UQM TECHNOLOGIES INC - FORM 8-K - EX-99 - February 5, 2015

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8-K - 8-K - UQM TECHNOLOGIES INCuqm-20150205x8k.htm

 

Exhibit 99.1

 

For Immediate Release

For more information contact:    Annie Leschin

StreetSmart Investor Relations

415-775-1788

or                                

David I. Rosenthal                      

UQM Technologies, Inc.            

303-682-4900                              

 

 

 

UQM Technologies Reports Fiscal Third Quarter Operating Results

 

 

 

LONGMONT, COLORADO, FEBRUARY 5, 2015 - UQM TECHNOLOGIES, INC. (NYSE MKT: UQM), a developer of alternative energy technologies, today announced operating results for the third quarter ended December 31, 2014. Total revenue for the quarter was $836,000 compared to $2.0 million for the same quarter last year. Net loss for the third quarter was $1.4 million, or $0.03 per common share. This compares to a net loss of $66,000, or $0.00 per common share for the same period last year, which included a one-time benefit of $727,000. 

 

”While our results this quarter reflect the sluggish domestic market and the timing of orders from our customers, we are very pleased with our ongoing progress outside of the US. Our newly-announced China certification and strategic customer agreements in Asia reflect our significant efforts to secure high volume contracts and penetrate that large and growing market opportunity,” said Eric R. Ridenour, UQM Technologies’ President and Chief Executive Officer.

 

As of December 31, 2014, UQM reported cash of $7.2 million and working capital of $16.4 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 ended December 31, 2014. 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 “72341552” 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

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504  (303) 682-4900  FAX (303) 682-4901

 

 

 

today. To access the playback call 1-855-859-2056 and enter replay code “72341552#”. 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 and power electronic controllers for the commercial truck, bus, automotive, marine and 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 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.  

 

 

 

####Table Attached####

 

 

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504  (303) 682-4900  FAX (303) 682-4901

 

 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended December 31,

 

Nine Months Ended December 31,

 

 

2014

 

2013

 

2014

 

2013

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product sales

 

$
594,808 

 

$
1,825,351 

 

$
2,264,123 

 

$
5,351,287 

Contract services

 

 
240,827 

 

 
214,898 

 

 
707,839 

 

 
679,431 

 

 

 
835,635 

 

 
2,040,249 

 

 
2,971,962 

 

 
6,030,718 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of product sales

 

 
369,769 

 

 
1,053,716 

 

 
1,323,078 

 

 
3,134,230 

Costs of contract services

 

 
291,701 

 

 
153,647 

 

 
667,802 

 

 
552,797 

Research and development

 

 
40,183 

 

 
44,307 

 

 
217,388 

 

 
158,852 

Production engineering

 

 
934,239 

 

 
818,460 

 

 
3,227,240 

 

 
2,851,416 

Reimbursement of costs under DOE grant

 

 
(557,327)

 

 
(451,026)

 

 
(1,812,670)

 

 
(2,576,685)

Selling, general and administrative

 

 
1,133,787 

 

 
1,220,184 

 

 
4,034,031 

 

 
4,079,660 

Impairment of assets

 

 

 -

 

 
(726,640)

 

 

 -

 

 
(726,640)

Gain on sale of facility held for sale

 

 

 -

 

 

 -

 

 

 -

 

 
(40,032)

 

 

 
2,212,352 

 

 
2,112,648 

 

 
7,656,869 

 

 
7,433,598 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before other income

 

 
(1,376,717)

 

 
(72,399)

 

 
(4,684,907)

 

 
(1,402,880)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 
4,935 

 

 
339 

 

 
12,124 

 

 
1,409 

Other

 

 
317 

 

 
6,147 

 

 
567 

 

 
6,935 

 

 

 
5,252 

 

 
6,486 

 

 
12,691 

 

 
8,344 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$
(1,371,465)

 

$
(65,913)

 

$
(4,672,216)

 

$
(1,394,536)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share - basic and

 

 

 

 

 

 

 

 

 

 

 

 

diluted

 

$
(0.03)

 

$

 -

 

$
(0.12)

 

$
(0.04)

Weighted average number of shares of common

 

 

 

 

 

 

 

 

 

 

 

 

stock outstanding - basic and diluted

 

 
39,999,984 

 

 
36,878,092 

 

 
39,921,424 

 

 
36,794,834 

 

 

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504  (303) 682-4900  FAX (303) 682-4901

 

 

UQM TECHNOLOGIES, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

March 31, 2014 

 

(unaudited)

 

 

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$
7,217,340 

 

$
10,247,112 

Short-term investments

 

 -

 

 
63,029 

Accounts receivable, net

 
895,508 

 

 
960,419 

Costs and estimated earnings in excess of billings on

 

 

 

 

 

uncompleted contracts

 
36,760 

 

 
341,255 

Inventories

 
9,651,769 

 

 
10,054,422 

Prepaid expenses and other current assets

 
337,789 

 

 
263,988 

Total current assets 

 
18,139,166 

 

 
21,930,225 

 

 

 

 

 

 

Property and equipment, at cost:

 

 

 

 

 

Land

 
1,683,330 

 

 
1,683,330 

Building

 
4,516,301 

 

 
4,516,301 

Machinery and equipment

 
7,809,643 

 

 
7,706,066 

 

 
14,009,274 

 

 
13,905,697 

Less accumulated depreciation

 
(7,113,238)

 

 
(6,337,924)

Net property and equipment

 
6,896,036 

 

 
7,567,773 

 

 

 

 

 

 

Patent costs, net of accumulated amortization of $891,090 and $878,707, respectively

 
239,528 

 

 
227,015 

 

 

 

 

 

 

Trademark costs, net of accumulated amortization of $71,943 and $68,718, respectively

 
103,898 

 

 
107,123 

Other assets

 
99,706 

 

 
2,997 

Total assets

$
25,478,334 

 

$
29,835,133 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$
168,558 

 

$
386,293 

Other current liabilities

 
1,505,116 

 

 
1,491,745 

Billings in excess of costs and estimated earnings on

 

 

 

 

 

uncompleted contracts

 
39,520 

 

 

 -

Total current liabilities

 
1,713,194 

 

 
1,878,038 

 

 

 

 

 

 

Long-term deferred compensation under executive employment agreements

 
257,657 

 

 
182,100 

 

 

 

 

 

 

Total liabilities

 
1,970,851 

 

 
2,060,138 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

Common stock, $0.01 par value, 50,000,000 shares

 

 

 

 

 

authorized; 39,999,984 and 39,777,767 shares

 

 

 

 

 

issued and outstanding, respectively

 
400,000 

 

 
397,778 

Additional paid-in capital

 
121,728,244 

 

 
121,325,762 

Accumulated deficit

 
(98,620,761)

 

 
(93,948,545)

Total stockholders’ equity

 
23,507,483 

 

 
27,774,995 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

$
25,478,334 

 

$
29,835,133 

 

#End Table

# End #

UQM TECHNOLOGIES, INC. 4120 SPECIALTY PLACE, LONGMONT, COLORADO 80504  (303) 682-4900  FAX (303) 682-4901

 

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