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UQM Technologies Reports Second Quarter Operating Results

About UQM

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 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.

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 orders to be received, future shipments and payments under our Supply Agreement with CODA, future financial results 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 SUBSIDIARIESConsolidated Statements of Operations (unaudited)

 
 
Quarter Ended September 30, Six Months Ended September 30,
2012 2011 2012 2011
Revenue:
Contract services $ 350,634 135,547 716,013 211,849
Product sales   845,470     2,198,676     2,876,519     3,437,434  
  1,196,104     2,334,223     3,592,532     3,649,283  
Operating costs and expenses:
Costs of contract services 213,459 86,123 396,535 131,693
Costs of product sales 518,754 1,227,559 1,801,617 1,909,154
Research and development 19,810 647 32,457 4,810
Production engineering 1,505,103 1,622,163 2,655,322 3,196,986
Reimbursement of costs under DOE grant (965,564 ) (1,111,034 ) (1,730,200 ) (2,232,670 )
Selling, general and administrative 2,472,653 2,099,025 4,295,500 3,288,628
Gain on sale of long-lived asset   -     (3,138 )   -     (3,138 )
  3,764,215     3,921,345     7,451,231     6,295,463  
 
Loss before other income (2,568,111 ) (1,587,122 ) (3,858,699 ) (2,646,180 )
 
Other income:
Interest income 2,260 641 5,006 15,895
Other   2,303     296     2,711     557  
  4,563     937     7,717     16,452  
 
Net loss $ (2,563,548 )   (1,586,185 )   (3,850,982 )   (2,629,728 )
 
Net loss per common share -
basic and diluted $ (0.07 )   (0.04 )   (0.11 )   (0.07 )
Weighted average number of shares
of common stock outstanding -
basic and diluted   36,547,878     36,304,613     36,471,063     36,263,640  
 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIESConsolidated Balance Sheets (unaudited)

   
September 30, 2012 March 31, 2012

Assets

Current assets:
Cash and cash equivalents $ 6,780,447 11,637,940
Short-term investments 245,987 482,909
Accounts receivable, net 4,757,740 4,929,117
Costs and estimated earnings in excess of billings on uncompleted contracts 183,665 78,376
Inventories 13,427,859 10,564,148
Facility held for sale 1,621,257 1,621,257
Prepaid expenses and other current assets   622,270   556,592  
Total current assets   27,639,225   29,870,339  
 
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,516,301 4,484,493
Machinery and equipment   8,048,746   7,868,481  
14,248,377 14,036,304
Less accumulated depreciation   (5,320,920 ) (4,677,827 )
Net property and equipment   8,927,457   9,358,477  
 
Patent costs, net of accumulated amortization of $833,098 and $816,259 221,453 222,836
Trademark costs, net of accumulated amortization of $61,987 and $59,743 111,600 113,844
Other assets   73,043   90,105  

Total assets

$ 36,972,778   39,655,601  
 

Liabilities and Stockholders’ Equity

Current liabilities:
Accounts payable $ 1,549,003 2,356,513
Other current liabilities 3,496,252 2,329,101
Short-term deferred compensation under executive employment
agreements - 152,007
Billings in excess of costs and estimated earnings on uncompleted contracts   136,025     7,201  
Total current liabilities   5,181,280     4,844,822  
 
Long-term deferred compensation under executive employment agreements   602,081     563,100  
 
Total liabilities   5,783,361     5,407,922  
 
Commitments and contingencies
 
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares authorized; 36,591,451
and 36,356,177 shares issued and outstanding 365,915 363,562
Additional paid-in capital 115,161,473 114,371,106
Accumulated deficit   (84,337,971 )   (80,486,989 )
Total stockholders’ equity   31,189,417     34,247,679  
 
Total liabilities and stockholders’ equity $ 36,972,778     39,655,601  




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