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UQM Technologies, Inc.
(NYSE Amex: UQM), a developer of alternative-energy technologies, announced today operating results for the quarter and six month period ended September 30, 2011.
“During the quarter we completed volume production launch preparations for our PowerPhase Pro® 100 electric propulsion system including finalizing negotiations with suppliers in our international supply chain and completing final throughput validation and balancing of our production lines for motors and motor controllers,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “Late in the quarter we launched volume production of this electric propulsion system, which we expect will result in a substantial increase in our product sales revenue over the next several quarters. We are excited about achieving this important milestone in the growth of our company and we are looking forward to leverage our status as one of the few Tier One volume producers of electric propulsion systems into additional customer production opportunities.”
Operations for the second quarter resulted in a net loss of $1,586,185 or $0.04 per common share on total revenue of $2,334,223 versus a net loss of $377,793 or $0.01 per common share on total revenue of $2,027,558 for the second quarter last fiscal year. Net loss for the second quarter last year includes an expense reduction for the recovery of costs from earlier periods under our DOE grant of $2,008,981.
Operations for the six month period ended September 30, 2011 resulted in a net loss of $2,629,728 or $0.07 per common share on total revenue of $3,649,283 versus a net loss of $864,663 or $0.02 per common share on total revenue of $4,582,882 for the comparable period last year. Net loss for the first half last year includes an expense reduction for the recovery of costs from earlier periods under our DOE grant of $1,546,446.
“Gross profit margins for the quarter and six month period ended September 30, 2011 improved to 43.7 percent and 44.1 percent, respectively, compared to 11.2 percent and 26.0 percent for the same periods last fiscal year due to improved raw material costs and overhead absorption and changes in product mix”, said Donald A. French, UQM Technologies’ Treasurer and Chief Financial Officer. “Gross profit contribution dollars increased over four-fold to $1,020,541 for the quarter versus $226,609 for the comparable quarter last fiscal year and rose to $1,608,436 for the first half versus $1,190,681 for the first half last year despite a decrease in total revenue for the six month period. Production engineering expenses for the quarter and six month period ended September 30, 2011 nearly doubled to $1,622,163 and $3,196,986, respectively, versus $856,682 and $1,660,316 for the same periods last fiscal year reflecting expanded development activities on the next generation of our PowerPhase Pro 100 system and our higher power PowerPhase HD® 220 system for the truck and bus market. However, production engineering expenditures, net of current period reimbursements under the DOE grant, rose at a substantially lower rate to $511,129 for the quarter versus $313,719 for the same quarter last year and to $964,316 and $654,818 for the first half this fiscal year versus last fiscal year, reducing the overall cost impact of our expanded product development activities.”