
The Company’s Annual Meeting of Shareholders will be held Wednesday, August 7, 2013 beginning at 10:00 a.m. Denver time at The Golden Hotel located at 800 Eleventh Street, Golden, Colorado 80401. 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 Golden Hotel are available on our website at www.uqm.com.
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.
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, 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-Q filed today, which is available through our website at www.uqm.com or at www.sec.gov.
|UQM TECHNOLOGIES, INC. AND SUBSIDIARIES|
|Consolidated Condensed Statements of Operations (unaudited)|
|Quarter Ended June 30,|
|Operating costs and expenses:|
|Costs of contract services||180,734||183,076|
|Costs of product sales||1,105,535||1,282,863|
|Research and development||54,908||12,647|
|Reimbursement of costs under DOE grant||(773,458||)||(764,636||)|
|Selling, general and administrative||1,244,401||1,822,847|
|Gain on sale of facility held for sale||(40,032||)||-|
|Loss before other income (expense)||(916,646||)||(1,290,588||)|
|Other income (expense):|
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 Condensed Balance Sheets
|June 30, 2013||March 31, 2013|
|Cash and cash equivalents||$||5,334,699||4,527,899|
|Accounts receivable, net||2,726,195||2,212,395|
|Costs and estimated earnings in excess of billings on uncompleted contracts||158,026||178,264|
|Facility held for sale||-||1,525,000|
|Prepaid expenses and other current assets||316,117||309,957|
|Total current assets||19,293,959||19,751,976|
|Property and equipment, at cost:|
|Machinery and equipment||7,908,355||7,771,363|
|Less accumulated depreciation||(5,803,120||)||(5,507,801||)|
|Net property and equipment||8,304,866||8,463,193|
Patent costs, net of accumulated amortization of $855,662 and $845,795, respectively
Trademark costs, net of accumulated amortization of $65,351 and $64,230, respectively
Liabilities and Stockholders’ Equity
|Other current liabilities||2,418,396||2,599,435|
Short-term deferred compensation under executive employment agreements
|Total current liabilities||3,837,849||3,740,632|
|Long-term deferred compensation under executive employment agreements||122,294||103,412|
|Commitments and contingencies|
Common stock, $0.01 par value, 50,000,000 shares authorized; 36,669,509 and 36,664,097 shares issued and outstanding, respectively
|Additional paid-in capital||115,739,573||115,573,331|
|Total stockholders’ equity||24,014,613||24,764,671|
|Total liabilities and stockholders’ equity||$||27,974,756||28,608,715|
- Company Earnings
- UQM Technologies
Annie Leschin/Barry Hutton, 415-775-1788