UQM Technologies Reports Second Quarter Results

UQM Technologies, Inc. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the second quarter of fiscal year 2017. Total revenue for the quarter was $1.0 million compared to $1.7 million in the second quarter last year. Net loss for the second quarter was $2.4 million, or $0.05 per common share. This compares to a net loss of $2.4 million, or $0.06 per common share for the same period last year.

"Revenue was lower this quarter primarily because of higher sales of fuel cell systems last year," said Joe Mitchell, UQM Technologies' President and Chief Executive Officer. "We continue to see good traction on our China initiatives and believe higher volume shipments should begin in early 2017."

Conference Call

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss operating results for the quarter ended September 30, 2016. To attend the conference call, please dial 1-888-241-0326 approximately ten minutes before the conference is scheduled to begin and provide the passcode "10379005" to access the call. International callers should dial 1-647-427-3411. 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 1-855-859-2056 or 1-800-585-8367 and enter replay code "10379005#". International callers should dial +1-404-537-3406.

About UQM

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators, power electronic controllers and fuel cell compressors for the commercial truck, bus, automotive, marine, military and industrial 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 TS 16949 and ISO 14001 certified and located in Longmont, Colorado. For more information, please visit www.uqm.com.

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 management with respect to, among other things, gaining required certifications, new product developments, future orders to be received from our customers, sales of products from inventory, future financial results, liquidity, 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-K and Form 10-Q's, which are available through our website at www.uqm.com or at www.sec.gov .

Source: UQM Technologies, Inc.
       

UQM TECHNOLOGIES, INC. AND SUBSIDIARIESConsolidated Condensed Statements of Operations (unaudited)
 
Quarters Ended September 30, Six Months Ended September 30,
2016   2015   2016   2015  
Revenue:
Product sales $ 728,921 $ 1,618,666 $ 1,902,182 $ 2,249,332
Contract services   292,204     116,144     554,024     226,007  
  1,021,125     1,734,810     2,456,206     2,475,339  
Operating costs and expenses:
Costs of product sales 525,313 1,289,315 1,284,402 1,866,761
Costs of contract services 251,291 96,029 488,240 160,827
Research and development 882,090 912,395 1,601,008 2,000,875
Selling, general and administrative   1,738,439     1,855,214     3,423,084     3,100,588  
  3,397,133     4,152,953     6,796,734     7,129,051  
 
Loss from operations (2,376,008 ) (2,418,143 ) (4,340,528 ) (4,653,712 )
 
Other income:
Interest income 2,445 125 5,853 3,497
Other   5,318     8,971     12,400     16,917  
  7,763     9,096     18,253     20,414  
 
Net loss $ (2,368,245 ) $ (2,409,047 ) $ (4,322,275 ) $ (4,633,298 )
 
Net loss per common share - basic and diluted $ (0.05 ) $ (0.06 ) $ (0.09 ) $ (0.12 )
 
Weighted average number of shares of common stock outstanding - basic and diluted   48,479,908     40,235,636     48,413,491     40,142,682  
 
   

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets (unaudited)
 
September 30, March 31,
2016   2016  

Assets
Current assets:
Cash and cash equivalents $ 3,861,947 $ 7,030,230
Accounts receivable 484,100 481,404
Costs and estimated earnings in excess of billings on uncompleted contracts 46,246 60,296
Inventories 2,421,982 2,271,271
Prepaid expenses and other current assets   286,059     272,597  
Total current assets   7,100,334     10,115,798  
 
Property and equipment, at cost:
Land 1,683,330 1,683,330
Building 4,516,301 4,516,301
Machinery and equipment   7,107,224     7,089,332  
13,306,855 13,288,963
Less accumulated depreciation   (7,541,532 )   (7,241,769 )
Net property and equipment   5,765,323     6,047,194  
 
Patent costs, net of accumulated amortization of $927,249 and $916,960, respectively 251,984 249,414
 
Trademark costs, net of accumulated amortization of $79,762 and $77,514, respectively 96,079 98,327
 
Noncurrent inventories 6,727,706 6,840,170
       
Total assets $ 19,941,426   $ 23,350,903  
 

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 782,495 $ 364,841
Other current liabilities   1,135,460     985,435  
Total current liabilities   1,917,955     1,350,276  
 
Other long-term liabilities   372,222     288,889  
 
Total liabilities   2,290,177     1,639,165  
 
Commitments and contingencies
 
Stockholders' equity:
Common stock, $0.01 par value, 75,000,000 shares authorized; 48,503,260 and 48,330,286 shares issued and outstanding, respectively 485,033 483,303
Additional paid-in capital 128,363,917 128,103,861
Accumulated deficit   (111,197,701 )   (106,875,426 )
Total stockholders' equity   17,651,249     21,711,738  
 
Total liabilities and stockholders' equity $ 19,941,426   $ 23,350,903  
 

View source version on businesswire.com: http://www.businesswire.com/news/home/20161110006516/en/

Copyright Business Wire 2010

More from Press Releases

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling

21st Century Fox Scoops Up Local News Stations

21st Century Fox Scoops Up Local News Stations

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Walmart CEO: 'We Are Transforming Globally' With Flipkart

Three-Part FREE Webinar Series

Three-Part FREE Webinar Series

March 24 Full-Day Course Offering: Professional Approach to Trading SPX

March 24 Full-Day Course Offering: Professional Approach to Trading SPX