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UQM Technologies, Inc. (NYSE Amex: UQM), a developer of
alternative energy technologies, announced today operating results for
the quarter ended June 30, 2010. Operations for the first quarter
resulted in a net loss of $486,870 or $0.01 per common share on total
revenue of $2,555,324 versus a net loss of $629,116 or $0.02 per common
share on total revenue of $2,129,319 for the first quarter last year.
"During the first quarter we continued to see improvement in our
business driven by strong demand for our propulsion system products from
customers worldwide. In addition to growing product sales revenue by 31
percent, we increased our product gross profit margins to nearly 38
percent, which resulted in a 23 percent reduction in our net loss for
the quarter. In addition, during the quarter we saw an increase in
shipments to Eaton Corporation of DC-to-DC converters used on
medium-duty hybrid electric trucks sold by Freightliner, Peterbilt and
International Truck," said William G. Rankin, UQM Technologies’
President and Chief Executive Officer. "We are continuing to execute on
our planned launch of volume production for CODA Automotive this fall.
We completed the relocation of our corporate headquarters and
manufacturing operations to our recently acquired 130,000-square-foot
facility in Longmont last week and are continuing the installation of
production equipment on our high volume motor and motor controller
lines."
"Shortly after the end of the quarter, we announced an important order
from an international automaker for over 50 UQM(R) PowerPhase(R) systems as
part of their fleet build and product development activities on a
vehicle targeted for introduction in 2012. This order is a significant
development, demonstrating our ability to satisfy the demanding
requirements for system performance, safety, quality, availability and
price by established automobile companies and confirms our position as a
leading supplier of electric propulsion systems for the developing
electric drive vehicles market," added Mr. Rankin
"Net loss for the first quarter ended June 30, 2010 decreased 23 percent
due to improved gross profit margins, 20 percent growth in total revenue
and a distribution arising from the conclusion of a former customer’s
bankruptcy proceedings. Gross profit margins for the quarter rose to
37.7 percent versus 28.4 percent for the comparable quarter last year,
resulting in a 59.6 percent increase in gross profit contribution
dollars for the quarter to $964,072 from $604,161 for the comparable
quarter last fiscal year. The increase in gross profit dollars funded
nearly all of the expansion of our production engineering activities for
CODA Automotive and other customers, which nearly doubled versus same
quarter last fiscal year," said Donald A. French, UQM Technologies’
Treasurer and Chief Financial Officer. "As of June 30, 2010, potentially
billable production engineering costs under our $45.1 million DOE
Assistance Award totaled approximately $2.0 million. We expect this item
to be recorded as a reduction in operating expenses at the time the
Defense Contract Audit Agency completes an audit of our accounting
system required under our award with the DOE."
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 1-866-212-4491 approximately ten minutes before the
conference is scheduled to begin and provide confirmation code "UQM" to
access the call. International callers should dial 1-416-800-1066. 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 1-866-583-1035 and enter replay code 3084960#.
International callers should dial 011-44-208-196-1998.
The Company’s Annual Meeting of Shareholders will be held next
Wednesday, August 4, 2010 beginning at 10:00 a.m. Denver time at our new
facility located at 4120 Specialty Place, Longmont, Colorado 80504.
Shareholders and members of the press are cordially invited to attend. A
continental breakfast will be available beginning at 9:00 a.m. and tours
of the facility will be conducted following the conclusion of the
meeting. Directions to our facility are available on our website and in
our proxy statement for the meeting.
UQM Technologies, Inc. is a developer and manufacturer of power dense,
high efficiency electric motors, generators and power electronic
controllers for the automotive, aerospace, military and industrial
markets. A major emphasis of the Company is developing products for the
alternative energy technologies sector including propulsion systems for
electric, hybrid electric, plug-in hybrid electric and fuel cell
electric vehicles, under-the-hood power accessories and other vehicle
auxiliaries. The Company’s headquarters, engineering and product
development center, and manufacturing operation are located in Longmont,
Colorado. For more information on the Company, please visit its
worldwide website at www.uqm.com.
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 financial results and revenue growth, orders to be
received under our supply agreement with CODA, our ability to
successfully expand our manufacturing facilities, the timing and success
of the DCAA audit of the Company’s accounting system and release of
conditional funds under the DOE award, 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 Balance Sheets (unaudited)
June 30, 2010 March 31, 2010
------------------- ------------
Assets
---------------------------------------------------------------------
Current assets:
Cash and cash equivalents $ 5,876,018 17,739,600
Short-term investments 20,740,510 12,409,183
Accounts receivable 2,502,484 1,695,638
932,400 680,746
Costs and estimated earnings in excess of billings on uncompleted
contracts
Inventories 1,461,487 1,291,326
Prepaid expenses and other current assets 285,673 140,285
----------- -----------
Total current assets 31,798,572 33,956,778
----------- -----------
Property and equipment, at cost:
Land 1,825,968 1,825,968
Building 6,085,857 5,402,176
Machinery and equipment 4,861,040 4,524,188
----------- -----------
12,772,865 11,752,332
Less accumulated depreciation (4,231,394 ) (4,090,962 )
----------- ---- ----------- -
Net property and equipment 8,541,471 7,661,370
----------- -----------
Patent and trademark costs, net of accumulated amortization of 408,971 420,441
$803,186 and $789,325
Other assets 624,940 643,984
----------- -----------
Total assets $ 41,373,954 42,682,573
==== =========== ===========
June 30, 2010 March 31, 2010
------------------- ------------
Liabilities and Stockholders’ Equity
---------------------------------------------------------------------
Current liabilities:
Accounts payable $ 824,382 1,421,779
Other current liabilities 769,119 1,049,243
437,255 432,554
Short-term deferred compensation under executive employment
agreements
14,344 51,552
Billings in excess of costs and estimated earnings on uncompleted
contracts
----------- -----------
Total current liabilities 2,045,100 2,955,128
----------- -----------
Long-term deferred compensation under executive employment agreements 729,225 722,862
----------- -----------
Total liabilities 2,774,325 3,677,990
----------- -----------
Commitments and contingencies
Stockholders’ equity:
359,477 359,467
Common stock, $.01 par value, 50,000,000 shares authorized;
35,947,738 and 35,946,738 shares issued and outstanding
Additional paid-in capital 112,293,133 112,211,227
Accumulated deficit (74,052,981 ) (73,566,111 )
----------- ---- ----------- -
Total stockholders’ equity 38,599,629 39,004,583
----------- -----------
Total liabilities and stockholders’ equity $ 41,373,954 42,682,573
==== =========== ===========
UQM TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations (unaudited)
Quarter Ended June 30,
----------------------------------
2010 2009
-------------------- -------------
Revenue:
Contract services $ 302,228 412,882
Product sales 2,253,096 1,716,437
---------- ----------
2,555,324 2,129,319
---------- ----------
Operating costs and expenses:
Costs of contract services 189,316 296,505
Costs of product sales 1,401,936 1,228,653
Research and development 119,319 186,146
Production engineering 803,634 426,435
Selling, general and administrative 822,841 639,778
Gain on sale of long-lived asset (1,004 ) -
---------- - ----------
3,336,042 2,777,517
---------- ----------
Loss before other income (expense) (780,718 ) (648,198 )
Other income (expense):
Interest income 28,708 15,285
Interest expense - (7,203 )
Other 265,140 11,000
---------- ----------
293,848 19,082
---------- ----------
Net loss $ (486,870 ) (629,116 )
====== ========== = ========== =
Net loss per common share - basic and diluted $ (0.01 ) (0.02 )
====== ========== = ========== =
Weighted average number of shares of common stock outstanding 35,947,430 26,753,076
-basic and diluted
====== ========== = ========== =
The following table summarizes significant financial statement
information of each of the reportable segments as of and for the quarter
ended June 30, 2010:
Power
Technology Products Total
---------------- -------------- ------------
Revenue $ 1,871,030 684,294 2,555,324
Interest income $ 28,183 525 28,708
Interest expense $ - - -
Depreciation and amortization $ (105,294 ) (55,474 ) (160,768 )
Segment loss $ (356,520 ) (130,350 ) (486,870 )
Total assets $ 32,441,822 8,932,132 41,373,954
Expenditures for long-lived segment assets $ (139,994 ) (2,280,993 ) (2,420,987 )
The following table summarizes significant financial statement
information of each of the reportable segments as of and for the quarter
ended June 30, 2009:
Power
Technology Products Total
--------------- ------------- ------------
Revenue $ 1,608,387 520,932 2,129,319
Interest income $ 14,571 714 15,285
Interest expense $ - (7,203 ) (7,203 )
Depreciation and amortization $ (88,166 ) (52,873 ) (141,039 )
Impairment of inventories $ (3,620 ) - (3,620 )
Segment loss $ (551,698 ) (77,418 ) (629,116 )
Total assets $ 8,170,182 3,282,093 11,452,275
Expenditures for long-lived segment assets $ (35,985 ) - (35,985 )
SOURCE: UQM Technologies, Inc.
BPC Financial Marketing
John Baldiserra, 800-368-1217
or
UQM Technologies, Inc.
Donald A. French, 303-682-4900
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