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UQM Technologies Reports Fiscal Second Quarter Operating Results

Stocks in this article: UQM

UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, announced operating results today for the second quarter ended September 30, 2013. Total revenue was $2.0 million, an increase of 71% year-over-year versus $1.2 million for the second quarter of last year. Net loss for the second quarter was $0.4 million, or $0.01 per common share, versus a net loss of $2.6 million, or $0.07 per common share, for the comparable period last year.

“We posted a solid performance in the second fiscal quarter, with strength across all product lines and customers,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies. “Confidence in our products is being echoed in the industry as we see demand for existing products and praise from our customers. These developments, combined with our momentum from business development activities in Europe and China, reiterate the potential of our strategy.”

Total revenue for the six months ended September 30, 2013 was $4.0 million, an increase of 11% compared to total revenue of $3.6 million in the same period last fiscal year. Net loss for the six months ended September 30, 2013 was $1.3 million or $0.04 per common share, compared to a net loss of $3.9 million or $0.11 per common share for the comparable period last year. The lower net loss in 2013 reflects higher revenue and product margins as well as lower operating costs due to previously-announced cost saving initiatives.

At September 30, 2013, cash was $5.1 million and working capital was $15.5 million.

Conference Call

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 1-877-941-0843 approximately 10 minutes before the conference is scheduled to begin and provide conference code “4646331” to access the call. International callers should dial 1-480-629-9722. For anyone who is unable to participate in the conference, a recording will be available for one week beginning at 6:30 p.m. Eastern Time today. To access the playback call 1-800-406-7325 and enter replay code 4646331#. International callers should dial +1 303-590-3030.

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