UQM Technologies, Inc.
(NYSE Amex: UQM)
, a developer of alternative-energy technologies, announced today operating results for the quarter and nine month period ended December 31, 2011.
“Operating results for the third quarter were positively impacted by shipments of our PowerPhase Pro
electric propulsion systems to CODA Automotive. Product sales for the quarter rose 30 percent contributing to a reduction in net loss,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “CODA has announced that they will begin delivering vehicles to customers in February and we are ramping-up our production to meet their increasing requirements. In addition, we recently received a 100 unit order from Electric Vehicles International for PowerPhase HD
electric propulsion systems to power all-electric trucks for UPS, expanding our penetration in the medium-duty truck market. We are looking forward to acceleration in our revenues in future quarters from these programs and from additional market opportunities originating from an aggressive sales and marketing outreach program lead by our newly hired Vice President of Sales and Business Development, Adrian Schaffer.”
Operations for the third quarter resulted in a net loss of $846,416 or $0.03 per common share on total revenue of $2,719,323 versus a net loss of $932,520 or $0.03 per common share on total revenue of $2,090,474 for the third quarter last fiscal year.
Operations for the nine month period ended December 31, 2011 resulted in a net loss of $3,476,144 or $0.10 per common share on total revenue of $6,368,606 versus a net loss of $1,797,183 or $0.05 per common share on total revenue of $6,673,356 for the comparable period last year. Net loss for the nine month period last fiscal year includes an expense reduction for the recovery of costs from earlier periods under our DOE grant of $1,546,446.
“The reduction in net loss for the quarter was driven by a 30 percent increase in total revenue which fueled an expansion in gross profit to $578,529 versus $439,834 for the comparable period last fiscal year,” said Donald A. French, UQM Technologies’ Treasurer and Chief Financial Officer. “Operating results for the quarter and the nine months ended December 31, 2011 were negatively impacted by the bankruptcy filing of Saab, which resulted in a bad debt charge of $127,697 and recruiting costs for our new Vice President of Sales.”