UQM TECHNOLOGIES, INC. (NYSE MKT: UQM),
a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers, today announced its operating results for the quarter ended June 30, 2013.
Revenue for the quarter was $1.95 million versus $2.4 million in the same quarter last year. Net loss for the first quarter was $0.9 million, or $0.02 per common share, versus a net loss of $1.3 million, or $0.04 per common share, for the comparable period last year. The improvement in net loss results from recent actions to lower the cost structure that more than offset the decline in revenue.
“In the first quarter, we continued to execute on our stated strategic priorities to expand our worldwide presence, launch new products for our major markets and run a cost efficient company,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. “We solidified and expanded relationships with existing customers EVI and Boulder EV, and also signed a new agreement with Zenith Motors. With the launch of our PowerPhase HD
950T, we continue to bring new and innovative products to the market and expand our portfolio. In addition, we began to see the positive financial benefits from our ongoing cost management efforts.”
Selling, general and administrative costs were $1.2 million or $0.6 million lower than the first quarter last year as a result of actions taken to reduce costs while maintaining the new product introduction pace. At June 30, 2013, cash and short-term investments were $5.3 million and working capital was $15.5 million.
The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter. To attend the conference call, please dial 1-800-762-8795 approximately ten minutes before the conference is scheduled to begin and provide conference code “4632557” to access the call. International callers should dial +1-480-629-9724. 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 4632557#. International callers should dial +1-303-590-3030.