UQM TECHNOLOGIES, INC. (NYSE MKT: UQM),
a developer of alternative energy technologies, today announced operating results for the fiscal third quarter ended December 31, 2012. Total revenue was $1.9 million, a decrease of 29% from $2.7 million for the same quarter last year. Net loss for the third quarter was $4.6 million, or $0.12 per common share, including a charge of $3.8 million or $0.10 per common share to establish an allowance for doubtful accounts for CODA receivables. This compares to a net loss of $0.8 million or $0.03 per common share for the same period last year. Net loss for the quarter, excluding the charge related to CODA, improved by 15 percent primarily due to lower production engineering expenditures, increased reimbursements under our DOE Grant and increased product shipments to customers other than CODA.
“Despite the lack of shipments to CODA this quarter and the need to take a charge to earnings, we demonstrated our ability to diversify our customer base by delivering a more than a 50% increase in revenues to customers outside of CODA,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer. “During the quarter we continued to aggressively pursue discussions with potential customers globally, including in China, and took several steps to proactively lower our expenses and improve operating efficiencies to ensure that we have the financial and technical resources to pursue and execute the many opportunities that lay ahead with our various customers.”
As of December 31, 2012, cash and short-term investments were $5.9 million and working capital was $18.4 million.
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter and nine months ended December 31, 2012. To attend the conference call, please dial 1-877-941-6009 approximately ten minutes before the conference is scheduled to begin and provide the passcode “4591697” to access the call. International callers should dial 1-480-629-9819. 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 1-800-406-7325 and enter replay code “4591697#”. International callers should dial +1 303-590-3030.