UQM TECHNOLOGIES, INC. (NYSE MKT: UQM
), a developer of alternative energy technologies, today announced operating results for the quarter and fiscal year ended March 31, 2012. Revenue for the fiscal fourth quarter of 2012 grew 61 percent to $3.8 million compared to $2.3 million in the fourth quarter of 2011, due primarily to shipments to CODA. Net loss for the fourth quarter was $1.5 million or $0.04 per common share versus a net loss of $0.2 million or $0.01 per common share for the fourth quarter of fiscal 2011 due primarily to expanded production engineering activities.
For the fiscal year ended March 31, 2012, total revenue increased 12 percent to $10.1 million compared to $9.0 million in fiscal 2011. Gross profit contribution dollars increased year-over-year by 25% to $3.0 million due to increased margins and higher revenue. Net operating loss for fiscal 2012 was $4,928,520 or $0.14 per common share versus a net loss of $1,992,358 or $0.06 per common share for fiscal 2011. Net loss increased primarily due to the expansion of our production engineering group who are working on new products and business development activities to add new customers. The net loss in fiscal 2011 included the benefit of DOE reimbursements from prior periods of approximately $1.5 million and a recovery from a customer bankruptcy of $0.3 million.
“Fiscal 2012 was an exciting year for UQM, as we made progress on several initiatives. During the fourth quarter, we began volume production of our PowerPhase Pro® electric propulsion system for the all-electric CODA passenger sedan which was introduced to the California market in March,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “Additionally, with the recent production qualification for our PowerPhase HD
220 in the medium-duty commercial truck and bus markets, we are beginning to see the benefit from the substantial investments made in product development during fiscal 2012. This type of investment is critical to positioning us for future success as the electrification market grows and customers demand higher performing products at reduced cost.”
Fiscal Fourth Quarter 2012 Conference Call
The company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and fiscal year ended March 31, 2012. To attend the conference call, please dial 1-800-762-8908 approximately ten minutes before the conference is scheduled to begin and provide confirmation code 4541581 to access the call. International callers should dial 1-480-629-9868. 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 4541581#.